好市多 (COST) 2022 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Q2 earnings call and February sales results. (Operator Instructions)

下午好，感謝您的耐心等待。歡迎參加第二季財報電話會議暨二月銷售業績報告發表會。 （操作說明）

I would now like to hand the conference over to your speaker today, Richard Galanti, Chief Financial Officer. Please go ahead.

現在我把會議交給今天的主講人，財務長理查‧加蘭蒂先生。請開始吧。

Thank you, Jerome, and good afternoon to everyone. I will start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in the company's public statements and reports filed with the SEC. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update these statements, except as required by law.

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

In today's press release, we reported operating results for the second quarter of fiscal '22, the 12 weeks ended this past February 13, as well as February retail results for the 4 weeks ended this past Sunday, February 27.

在今天的新聞稿中，我們公佈了 2022 財年第二季（截至今年 2 月 13 日的 12 週）的營運業績，以及截至上週日（2 月 27 日）的 2 月份零售業績。

Net income for the quarter came in at $1.299 billion or $2.92 per diluted share. Last year's second quarter net income came in at $951 million or $2.14 per diluted share. That latter number included a $246 million pretax or $0.41 per share costs incurred primarily from COVID-19 premium wages. Net income for the 24 weeks was $2.62 billion or $5.90 per share compared to $2.12 billion or $4.76 per diluted share last year in the first half.

本季淨利為12.99億美元，合每股攤薄收益2.92美元。去年同期淨利為9.51億美元，合每股攤薄收益2.14美元。去年同期淨利包含2.46億美元的稅前成本，合每股0.41美元，主要為新冠疫情期間的加班工資。上半年（24週）淨利為26.2億美元，合每股5.90美元，去年同期為21.2億美元，合每股攤薄收益4.76美元。

Net sales for the quarter increased 16.1% to $50.94 billion, up from $43.89 billion last year in the second quarter. Comparable sales in the second quarter for fiscal '22. On a reported basis, U.S. sales increase during the 12-week period was 15.8%, excluding gas inflation, 11.3%. Canada, 16% reported, 12.4% ex gas inflation and FX. Other International, 6.2%, and plus 9% ex gas inflation and FX. For the total company, reported number of 14.4% on a same-store comparable basis and up 11.1% excluding gas inflation and FX. E-commerce, on a reported basis, up 12.5%, and FX, up 12.6%.

本季淨銷售額成長16.1%，達509.4億美元，高於去年同期的438.9億美元。這是2022財年第二季的同店銷售額。以報告數據計算，美國市場在過去12週的銷售額成長了15.8%，剔除汽油通膨因素後為11.3%。加拿大市場報告成長16%，剔除汽油通膨和匯率因素後為12.4%。其他國際市場成長6.2%，剔除汽油通膨和匯率因素後為9%。本公司整體報告銷售額以同店銷售額計算成長14.4%，剔除汽油通膨及匯率因素後成長11.1%。電子商務銷售額以報告資料計算成長12.5%，剔除匯率因素後成長12.6%。

In terms of our second quarter comp sales metrics, traffic or shopping frequency increased 9.3% worldwide and up 8.3% year-over-year in the quarter in the United States. Our average transaction or ticket was up 4.6% worldwide and up 6.9% in the U.S. during the second quarter. Foreign currencies relative to the U.S. dollar negatively impacted sales by approximately 60 basis points while gasoline price inflation positively impacted sales by approximately 390 basis points. I will review our February sales results later in the call.

就第二季同店銷售指標而言，全球客流量或購物頻率較去年同期成長9.3%，美國較去年同期成長8.3%。第二季度，全球平均交易額或客單價成長4.6%，美國成長6.9%。外幣兌美元匯率波動對銷售額產生了約60個基點的負面影響，而汽油價格上漲則對銷售額產生了約390個基點的正面影響。稍後我將在電話會議上詳細介紹二月的銷售業績。

Going down our second quarter fiscal 2022 income statement. Membership fee income reported came in at $967 million, up $86 million or up 9.8% from a year earlier, $881 million. There was about a $6.5 million impact -- negative impact due to FX. So on an ex FX basis, if you will, the $86 million increase would have been up $92 million or 10.4%.

來看看我們2022財年第二季的損益表。會員費收入為9.67億美元，較上年同期的8.81億美元成長8,600萬美元，增幅為9.8%。其中約有650萬美元受到匯率波動的影響。因此，剔除匯率因素後，這8,600萬美元的成長將達到9,200萬美元，增幅為10.4%。

In terms of renewal rates, they continue to increase. At second quarter end, our U.S. and Canada renewal rate stood at 92.0%, up 0.4 percentage point from the 12-week earlier at Q1 end. And worldwide rate, it came in at 89.6%, up 0.6% from where it stood 12 weeks earlier at Q1 end. Our renewal rates are continuing to benefit from more members' auto-renewing as well as increased penetration of Executive Members who, on average, renew at a higher rate than Nonexecutive Members and higher first year renewal rates for our new members.

續費率持續成長。截至第二季末，美國和加拿大地區的續費率達92.0%，較第一季末（12週前）增加0.4個百分點。全球續費率則為89.6%，較第一季末（12週前）成長0.6個百分點。續費率的持續成長得益於更多會員選擇自動續費，以及執行會員滲透率的提高（執行會員的平均續費率高於非執行會員），此外，新會員首年續費率的提高也推動了續費率的成長。

In terms of the number of members at second quarter end, member households and total cardholders, total households was 63.4 million, up 900,000 from the 62.5 million just 12 weeks earlier; and total cardholders at Q2 end, 114.8 million, up 1.7 million from the 113.1 million figure 12 weeks ago. At second quarter end, paid Executive Memberships stood at $27.1 million, an increase of $644,000 during the 12-week period since Q1 end. Executive Members, by the way, represent now 42.7% of our total membership base and 70.9% of our total sales.

截至第二季末，會員數、會員家庭數和持卡人總數分別為：會員家庭總數為6,340萬戶，較12週前的6,250萬戶增加了90萬戶；持卡人總數為1.148億人，較12週前的1.131億人增加了170萬人。第二季末，付費高級會員收入為2,710萬美元，較第一季末的12週內增加了64.4萬美元。此外，高級會員目前占我們會員總數的42.7%，占我們總銷售額的70.9%。

Moving down to the gross margin line. Our reported gross margin in the second quarter was lower year-over-year by 32 basis points but up 5 basis points, excluding gas inflation. As I always do, I'll ask you to jot down a few numbers, 2 columns. The first column is reported, and the second column would be excluding gas inflation.

接下來來看毛利率。我們第二季的毛利率年減了32個基點，但剔除汽油通膨因素後上升了5個基點。像往常一樣，請您記下幾個數字，共兩列。第一列是報告的毛利率，第二列是剔除汽油通膨因素後的毛利率。

First line item, merchandise -- core merchandise on a reported basis was down 75% -- 75 basis points year-over-year, and ex gas inflation, down 43. Ancillary and other businesses, reported, plus 40 basis points, and ex gas inflation, plus 49 basis points. 2% Reward, plus 3 and minus 1 basis points. LIFO, minus 14 and minus 14 basis points. Other, plus 14 and plus 14 basis points. So totally, on a reported basis, again year-over-year, minus 32 basis points, and excluding gas inflation, plus 5 basis points. Now in terms of the core merchandise component being lower by 75 year-over-year reported and 43 -- minus 43 basis points ex gas inflation, recall last year in Q2 that the core reported was plus 71 basis points and ex gas, plus 63, so still improved to where we were 2 years ago, prepandemic and ex gas.

第一項，商品－以報告基準計算的核心商品較去年同期下降75%（75個基點），剔除天然氣通膨因素後下降43個基點。輔助業務及其他業務依報告基準計算成長40個基點，剔除天然氣通膨因素後成長49個基點。 2%獎勵成長3個基點，剔除天然氣通膨因素後下降1個基點。後進先出法（LIFO）較去年同期下降14個基點。其他業務成長14個基點。因此，整體而言，以報告基準計算，年減32個基點，剔除天然氣通膨因素後成長5個基點。現在來看看核心商品部分年減75%（按報告基準計算）和43%（剔除天然氣通膨因素後下降43個基點），回顧去年第二季度，核心商品部分按報告基準計算增長71個基點，剔除天然氣通膨因素後增長63個基點，因此仍然比兩年前（疫情前，剔除天然氣通膨因素）的水平有所改善。

In terms of the core margin on its own sales, in Q2, our core-on-core margin, if you will, was lower by 28 basis points year-over-year, approximately 2/3 of this coming from fresh foods and a little from foods and sundries and nonfoods as well. Fresh continues to lap exceptional labor productivity and low product spoilage that occurred from the outside sales a year ago in the second quarter.

就核心銷售利潤率而言，第二季我們的核心利潤率年減了28個基點，其中約三分之二來自生鮮食品，少量來自食品雜貨和非食品。生鮮食品的利潤率持續維持去年同期外銷業務的優異水平，這得益於其極高的勞動生產力和極低的損耗率。

Ancillary and other business gross margin was higher by 40 basis points and by 49 ex gas in the quarter. Gas, travel, business centers and pharmacy were all better year-over-year, offset by e-comm and optical. LIFO, we had a 14 basis point hit year-over-year to LIFO, or $71 million LIFO charge during the quarter, both with and without gas inflation. Recall that our Q1 LIFO charge year-over-year was $14 million -- or in the first quarter was $14 million or a 3 basis point delta versus the prior year. It's been the last 3 fiscal quarters that we've actually pointed out LIFO as we saw a little bit of inflation going back to December or Q4 of fiscal '21, a little more in Q1 of this fiscal year and, as with everything you read in the news, a little -- quite a bit more in Q2.

本季輔助業務及其他業務的毛利率成長了40個基點，剔除天然氣業務後成長了49個基點。天然氣、旅遊、商務中心和藥局業務的業績均較去年同期成長，但被電商和光學業務的業績下滑所抵銷。由於採用後進先出法（LIFO），本季LIFO成本年減了14個基點，相當於7,100萬美元的LIFO費用，無論是否計入天然氣價格上漲。回顧一下，我們第一季的LIFO成本年比為1,400萬美元，即第一季為1,400萬美元，較上年同期下降了3個基點。過去三個財季，我們都注意到了LIFO成本，因為我們發現價格上漲的趨勢有所加劇，最早可以追溯到2021財年第四季度（12月），本財年第一季度略有上升，而正如新聞報道中提到的那樣，第二季度的價格上漲幅度相當大。

Our 2% Reward was higher on a reported basis by 3 and minus 1 excluding gas inflation, a reflection of increased penetration of the 2% Reward Executive Members. And other was plus 14 basis points year-over-year. This is related to the COVID-related costs from a year ago, about $60 million. That's the portion of COVID-related wages that go into cost of sales that -- like related to manufacturing businesses as well as their meat and bakery departments. Overall, a pretty good showing on gross margin given the ongoing and increasing inflationary pressures.

以報告資料計算，我們的2%獎勵計畫成長了3個百分點，若不計入汽油通膨因素則下降了1個百分點，這反映了2%獎勵計畫高級會員滲透率的提高。其他因素則是年增了14個基點。這與去年同期約6000萬美元的新冠疫情相關成本有關。這部分成本計入了銷售成本，其中包括與新冠疫情相關的工資支出，例如製造業及其肉類和烘焙部門的工資支出。考慮到持續不斷的通膨壓力，毛利率整體表現相當不錯。

Moving to expenses, to SG&A. Our reported SG&A in the second quarter was lower or better year-over-year by 94 basis points and better by 63 basis points excluding gas inflation. Again, jotting down 2 columns of numbers, reported and the second one, ex gas inflation. Operations, plus 36 basis points and plus 9. Here, a plus is good. It means it's lower year-over-year. Central, plus 13 and plus 10. Stock compensation, plus 3 and plus 2. Other, plus 42 and plus 42. For a total of plus 94 and plus 63, so better or lower by 94 basis points reported and better or lower by 63 basis points ex gas inflation.

接下來是費用部分，具體來說是銷售、一般及行政費用（SG&A）。我們第二季報告的SG&A年減或下降了94個基點，剔除天然氣通膨因素後下降了63個基點。同樣，我們列出兩列數字：報告數值和剔除天然氣通膨因素後的數值。營運費用分別上升了36個基點和9個基點。這裡的“上升”表示同比下降。中心營運費用分別上升了13個基點和10個基點。股權激勵費用分別上升了3個基點和2個基點。其他費用分別上升了42個基點和42個基點。總計上升了94個基點和63個基點，因此報告值下降或下降了94個基點，剔除天然氣通膨因素後下降或下降了63個基點。

Now again, looking at the first line item, operations, the core operations component, better again by 36 but as well better by 9 or lower by 9 basis points excluding the impact from gas inflation. Keep in mind that this improvement occurred despite both the permanent $1 an hour wage increase that began in March of 2021 is now anniversary-ing and the additional starting wage increases from our 2 basic hourly scale, service assistant and service clerk, by an additional $0.50 an hour. That occurred in October of 2021. On central, better by 13 basis points or 10 ex gas inflation. It's pretty straightforward, operating leverage on strong sales figures. Stock comp, plus 2 and plus 2, again a reflection of good sales. And other, this plus 42 basis points, this was the $2 COVID wages of $186 million that goes into SG&A in Q2 a year ago. So again, on a year-over-year basis, that was that improvement.

現在，我們再來看第一項，運營，也就是核心運營部分，再次提升了36個百分點，但如果不計入汽油通膨的影響，則提升了9個基點，或者說降低了9個基點。需要注意的是，這項改善是在以下兩項因素共同作用下實現的：一是自2021年3月開始的永久性每小時1美元的工資增長，如今已接近週年；二是我們在2021年10月為兩個基本時薪等級（服務助理和服務員）額外增加了每小時0.5美元的起薪。中心營運部分提升了13個基點，或者說，如果不計入汽油通膨的影響，則提升了10個基點。這很明顯，強勁的銷售數據帶來了營運槓桿效應。股票選擇權收入增加了2個基點，同樣反映了良好的銷售表現。此外，其他部分增加了42個基點，包括去年第二季度計入銷售、管理及行政費用的1.86億美元新冠疫情工資支出。所以，再次強調，與去年同期相比，這就是改善的原因。

In terms of preopening expenses. In past conference calls, really since we went public, I think, we've covered that preopening expenses next on this discussion. Starting this fiscal year, going forward, preopening is now included in SG&A. The year-over-year change in SG&A related to preopening was flat year-over-year, no basis point delta year-over-year in the second quarter. All told, reported operating income in Q2 increased 35% on a reported basis, coming in at $1.812 billion this year compared to $1.340 billion a year ago in the second quarter.

關於開業前費用。在之前的電話會議上，自從我們上市以來，我們幾乎每次都會討論開業前費用。從本財政年度開始，開業前費用將計入銷售、管理及行政費用（SG&A）。第二季與開業前相關的SG&A年變動與去年同期持平，沒有基點變動。總而言之，第二季報告的營業收入年增35%，達到18.12億美元，去年同期為13.4億美元。

Below the operating income line, interest expense was $36 million this year versus $40 million last year. Interest income and other for the quarter was higher by $6 million year-over-year, $25 million this year versus $19 million last year primarily due to favorable FX. Overall, reported pretax income in the quarter was up 37%, coming in at $1.801 billion compared to $1.319 billion a year earlier.

在營業收入項下，今年的利息支出為3,600萬美元，而去年同期為4,000萬美元。本季利息收入及其他營收年增600萬美元，達到2,500萬美元，而去年同期為1,900萬美元，主要得益於有利的匯率變動。總體而言，本季報告的稅前利潤成長了37%，達到18.01億美元，去年同期為13.19億美元。

In terms of income taxes, our tax rate in Q2 was slightly higher than it was in Q2 a year ago. It came in at 26.7% compared to 26.4% a year ago in the second quarter. Our effective tax rate is currently -- it continues to be projected to be in the 26% to 27% range for the fiscal year.

就所得稅而言，我們第二季的稅率略高於去年同期。第二季的稅率為26.7%，去年同期為26.4%。目前，我們的實際稅率預計在本財年將繼續維持在26%至27%的範圍內。

A few other items of note. Warehouse expansion, for the year, we now plan to have 32 new units and -- 32 units, including 4 relocations, so replacing existing units to larger and better-located facilities, so net total of 28. I think a quarter ago, we actually said it was a net total of 27, so 1 more than that. However, remember, several of these are slotted to open in Q4, our fiscal Q4, 15 of them or 14 net new. So there's always a potential for one of those to shift into the next fiscal year. The 5 openings in Q2 that we had, 1 each in Mexico, our 40th in Mexico, our second in France, our second in China, our fourth in Spain and one additional unit in Florida, where we now have 29 locations.

還有一些其他事項需要注意。關於倉庫擴建，我們今年的計畫是新建32個倉庫，加上4個搬遷倉庫（將現有倉庫搬遷到更大、位置更好的新址），淨增加28個。我記得上個季度我們說的是淨增加27個，比這個數字多一個。不過，請記住，其中幾個倉庫計劃在第四季（也就是我們本財年的第四季）開業，共15個，淨增加14個。所以，這些倉庫中總有一個可能會延到下一個財政年度。我們在第二季新增的5個倉庫分別位於墨西哥（這是我們在墨西哥的第40個倉庫）、法國（這是我們在法國的第二個倉庫）、中國（這是我們在中國的第二個倉庫）、西班牙（這是我們在西班牙的第四個倉庫）以及佛羅裡達州（我們目前在佛羅裡達州共有29個倉庫）。

Regarding capital expenditures, our Q2 spend for CapEx was approximately $723 million, and our full year CapEx spend is still estimated to be approximately $4.0 billion.

關於資本支出，我們第二季的資本支出約為 7.23 億美元，全年資本支出預計仍約為 40 億美元。

Moving on to e-commerce. E-commerce sales in Q2 ex FX, as I mentioned earlier, increased 12.6% year-over-year. And that's, of course, on top of a second quarter fiscal '21 increase of 75% increase last year, benefiting, of course, from COVID. Stronger departments in e-commerce in terms of year-over-year percentage increases were jewelry, tires, special or kiosk items, patio and garden and home furnishings. Our largest online merchandise department majors, which consists of consumer electronics, appliances, TVs, et cetera, was up in the high single digits on very strong sales increases a year earlier.

接下來談談電子商務。正如我之前提到的，第二季（不計匯率影響）電子商務銷售額年增12.6%。當然，這還是在去年同期（2021財年）75%的增幅基礎上實現的，而去年同期的增長自然得益於新冠疫情的影響。在電子商務領域，珠寶、輪胎、特價商品或自助售貨亭商品、庭院和花園用品以及家居用品等部門的銷售額同比增長最為強勁。我們最大的線上商品部門——包括消費性電子產品、家電、電視等——的銷售額也實現了接近兩位數的成長，這得益於去年同期強勁的銷售成長。

In terms of an update on Costco Logistics, that continues to drive big and bulky sales for the quarter. Deliveries were up year-over-year, 22%. And now about 85% of our U.S. e-comm less-than-truckload shipments are from Costco Logistics. We're doing ourselves. Average during the quarter, we averaged more than 65,000 stops per week with Costco Logistics, which translates into a little over $3 million planned drops in Costco Logistics for the fiscal year.

關於 Costco Logistics 的最新進展，它繼續推動本季大宗商品銷售的成長。交付量較去年同期成長 22%。目前，我們美國電商零擔貨運業務中約 85% 都來自 Costco Logistics。我們自身也在積極拓展業務。本季度，我們平均每週透過 Costco Logistics 完成超過 65,000 次停靠，這意味著本財年 Costco Logistics 的計畫交付額將略高於 300 萬美元。

In terms of e-comm and mobile apps, it continues to improve, much improved layout, the ability to view warehouse receipts online, the ability to reschedule e-comm deliveries in the U.S. and Canada as well as reschedule returns pickups. Later this month, we'll have our warehouse inventory along with the Instacart inventory online and be able to see all the detail of our in-line -- in-store merchandise as well. In terms of our e-commerce platform, Costco Next, we added a few additional suppliers. So we now have 37 suppliers online and growing. Again, Costco Next has about 1,000 items on it, curated items that Costco values. Please give it a -- check it out.

在電商和行動應用方面，我們持續改進，介面佈局大幅優化，用戶可以在線上查看倉庫收據，並可重新安排美國和加拿大地區的電商配送以及退貨取件時間。本月晚些時候，我們將把倉庫庫存和 Instacart 庫存上線，屆時您還可以查看所有店內商品的詳細資訊。此外，我們的電商平台 Costco Next 也新增了幾家供應商，目前已有 37 家供應商上線，並且還在增加。 Costco Next 上匯集了約 1000 件 Costco 精選的優質商品，歡迎您體驗一番。

From a supply chain perspective, similar issues that we outlined both 12 and 24 weeks ago on the past quarterly earnings calls, the factors pressuring supply chains and inflation include port delays, container shortages, COVID disruptions, shortages of various components and raw materials and ingredients and supplies, labor cost pressures, of course, as well as truck and driver shortages. Overall, we've done a pretty good job of -- given these supply chain challenges. I think that's evidenced in our sales strength. They continue to be delayed to -- the container arrivals. So we continue to advance order in many cases as we are able to. Virtually all departments are impacted, less product and packaging challenges but still a few. Still some limitations on key items, but again, that's improving a little. Chip shortages are still one of the things that are impacting many items, some more than others. But again, we're managing to have our shelves full and driving sales.

從供應鏈的角度來看，與我們在12週和24週前的季度財報電話會議上提到的類似問題一樣，影響供應鏈和通膨的因素包括港口延誤、貨櫃短缺、新冠疫情造成的干擾、各種零件、原材料、配料和供應品的短缺、勞動力成本壓力，當然還有卡車和司機短缺。總體而言，考慮到這些供應鏈挑戰，我們做得相當不錯。我認為我們的銷售強勁就證明了這一點。由於貨櫃到貨時間的延遲，貨物仍然會延遲。因此，我們盡可能在許多情況下提前下單。幾乎所有部門都受到了影響，產品和包裝方面的問題較少，但仍存在一些挑戰。一些關鍵商品仍然受到限制，但情況正在略有改善。晶片短缺仍然是影響許多商品的因素之一，有些商品受到的影響更大。但我們仍然設法保證貨架充足，並推動銷售。

One of the things that we've done that I mentioned last quarter, I mentioned we had chartered 3 small container vessels to help provide us with additional flexibility on shipping. We have now charged a total of 7 ocean vessels, up from those 3, for the next 3 years. And these would transport containers between Asia and the U.S. and Canada. We've also leased containers for use in these ships. With these additions, about 1/4 of our annual transpacific containers and shipment needs are being accommodated this way, which gives us additional supply chain flexibility. Despite all the supply chain issues, we're staying in stock and continue to work to mitigate cost and price increases as best we can. From -- every day and every week, you're going to see in -- different items in different departments, certain things on allocation or short, but other things are filling its place. And again, some things are seeming to get a little better.

正如我上個季度提到的，我們租用了三艘小型貨櫃船，以增強運輸的靈活性。現在，我們租用了七艘遠洋船舶，比之前的三艘增加了三年。這些船舶將用於亞洲與美國和加拿大之間的貨櫃運輸。我們也租賃了貨櫃供這些船舶使用。透過這些新增的船舶，我們大約四分之一的跨太平洋年度貨櫃和運輸需求都透過這種方式得到滿足，這進一步提升了我們的供應鏈靈活性。儘管面臨諸多供應鏈問題，我們仍保持庫存充足，並持續努力盡可能降低成本和價格上漲。每天每週，您都會看到不同部門的不同商品出現供應短缺或庫存不足的情況，但其他商品會填補空缺。而且，有些情況似乎正在好轉。

Moving to inflation. Inflation, of course, continues, as evidenced by our LIFO charge. The inflationary pressures that we and others continue to see include higher labor costs, higher freight costs as well as higher transportation demand, along with the container shortages and port delays that I just mentioned, increased demand in certain product categories, various shortages of everything from computer chips to oils and chemicals to resins, higher commodity prices from foodservice oils to additives and motor oils, to plastics, to detergents, to paper products as well, on the fresh side proteins and butter and eggs and things like that, not very different than what you hear and read and see from others. But again, we think we've done a pretty good job of corralling it as best we can.

接下來談談通貨膨脹。通貨膨脹當然仍在持續，我們的後進先出法（LIFO）費用證明了這一點。我們和其他人持續看到的通膨壓力包括：勞動力成本上漲、貨運成本上漲以及運輸需求增加，還有我剛才提到的貨櫃短缺和港口延誤，某些產品類別的需求增加，從電腦晶片到油類、化學品、樹脂等各種商品的短缺，以及從食品用油、添加劑、機油到塑膠、洗滌劑、紙製品等大宗商品價格上漲，新鮮蛋白質、黃油、雞蛋等商品價格也同樣上漲，這些情況與您從其他人那裡聽到、讀到和看到的並無太大差異。但我們認為，我們已經盡最大努力控制住了通膨。

For first quarter, a year -- a quarter ago, I mentioned that we estimated, at that time, overall price inflation to have been in the 4.5% to 5% range. For the second quarter and talking with senior merchants, estimated overall price inflation was in the 6% range. All of these said, again, I want to give another shout-out to the job that our merchants and our traffic department and operators have all been able to do to keep -- in order to keep the products that we need, pivot when and where necessary, keep our warehouses full, like keeping prices as low as we can for our members and continue to show great value versus our competitors.

一年前的第一季度，我曾提到，當時我們估計整體物價通膨率在4.5%到5%之間。第二季度，與高階商家溝通後，我們估計整體物價通膨率約6%。綜上所述，我再次要特別感謝我們的商家、物流部門和營運人員，感謝他們為確保我們所需的商品供應、在必要時靈活調整策略、保持倉庫充足、盡可能降低會員價格以及持續提供優於競爭對手的超值服務所做出的貢獻。

Now turning to our February sales results, the 4 weeks ended this past Sunday, February 27, compared to the same 4-week period a year ago. As reported in our release, net sales for the month of February came in at $16.29 billion, an increase of 15.9% from $14.05 billion a year earlier. Recall from January sales results that Lunar New Year/Chinese New Year occurred on February 1. That's 11 days earlier this past -- this year than last. This shift negatively impacted February's Other International by about 4 percentage points and total company by about 0.5 percentage point. Comparable sales for the 4 weeks on a reported basis, U.S. was 17.4%, ex gas and FX, 12.9%. Canada reported, 11.7%, ex gas and FX, 8.8%. Other International, minus 0.9%, and ex gas and FX, 1.3% to the positive. Total company, 14% and 10.6%. And e-comm within that number is 10.2% reported and 10.4% ex gas and FX.

現在來看看我們二月的銷售業績。截至上週日（2月27日）的四周業績與去年同期相比有所變動。正如我們在新聞稿中所述，二月份淨銷售額為162.9億美元，較去年同期的140.5億美元成長15.9%。回顧一月份的銷售業績，農曆新年/中國新年是2月1日，比去年提早了11天。這項變化對二月其他國際市場的銷售造成了約4個百分點的負面影響，對公司整體銷售額造成了約0.5個百分點的負面影響。以報告數據計算，過去四週的同店銷售額分別為：美國市場17.4%，剔除天然氣和匯率因素後為12.9%；加拿大市場11.7%，剔除天然氣和匯率因素後為8.8%；其他國際市場年減0.9%，剔除天然氣和匯率因素後為1.3%；公司整體銷售額年減 14%，剔除公司整體銷售額為10.6%。其中，電子商務佔比為 10.2%（已公佈），剔除天然氣和外匯後為 10.4%。

Our comp traffic and frequency for February was up 8% worldwide and 8.2% in the United States. Foreign currencies year-over-year relative to the dollar negatively impacted total and comp sales as follows: Canada by approximately 0.2%, Other International by approximately 4.5%, and total company by approximately 0.7%. Gas price inflation positively impacted total reported comps by about 4%, and average worldwide selling price per gallon was up year-over-year by 37%. Worldwide, the average transaction for February was up 5.5%. Our U.S. regions with the strongest sales were Texas, the Southeast and the Northeast. Other International and local currencies saw the strongest results in Australia, Mexico and the U.K.

2月份，全球同店客流量和客流量成長了8%，美國成長了8.2%。外幣兌美元匯率年比對總銷售額和同店銷售額產生了負面影響，具體如下：加拿大下降約0.2%，其他國際地區下降約4.5%，公司整體下降約0.7%。汽油價格上漲使報告的同店銷售額成長了約4%，全球平均每加侖汽油售價較去年同期上漲了37%。 2月份，全球平均交易量成長了5.5%。美國銷售額成長最強勁的地區是德州、東南部和東北部。其他國際地區和當地貨幣在澳洲、墨西哥和英國的銷售額表現最為強勁。

Moving to merchandise highlights for the month of February. Food and sundries was -- came in at a positive high single digits, fresh foods in the mid-single digits, and nonfoods in the positive high single digits. Ancillary businesses sales were up mid-40s, with gas being certainly a driver of that as well as food court and hearing aids were the top performers.

接下來是二月的商品銷售亮點。食品和日用品銷售額實現了接近兩位數的成長，新鮮食品實現了接近兩位數的成長，非食品也實現了接近兩位數的成長。輔助業務銷售成長了40%左右，其中加油站的銷售成長特別顯著，美食廣場和助聽器也是表現最佳的商品。

With that, I want to mention just a couple of recent executive changes. A month ago, we reported that Ron Vachris became President of Costco. Ron started his career 39 years ago at Price Company, at Price Club at the young age of 17. Most of his career was in operations through 2015. Then he spent a little over a year in real estate, traveling the world and working on both worldwide and domestic expansion and since that time in 2016 has been in merchandising with certainly responsibility not only for in-line merchandising but online merchandising as well as very involved with logistics and transportation.

在此，我想提一下最近的幾項高階主管變動。一個月前，我們報道了 Ron Vachris 出任好市多 (Costco) 總裁。羅恩的職業生涯始於 39 年前，當時年僅 17 歲的他加入了 Price Company 旗下的 Price Club。在 2015 年之前，他的大部分職業生涯都在營運部門度過。之後，他投身房地產行業一年多，週遊世界，參與了全球和國內的業務拓展。自 2016 年起，他一直負責商品銷售，不僅包括實體店的商品銷售，也包括線上商品銷售，同時也深入參與物流和運輸工作。

As well, just this week, internally, we reported that taking Ron's previous spot as Head of Merchandising is Claudine Adamo. Claudine has been with us for 30 years. She began in an hourly position in our Kirkland warehouse in 1992, 30 years ago but a year later came into buying and has been in buying ever since and most recently was senior VP of nonfoods sales -- of nonfoods merchandising. And again, she'll be taking over -- looking overall at merchandising.

此外，就在本週，我們內部宣布，克勞迪娜·阿達莫將接替羅恩擔任商品部主管一職。克勞迪娜已在我們公司工作了30年。她於1992年加入我們位於柯克蘭的倉庫，最初是一名小時工，一年後轉入採購部門，此後一直從事採購工作，最近擔任非食品銷售高級副總裁——負責非食品商品部的整體運營。她將全面接手商品部的工作。

Finally, in terms of upcoming releases, we will announce our March sales results for the 5 weeks ending April 3, on a Sunday, April 3, on Wednesday, April 6 after the markets close.

最後，關於即將發布的產品，我們將於 4 月 3 日星期日和 4 月 6 日星期三股市收盤後公佈截至 4 月 3 日的 5 週的 3 月份銷售業績。

With that, I will open it up to Q&A and turn it back to Jerome. Thank you very much.

接下來，我將進入問答環節，然後把問題交還給傑羅姆。非常感謝。

(Operator Instructions) Your first question comes from the line of Michael Lasser from UBS.

（操作員說明）您的第一個問題來自瑞銀集團的麥可·拉塞爾。

First one is on the fee increase for the potential for a fee increase. If there is no increase this year, should the market interpret that as some reflection of how Costco -- either it is pricing power especially in light of companies like Amazon and Netflix raising their fees this year or should we interpret a sign as the interval with Costco (inaudible) over time?

第一個問題是關於費用上漲的可能性。如果今年沒有漲價，市場是否應該將其解讀為 Costco 定價能力的某種體現——尤其是在亞馬遜和 Netflix 等公司今年都提高了費用的情況下？或者我們應該將其解讀為 Costco 價格走勢隨時間變化的一個訊號？

Well, certainly, I don't think you should interpret anything related to why or when. Historically, we always look at things like do we feel we can -- we look at ourselves in the mirror, do we feel that we've continued to increase the value of the membership? Certainly, we look at renewal rates. We look less at what others do frankly but certainly is out there what others are doing. And what I do note is that I looked at the last 3 increases over the last 15 years. And on average, they were done about every 5 -- a little over every 5.5 years, about 5 years and 7 months. And 5 years from the anniversary of the June of '17 would be this June. So I think the question will continue to be asked until we do or don't do something. But at the end of the day, we certainly feel very good about our member loyalty, our success in getting members to move to Executive Member, which are the most loyal. And so you guys will know when we tell you, and at some point, it will happen but stay tuned.

當然，我認為你不應該去揣測為什麼或何時會這樣做。從歷史經驗來看，我們總是會檢視自身，看看我們是否持續提升了會員的價值。當然，續費率也是我們關注的重點。坦白說，我們不太關注其他機構的做法，但其他機構的做法我們當然也會關注。我注意到，我查看了過去15年中的最近三次漲價。平均而言，漲價週期大約是5年——略多於5.5年，大約5年7個月。從2017年6月算起，5年後就是今年6月。所以我認為，在我們採取行動之前，這個問題還會被問。但最終，我們對會員的忠誠度以及成功引導會員升級為高級會員（忠誠度最高的會員）感到非常滿意。所以，我們會在某個時候通知大家，敬請期待。

My follow-up question is on the core-on-core gross margin. Over the last couple of quarters, you've given back about 1/3 of the core-on-core gross margin gains at Costco during the hardest times like over probably the last couple of years. So is this the right way to think about what's sustainable from here, you may give back 1/3 of it, 2/3? Alternatively, would you expect your growth to...

我的後續問題是關於核心業務毛利率。在過去幾個季度裡，你們在Costco最艱難的時期（例如過去幾年）損失了大約三分之一的核心業務毛利率成長。那麼，從長遠來看，這種考慮毛利率可持續性的方式是否正確——損失三分之一或三分之二——呢？或者，你們是否預期成長會…

Yes. Look, recognizing -- I'd like to think it was that easy that we could plan it and get there. Sometimes, we'd get there but 10 different variables go in 10 different directions than we had planned. There's lots of moving parts to it. The fact of the matter is we certainly have confidence in our competitive position and our confidence to get some margin as we go forth. The fact of the matter is our margins -- our gross margins are still, even on core-on-core, higher than they were 2 years ago. We had outsized margins 2 years ago, most particularly in fresh. When you had 20% and 30% increases in fresh, you darn near eliminated spoilage and -- where are the 2 years. Labor -- you improved dramatically labor productivity in fresh. And you darn near eliminated all your spoilage. Some of that's not sustainable. So -- but even with some of the giveback, if you will, on a 2-year stack, if you will, we've -- we're still showing higher year-over-year numbers on core-on-core.

是的。你看，我承認——我倒希望一切都那麼簡單，我們可以製定計劃並達成目標。有時候，我們確實能達成目標，但十個不同的變數卻朝著與我們計畫不同的方向發展。這裡面有很多變數。但事實是，我們對自身的競爭地位充滿信心，也相信我們能夠在未來獲得一定的利潤。事實上，我們的利潤率——即使是核心業務之間的毛利率，也仍然高於兩年前。兩年前我們的利潤率非常高，尤其是在生鮮業務方面。生鮮業務成長了20%到30%，幾乎完全消除了損耗──兩年時間都去哪了？勞動力－生鮮業務的勞動生產力得到了顯著提高。而且幾乎完全消除了損耗。但有些成長是不可持續的。所以——但即使考慮到一些回落，如果你願意這麼說的話，在兩年的時間裡，我們——我們仍然顯示出核心對核心業務的同比數字更高。

The other thing is as we've said, and we don't sit around and just pound our chest on it, despite these inflationary pressures, we've tried to hold where we can. Now needless to say, you can't do that in -- near in its entirety, but we've probably been a little later than others in terms of raising some things in our view. We've worked with our suppliers to eat a little of it and we eat a little of it. And I think that these margins, particularly given the sales strength and the operating leverage, allow us to be ever more competitive and drive our business. So when asked the question, as some -- many of you know over the years, who's our toughest competitor, it's us. And I don't really look at this as being a reflection of what's going out there. We're ever competitive. We're always checking our competition, and we feel that, that competitive -- our competitive position is as strong as ever.

另一點正如我們之前所說，雖然我們不會自吹自擂，但儘管面臨通膨壓力，我們還是盡力維持現狀。當然，我們不可能完全做到這一點，但就我們看來，在某些方面，我們可能比其他公司稍晚。我們與供應商協商，讓他們承擔一部分成本，我們自己也承擔一部分。我認為，鑑於強勁的銷售勢頭和營運槓桿，這些利潤率使我們能夠保持更強的競爭力，並推動業務發展。所以，當被問及——正如你們中的許多人多年來所了解的——誰是我們最強大的競爭對手時，答案是我們自己。我並不認為這反映了市場的整體情況。我們始終保持競爭力。我們一直在關注競爭對手，我們認為，我們的競爭地位一如既往地穩固。

Your next question comes from the line of Simeon Gutman from Morgan Stanley.

你的下一個問題來自摩根士丹利的西蒙古特曼。

Richard, I'd like to follow up on the core-on-core question just asked differently. About, I could say, a year ago, supply chain costs were rising, input costs were rising, and it felt like you were not ahead of it. And in the last 2 quarters, it seems like you're now more ahead of it. You feel better. You called out the 2-year trend in the core-on-core. So does it feel like we are past the worst and that you're able to either move pricing or have some visibility on supply chain?

理查德，我想就剛才你換個方式問的核心業務成本問題再補充一點。大概一年前，供應鏈成本和投入成本都在上漲，感覺你們當時並沒有提早應付。但最近兩個季度，你們似乎已經更好地掌控了局面，感覺好多了。你提到了過去兩年核心業務成本上漲的趨勢。那麼，你們現在是否覺得最糟糕的時期已經過去，並且能夠調整價格或對供應鏈有更清晰的了解了呢？

And then related to the perishable piece, it sounds like you're going to keep some efficiencies. So there is a reason to believe that some of this, you will keep going forward. I don't know if that's fair or not.

至於易腐品部分，聽起來你們打算保留一些效率提升措施。所以有理由相信，你們會繼續推行其中的一些措施。我不知道這樣說是否公平。

Yes. Certainly, on the fresh and the fact that we're at higher sales levels, that allows for higher labor productivity and hopefully a little lower D&D or spoilage. I don't disagree with what you say but there's -- you never know what's going to happen tomorrow. I know that for 35 years, when things get better, we figure out how to give a little more of it back. And certainly, right now, with all the inflation, first and foremost, is getting merchandise on the shelves and then mitigating those various cost components as much as you can, which is not a lot. And again -- but hopefully being as, if not, a little more competitive than others.

是的。當然，新鮮度高，銷量也高，這確實能提高勞動生產力，希望也能降低損耗和變質。我同意你的觀點，但誰也說不準明天會發生什麼事。我知道過去35年，當情況好轉時，我們會想辦法回饋更多。當然，現在通貨膨脹這麼嚴重，首要任務是確保商品上架，然後盡可能降低各種成本，雖然這方面的成本並不高。再次強調——但我們希望至少能比其他競爭對手更有競爭力。

And maybe a follow-up. I'd love your take on the price gaps out there. It feels like every company we cover in the mass space, supermarket space, they're all pleased with price gaps. And yet, I'm not sure -- I don't know if that's right or wrong and we're seeing gross margins actually start to go up in some places. So it seems like companies, your competition, they're taking price. That would imply that the gaps actually should be widening and making you more valuable. Curious -- I know you guys have folks running around stores a lot. Curious how -- what's your take on it.

或許可以再追問一下。我很想聽聽您對目前市場價格差距的看法。感覺我們報道的大眾零售、超市領域的每家公司，似乎都對價格差距感到滿意。然而，我不確定——我不知道這是否正確，而且我們看到有些地方的毛利率實際上開始上升了。所以看起來，其他公司，包括您的競爭對手，都在積極爭取價格優勢。這意味著價格差距實際上應該擴大，從而提升您的產品價值。我很好奇——我知道你們公司常派人去店家拜訪。很好奇你們是如何做到這一點的——你們對此有何看法？

Well, we like when they feel more comfortable, frankly. Look, our most direct competitor is Sam's. We -- and I'm sure they do too, do comp shops every week in every -- darn near every location. We feel good about those gaps. It's not that they've widened or shrunk that overall. They're a tough competitor, and so are we. As it relates to other traditional, yes, you've seen -- I think we've called out strength in gas business. I think overall, what I read externally about gross margins in retail gas by the supermarkets and others is up. And there's a little bit more -- that gives us breathing room as well. But we want to be ever more competitive.

坦白說，我們樂見他們感覺更安心。你看，我們最直接的競爭對手就是山姆會員店。我們——我相信他們也是一樣——每週都會在幾乎所有門市進行競品調查。我們對這些差距感到滿意。並不是說他們的整體差距擴大或縮小了。他們是強勁的競爭對手，我們也是。至於其他傳統零售業，是的，你們也看到了——我想我們已經強調了加油站業務的強勁勢頭。我認為，總體而言，我從外部了解到，超市和其他零售商的零售加油毛利率都在上升。而且還有一些成長空間——這給了我們一些喘息之機。但我們希望保持更強的競爭力。

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。

Over the past few months, you guys have had success raising retails. And I'm wondering if that trend has continued or if you're starting to see some limits or demand destruction in any parts of the club.

過去幾個月，你們在提升零售價方面取得了成功。我想知道這種趨勢是否仍在繼續，或者你們是否開始看到俱樂部某些部分的需求受到限製或出現需求下降的情況。

Not -- no. And we haven't. I think certainly, the more inflation creates some demand pressure. I'd like to think some of that in inflation (inaudible) wanting to shop across and save more frankly. But we haven't seen that.

不——不。我們還沒有看到這種情況。我認為，通貨膨脹肯定會帶來一些需求壓力。我希望部分原因是通貨膨脹（聽不清楚）促使人們想要貨比三家，坦白說，就是想多買多存。但我們還沒有看到這種情況。

Okay, okay. Great. And then just another near-term question. Historically, I'm wondering if with gas prices where they are and where they're likely to go, I heard today, California is close to $5. Historically, has there really been a tipping point and how it impacts traffic for you guys? I understand how it impacts the margin structure of your business, but historically, is there a tipping point for you?

好的，好的。太好了。還有一個近期相關的問題。我想了解一下，鑑於目前的油價以及未來的走勢（我今天聽說加州的油價接近每加侖5美元），歷史上是否存在一個油價的臨界點，以及它會對你們的客流量產生怎樣的影響？我理解油價會影響你們的利潤率，但從歷史數據來看，是否存在著一個對你們來說的臨界點？

We haven't seen that. The only time in my recollection is a number of years ago when prices got to $4, $5 per gallon. And like then and now, we see our gallons improve, relatively speaking, because we have still the cheapest [gas out there]. So at some point, if it goes to $5, $6, $7, who knows? Will people stop driving a little bit? It's hard to say. I'd like to think that the hybrid models of working from home has helped save a little bit there.

我們還沒遇過這種情況。我印像中只有幾年前油價漲到每加侖4、5美元的時候出現過。就像當時和現在一樣，我們的油價相對來說有所改善，因為我們的汽油仍然是市面上最便宜的。所以，如果油價真的漲到5、6、7美元，誰知道呢？人們會不會減少開車？很難說。我倒覺得居家辦公這種混合模式在某種程度上幫大家省了點錢。

Your next question comes from the line of Paul Lejuez from Citi.

你的下一個問題來自花旗銀行的保羅‧萊胡茲。

This is Brandon Cheatham on for Paul. I was wondering, are you seeing any change in consumer behavior such as trade down or maybe trade to private label brands, anything of that nature?

這裡是布蘭登‧奇瑟姆，替保羅發言。我想問一下，您是否觀察到消費者行為有任何變化，例如降級消費或轉向自有品牌，或類似的情況？

It's interesting. On the one hand, the only thing I can think of is in fresh when there's been big fluctuations in prices or big increase in prices on beef relative to chicken or something, you'll see some trade down within the protein family. Other than that, a couple of anomalies that are perverse in the sense that it's almost just the opposite. We've seen strength in jewelry and in big-ticket furniture items and the like and more conversions to Executive Membership, which -- again, there's more value long term to that customer but it's adding $60 to their fee.

這很有意思。一方面，我能想到的唯一情況是，當生鮮食品價格大幅波動，或牛肉相對於雞肉或其他肉類價格大幅上漲時，你會看到一些消費者選擇購買更便宜的肉類。除此之外，還有一些反常現象，情況幾乎恰恰相反。我們看到珠寶、高價家具等商品的銷售強勁，同時更多顧客升級到高級會員——當然，高級會員對顧客的長期價值更高，但費用也增加了60美元。

Got it. And just a point of clarification on price inflation. Has that moderated the past couple of months as I think some of your monthly updates have indicated? Or are you still seeing that accelerate?

明白了。關於物價上漲，我還有一點需要澄清。正如你們的一些月度更新所顯示的那樣，過去幾個月物價上漲是否有所緩和？還是說物價上漲仍在加速？

It has not moderated. It continues to go up.

漲幅並未放緩，反而持續上升。

Got it.

知道了。

Now it's going up perhaps at a little less slope. The bigger slope was probably 4 to 2 months ago, and it's gone up from there. I think there -- if I recall, there was a little low -- talking to the buyers, a little low in the last couple of months of the year. But many suppliers are already talking back 2 months prior to that to come January, we'll be coming back and talking to you again.

現在價格可能會以稍緩的幅度上漲。漲幅最大的時期大概是兩到四個月前，之後就一直在上漲。我記得，去年最後幾個月價格略有下跌——我和買家聊過之後才知道。但很多供應商在兩個月前就已經表示，明年一月我們會再聯絡你們。

Your next question comes from the line of Scot Ciccarelli from Truist Securities.

你的下一個問題來自 Truist Securities 的 Scot Ciccarelli。

Scot Ciccarelli. So Richard, you guys are running with nearly double the cash balance that you historically would have run with kind of prepandemic. Obviously, there's still a lot of uncertainty in the market. I guess the question is because we've seen this pattern for probably 8-plus quarters now to continue to run with much higher cash levels than what you historically have or should we start thinking about the potential return of capital to shareholders like you've done periodically.

史考特·西卡雷利：理查德，你們目前的現金餘額幾乎是疫情前水準的兩倍。顯然，市場仍存在著許多不確定性。我想問的是，鑑於我們已經看到這種模式持續了八個多季度，你們是否應該繼續保持遠高於歷史水平的現金儲備，還是應該像你們之前那樣，開始考慮向股東返還部分資本？

Well, at some point, we'll figure out what to do. And mind you, our Q2 balance sheet -- Q2 end balance sheet is probably our -- the highest point from a seasonal standpoint because of -- you've built a lot of sales and you still have some of the bills to pay from the Christmas time, not a lot but some. And frankly, knock on wood, our operating cash flow has certainly exceeded what we had expected 2 years ago. So yes, there is a little more.

嗯，總有一天我們會找到解決辦法的。而且請注意，從季節性角度來看，我們第二季度的資產負債表——也就是第二季度末的資產負債表——可能是我們業績最好的時期，因為——你們的銷售額大幅增長，而且你們還有一些聖誕節期間的賬單要付，雖然不多，但確實有一些。坦白說，但願如此，我們的經營現金流確實超過了兩年前的預期。所以，是的，還有一些其他因素要考慮。

At some point, certainly, one of the arrows in our quiver is a special dividend along with the regular dividend increase that we've done every year as well as some stock buybacks. But first and foremost is CapEx. CapEx this year of $4-ish plus million is up from the $3 million, $3.5 million over the last couple of years and up from numbers lower than that, the 2 to 4 years prior to that. So that's, first and foremost, what we want to spend money on. But we've done 4 specials. And as one of the Board members said, we are a little quirky and it seems to have worked for us. So it's certainly an arrow in our quiver, but we haven't made any decision at this point.

當然，在某個時候，我們除了每年都會進行的常規股息增長和股票回購之外，還會考慮派發特別股息。但首要任務是資本支出。今年的資本支出約400萬美元，高於過去幾年的300萬至350萬美元，也高於先前兩到四年的水準。因此，這才是我們首要的支出方向。我們已經派發了四次特別股息。正如一位董事會成員所說，我們的做法可能有點另類，但似乎對我們有效。所以，派發特別股利當然是我們的一種策略，但目前我們還沒有做出任何決定。

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。

I just wanted to ask the membership fee question a little differently. So in the past, you've talked about raising the membership fee in the context that you obviously have an inflow of dollars to then reinvest in price. So I guess the question is maybe with the assumption that consumer is going to continue to feel a little more and more stretched as the year progresses, how does that factor into your thought process? And then also tying that in with the fact that there was obviously the increase on membership at Amazon.

我想換個角度問會員費的問題。您之前提到提高會員費，理由是這樣可以增加收入，然後重新投入產品價格。所以我想問的是，考慮到消費者隨著時間的推移會越來越感到經濟壓力，您是如何考慮這個問題的？另外，亞馬遜也提高了會員費，這一點也值得關注。

I think we -- that doesn't hurt, but at the end -- honestly, at the end of the day, first and foremost, the factors that doesn't give us any concerns is the fact that our sales are strong. Our renewal rates and loyalty are at all-time highs. So that's all positive. And yes, when we do it, we use it to be even more competitive. So on the one hand, you might argue that because of inflation, would this allow us to mitigate some of that? We're already doing that, by the way, without a fee increase. But we've done it 7 times in 35 years. And sometime between summer and 6 or 9 months down the road, is it likely? It's possible, but we'll have to wait and see.

我認為——這當然不會造成什麼壞處，但說到底——老實說，歸根結底，首先也是最重要的，讓我們無需擔憂的因素是我們的銷售業績強勁。我們的續約率和客戶忠誠度都達到了歷史新高。所以這些都是正面的因素。是的，我們這樣做是為了增強競爭力。一方面，您可能會問，考慮到通貨膨脹，這是否能幫助我們緩解一些影響？順便說一句，我們已經在這樣做了，而且沒有提高費用。但在過去35年裡，我們已經這樣做了7次。在夏季到未來6到9個月之間，這種情況有可能發生嗎？有可能，但我們必須拭目以待。

But we don't really consider what Amazon or what -- we were asked the question the other way with some of our direct warehouse club competitors that theirs is -- they have not changed theirs in a number of years. And that does not concern us either. We look at what we're doing, how it affects our members. And we look at ourselves in the mirrors. Have we improved the value of the membership? And we've always felt that we've done that in a more dramatic fashion in these increases. And then we take those increases and use it to become even more competitive. So I cannot give you an answer other than we feel good about if and when we want to do it, we'll be able to.

但我們並不真正考慮亞馬遜或其他什麼——我們之前也被問過類似的問題，一些倉儲式會員店的直接競爭對手多年來都沒有調整過會員費。但這也不是我們關心的。我們關注的是我們正在做的事情，以及它對會員的影響。我們會反思自身，看看我們是否提升了會員的價值。我們一直認為，透過這些漲價，我們已經以更顯著的方式實現了這一點。然後，我們會利用這些漲價帶來的收益，進一步提升我們的競爭力。所以，除了我們相信，如果將來我們想漲價，我們一定能夠做到之外，我無法給出其他答案。

Okay. And then my second question is just on the net income margin or I guess you could talk about pretax margin. Obviously, that has come up quite a bit over the last several years. And I think the question on a lot of people's mind is just, is there more of a willingness to flow through margin on that line? And I know -- again, you don't run your business that way. You run it for units and volume and leverage on strong comps, but just wondering how you would frame that.

好的。我的第二個問題是關於淨利潤率，或者也可以說是稅前利潤率。顯然，在過去幾年裡，這個問題被反覆提及。我認為很多人都在思考的問題是，是否更願意將利潤率轉嫁出去？我知道——你們的經營理念並非如此。你們追求的是銷售量和銷售額，並利用強勁的同店銷售額來獲利，但我只是想知道你們會如何闡述這個問題。

Well, first of all, certainly in this quarter as well, the bottom line margin improvement was the sum of great expense improvement and some margin detriment. I'm taking out all the anomalies of each. And that's the way we want to do it. The old saying is we want to lower prices and raise margins. Same thing is we want to improve the bottom line while not raising prices. And I'm not talking about necessarily specific inflation right now.

首先，當然，本季利潤率的提升也是成本大幅下降和利潤率略有下降共同作用的結果。我剔除了所有異常因素。而這正是我們想要達到的目標。俗話說，我們要降低價格，提高利潤率。同樣，我們也希望在不提高價格的情況下提升利潤。我這裡說的並非特指通貨膨脹。

I think -- I recall a few of these on the -- of you on the call might remember this when we had our May 1 and last all-hands -- the analyst meeting out here with about 300 people. And at the time, we had a 2.8% pretax return on sales, pretax. And our founder was up there saying that we're a great company and great companies deserve to make good money. And over the next several years, we wanted to go from 2.8% to a number -- I won't get everybody excited, but a bigger number. And at the end of the day, it went up and down, but it has improved. I think that we've got a lot of great things going on. We're not embarrassed to make money for our shareholders as well, but we're going to do it within the confines of being ever more competitive from a pricing and value standpoint to our members.

我想──我記得在座的各位可能還記得，我們​​在5月1日召開了最後一次全體員工大會──分析師會議，大約有300人參加。當時，我們的稅前銷售報酬率是2.8%。我們的創辦人當時在會議上說，我們是一家偉大的公司，偉大的公司理應獲得豐厚的利潤。在接下來的幾年裡，我們希望將2.8%的回報率提高到更高的數字——我不會說得太具體，但肯定是一個更高的數字。最終，回報率雖然有所波動，但總體上有所提高。我認為我們有很多進展順利。我們當然也樂於為股東創造利潤，但我們會在不斷提升價格和價值競爭力的前提下實現這一目標。

Your next question goes 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。

I guess my first question is, do you look at the U.S. sort of core comp on a 2- and 3-year basis? Really, since the summer, there's been a bit more volatility to the 2- and 3-year trends even over the past few months. Do you read into that? How much do you think that was maybe just like a holiday shift, maybe some Omicron impact in January? Curious how you're thinking about that.

我想問的第一個問題是，您是否會以兩年或三年為週期來觀察美國核心企業的表現？實際上，自夏季以來，在過去幾個月裡，兩年和三年的業績趨勢波動性明顯增加。您會對此做出怎樣的解讀？您認為這在多大程度上是假期效應，或受到一月份Omicron的影響？很想聽聽您的看法。

It would be the all-inclusive, yes. It's all of the above. I remember when we had particularly strong -- early in the Christmas holidays -- or Thanksgiving, Christmas holiday season, we had strength. Part of that was bringing in some things early. Part of it was this increased demand that COVID has created for goods for the home and the shortages of those same goods. And so once they hit the shelves, you sold quickly. And then, of course, it was a little -- it was still positive but a little less than that trend at the end of the calendar year. And without doing a lot of work, it seemed like that was the reason. Then you've got storms that affect the things. You've got shifts and things like Chinese and Lunar New Year.

是的，它涵蓋了所有方面。以上所有因素都包含在內。我記得在聖誕節假期初期，或是感恩節到聖誕節的這段時間，我們的銷售特別強勁。部分原因是提前進貨。部分原因是新冠疫情導致居家用品需求激增，同時這些用品也出現短缺。所以一旦產品上架，很快就會售罄。當然，到了年底，銷售動能減弱，但仍保持成長。似乎在沒有太多努力的情況下，這就是原因所在。此外，還有風暴等天氣因素的影響。還有像中國農曆新年這樣的假日。

We really don't spend a lot of time doing that. We try to understand why overall something -- some level of sales either generally were reduced. If it increased, we don't worry about it as much and -- but I don't think we spend a lot of time thinking about that. We're -- as we've been reminded from the day of our founding, we're a top line company and it's all about driving sales and value. And it's going to be as good as we can get it. And so we don't read a lot into what you asked.

我們其實不會花太多時間在這上面。我們會努力理解為什麼整體銷售額會下降。如果銷售額上升了，我們倒不會太在意──但我覺得我們不會花太多時間去思考這個問題。正如我們自公司創立之初就被反覆強調的那樣，我們是一家以業績為導向的公司，一切都圍繞著提升銷售額和創造價值。我們會盡力做到最好。所以，對於你提出的問題，我們並不會過度解讀。

Got it. It's a good segue. I guess your Executive trends, the renewal rates, the comps, the traffic, you're one of the few big retailers with really strong traffic. But at the same time, is there a point where just the culture becomes uncomfortable with passing through price? I mean the vendors have talked about more price increases that have come starting January 1. It seems like there's more coming in September. I could think of [Jim] sort of being paranoid and worried about do we just push too far and do we not want to risk that and invest more in price before even seeing any deterioration in the sales trends.

明白了。這是一個很好的過渡。我想，你們的業績趨勢、續約率、同店銷售狀況、客流量等等，都很好，你們是少數幾家客流量非常強勁的大型零售商之一。但同時，是否存在這樣一種情況：企業文化開始對直接提價感到不安？我的意思是，供應商已經提到從1月1日起會有更多漲價。而且9月似乎還會有更多漲價。我能想像[吉姆]會有點擔心，他會想我們是不是做得太過火了，是不是不想在銷售趨勢出現任何惡化跡象之前就冒著風險，在價格方面投入更多資金。

I would say we're more aggressive when things are good and -- we're aggressive when things are good and bad. I remember somebody years ago asked the question given that sales for whatever reason had been weak for a month or 2. And that was more the reason to be even more strong on pricing. And I think it actually had -- related to a pending membership fee increase based on this kind of 5-plus year anniversary. And the view was, no, our members are loyal and we're going to use it to drive more sales. So no, I don't -- I think we're still borne of that same DNA of trying to constantly drive more value and not worry about how strong or weak we are today, just keep driving more value. And if we keep focusing on that, nobody can catch us or it's harder...

我認為，無論情況好壞，我們都會採取更積極的策略。我記得幾年前有人問過這個問題，當時銷售額因為某些原因連續一兩個月低迷。而這正是我們應該在定價方面更加強硬的原因。我認為這實際上與即將到來的會員費上漲有關，畢竟我們即將迎來五年以上的周年紀念。當時的觀點是，不，我們的會員忠誠度很高，我們要利用這一點來促進銷售。所以，不，我認為我們仍然秉持著同樣的理念，那就是不斷創造更多價值，而不是糾結於我們目前的強弱，而是專注於持續創造更多價值。如果我們繼續專注於此，沒有人能夠超越我們，或者說，超越我們將會更加困難…

And then just one quick one -- sorry. Say that again.

然後就最後一個——不好意思。再說一次。

It's harder to catch us at least. So...

至少現在更難抓住我們了。所以…

Yes. And then just a quick question on LIFO. If price increases have continued into this year, does -- that LIFO number should stay at this level? And as we lap through it, do we actually get that back?

是的。然後我還有一個關於後進先出法（LIFO）的小問題。如果價格上漲持續到今年，那麼——用後進先出法計算出的價格應該保持在這個水準嗎？隨著價格上漲週期的延長，我們最終能把價格拉回來嗎？

Well, in theory, you don't get it back. If -- as I said earlier, if inflation is continuing, you should see some additional LIFO charges, maybe not as big, but who knows. And at some point, at the beginning, as you start a new fiscal year, you've had whatever LIFO charge you'll have for this past year. And those -- that's kind of the new set point for costs for each item. And then to the extent -- if there's additional inflation relative to that starting point, you'll have some additional LIFO next year. If things came down a little bit, let's say things -- I'm making these numbers up in the extreme. But things were up in 1 year, 20%, and the next year, they were down 10%, you had a big LIFO charge this year, and you actually have some LIFO credit in the following year. I gave you an extreme example. That's not the reality.

理論上來說，你無法收回這筆費用。正如我之前所說，如果通貨膨脹持續下去，你應該會看到一些額外的後進先出法（LIFO）費用，也許不會像之前那麼多，但誰也說不準。在某個時間點，也就是新財年開始的時候，你已經有了去年的LIFO費用。這些費用——這算是每個專案成本的新設定點。然後，如果通貨膨脹相對於這個設定點有所增加，那麼明年你就會有一些額外的LIFO費用。如果物價略有下降，比如說——我在這裡舉個極端的例子——物價在一年內上漲了20%，第二年下降了10%，那麼你今年就會產生一大筆LIFO費用，而實際上，你明年會有一些LIFO抵免。我舉了一個極端的例子，這並非實際情況。

Your next question comes from the line of Mike Baker from D.A. Davidson.

你的下一個問題來自 D.A. Davidson 的 Mike Baker 的一個線索。

Okay. I guess I'll stay on the inflation question but ask 2 different inflation questions. One, if prices do come down -- eventually, they will. Historically, what do you see in terms of your ability to maintain the comp prices, in other words not to come down and then to gain some margin in that sense?

好的。我想我還是會繼續討論通膨問題，但會問兩個不同的問題。第一，如果價格最終會下降——這是必然的。從歷史資料來看，您認為自己有能力維持同業價格水準嗎？換句話說，您認為價格不會下降，因此還能獲得一定的利潤空間嗎？

And then a second inflation-related question. Historically, when you see outsized inflation -- now it's been a long time since we've seen inflation like this but you've been around for a long time. When you see inflation, do you get more customers coming into Costco to save money? You alluded to that earlier. You said that's what you hope happens. But I guess -- I'm sure you've looked at it historically. What have you seen?

接下來是第二個與通膨相關的問題。從歷史經驗來看，當出現嚴重的通膨時——雖然我們已經很久沒有見過像現在這樣嚴重的通膨了，但您從業多年——您認為，當通膨出現時，是否會有更多顧客為了省錢而光顧Costco？您之前也提到過這一點。您說過您希望這種情況發生。但我想——我相信您肯定也研究過歷史數據。您觀察到了什麼？

On the latter question, past history has indicated, yes, not in a big way, but the answer is yes, directionally. As it relates to if prices come down, if our costs come down, we want to be the first to lower the price, period.

關於後一個問題，過去的經驗表明，雖然幅度不大，但方向是肯定的。如果價格下降，成本降低，我們希望率先降價，就這麼簡單。

Okay. That makes sense. One last one, if I could. Similar to that, do you get more customers, one, in an inflationary environment? Do you see more customers wanting to sign up to take advantage of your value in a tougher economic situation? In other words, in 2022, no stimulus does appear as if the economy might not be -- or at least the consumer economy might not be as strong as last year. How does that impact your memberships or renewal rates?

好的，明白了。最後一個問題，可以嗎？類似地，在通貨膨脹的環境下，您的客戶數量是否會增加？在經濟形勢嚴峻的情況下，您是否看到更多客戶願意註冊以享受您的服務？換句話說，2022年似乎沒有經濟刺激措施，經濟——或至少消費經濟——可能不如去年強勁。這會對您的會員數量或續費率產生什麼影響？

I think if you asked us 2 years ago, how would the next 2 years be in terms of new member sign-ups, we would be positive. But we probably have achieved greater than those expected -- than our own expectations, by a little. And so arguably that -- it was not just the stimulus. But notwithstanding the stimulus, there wasn't a lot of positive feelings out there in terms of the consumer and we did just fine. So one of the good things that we've been blessed with is that we are the extreme value proposition, and it generally bodes well for us in good and bad economic times. And so I think -- we don't pay a lot of attention to it other than seeing -- really being focused on driving price and value of our products and services and taking care of the customer and then the rest seems to work.

我想，如果兩年前你問我們未來兩年新會員註冊量會如何，我們肯定會很樂觀。但我們實際的業績可能比預期還要好一些——甚至比我們自己的預期還要好一些。所以可以說，這不只是經濟刺激政策的功勞。但即便如此，當時消費者的情緒並不樂觀，我們的業績仍好。我們很幸運的一點是，我們擁有極高的性價比，這在經濟情勢好壞的情況下通常都能為我們帶來好運。所以我覺得──我們並沒有太多關注經濟情勢，而是專注於提升產品和服務的價格和價值，用心服務客戶，其他的一切似乎都水到渠成。

Yes. It sure does.

是的，確實如此。

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。

So I had a question just on the labor front. I was just curious what you guys are seeing from a labor availability standpoint and then what your comfort is with your wage levels in the marketplace just given we continue to see others raise their wages.

我有個關於勞動力方面的問題。我很好奇你們目前看到的勞動力供應情況如何，以及鑑於其他公司都在不斷提高工資，你們對目前的市場工資水平有何看法。

Well, we continue to raise them as others have, and we will continue to do that. The biggest single area of challenge is, one, we're headquartered in Seattle, which has become an increasingly expensive market. And within that, IT, where you not only have 2 big -- tech behemoths but the next 3 tech behemoths all have 10,000 to 20,000 employees in this town as well. So we've had to raise wages there, and it didn't happen overnight in the last 2 weeks. It's happened continually over the last couple of years. And we will also lose a few people because we're not 100% work from home. We have a -- we think, a good fair hybrid work model. But for some -- a few, they want that. Overall though, if you look at our total compensation and benefits package, 90% of our employees are hourly in the warehouse. And we -- while maybe there's a city or 2 where we've got to occasionally start it one step above the entry level, we've continued to raise the wages, as I mentioned in the thing, and we'll do it again.

嗯，我們和其他公司一樣，一直在提高員工薪資，而且會繼續這樣做。最大的挑戰在於，首先，我們的總部位於西雅圖，而西雅圖的市場成本越來越高。在西雅圖，不僅有兩家大型科技公司，接下來的三家科技巨頭也都在這裡擁有1萬到2萬名員工。所以我們不得不提高這部分員工的薪資，但這並非一朝一夕就能完成的，而是過去幾年持續進行的。此外，由於我們並非完全實行居家辦公，我們也會流失一些員工。我們目前採用的混合辦公模式——我們認為——是一個公平合理的模式。但有些人——他們希望完全居家辦公。總的來說，如果你看一下我們的整體薪資福利方案，就會發現我們倉庫90%的員工都是按小時計薪的。雖然可能有一兩個城市我們偶爾需要把起薪定在比入門級高一級，但我們一直在提高工資，正如我在文章中提到的那樣，我們還會繼續這樣做。

Okay. Great. And then maybe one additional question. Just on the ancillary front, if you can just remind us where you are with your recovery versus prepandemic in some of the more challenged categories, travel, food court, et cetera.

好的，太好了。那我可能還有一個問題。就補充一點，您能否提醒我們一下，在一些比較困難的領域，例如旅行、美食廣場等等，您目前的恢復情況與疫情前相比如何？

Yes. Well, the biggest one is gas, and that's gone nothing but up. And again, as I mentioned earlier, the retail competitive price pressure is probably lessened over the last couple of years. Travel, you mentioned, is one that has been extreme ups and downs. There was a period during the mid-2020 year lockouts -- COVID lockouts where we had negative -- we had lost money in the business and had negative revenues because you're getting more cancellations and no new orders. And that's fluctuated. It's come back. It fell a little bit with Delta. It came back after that. It fell a little bit with Omicron, although now we seem to be upon the upward trend and it is profitable -- not as profitable as it was 2 years ago but continuing in that direction, huge business in both vacation packages as well as auto renewal -- rental cars and the like.

是的。其中影響最大的就是汽油價格，而且油價一直在上漲。正如我之前提到的，過去幾年零售業的價格競爭壓力可能會緩解。您提到的旅遊業，波動幅度非常大。 2020 年中疫情封鎖期間，我們曾出現虧損，收入為負，因為取消訂單增多，新訂單也大幅減少。之後情況有所波動，有所回升。達美航空時期略有下滑，之後又有回升。歐米克隆航空時期也略有下滑，但現在看來我們正處於上升趨勢，並且已經盈利——雖然不如兩年前那麼盈利，但仍在朝著這個方向發展，度假套餐和汽車續保（例如租車等）的業務都非常旺盛。

So that's the business that's coming out nicely. It was businesses like where there's face-to-face touch, if you will, with -- in our hearing aid and optical shops. That was actually closed for a number of weeks in the mid-2020 but just for 10 or 15 weeks, I think. That's come back as well. Food courts have come back because we have chairs and tables back out and we expanded the menu. So overall, a few of those ancillary business, they're not back to where they were but they're getting there. And then of course, the one business that dwarfs all the other is gas just in its size and its increased profitability. So overall, ancillary is doing fine, and some of the ones that were hurt the most are picking up.

所以，目前情況比較樂觀的行業是那些需要面對面交流的行業，像是我們的助聽器店和眼鏡店。這些店家在2020年中期關閉了幾個星期，大概10到15週吧。現在也恢復營業了。美食廣場也恢復了，因為我們重新擺放了桌椅，菜單也擴充了。所以總的來說，這些輔助產業雖然還沒有完全恢復到之前的水平，但正在逐步恢復。當然，還有一項產業，那就是加油站，它規模龐大，利潤也大幅成長，遠遠超過了其他所有產業。所以總的來說，輔助行業整體情況良好，一些之前受影響最大的行業也正在復甦。

Your next question comes from the line of Kelly Bania from BMO Capital.

你的下一個問題來自 BMO Capital 的 Kelly Bania。

Just a follow-up real quickly on the gas. Richard, you made the comment about gas margins going up kind of across the space. Can you help us understand a little bit about how Costco's gas margins are relative to 2019? Are they up, maybe just up a little less? And where are we with gallons versus 2019?

關於汽油方面，我還有一個後續問題。理查德，你之前提到汽油利潤率普遍上漲。可以幫我們分析一下好市多（Costco）的汽油利潤率與2019年相比如何嗎？是上漲了，還是漲幅略小？汽油銷量與2019年相比又如何呢？

I don't have that detail in front of me. Margins are up, prices are up, and it's a huge business. It's a little more than 10% of our sales. It's a $20-plus billion business now, recognizing there's been, as I mentioned earlier, a 30-plus percent increase in just the price per gallon. But it's definitely been up the last couple of years and it's less volatile than it was 5 and 10 years ago in terms of a big margin fluctuation. But I don't have the detail related to 2 years ago.

我手頭上沒有具體數據。利潤率提高了，價格也上漲了，而且這是一個龐大的業務。它占我們銷售額的10%多一點。現在這個業務的規模超過200億美元，正如我之前提到的，光是每加侖的價格就上漲了30%以上。但過去幾年價格確實一直在上漲，而且與5年前和10年前相比，利潤率的波動性要小得多。但我沒有兩年前的具體數據。

Okay. I'll just ask another one just on white space then just in the U.S. Just curious if you can just give us an update on how you're looking at that today over the next couple of years. Do you have to at all change your target demographics or target population density in terms of where you'll plan on opening up new clubs in the U.S.? Just the eventual number that you see, just an update there.

好的。我再問一個關於美國市場空白區域的問題。我很好奇您能否更新一下您目前對未來幾年市場空白區域的看法？您是否需要調整在美國開設新俱樂部的目標族群或目標人口密度？最終的預期數字是多少？請您提供最新的資訊。

Sure. I mean if you had asked me 5 years ago how many -- 5 years hence or now how many -- what would it look like, 5 years ago, we were opening about 25 a year, call it 26 to make the math easy for a second, and maybe 70-30, U.S. and Canada, our most successful mature -- our most mature markets. And then over the next 5 or 10 years, the 70-30 would probably go to 60-40 outside of the U.S. and Canada. And here we are 5 years into this -- that incorrect answer, and we're pretty 65-35, U.S.-Canada, for 2 reasons. Partly is our expectations of what we can do in the U.S. and Canada has increased not just in the last 5 years but in general over many years. And it's taken a little longer, the time lines internationally, although we've got more feet on the ground and more staff, we think.

當然。我的意思是，如果你五年前問我，五年後或現在，我們每年會開設多少家分店，五年前，我們大概每年開設25家，為了方便計算，就假設是26家吧。當時的市場比例可能是70%美國和加拿大，也就是我們最成功的成熟市場。然後，在接下來的5到10年裡，美國和加拿大以外的市場比例可能會從70%降到60%，而其他市場則可能降到40%。而現在，五年過去了──先前的答案並不準確──我們的市場比例大約是65%美國和加拿大，原因有二。一方面，我們對自身在美國和加拿大市場的預期不僅在過去五年裡有所提高，而且多年來一直在成長。另一方面，國際市場的擴張速度稍慢一些，儘管我們增加了人員配置和團隊規模。

So if you ask me today, I look 5 years from now, we'll go from 65-35 or whatever excess today, probably down to 50-50. I think the good news with that answer from that perspective is that we feel we still have plenty of opportunities in the U.S. and Canada, and we've ramped up our activities to do more in these other countries where we've also been quite successful. The -- if you said -- asked over the next 10 years, we're opening -- I think this year, 16 of our 28 are in the U.S. I could be off by 1 or 2. Our view is there's no reason to think for the next 10 years, we can't open 15-or-so a year in the U.S. Now mind you, 1 or 2 of those and growing to 2 or 3 will be the business centers. We now have 22 business centers in the U.S. and 5 in Canada. That's been a good adjunct to our business.

所以，如果你今天問我，展望五年後，我們的員工佔比可能會從現在的65:35（或其他任何盈餘比例）降到50:50。我認為從這個角度來看，好消息是，我們仍然覺得在美國和加拿大有很多機會，而且我們已經加大了在其他一些我們同樣非常成功的國家的投入。如果你問未來十年，我們正在開設——我想今年我們28家門市中的16家都在美國。我可能記錯了一兩家。我們認為，未來十年，我們每年在美國開設15家左右的門市是完全沒問題的。請注意，其中一兩家（最終會發展到兩三家）將是商務中心。我們目前在美國有22家商務中心，在加拿大有5家。商務中心一直是我們業務的絕佳補充。

But we're also -- and we're infilling. I gave an example at an internal meeting yesterday, and I've given it before to you guys. In San Jose, about 4 or 5 years ago, we opened our fourth in the Greater San Jose market. At the time, the 3 units were doing about 250 each. Now the 4 units are averaging right at 300 each, averaging, and on fewer members per location because you've got existing members driving less far. So there's a combination of infill. Now we're in 46 states. So there's not a lot of additional states. We're less penetrated versus our direct competitors in certain locations in the Midwest and Texas and parts of the Southeast, and we're still opening there as well.

但我們也正在——而且我們也在進行市場填充。我昨天在內部會議上舉了一個例子，之前也跟你們說過。大約四、五年前，我們在聖荷西大都會區開了第四家分店。當時，這三家分店每家約有250名顧客。現在，這四家分店平均每家有300名顧客，而且每家分店的會員人數更少，因為現有會員開車距離更近了。所以，這是一種市場填充策略。現在我們的業務已經涵蓋了46個州。所以，新增的州並不多。與直接競爭對手相比，我們在中西部、德克薩斯州和東南部部分地區的市場滲透率較低，但我們仍然在這些地區開設新店。

So it really is a combination of all those things. I think our view is -- the good news is that there's still -- we're far from saturating our most saturated markets. And we've upped the ante in terms of feet on the ground, real estate feet on the ground, if you will, in terms of getting some more into the pipeline.

所以這確實是所有這些因素的綜合作用。我認為我們的觀點是——好消息是，我們距離飽和度最高的市場還很遠。而且，我們已經加強了實地考察的力度，也就是房地產領域的實地考察，以便將更多項目納入儲備。

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, first thing, philosophically, how do you guys think about closing the gap on the 2 membership tiers, right, maybe encouraging some further conversion to Executive. And I don't know if you've done any kind of work with your current Executive Members. What would they like in the membership that's not there today, right, that perhaps might just -- it might help you take the monthly -- the annual fee higher.

理查德，首先，從理念上講，你們打算如何縮小兩個會員等級之間的差距？例如，鼓勵更多會員升級到高級會員。我不知道你們是否和現有的高級會員進行過任何溝通。他們希望會員等級具備哪些目前所沒有的權益？這些權益或許能幫助你們提高月費或年費。

Yes. A lot -- I don't know exactly what is -- I need to ask our membership marketing people. I think we've frankly been very pleased of our success of getting more existing -- more new members -- more existing members to convert and frankly more new members to sign up initially as an Executive. Mind you, 8 or 10 years ago, in the U.S. where it started -- we've had it for 15 years now probably, you came in and we just signed you up. We asked you what you wanted. We didn't do a lot. And maybe 20 or 25, at most 25, of every 100 signed up as an Executive Member. Today, it's in the 50s, closing -- close to 60, and that's with just trying a little bit and showing them the value of it. So I think we've done a better job of doing that. We do a better job when we go into a new country. We're now in, I think, 5 of our -- 6 of our countries, which are the largest ones. You want to have at least 15-or-so locations before you're looking at it to put an Executive Membership on it.

是的。很多——我不太清楚具體是多少——我需要問問我們的會員行銷人員。坦白說，我們對目前的成功非常滿意，包括現有會員轉換率的提高，以及新會員註冊成為高級會員的人數增加。要知道，8到10年前，在美國——也就是我們最初開展這項業務的地方——我們現在已經做了大概15年了，你進來之後，我們只是幫你註冊。我們會問你想要什麼。我們沒做什麼。可能每100個人裡，最多也就20到25個會註冊成為高級會員。而現在，這個數字已經接近60%，接近50%，而且這僅僅是在我們稍微嘗試了一下，向他們展示了高級會員的價值之後取得的。所以我認為我們在這方面做得更好了。當我們進入一個新的國家時，我們做得更好。現在，我們已經進入了5到6個國家，都是我們最大的幾個國家。在考慮推出高級會員資格之前，你至少需要擁有 15 個左右的地點。

So we've toyed with the idea of having something even higher than the Executive, but we always go back to the fact that what we have works very well. And so I don't think there's anything currently on our plate to change that. We're always asked -- we've also asked the question, at some point, right now it's 72% or 73% of our sales are with the Executive Member. What happens when it gets to 85% or 90%? Do you eliminate the lower membership? At some point, we might, but that's, again, not in the cards at any time in the near future. We kind of like what we're doing, and it's working fine.

所以我們確實考慮過設立比高級會員更高的級別，但我們最終還是覺得現有的會員體系運作良好。因此，我認為目前我們沒有任何改變現狀的計劃。我們常被問到──我們也曾問過自己──目前我們72%或73%的銷售額都來自高級會員。如果這個比例達到85%或90%會怎麼樣？我們會取消低階的會員嗎？或許將來會考慮，但再次強調，這在近期內絕對不可能。我們很滿意目前的模式，它運作良好。

And secondly, where are you on the personalization journey? I know you hired somebody maybe 2 years ago to kind of spearhead that. Where are we? And does that pick up steam in the next year or so?

其次，你們在個人化方面進展如何？我知道你們大概兩年前聘請了一位負責人來主導這項工作。現在進展如何？這項工作在未來一年左右會加速推進嗎？

I think it picks up steam in the next year or so. The first order of business, when we brought in people on that data analytics side 2 years ago, a person, he has built a great team. And we're seeing small deliverables, first and foremost, not online but with the merchants and, to a smaller extent, with some of the operators. And there's been some real deliverables that have saved our buyers time, and those are in the process of being rolled out. On the personalization and targeting, I think we've got a little better at targeting and that -- and still have a journey on the personalization, but that will be coming. But I thank you for asking it when you said a year or 2.

我認為未來一年左右會加速發展。首要任務是，兩年前我們引進了數據分析的人才，他組了一支非常優秀的團隊。我們首先看到的是一些初步成果，主要體現在與商家（以及部分經營者）的合作中，而不是在線上。這些成果確實為我們的買家節省了時間，目前正在逐步推廣。在個性化和定向方面，我認為我們在定向方面取得了一些進步——個性化方面還有待提高，但最終會實現的。感謝您提出這個問題，您之前提到了一兩年時間。

Your next question comes from the line of Laura Champine from Loop Capital.

你的下一個問題來自 Loop Capital 的 Laura Champine。

I'll make it quick. To follow on to the unit growth questions asked earlier, it sounds like you're positioning the business to launch more international stores. Is it -- does it make sense for me to interpret that as unit growth may accelerate next fiscal year and beyond from this -- it looks like it's going to be about 3.5% this year.

我長話短說。接著之前關於門市成長的問題，聽起來你們正在為開設更多國際門市做準備。我的理解是，門市成長可能會在下個財年及以後加速，而今年的成長率似乎在3.5%左右。

Yes. Look, our goal for the last several years, there was the unique year of COVID where we went down to 13 openings because there were several that construction had stopped for several months in the middle of 2020. But the reality is if you go back 5 or 6 years, we were opening 25-ish; 7 years, 21 or 22-ish. And the view even then was to get up to closer to 30, certainly 25 to 30. I think this year is we're finally hitting that with the expectation of 28 in my call this morning and, call it, 26 to 30, whatever it comes out to be. And we would certainly be comfortable at 30. One of the things that is unique is we try to be relatively methodical about it, particularly in new international markets. Once you open the first one, if it's successful, you're taking some people from that one to help and succeed in opening the second one. One of the things is it's -- the biggest cost factor on the warehouse P&L is labor and efficiency. And when you're running a high-volume unit, it's helpful when you've got more people coming over from a nearby unit.

是的。你看，過去幾年我們的目標都是如此，當然，受新冠疫情影響，2020 年年中一些項目的建設停工數月，導致我們今年的開業數量降至 13 家。但實際上，如果你回顧五、六年前，我們每年大約開設 25 家；七年前，大約 21 或 22 家。即使在那時，我們的目標也是接近 30 家，至少 25 到 30 家。我認為今年我們終於要實現這個目標了，今天早上我打電話時預計會開設 28 家，或者說，26 到 30 家，最終結果如何，我們都可以接受。如果能達到 30 家，我們當然會很滿意。我們獨特的優點之一是，我們盡量採取相對有條不紊的方式，尤其是在新的國際市場。一旦第一家店開業成功，我們就會從第一家店抽調一些人手去幫助第二家店的開業，確保它也能成功。其中一點是，倉庫損益表上最大的成本因素是人工和效率。當你經營一個高吞吐量的倉庫時，如果能有更多的人從附近的倉庫過來幫忙，那就很有幫助了。

So we are pretty methodical about growing somewhat slowly in new markets. We went from 1 to 5 20 years ago over a 5-year period in Japan. We've sped up a little in China, thinking that we've opened 2 now in 3 years and with another several in process, probably several more then a couple more. So we've increased it a little bit and -- but we feel pretty good about that. So I would still say our rounded pat answer right now is 25 to 30. And we'd like it to be more to 30 than 25 right now. But we're not necessarily looking at that percentage. As we get bigger, God willing, in year 6 through 10, we're going to be talking about 30 to 35, but we'll have to wait and see.

所以我們在開拓新市場時採取的是比較穩健的策略，並且穩定發展。 20年前，我們在日本花了五年時間，從1家發展到5家。在中國，我們的擴張速度稍快一些，三年內已經開設了兩家，還有幾家正在籌備中，可能不只兩家。所以我們的擴張速度略有提升——但我們對目前的進展感到滿意。因此，我目前給出的比較保守的答案仍然是25%到30%之間。我們希望最終能達到30%以上，但我們並沒有刻意追求這個百分比。隨著公司規模的擴大，如果一切順利，到第六年到第十年，我們可能會討論30%到35%的目標，但最終結果如何，我們還需要拭目以待。

Your last question comes from the line of Peter Benedict from Baird.

你的最後一個問題來自 Baird 的 Peter Benedict 家族。

So some of my questions have been asked but the -- just thinking about the supply chain situation and just curious if it's caused you guys to rethink or accelerate any of your kind of sourcing initiatives. I mean you talked about the vessels and the containers, and that clearly seems to be in reaction to what's going on. But I'm thinking more along the lines of categories, these efforts you've been underway for a long time going vertical. Are there any that maybe have jumped to the front of the line because of what you've seen over the last year or 2?

我之前問過一些問題，但我想問的是——考慮到供應鏈的現狀，我很好奇這是否促使你們重新思考或加快了某些採購舉措。你們之前提到過船舶和貨櫃，這顯然是對當前情勢的回應。但我更想問的是品類方面，你們長期以來一直在推進的垂直整合。在過去一兩年裡，你們觀察到的一些情況是否讓某些品類採購變得更重要？

Well, I think a couple of things we've done not in a big way, but a couple of things we've done is there's probably a little bit more diversification of suppliers. Particularly on huge, $300 million to $1 billion SKUs, you need a little bit more there. We've brought in certain things -- nontraditional to its season during the winter, bringing in bikes, because we could have access to them and we sold them -- yes, new countries of origin. So there's a few of those things but not in a big way. Part of our success is huge buying power per item. And having less than 4,000 SKUs to do our $200 billion is quite a bit different than having even 100,000 SKUs doing $150 billion to $500 billion, depending on who the retailer is. So we've made changes, and we are more open-minded to bringing in some things. But hopefully, this thing -- the supply chain works out over the next couple of years in a big way -- in a better way.

嗯，我認為我們做了一些事情，雖然規模不大，但確實有所改進。例如，我們可能稍微增加了供應商的多元化。尤其是在那些年銷售額在3億到10億美元之間的大型SKU上，我們需要更多選擇。我們引進了一些非傳統的產品——例如在冬季引進自行車，因為我們能夠獲得貨源，而且銷量也不錯——是的，我們也從新的原產國引進了產品。所以，我們做了一些這樣的嘗試，但規模不大。我們成功的部分原因在於我們擁有強大的單品採購能力。用不到4000個SKU實現2000億美元的銷售額，與擁有10萬個SKU實現1500億到5000億美元的銷售額（取決於零售商）相比，情況截然不同。因此，我們做出了一些改變，並且更加開放地接受新的產品。但願未來幾年供應鏈能大幅改善。

Sure. And then just lastly, just on the Executive Membership, 43% of the members and 71% of the sales. How -- where are those numbers and maybe your more established markets, where you've had it? And maybe how underpenetrated is it in some of the newer markets? Just trying to get a sense of what the pathway might be for some of these newer markets.

當然。最後，關於高級會員，他們佔會員總數的 43%，銷售額的 71%。這些數據在哪些方面有所反映？尤其是在你們已經開展業務的成熟市場？在一些新興市場，高級會員的滲透率又有多低？我只是想了解在這些新興市場的發展路徑。

Yes. Well, it's like renewal rates. Renewal rates, irrespective of what it becomes 10 years hence in a location and in a market, it starts off at a lower number and builds up to the higher number. Same thing with that Executive transition. We're doing better today in -- even in first year new markets. I think in the last couple of years, where we added Executive in Japan and Korea and -- what? Yes, I mean that 42% number is hovering in the low 50s, 50% or a little higher in more mature markets and starts off lower in other markets but higher than it started in the previous new market a few years ago. So it grows over time.

是的。這就像續約率一樣。無論十年後某個地區和市場的續約率是多少，它都是從較低的數字開始，然後逐漸上升。高階主管職位的過渡也是如此。我們現在在一些新市場——即使是第一年——也做得更好。我認為在過去幾年裡，我們在日本和韓國推出了高階主管職位，然後——什麼？是的，我的意思是，42%這個數字在更成熟的市場徘徊在50%左右，甚至更高，而在其他市場，這個數字雖然一開始較低，但比幾年前在之前的新市場要高。所以，它會隨著時間的推移而增長。

Well, thank you very much. Everyone, have a good afternoon and evening, and I appreciate you getting on the call.

非常感謝。祝大家下午和晚上愉快，感謝各位參加電話會議。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您可以斷開連線了。謝謝。