好市多 (COST) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Costco Wholesale Corporation Third Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 Costco Wholesale Corporation 第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker for today. Thank you. Please go ahead.

我現在想把今天的會議交給你的演講者。謝謝你。請繼續。

Thank you, Erica, and good afternoon to everyone. This is Bob Nelson, Senior VP of Finance and Investor Relations here at Costco. Thank you for dialing in into today's conference call to review our third quarter fiscal year '22 operating results.

謝謝你，Erica，大家下午好。我是 Costco 財務和投資者關係高級副總裁 Bob Nelson。感謝您撥入今天的電話會議，以審查我們 22 財年第三季度的經營業績。

Before we begin, a couple of housekeeping items to take care of. First, as you now have surmised, Richard is not with us today. He is doing great and wishes he could be on the call. He is in Italy with his family on a rescheduled vacation that was canceled early in the pandemic. He wanted me to pass along his best to everyone. And in his absence, I will be filling in for him today.

在我們開始之前，有幾件家務需要照顧。首先，正如你現在推測的那樣，理查德今天不在我們身邊。他做得很好，希望他能參加電話會議。他和家人一起在意大利度過了一個重新安排的假期，該假期在大流行初期被取消。他想讓我把他最好的傳遞給每個人。在他不在的情況下，我將在今天替他填補空缺。

Secondly, and before we get into the details of today's earnings results, I need to read our safe harbor disclosure. Let's begin. 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 our 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.

其次，在我們詳細了解今天的收益結果之前，我需要閱讀我們的安全港披露。讓我們開始。這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際事件、結果和我們的業績與此類陳述所表明的存在重大差異。風險和不確定性包括但不限於今天電話會議中概述的風險以及公司向 SEC 提交的公開聲明和報告中不時確定的其他風險。前瞻性陳述僅在作出之日起生效，公司不承諾更新這些陳述，除非法律要求。

Okay. With that out of the way, let's get to it. In today's press release, we reported operating results for the third quarter of fiscal '22, the 12 weeks ended this past May 8. Net income for the quarter was $1.353 billion, $3.04 per diluted share. The reported $3.04 included a onetime $77 million pretax charge, $0.13 per diluted share, for incremental benefits awarded under the new employee agreement effective this past March 14. Last year's third quarter net income was $1.22 billion, $2.75 per diluted share, which included $57 million pretax or $0.09 per diluted share for costs incurred primarily from COVID-19 premium wages.

好的。有了這個，讓我們開始吧。在今天的新聞稿中，我們報告了 22 財年第三季度的經營業績，即截至今年 5 月 8 日的 12 週。該季度的淨收入為 13.53 億美元，稀釋後每股收益為 3.04 美元。報告的 3.04 美元包括一次性稅前費用 7700 萬美元，稀釋後每股 0.13 美元，用於根據今年 3 月 14 日生效的新員工協議授予的增量福利。去年第三季度的淨收入為 12.2 億美元，稀釋後每股 2.75 美元，其中包括 5700 萬美元稅前或攤薄後每股 0.09 美元，用於支付主要來自 COVID-19 溢價工資的成本。

In terms of this year's $77 million pretax charge, this was in conjunction with our new employee agreement, again, effective this past March 14, and was primarily to adjust our benefit accrual to account for 1 additional day of vacation which is awarded to each employee immediately. The continuing impacts of the wage and benefit enhancements are reflected in SG&A and margin for this quarter and will be as well for subsequent quarters.

就今年 7700 萬美元的稅前費用而言，這與我們的新員工協議相結合，該協議再次於今年 3 月 14 日生效，主要是為了調整我們的福利應計，以考慮獎勵給每位員工的額外 1 天假期立即地。工資和福利提高的持續影響反映在本季度的 SG&A 和利潤率中，後續季度也將如此。

Net income for the first 36 weeks of fiscal '22 was $3.98 billion, $8.94 per diluted share, and that compares to $3.34 billion or $7.51 per diluted share last year.

22 財年前 36 週的淨收入為 39.8 億美元，稀釋後每股收益 8.94 美元，而去年為 33.4 億美元或稀釋後每股收益 7.51 美元。

Let's now review the metrics of our P&L, as always, starting with sales. Net sales for the third quarter increased 16.3% to $51.61 billion, and that compares to $44.38 billion reported last year in Q3. In terms of comparable sales for the third quarter, for the 12 weeks on a reported basis, the U.S. was better or up by 16.6%; Canada, better by 15.2%; Other International, up 5.7%; and total company, again, up 14.9%. Our e-com business in the third quarter reported better by 7.4% versus a year ago.

現在讓我們一如既往地從銷售額開始回顧我們的損益指標。第三季度淨銷售額增長 16.3% 至 516.1 億美元，而去年第三季度報告的淨銷售額為 443.8 億美元。就第三季度的可比銷售額而言，在報告的 12 週內，美國好於或增長了 16.6%；加拿大，提高 15.2%；其他國際，上漲 5.7%；公司總數再次增長 14.9%。我們第三季度的電子商務業務比去年同期增長了 7.4%。

For the 12 weeks, excluding the benefit of gas inflation and the headwinds of FX, the U.S. came in at up 10.7%; Canada better by 12.8%; Other International up $9.1 million; and on a total company basis, ex gas inflation and FX headwinds, better by 10.8%; and e-commerce just below 8% at 7.9% for the quarter.

在 12 週內，不包括天然氣通脹和外匯不利因素的影響，美國股市上漲 10.7%；加拿大增長 12.8%； Other International 增加 910 萬美元；在公司整體基礎上，扣除天然氣通脹和外匯逆風，提高 10.8%；本季度電子商務佔比 7.9%，略低於 8%。

In terms of Q3 comp metrics, traffic or shopping frequency increased 6.8% worldwide and up 5.6% in the U.S. Our average transaction was up 7.6% worldwide and up 10.4% in the U.S. during the quarter. And foreign currencies relative to the U.S. dollar negatively impacted sales by just a little over 1%. And our gasoline price inflation positively impacted sales in the quarter just a little bit more than 5%.

就第三季度的比較指標而言，全球流量或購物頻率增加了 6.8%，在美國增加了 5.6%。我們在全球的平均交易量在本季度增加了 7.6%，在美國增加了 10.4%。相對於美元的外幣對銷售額的負面影響僅略高於 1%。我們的汽油價格通脹對本季度的銷售額產生了積極影響，僅略高於 5%。

The best-performing categories in Q3 were candy, sundries, tires, toys, jewelry, kiosks, home furnishings, apparel, bakery and deli. Underperforming departments were liquor, office, sporting goods and hardware, all of which were quite strong a year ago. In terms of other business sales, the best performers came in from gasoline, travel, food course and our business centers. So overall, our sales grew nicely in the quarter and, for the most part, were pretty broad-based.

第三季度表現最好的品類是糖果、雜貨、輪胎、玩具、珠寶、售貨亭、家居用品、服裝、麵包店和熟食店。表現不佳的部門是酒類、辦公、體育用品和硬件，一年前都相當強勁。在其他業務銷售方面，表現最好的來自汽油、旅行、食品課程和我們的商務中心。因此，總體而言，我們的銷售額在本季度增長良好，而且在大多數情況下，基礎非常廣泛。

Moving down the income statement. Membership fee income reported in Q3 $984 million or 1.91 as a percentage of sales compared to last year's $901 million or 2.03 as a percentage of sales. That's up $83 million year-over-year or a 9.2% increase. And excluding headwinds from FX of about $10.6 million, membership was up 10.4% in the quarter.

向下移動損益表。第三季度報告的會員費收入為 9.84 億美元，佔銷售額的百分比為 1.91，而去年為 9.01 億美元，佔銷售額的百分比為 2.03。同比增長 8300 萬美元或 9.2%。排除來自外彙的約 1060 萬美元的不利因素，本季度會員人數增長了 10.4%。

In terms of renewal rates, we hit all-time highs. At Q3 end, our U.S. and Canada renewal rate was 92.3%, up 0.3% from the 12 weeks earlier at Q2 end. And the worldwide rate came in at 90% for the first time in company history, and that's up 0.4% from what we reported at Q2 end. Renewal rates continue to benefit from the increased penetration of both auto renewals and more executive members and, in addition to that, higher first-year member renewal rates than what we have historically seen.

在續訂率方面，我們創下歷史新高。在第三季度末，我們的美國和加拿大續訂率為 92.3%，比第二季度末的 12 週前增長了 0.3%。全球利率在公司歷史上首次達到 90%，比我們在第二季度末報告的數據高出 0.4%。續訂率繼續受益於自動續訂和更多執行成員的滲透率提高，此外，第一年會員續訂率高於我們以往的水平。

In terms of member counts, number of member households and cardholders at Q3 end, we ended Q3 with 64.4 million paid households and 116.6 million cardholders, both of those up over 6% compared to a year ago. At Q3 end, our paid executive memberships were 27.9 million, and that's an increase of just about 800,000 during the 12 weeks since Q2 end. Executive members now represent over 43% of our member base and over 71% of our worldwide sales.

在第三季度末的會員數量、會員家庭數量和持卡人數量方面，我們在第三季度末有 6440 萬付費家庭和 1.166 億持卡人，與去年同期相比均增長了 6% 以上。在第三季度末，我們的付費高管會員人數為 2790 萬，自第二季度末以來的 12 週內僅增加了約 80 萬。執行成員現在占我們會員群的 43% 以上，占我們全球銷售額的 71% 以上。

Now before I move on, I want to take just a minute and address the question that we've been getting a lot recently regarding the timing of the potential membership fee increase. Historically, we've raised fees every 5 to 6 years, with the last 3 increases coming, on average, at about the 5.5-year time frame and our last increase coming in June of 2017. As we approach this 5.5-year mark, there will be more discussions with Craig, Ron and the executive team. But for today, we have nothing more specific to report in terms of timing. In addition, given the current macro environment, the historically high inflation and the burden it's having on our members and all consumers in general, we think increasing our membership fee today ahead of our typical timing is not the right time. We will let you know, however, when that changes.

現在，在我繼續之前，我想花一點時間解決我們最近收到的很多關於潛在會員費增加時間的問題。從歷史上看，我們每 5 到 6 年提高一次費用，最近 3 次加息平均在 5.5 年左右，最後一次加息是在 2017 年 6 月。當我們接近這個 5.5 年大關時，將與 Craig、Ron 和執行團隊進行更多討論。但就今天而言，我們沒有更具體的時間報告。此外，鑑於當前的宏觀環境、歷史上的高通脹以及它給我們的會員和所有消費者帶來的負擔，我們認為今天提前增加我們的會員費並不是正確的時機。但是，當情況發生變化時，我們會通知您。

Okay. Moving on along the P&L, let's take a look at gross margins. Our reported gross margins in the third quarter were lower year-over-year by 99 basis points, this year coming in at 10.19 as a percentage of sales, and that compares to last year's 11.18 that we reported a year ago. So the 99 basis points, down year-over-year and, excluding the negative impacts of gas inflation, we would have been down 53 basis points.

好的。繼續看損益表，讓我們看看毛利率。我們報告的第三季度毛利率同比下降 99 個基點，今年佔銷售額的百分比為 10.19，而我們一年前報告的去年為 11.18。因此，同比下降 99 個基點，排除天然氣通脹的負面影響，我們將下降 53 個基點。

So if you would for me, and as normal, please jot down the following for our gross margin matrix and again, as usual, 2 columns: the first column being reported gross margin, the second column being gross margin without the impact of gas inflation. There are 6 rows: the first row being merchandise core; second, ancillary and other business; the third row, 2% rewards; followed by LIFO; other; and then total.

因此，如果您願意，並且像往常一樣，請為我們的毛利率矩陣記下以下內容，並再次像往常一樣記下 2 列：第一列報告毛利率，第二列是毛利率，沒有天然氣通脹的影響.共有6行：第一行是商品核心；二、輔助及其他業務；第三排，2%的獎勵；其次是LIFO；其他;然後總計。

So in terms of our core merchandise margins on a reported basis, they were down 87 basis points versus last year, down 46 basis points ex gas; ancillary and other, plus 6 reported and plus 18 ex gas; 2% rewards, plus 8 and plus 3; LIFO, minus 25 basis points on a reported basis and minus 27 ex gas inflation; and finally, other, minus 1 with and without gas; so again, in total, down 99 reported, down 53, excluding the impact of gas inflation.

因此，就我們報告的核心商品利潤率而言，與去年相比下降了 87 個基點，除汽油外下降了 46 個基點；輔助和其他，加 6 報告和加 18 排氣； 2%獎勵，加8加3； LIFO，在報告的基礎上負 25 個基點和負 27 ex gas 通脹；最後，其他，有和沒有氣體的負1；再次如此，排除天然氣通脹的影響，總共報告下跌 99 次，下跌 53 次。

A little color, more color, on gross margins, starting with core merchandise. The core merchandise contribution to gross margin was lower by 46 basis points ex gas inflation in the quarter. Sales mix negatively impacted the core primarily from the lower sales penetration of total core sales relative to our gasoline sales, which were very strong in the quarter.

從核心商品開始，在毛利率上增加一點顏色，更多顏色。本季度核心商品對毛利率的貢獻降低了 46 個基點（不包括天然氣通脹）。銷售組合對核心產生了負面影響，主要是因為核心銷售總額相對於我們的汽油銷售的銷售滲透率較低，這在本季度非常強勁。

In terms of the core margins on their own sales in Q3, our core-on-core margins were lower by 39 basis points, approximately 2/3 of this coming from fresh foods. Fresh experienced a very difficult compare versus last year when the extraordinary volumes produced lower D&D and higher labor productivity a year ago. Also contributing to the fresh decline this quarter were higher raw material costs and higher labor costs due to our new wages.

就第三季度自身銷售的核心利潤率而言，我們的核心核心利潤率下降了 39 個基點，其中約 2/3 來自生鮮食品。與去年相比，Fresh 經歷了非常艱難的比較，因為一年前非凡的產量導致研發和勞動生產率降低。由於我們的新工資，原材料成本和勞動力成本上升也導致本季度出現新的下降。

Ancillary and other business gross margin, again, higher by 6 reported, higher by 18 basis points ex gas inflation. Gas, travel and business centers were better year-over-year, offset somewhat by e-com, pharmacy and optical; again, 2% rewards, higher by 8 reported, higher by 3 ex gas; LIFO, minus 25 and minus 27 ex gas, as we recorded $130 million charge in the quarter for LIFO; and other was minus 1 basis point, both with and ex gas inflation. This included items from both years.

輔助業務和其他業務的毛利率再次上升 6 倍，扣除天然氣通脹後上升 18 個基點。天然氣、旅遊和商務中心同比好轉，被電子商務、藥房和眼鏡抵消了一些；再次，2% 的獎勵，高 8 報告，高 3 ex gas； LIFO，負 25 和負 27 ex gas，因為我們在本季度記錄了 LIFO 的 1.3 億美元費用；其他為負 1 個基點，包括天然氣通脹。這包括這兩年的項目。

Last year, we had $14 million of COVID expenses, primarily premium wages within gross margin. This year, we had a onetime charge discussed at the beginning of the call, the $20 million of the $77 million of which related to gross margin. The net result of these 2 items, again, minus 1 basis point. And while we continue to mitigate the impact of price increases as best as we can, we remain comfortable in our ability to pass through higher costs while providing great value to our members.

去年，我們有 1400 萬美元的 COVID 支出，主要是毛利率內的溢價工資。今年，我們在電話會議開始時討論了一次性收費，其中 7700 萬美元中的 2000 萬美元與毛利率有關。這兩個項目的淨結果再次為負 1 個基點。雖然我們繼續盡我們所能減輕價格上漲的影響，但我們仍然能夠放心地承擔更高的成本，同時為我們的會員提供巨大的價值。

Moving to SG&A. We showed good results. Our reported SG&A in the third quarter was lower or better year-over-year by 84 basis points, coming in at 8.62%, and that compares to last year's reported 9.46% SG&A figure. That's, again, 84 basis points lower or better and 44 basis points, excluding the impact of gas inflation. Again, if you jot down the following for our SG&A matrix, again, 2 columns, the first column being reported SG&A; the second column, SG&A ex the impacts of gas inflation. And we have 5 rows: the first row operations, second row central, third row stock compensation expense, fourth row other and then total is the fifth row.

轉移到 SG&A。我們展示了很好的結果。我們報告的第三季度 SG&A 同比下降或好於 84 個基點，為 8.62%，而去年報告的 SG&A 數字為 9.46%。這又是 84 個基點或更好的 84 個基點和 44 個基點，不包括天然氣通脹的影響。同樣，如果您為我們的 SG&A 矩陣記下以下內容，同樣是 2 列，第一列報告 SG&A；第二列，SG&A ex 天然氣通脹的影響。我們有 5 行：第一行操作，第二行中央，第三行股票補償費用，第四行其他，然後總計是第五行。

In terms of our operations on a reported basis, SG&A was better by 68 basis points and, ex the benefit of gas inflation, better by 35; central better by 15 reported, better by 10 ex gas; stock compensation better by 2 reported, better by 1 ex-gas; and other minus 1 and minus 2 ex gas. Again, all total, 84 basis points lower or better and 44 excluding the benefit of gas inflation.

就我們報告的運營而言，SG&A 提高了 68 個基點，扣除天然氣通脹後，提高了 35 個基點；據報導，中央優於 15，優於 10 ex gas；股票補償好 2 報告，好 1 ex-gas；和其他負 1 和負 2 ex 氣體。再一次，總共降低或提高了 84 個基點，44 個基點不包括天然氣通脹的好處。

In Q3 year-over-year, the core operations component of SG&A was better by 68, again, 35 ex gas. Keep in mind, this result includes the starting wage increase we instituted this past October as well as 8 weeks of the new wage and benefit increases just implemented during Q3 on October 14 of this year. Central was better by 15 and better by 10 without gas; stock comp plus 2, plus 1 without gas; and again, other minus 1 basis point, minus 2 without gas inflation.

在第三季度，SG&A 的核心運營部分同比增長 68 美元，再次增長 35 美元（不含天然氣）。請記住，這一結果包括我們在去年 10 月實施的起始工資增長，以及剛剛在今年 10 月 14 日第三季度實施的為期 8 週的新工資和福利增長。 Central 在沒有汽油的情況下好 15 分，10 分好； stock comp plus 2, plus 1 without gas;再一次，其他負 1 個基點，負 2 沒有氣體通脹。

Similar to gross margin, this included items from both years. Last year, we had $44 million of COVID expenses. And this year, we had a onetime charge, again, discussed at the beginning of the call, $57 million of the $77 million, which related to SG&A. The net result of these 2 items, again, minus 1 reported, minus 2 ex gas inflation.

與毛利率類似，這包括這兩年的項目。去年，我們有 4400 萬美元的 COVID 支出。今年，我們在電話會議開始時再次討論了一次性費用，7700 萬美元中的 5700 萬美元，與 SG&A 相關。這 2 項的淨結果，再次報告為負 1，即為負 2 ex gas 通脹。

So all told, reported operating income in Q3 of this year increased 8%, coming in at $1.791 billion. Below the operating income line, interest expense was $35 million this year versus $40 million last year. And interest income and other for the quarter was higher by 44 basis points year-over-year, primarily due to favorable FX.

總而言之，今年第三季度報告的營業收入增長了 8%，達到 17.91 億美元。在營業收入線以下，今年的利息支出為 3500 萬美元，而去年為 4000 萬美元。本季度的利息收入和其他收入同比增長 44 個基點，主要是由於有利的外匯。

Overall, pretax income came in for the quarter at up 11%, coming in at $1.827 billion, and that compares to the $1.65 billion which we reported a year ago. In terms of income taxes, our tax rate in Q3 was 24.9%. That compares to 25.2% in Q3 last year. Overall, for the year, our effective tax rate is currently projected to be between 26% and 27%.

總體而言，本季度的稅前收入增長了 11%，達到 18.27 億美元，而我們一年前報告的為 16.5 億美元。在所得稅方面，我們第三季度的稅率為 24.9%。相比之下，去年第三季度為 25.2%。總體而言，今年我們的有效稅率目前預計在 26% 至 27% 之間。

A few other items of note. Warehouse expansion, in Q3, we opened 1 net new warehouse plus 2 relocations. Q3 year-to-date, we have opened 17 warehouses, including 3 relocations, for a net of 14 new warehouses so far this fiscal year. For the remainder of the fiscal year and in Q4, we expect to open an additional 10 new warehouses, which will put us at 27 for the year, including 3 relocations and for a net of 24 net new warehouses for all of fiscal year '22. The 24 new warehouses by market are 14 in the U.S., 2 in Canada and 1 each in Korea, Japan, Australia, Mexico, Spain, France, China and our first opening in New Zealand which will occur in August of this year.

其他一些注意事項。倉庫擴建，在第三季度，我們開設了 1 個淨新倉庫和 2 個搬遷。今年第三季度至今，我們已經開設了 17 個倉庫，其中包括 3 個搬遷，本財年迄今為止淨新增 14 個倉庫。在本財年剩餘時間和第四季度，我們預計將再開設 10 個新倉庫，這將使我們全年達到 27 個，其中包括 3 個搬遷和 22 財年全年淨新倉庫 24 個.按市場劃分的 24 個新倉庫分別是：美國 14 個、加拿大 2 個、韓國、日本、澳大利亞、墨西哥、西班牙、法國、中國各 1 個，我們將於今年 8 月在新西蘭首次開業。

In terms of the new openings this year, this is 4 fewer than what we projected in Q2. Two of the 4 were impacted by supply chain issues related to electrical equipment and the other 2 have been delayed due to third-party site development issues. All 4 of these buildings are now scheduled to open by the end of calendar November, this fall. Incidentally, there are 3 in the U.S. and 1 in Australia that were delayed. The 1 net new opening in Q3 was a business center located in San Marcos, California. And the first of the 10 scheduled to open in Q4 opened this past week in Riverton, Utah, bringing our worldwide total to 830 Costcos as of today and around the world.

就今年的新開業人數而言，這比我們在第二季度的預測少了 4 個。 4 個中的兩個受到與電氣設備相關的供應鏈問題的影響，另外 2 個由於第三方站點開發問題而被推遲。現在，所有 4 座建築都計劃在今年秋天的 11 月底之前開放。順便說一句，美國有 3 個，澳大利亞有 1 個延遲。第三季度淨新開業的第一家是位於加利福尼亞州聖馬科斯的商務中心。計劃於第四季度開業的 10 家中的第一家於上週在猶他州里弗頓開業，截至目前，我們在全球範圍內的 Costcos 總數已達到 830 家。

Regarding CapEx, the Q3 F '22 spend was approximately $854 million. Our full year CapEx spend is estimated for the year to be just shy of about $4 billion.

關於資本支出，22 年第三季度的支出約為 8.54 億美元。我們全年的資本支出估計約為 40 億美元。

In terms of our e-com business, e-com sales in Q3, ex FX, increased 7.9%. This is on top of the 38% increase a year ago. Stronger departments in the quarter were special order, patio and garden, jewelry and home furnishings. Our largest e-com merchandise department, majors, which includes consumer electronics, appliances, TVs, was up a little bit better than mid-single digits on a very strong sales increase a year earlier. And Costco grocery, including our third-party delivery, 2-day dry, fresh and frozen, continues to grow up low double digits in the quarter.

在我們的電子商務業務方面，第三季度的電子商務銷售額（不含外匯）增長了 7.9%。這是一年前增長38%的基礎上的。本季度較強的部門是特殊訂單、庭院和花園、珠寶和家居用品。我們最大的電子商務商品部門，包括消費電子產品、電器、電視在內的專業，由於一年前的強勁銷售增長而略好於中個位數。 Costco 雜貨店，包括我們的第三方送貨，2 天干貨、新鮮和冷凍，在本季度繼續以兩位數的低位增長。

An update on Costco Logistics. Costco Logistics continues to drive big and bulky sales for us. We averaged more than 58,000 stops a week in the third quarter. For the full year, we estimate total deliveries will be up 23% and will exceed 3 million. With logistics, we continue to transition from vendor drop ship to direct ship from our own inventory, particularly in big and bulky items. Overall, this lowers the cost of merchandise and improves delivery times and service levels for our members.

Costco 物流的最新消息。 Costco Logistics 繼續為我們推動大量銷售。第三季度，我們平均每週停站超過 58,000 次。全年，我們估計總交付量將增長 23% 並將超過 300 萬。在物流方面，我們繼續從供應商直接發貨過渡到從我們自己的庫存直接發貨，特別是在大件和大件物品中。總體而言，這降低了商品成本，提高了我們會員的交貨時間和服務水平。

Okay. Now a few comments regarding inflation. First of all, it continues. Pressures from higher commodity prices, higher wages, higher transportation costs and supply chain disruptions all still in play. For Q1, we estimated price inflation was in the 4.5% to 5% range. For Q2, we had estimated 6-ish, if you will. And for Q3, in talking to our merchants, estimated price inflation was in the 7-ish percent range. However, we did see inflation in fresh foods come in slightly lower in Q3 versus Q2 a year ago as we began cycling high meat prices. We believe our solid sales increases and relatively consistent margins show that we have continued to strike the right balance in passing on higher costs.

好的。現在就通貨膨脹發表一些評論。首先，它繼續。商品價格上漲、工資上漲、運輸成本上漲和供應鏈中斷帶來的壓力仍在發揮作用。對於第一季度，我們估計價格通脹在 4.5% 至 5% 範圍內。對於第二季度，如果您願意的話，我們估計為 6 次。對於第三季度，在與我們的商家交談時，估計價格通脹在 7% 左右。然而，隨著我們開始循環高肉類價格，我們確實看到第三季度的新鮮食品通脹比一年前的第二季度略低。我們相信我們穩健的銷售增長和相對穩定的利潤率表明我們在轉嫁更高成本方面繼續取得適當的平衡。

Switching over to inventory for a minute. Our total inventory in Q3 was up 26% year-over-year versus up 19% in Q2. A couple of high-level comments regarding inventory. A material component of the increase year-over-year is inflation rather than unit growth. We continue to expand and opened new locations, 20 new in the last 12 months. We are lapping some low stocks in certain departments as a result of last year's high demand. And we are purposely building inventory in our e-com business, primarily in big and bulky categories, as mentioned earlier in the call.

切換到庫存一分鐘。我們第三季度的總庫存同比增長 26%，而第二季度增長 19%。關於庫存的一些高級評論。同比增長的一個重要組成部分是通貨膨脹而不是單位增長。我們繼續擴大和開設新地點，在過去 12 個月中新增了 20 個。由於去年的高需求，我們正在對某些部門的一些低庫存進行分析。我們有意在我們的電子商務業務中建立庫存，主要是在大型和笨重的類別中，正如電話中前面提到的那樣。

Food and sundries and fresh is in very good shape. Our weak supply is comparable year-over-year. Nonfood inventories are up in certain categories. This is in part a result of being light in certain departments last year, specifically, seasonal, lawn and garden, TVs, appliances and sporting goods. Otherwise, we are a little heavy in small appliances and domestics, primarily due to late-arriving merchandise this year. In addition, we have a few hundred million dollars of extra inventory in both late-arriving holiday merchandise from last season, which we're storing until this fall, and some buy-in merchandise to ensure proper inventory levels in the face of these ongoing supply chain issues.

食物和雜物和新鮮的狀態非常好。我們疲軟的供應與去年同期相當。某些類別的非食品庫存增加。這部分是由於去年某些部門的清淡，特別是季節性、草坪和花園、電視、電器和體育用品。否則，我們在小家電和家居用品方面有點重，主要是由於今年的商品遲到。此外，我們還有幾億美元的額外庫存，包括上一季遲到的假日商品，我們將這些商品儲存到今年秋天，以及一些買進商品，以確保在面對這些持續存在的情況下保持適當的庫存水平供應鏈問題。

Speaking with Craig, Ron and Claudine Adamo, our new Head of Merchandising, we feel good about our current inventory levels. The additional inventory we're carrying is in the right departments, and they feel good about our ability to move it.

與我們的新採購主管 Craig、Ron 和 Claudine Adamo 交談時，我們對目前的庫存水平感到滿意。我們攜帶的額外庫存在正確的部門，他們對我們移動它的能力感到滿意。

A quick update on China. Our first opening in China located in Minhang, Shanghai was closed for the last 6 weeks of the third quarter. That closure had a negative impact in the quarter of approximately $35 million in sales. As of May 18, we're happy to report that the building is back open but operating under restrictions on the number of people that can be in the building at one time, among other, cleaning and operating restrictions.

關於中國的快速更新。我們在中國上海閔行的第一家門店在第三季度的最後 6 週內關閉。該關閉對本季度約 3500 萬美元的銷售額產生了負面影響。截至 5 月 18 日，我們很高興地報告該建築物已重新開放，但在一次可進入該建築物的人數方面受到限制，其中包括清潔和操作限制。

Our second building in Suzhou, which opened in this last December, has largely avoided the lockdowns and restrictions to this point. We're currently targeting an opening date of this December for our third Shanghai building in Pudong. The timing although will somewhat depend on the area remaining open for the next several months and not being more negatively impacted by lockdowns.

我們在蘇州的第二座大樓於去年 12 月開業，到目前為止，在很大程度上避免了封鎖和限制。我們目前的目標是在今年 12 月在浦東開設上海第三座大樓。不過，具體時間將在一定程度上取決於該地區在未來幾個月內保持開放，並且不會受到封鎖的負面影響。

Four additional China buildings are currently underway and planned with opening dates in the next 2 years. These would be our first China openings outside of Shanghai. I believe of those 4, 1 is in fiscal '23 and 3 in fiscal '24.

另外四座中國建築目前正在建設中，併計劃在未來兩年內開放。這將是我們在上海以外的第一家中國門店。我相信在這 4 個中，1 個在 23 財年，3 個在 24 財年。

As a reminder, in terms of upcoming releases, we will announce our May sales results for the 4 weeks ending Sunday, May 29, this next week on Thursday, June 2, after market close. This is a day later than our traditional Wednesday release due to the Memorial Day holiday.

提醒一下，就即將發布的版本而言，我們將在下週的 6 月 2 日星期四收市後公佈截至 5 月 29 日星期日結束的 4 週的 5 月銷售結果。由於陣亡將士紀念日假期，這比我們傳統的周三發布晚了一天。

Before wrapping up, a quick shout out to the 300,000 worldwide Costco employees around the globe and the excellent work and proactive effort they give each day to navigate during these most challenging environment. Our merchants and operators are the best in the business, and their hard work is reflected in our strong operating results.

在結束之前，快速向全球 300,000 名 Costco 員工致敬，感謝他們每天在這些最具挑戰性的環境中所付出的出色工作和積極努力。我們的商戶和運營商都是業務中的佼佼者，他們的辛勤工作體現在我們強勁的經營業績中。

Finally, I want to address some incorrect information floating around on social media and a few other media outlets claiming that we have increased the price of our $1.50 hotdog-and-soda combinations sold in our food courts. Let me just say the price, when we introduced the hot dog-soda combo in the mid-'80s, was $1.50. The price today is $1.50, and we have no plans to increase the price at this time.

最後，我想解決一些在社交媒體和其他一些媒體上流傳的不正確信息，這些媒體聲稱我們提高了在我們的美食廣場出售的 1.50 美元熱狗和蘇打水組合的價格。讓我說一下，當我們在 80 年代中期推出熱狗蘇打水組合時，價格是 1.50 美元。今天的價格是 1.50 美元，我們目前沒有提高價格的計劃。

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

有了這個，我會把它交還給 Erica 並打開它進行問答。謝謝你。

(Operator Instructions) Your first question comes from the line of Simeon Gutman with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Simeon Gutman。

On the core-on-core margin ex gas, it looks like underlying run rate got a little worse, which I don't think is a big surprise given what we're hearing out there. You mentioned in the core-on-core, the perishable year-over-year, is it transport? Or is it there's some markdowns on erratic inventory coming in? Can you talk a little bit about what's happening there?

就核心對核心利潤率（ex gas）而言，潛在運行率似乎變得更糟了，鑑於我們所聽到的情況，我認為這並不令人意外。您在 core-on-core 中提到，年復一年的易腐爛，是運輸嗎？還是對不穩定的庫存有一些降價？你能談談那裡發生的事情嗎？

Yes. On the fresh side, we literally had no D&D last year and we had very high labor productivity because of the pounds that we were processing, if you will. So I think we've kept a lot of that leverage actually. We're way above pre-pandemic levels. It's just that was extraordinary last year. And I think we'll keep some of that. But it's not all that.

是的。在新鮮的一面，我們去年實際上沒有 D&D，而且我們的勞動生產率非常高，因為我們正在處理磅，如果你願意的話。所以我認為我們實際上保留了很多槓桿作用。我們遠遠高於大流行前的水平。只是去年的情況非同尋常。我想我們會保留一些。但這還不是全部。

And then a little bit of it is, like I said, raw material costs this year. I mean those eventually make their way into the price of our goods. But as you know, we're not the first one to go up when we have higher costs. I think just recently, it may have been after the end of the quarter, reluctantly, we took up the price of our muffins and our croissants, I think, $1 as the price of a lot of those raw materials have continued to escalate to 2x and 3x and 4x what they were last year. So that's essentially what's going on there.

就像我說的，還有一點是今年的原材料成本。我的意思是那些最終會影響我們商品的價格。但如你所知，當我們有更高的成本時，我們並不是第一個上漲的。我想就在最近，可能是在本季度末之後，我們很不情願地接受了鬆餅和羊角麵包的價格，我認為，1 美元，因為許多原材料的價格繼續上漲到 2 倍是去年的 3 倍和 4 倍。所以這基本上就是那裡發生的事情。

Got it. Maybe my follow-up is anything happening on trip consolidation items per trip rising? I'm sure this is a question you're ready for.

知道了。也許我的後續行動是每次旅行增加的旅行整合項目發生了什麼？我敢肯定這是你準備好的問題。

Yes. Honestly, we're not seeing a lot of change in our throughput in the buildings. I mean we're seeing a lot of traffic. We're not seeing trade-downs really. We're seeing a little bit of shift in where people are spending their money. Last year, there was more stuff for the home. And this year, it's more sales in tickets and restaurants and travel and tires and gas and things of that nature. But we're still holding our own in areas like apparel and furniture and jewelry, TVs and appliances. All those departments are showing good, decent sales growth on top of pretty good numbers a year ago.

是的。老實說，我們沒有看到建築物的吞吐量有很大變化。我的意思是我們看到很多流量。我們真的沒有看到折價。我們看到人們花錢的地方發生了一些變化。去年，家裡有更多的東西。今年，門票、餐館、旅行、輪胎、汽油和類似性質的東西的銷售額增加了。但我們仍然在服裝、家具和珠寶、電視和電器等領域擁有自己的優勢。一年前，所有這些部門都顯示出良好、可觀的銷售增長。

I would say overall, there might be a very small amount in terms of the number of items in the basket this year. A little less than last year because there was more trip consolidation going on a year ago, I think, during COVID. But overall, I think we feel pretty good about what we're seeing and how our members are shopping.

我會說總體而言，今年籃子中的物品數量可能非常少。比去年少一點，因為一年前在 COVID 期間進行了更多的旅行整合。但總的來說，我認為我們對所看到的以及會員的購物方式感覺非常好。

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

您的下一個問題來自 Chuck Grom 與 Gordon Haskett 的對話。

Okay. Good job, Bob, today. Just curious on Craig's view on balancing the desire to show value, particularly lately, as the macro backdrop continues to get more uncertain while also passing on some price increases. Like you articulated, inflation up anywhere between 5% to 7%. But we know, in some cases, the pressures are much higher. So just curious where Craig is on that balance.

好的。幹得好，鮑勃，今天。只是好奇克雷格關於平衡展示價值的願望的觀點，特別是最近，因為宏觀背景繼續變得更加不確定，同時也傳遞了一些價格上漲。就像你所說的那樣，通貨膨脹率在 5% 到 7% 之間。但我們知道，在某些情況下，壓力要大得多。所以只是好奇克雷格的平衡點在哪裡。

Well, look, I think we always want to be the best value in the marketplace. And to the extent that we continue to show that, I think it's easier for us to pass on higher pricing or higher freight costs or raw material costs, assuming that we show that value in the marketplace. And that's what it's all about really. And I think we feel good about it. I mean our most recent shops, against who we watch most closely, have not changed. And we're every bit as competitive as we've been, notwithstanding the fact we have taken some prices up in certain areas, in food, in sundries and in fresh foods.

好吧，看，我認為我們總是想成為市場上最有價值的人。如果我們繼續證明這一點，我認為我們更容易轉嫁更高的定價或更高的運費或原材料成本，假設我們在市場上展示了這種價值。這就是真正的意義所在。我認為我們對此感覺良好。我的意思是我們最近的商店，我們最密切關注的人，沒有改變。儘管我們在某些領域、食品、雜貨和新鮮食品方面採取了一些價格上漲的事實，但我們與以往一樣具有競爭力。

Okay. Great. And then on the core-on-core, you talked about 2/3 being fresh, just wondering if you could just give us some color on some of the discretionary categories.

好的。偉大的。然後在核心對核心上，你談到了 2/3 是新鮮的，只是想知道你是否可以給我們一些可自由支配的類別的顏色。

Well, I think that the balance was slightly more in non-foods than in foods in terms of the remaining 1/3 of the lower margins. I'm not sure I have the specifics right now on certain specific categories. I mean, again, it's not really a category, we're an item business, and so it's all about certain items where we might move or not move.

好吧，我認為就剩餘 1/3 的較低利潤而言，非食品的餘額略高於食品。我不確定我現在是否有某些特定類別的詳細信息。我的意思是，這不是一個真正的類別，我們是一個項目業務，所以這完全是關於我們可能會移動或不移動的某些項目。

Your next question comes from the line of Christopher Horvers with JPMorgan.

您的下一個問題來自摩根大通的 Christopher Horvers。

This is Megan Alexander on for Chris. Maybe a follow-up to Simeon's question. Are you seeing any pressure from rising fuel and diesel with regards to transportation in that core-on-core? And if so, it seems like they accelerated pretty quickly at the end of April. Are you holding back any of the price increases on those costs, such that it's impacting core-on-core maybe more than normal?

這是克里斯的梅根亞歷山大。也許是西蒙問題的後續行動。您是否看到燃料和柴油價格上漲對核心對核心運輸帶來的任何壓力？如果是這樣，它們似乎在 4 月底加速得相當快。您是否阻止了這些成本的任何價格上漲，以至於它對核心對核心的影響可能比正常情況更大？

No, I don't believe so, Megan. I think overall, there's higher transportation costs across the whole supply chain whether it's ocean freight or trucking or the price of fuel, et cetera, et cetera. I think eventually, those costs make their way into your sale price. Again, it's not like anything else. We tend to drag a little bit compared to others, but I don't think there's a material change since the end of April in terms of how we're managing that.

不，我不這麼認為，梅根。我認為總體而言，整個供應鏈的運輸成本更高，無論是海運、卡車運輸還是燃料價格等等。我認為最終，這些成本會影響您的銷售價格。再說一次，它不像其他任何東西。與其他人相比，我們傾向於拖累一點，但我認為自 4 月底以來我們的管理方式沒有發生重大變化。

Got it. Okay. That's helpful. And then maybe just a quick follow-up on LIFO. Since price increases have continued, it seems, does that pressure continue to accelerate going forward? And then do we ever kind of get that back as we lap? Or does it depend on what the cost environment looks like?

知道了。好的。這很有幫助。然後也許只是對 LIFO 的快速跟進。由於價格繼續上漲，這種壓力似乎會繼續加速前進嗎？然後我們有沒有在我們圈的時候把它拿回來？還是取決於成本環境如何？

Yes. Well, certainly, it can't be predicted and tell you exactly where it's going. We've obviously seen more inflation as the years progressed. If we stay at this level, there will continue to be some impacts to our P&L. If we start to see deflation, if we were in an inflationary environment next year, yes, we would get some of that back. But we've got a ways to go, I think. I think everybody thinks we're still in a cycle of more inflation versus it stopping.

是的。嗯，當然，它不能被預測並告訴你它的確切去向。隨著時間的推移，我們顯然已經看到了更多的通貨膨脹。如果我們保持在這個水平，我們的損益將繼續受到一些影響。如果我們開始看到通貨緊縮，如果我們明年處於通脹環境中，是的，我們會收回一些。但我認為，我們還有很長的路要走。我認為每個人都認為我們仍處於通貨膨脹加劇而不是停止的循環中。

Now to be fair, this is the first time when we get into Q4 that we'll actually start cycling some at the beginning of this last year. And I think we had a small LIFO charge in Q4 a year ago. So I'm not predicting but we saw a little bit of decline in our fresh food inflation in this past quarter. Will we see some of it in other areas as we enter Q4? Maybe. But that could be offset by higher costs in other areas in the supply chain. And then, of course, that higher level of inflation started hitting us in Q1 and Q2 at the beginning of this year. So I really can't predict where it's going to go. But assuming we get more inflation, we'll have more LIFO charges. To the extent that reverses at some point, we'll get some credits.

現在公平地說，這是我們第一次進入第四季度，我們實際上將在去年年初開始騎自行車。而且我認為我們在一年前的第四季度收取了少量的 LIFO 費用。所以我沒有預測，但我們在過去一個季度看到我們的生鮮食品通脹略有下降。當我們進入第四季度時，我們會在其他領域看到一些嗎？也許。但這可能會被供應鏈其他領域的更高成本所抵消。然後，當然，更高水平的通脹在今年年初的第一季度和第二季度開始打擊我們。所以我真的無法預測它會去哪裡。但假設我們得到更多的通貨膨脹，我們將有更多的 LIFO 費用。如果在某個時候發生逆轉，我們將獲得一些學分。

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

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

Bob, so I guess more of a business strategy question, if you will. You guys had some pretty good SG&A leverage which helped offset the merch margin compression that you saw. I guess the question is, would you have tried to pass on more price increases to protect your gross margin if you didn't think you'd have as much SG&A leverage as you were able to generate?

鮑勃，所以我想更多的是一個商業戰略問題，如果你願意的話。你們有一些相當不錯的 SG&A 槓桿，這有助於抵消你們看到的商品保證金壓縮。我想問題是，如果您認為自己沒有盡可能多的 SG&A 槓桿，您是否會嘗試通過更多的價格上漲來保護您的毛利率？

That's a hard one to answer. Look, we would never raise prices if we could get SG&A leverage in every single quarter from now until eternity. I mean our goal would be to lower prices indefinitely and lower SG&A. It's all a balancing act. Sure. The same can be said on gross margins. I mean everybody's read what's going on out there in the industry. Our sales in gas were very strong. Our gross margins were strong. And to the extent we're able to lever that into other areas of the business by holding prices, that's what we do. That's retail.

這是一個很難回答的問題。看，如果我們能在從現在到永恆的每個季度獲得 SG&A 槓桿，我們就永遠不會提高價格。我的意思是我們的目標是無限期地降低價格並降低 SG&A。這都是一種平衡行為。當然。毛利率也是如此。我的意思是每個人都讀過這個行業正在發生的事情。我們的天然氣銷售非常強勁。我們的毛利率很強勁。在某種程度上，我們能夠通過保持價格將其影響到業務的其他領域，這就是我們所做的。那是零售。

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

你的下一個問題來自古根海姆的約翰·海因博克爾。

Bob, I guess we're in uncharted territory here with inflation in recent times. To what degree do you guys -- and I don't think you do much of this -- test where you're going to take pricing up in certain places, see what the consumer reaction is and then go more broadly? And have you seen, item by item, any elasticity where you'd say, okay, we're either not going to roll out the price increase or roll it back?

鮑勃，我想我們最近處於通貨膨脹的未知領域。你們在多大程度上——我認為你們做的不多——測試你將在某些地方採取定價，看看消費者的反應是什麼，然後更廣泛地進行？您是否逐項看到任何彈性，您會說，好吧，我們要么不推出價格上漲，要么回滾？

Yes. John, honestly, we don't really test markets or we won't take a market like Seattle and test, taking our price up beyond our comfort level. It all comes down to value proposition. And if we feel like we can take a price up and pass on some of the costs that we're incurring in our goods, and the value proposition is still there, we'll go there. We're not testing all these items across the space. I mean it is unprecedented times. I will tell you that because of our limited SKU counts and the small number of SKUs that each buyer actually manages, they have a pretty good understanding of where their competitive situation is in the marketplace and they have a pretty good feel about what kind of business they can do at what price. And I think that helps us in terms of managing that.

是的。約翰，老實說，我們並沒有真正測試市場，或者我們不會像西雅圖這樣的市場進行測試，讓我們的價格超出我們的舒適水平。這一切都歸結為價值主張。如果我們覺得我們可以提高價格並轉嫁我們在商品中產生的一些成本，並且價值主張仍然存在，我們就會去那裡。我們不會在整個空間中測試所有這些項目。我的意思是這是前所未有的時代。我會告訴你，由於我們的 SKU 數量有限，並且每個買家實際管理的 SKU 數量很少，他們非常了解他們在市場上的競爭狀況，他們對什麼樣的業務有很好的感覺他們可以以什麼價格做。我認為這有助於我們管理它。

Okay. And then maybe secondly, gas gallons, right, so what has that been up? And I guess, historically, right, higher gas prices have translated into share gains for you. Are you starting to see that accelerate and drive some incremental traffic to clubs?

好的。然後也許其次，汽油加侖，對，那是怎麼回事？我想，從歷史上看，正確的，更高的汽油價格已經轉化為你的股票收益。您是否開始看到這種情況加速並為俱樂部帶來了一些增量流量？

Well, that's a good question. Obviously, our value proposition in the marketplace is best-in-class and it's actually accelerated versus where it was a year ago. I think the industry demand in gallons for gas is in the 1% to 2% range. And what I can tell you is we are much better than that, in the high teens and in the low 20s in terms of where we've been trending.

嗯，這是個好問題。顯然，我們在市場上的價值主張是一流的，與一年前相比，它實際上加速了。我認為以加侖為單位的天然氣行業需求在 1% 到 2% 的範圍內。我可以告訴你的是，就我們的趨勢而言，我們比這要好得多，在青少年和 20 歲以下。

I will say we're certainly getting a lot of shops in the building when people buy gas. But given the extraordinarily high level, we're also getting a lot more members come by and top off their tank just because the value proposition, in some cases, is over $1 a gallon. And those members will come by and buy 5 or 6 gallons and then be on their way. So it's difficult to measure because of just the huge amount of volume we're getting through our stations right now.

我會說，當人們購買汽油時，我們肯定會在大樓裡找到很多商店。但考慮到極高的水平，我們也有更多的會員前來加滿油箱，因為在某些情況下，價值主張超過每加侖 1 美元。那些成員會過來買 5 或 6 加侖，然後就上路了。因此，很難衡量，因為我們現在通過我們的站點獲得的數量巨大。

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

您的下一個問題來自巴克萊銀行的 Karen Short。

So 2 questions. Bob, obviously, you addressed the membership component that everyone has on their mind. But I guess what I'm curious to hear from you is I think you've wavered in one direction and another direction based on the last 4 months. And so I'm curious to hear why you are kind of steadfast now that you would not raise membership fee, not that I necessarily think you should, but obviously, you've taken that stance. So that's my first question.

所以2個問題。鮑勃，很明顯，你談到了每個人都想到的成員資格部分。但我想我很想听到你的消息，我認為你在過去 4 個月裡一直在一個方向和另一個方向上搖擺不定。所以我很想知道你為什麼在不提高會員費的情況下如此堅定，我不一定認為你應該這樣做，但很明顯，你已經採取了這種立場。所以這是我的第一個問題。

Well, I don't think we've really wavered. I think once we get a year out or 1.5 years out from that 5.5-year cycle, we, frankly, just start to get a lot of questions about it. And the commentary in the prepared remarks is really more about just saying, at this time, we don't think it's right for us. We're not saying that we're not going to do it. We're just saying it's not right for us right now. And I think that's the same answer we had 3 months ago when we talked about it on the second quarter call. So I don't think anything's really changed other than we're just not at the 5.5-year cycle yet. Does that make sense?

好吧，我不認為我們真的動搖了。我認為一旦我們從 5.5 年的周期中度過一年或 1.5 年，坦率地說，我們就會開始收到很多關於它的問題。而準備好的評論中的評論實際上更多的是只是在說，在這個時候，我們認為它不適合我們。我們並不是說我們不會這樣做。我們只是說現在不適合我們。我認為這與我們 3 個月前在第二季度電話會議上討論它時的答案相同。所以我認為除了我們還沒有處於 5.5 年周期之外，沒有什麼真正改變。那有意義嗎？

Yes, that makes sense. And then you made 2 comments, I think you said that you were a little heavy in small appliance and holiday inventory but you feel good about your ability to clear the inventory. So I just wanted to clarify what exactly you mean on that in terms of preparing potentially for a slowdown with the consumer and/or if you're thinking or if you're not thinking there is and where are you at on that broadly.

是的，這是有道理的。然後您發表了2條評論，我想您說您在小家電和假期庫存方面有些沉重，但您對自己的清庫存能力感到滿意。所以我只是想澄清一下你在為消費者可能放緩做準備和/或如果你正在考慮或你不認為存在以及你在哪裡廣泛地處於什麼位置方面的確切含義。

Well, I can't tell you whether I think there's going to be more pullback in a month or 2 months or 3 months. I mean, again, we feel really good about our ability to drive traffic and drive our members in and, frankly, the ability to drive the top line. When I spoke to Ron yesterday about this, look, he thinks that we got a couple of extra weeks of supply in a couple of areas and he thinks we can move through the inventory without really a lot of heartburn or problem. On the seasonal stuff, a lot of that is just Christmas stuff that came in late. We've got it in deep freeze and we're going to put it out this fall. And we're probably going to put it out at pretty good values because the price of all that stuff has gone up. So we feel pretty good about being able to move that.

好吧，我不能告訴你我是否認為在一個月、2 個月或 3 個月內會出現更多回調。我的意思是，我們對自己吸引流量和吸引會員的能力感到非常滿意，坦率地說，我們對推動收入增長的能力感到非常滿意。當我昨天與 Ron 談及此事時，看，他認為我們在幾個地區獲得了額外幾週的供應，他認為我們可以在沒有太多胃灼熱或問題的情況下通過庫存。在季節性的東西上，很多只是遲到的聖誕節東西。我們已經把它深度冷凍了，我們將在今年秋天把它拿出來。而且我們可能會以相當好的價格推出它，因為所有這些東西的價格都上漲了。所以我們對能夠移動它感到非常滿意。

And then the other comment I made is just more inventory that we think makes sense to have, like masks and things like that, of where if there's some kind of hiccup in COVID, we're well prepared. So I don't want to say strategic but it's a little bit more inventory than we might typically carry in a kind of non-environment like we're in now.

然後我發表的另一條評論只是更多我們認為有意義的庫存，比如口罩和類似的東西，如果 COVID 出現某種問題，我們已經做好了充分的準備。所以我不想說戰略，但它比我們通常在我們現在所處的一種非環境中可能攜帶的庫存要多一些。

Okay. Sorry, just to sneak one last one in. In terms of the fuel, obviously, that's a huge draw for you to your stores. Is there any update on the conversion into the store during your open hours in terms of people filling up the tanks and then actually going into the store conversion? Because I think that's historically been 70-ish percent during open hours.

好的。抱歉，只是偷偷溜進去最後一個。就燃料而言，顯然，這對你的商店來說是一個巨大的吸引力。在您的營業時間內，就人們加滿油箱然後實際進入商店轉換而言，是否有任何關於轉換到商店的更新？因為我認為在歷史上營業時間的營業時間是 70%。

No, no, no. That number has been like 50%. I'm not sure where 70% came from. That number has come down slightly and again, because of what I mentioned earlier, we have a lot more members coming by and topping off their tank. But the overall number of shops from people buying gas is probably up. It's just the percentage is down because we have way more people going through the stations. So the penetration is down a little bit, but the number of relative shops is up probably.

不不不。這個數字已經達到了 50%。我不確定 70% 來自哪裡。這個數字一次又一次地略有下降，因為我之前提到的，我們有更多的成員過來補充他們的坦克。但是購買汽油的人的商店總數可能會增加。只是百分比下降了，因為我們有更多的人通過車站。所以滲透率下降了一點，但相關商店的數量可能會增加。

Okay. I thought it was 70% during open hours and 50% overall but maybe I was wrong.

好的。我認為在開放時間是 70%，總體是 50%，但也許我錯了。

Yes.

是的。

Your next question comes from the line of Edward Kelly with Wells Fargo.

您的下一個問題來自富國銀行的 Edward Kelly。

I was hoping if maybe you could share some thoughts on the outlook for the gross margin in fiscal Q4. As we sort of think about some of the pieces, year-over-year, the core compare came off easier but it's not really on a 2-year basis. It seems like you're probably still going to have LIFO. I don't think fuel margins are off to a very good start at all, but maybe that's just because gas prices are rising and, obviously, it's a long quarter. I'm just kind of curious as to the expectation that we should have around the current quarter.

我希望您能否就第四財季的毛利率前景分享一些想法。當我們逐年考慮其中的一些部分時，核心比較變得更容易了，但實際上並不是以 2 年為基礎。看起來你可能仍然會有 LIFO。我不認為燃料利潤有一個很好的開端，但也許這只是因為天然氣價格在上漲，而且很明顯，這是一個漫長的季度。我只是對我們在本季度應該有的期望有點好奇。

Yes. Ed, I wish I could be more transparent about what our budgets are and everything, but we really don't guide in terms of where gross margins are going to be. I think it continues to be a challenging environment. I think we feel good about our ability to pass through certain costs. In other areas, we don't feel as good about it, and we want to hold prices. So I can't tell you where exactly it's going to be. I think if I had to, it will look much like what you're looking at this quarter. Maybe a little less, maybe a little more. But other than that, we don't guide.

是的。埃德，我希望我能更透明地了解我們的預算和一切，但我們真的沒有指導毛利率在哪裡。我認為這仍然是一個充滿挑戰的環境。我認為我們對自己承擔某些成本的能力感到滿意。在其他領域，我們感覺不太好，我們希望保持價格。所以我不能告訴你它到底會在哪裡。我想如果我不得不這樣做，它看起來會很像你在這個季度看到的。也許少一點，也許多一點。但除此之外，我們不指導。

Yes. Okay. That's helpful. All right. Well, the other thing that I wanted to ask about, and you kind of touched on it, is just how you're navigating product cost inflation and pass through the customers. And I know historically, you would lag competition. I think maybe the length of that lag has maybe been reduced to some extent. I don't know if that's true, so just sort of color there. And then what have you been able to do from a vendor standpoint? Because you don't sell a lot of SKUs, right, so you do have some real scale advantage within those products. So I'm just kind of curious as to how those negotiations are going as well.

是的。好的。這很有幫助。好的。好吧，我想問的另一件事，你有點觸及它，就是你如何駕馭產品成本膨脹並通過客戶。我知道從歷史上看，你會落後於競爭對手。我認為也許這種滯後的長度可能在一定程度上減少了。我不知道這是不是真的，所以只是有點顏色。那麼從供應商的角度來看，您能做些什麼呢？因為你不銷售很多 SKU，對，所以你在這些產品中確實有一些真正的規模優勢。所以我只是有點好奇這些談判的進展情況。

Well, look, like we've always said, our first goal is to mitigate any price increase. And our first goal is to partner with our vendor and figure out if there's a way to mitigate it for both of us. And that's the strategy. It's certainly more difficult times because there's more pressures coming from different areas. It's not just raw material cost, it's labor. There's more factors involved in it. But look, as you alluded to, we do a lot of volume in a relatively small number of the SKUs. We're very important to our suppliers in terms of the volume we do in some of these, and so they work with us. And I think at the end of the day, again, it's about showing the best value proposition in every item that we have on the shelf.

好吧，就像我們一直說的那樣，我們的首要目標是緩解任何價格上漲。我們的第一個目標是與我們的供應商合作，並找出是否有辦法為我們雙方減輕它。這就是策略。這肯定是更困難的時期，因為來自不同領域的壓力更大。這不僅僅是原材料成本，還有勞動力。其中涉及的因素較多。但是，正如您所提到的，我們在相對較少的 SKU 中生產了大量產品。就我們在其中一些方面的數量而言，我們對我們的供應商非常重要，因此他們與我們合作。而且我認為歸根結底，這是關於在我們貨架上的每件商品中展示最佳價值主張。

And to the extent we're able to pass on some of those costs, and we still show great value in that item, then that's great. In some instances, maybe we're not able to do that as effectively. But overall, I feel pretty good about our merchants being able to navigate through this. We've had a lot to navigate through the last couple of quarters and I think I feel good about our ability to continue to do it as we look out into Q4 and then into the next fiscal year.

如果我們能夠轉嫁其中的一些成本，並且我們仍然在該項目中顯示出巨大的價值，那就太好了。在某些情況下，也許我們無法有效地做到這一點。但總的來說，我對我們的商家能夠通過這個導航感覺很好。在過去的幾個季度中，我們經歷了很多事情，我認為我對我們在展望第四季度和下一個財政年度時繼續這樣做的能力感到滿意。

Your next question comes from the line of Peter Benedict with Baird.

您的下一個問題來自 Peter Benedict 和 Baird。

Bob, nice job. A question on private label, Kirkland penetration, just maybe where that sits relative to maybe a year ago. And are you seeing any particular areas where you're getting stronger traction or growth rates are picking up there? Just curious how the consumer is behaving around private label.

鮑勃，幹得好。一個關於自有品牌的問題，柯克蘭滲透率，也許與一年前相比，這可能是什麼情況。您是否看到任何特定領域的牽引力或增長率正在回升？只是好奇消費者在自有品牌周圍的表現如何。

Yes. We actually took a look at that. And we were up a little bit in terms of penetration, probably 30 or 40 basis points, so we're still doing a lot of business there. But again, as I mentioned earlier, when I was talking about the consumer, we're not seeing, I don't think, a lot of trade-down or trade-out from branded into our private label. So we continue to grow it but I think in a way that makes sense for our business. And our consumers really aren't changing how they're shopping with us. I think we're up 0.4, I think, somewhere around the 26 and change number in terms of penetration on a global basis.

是的。我們實際上已經看過了。而且我們在滲透率方面略有上升，可能是 30 或 40 個基點，所以我們仍然在那裡做很多業務。但是，正如我之前提到的，當我談到消費者時，我們沒有看到，我不認為，從品牌到我們的自有品牌的很多折價或折價。所以我們繼續發展它，但我認為這對我們的業務有意義。我們的消費者並沒有真正改變他們與我們一起購物的方式。我認為我們上升了 0.4，我認為，在 26 左右，並且在全球範圍內的滲透率發生了變化。

Got it. Okay. That's helpful. And then I think you mentioned the higher year 1 renewal rate. So I'm just curious maybe how long you've been seeing that. Is that a U.S. dynamic? Is it an international dynamic? Is it happening everywhere? Or maybe frame the numbers a little bit just to how much better it's been.

知道了。好的。這很有幫助。然後我想你提到了更高的第一年續訂率。所以我只是好奇你看到這個有多久了。這是美國的動態嗎？是國際動態嗎？到處都在發生嗎？或者也許將數字框起來只是為了讓它變得更好。

Yes, sure. We have historically been, depending on the country and the area, somewhere in the kind of high 50s to maybe 60, low 60s. And those numbers now are, depending on the country, in the high 60s to low 70s. So we've gradually seen, over the last 2 years since the pandemic started, about a 10% bump in our first year members, if you will, which we view as very favorable because we obviously signed up a lot of new members that hadn't tried us. Before the pandemic, they tried us, had a good experience, and we're seeing better retention rates out of those members.

是的，當然。從歷史上看，根據國家和地區的不同，我們一直處於 50 多歲到 60 多歲、60 多歲的低位。這些數字現在取決於國家/地區，在 60 多歲到 70 多歲之間。所以我們逐漸看到，在大流行開始後的過去 2 年裡，我們的第一年會員增加了大約 10%，如果你願意的話，我們認為這是非常有利的，因為我們顯然註冊了很多沒有沒試過我們。在大流行之前，他們嘗試了我們，有很好的體驗，我們看到這些成員的保留率更高。

Yes. Well, certainly better than it going to the opposite direction. So good job.

是的。好吧，肯定比它走向相反的方向要好。幹得好。

Thanks, Peter.

謝謝，彼得。

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

您的下一個問題來自花旗銀行的 Paul Lejuez。

This is Brandon Cheatham on for Paul. I just wanted to ask about supply chain bottlenecks. Any particular categories that have improved, any that have gotten worse? I think some of your competitors have mentioned general merch and furniture as some categories that have been challenging. Just wondering if you all are seeing that as well.

這是保羅的布蘭登·奇塔姆。我只是想問一下供應鏈瓶頸。任何特定的類別有所改善，有沒有變得更糟？我認為您的一些競爭對手提到了一般商品和家具作為一些具有挑戰性的類別。只是想知道你們是否也看到了這一點。

Yes. I'm sitting here with Ron and he's indicating to me that we're pretty much, across the board, improving everywhere slightly from where we were. It's not really in any one particular category. I think part of that is there's 40 or 50 ships in L.A. now instead of 100 or 120 and the fact that we've been able to utilize our own ships to kind of help get product over here. I think it's just improved a little bit across the board in everything that we're purchasing.

是的。我和羅恩坐在這裡，他向我表明，我們幾乎，全面地，在每個地方都比我們現在的情況略有改善。它實際上並不屬於任何一個特定類別。我認為部分原因是洛杉磯現在有 40 或 50 艘船，而不是 100 或 120 艘，而且我們已經能夠利用自己的船來幫助將產品運到這裡。我認為它只是在我們購買的所有產品中全面改進了一點。

And I think in the past, you've mentioned that if you did have shortages, you would be able to kind of switch out a vendor or utilize an existing vendor for new product. Has that kind of slowed because the supply chain has improved?

而且我認為在過去，您曾提到，如果您確實有短缺，您將能夠切換供應商或利用現有供應商生產新產品。由於供應鏈有所改善，這種情況是否有所放緩？

Well, look, we certainly are able to pivot more easily because we have less category business and more item business. So to the extent we're having difficulty in a particular item or have a hard time showing value in a particular item, we are able to pivot over into something else and put it in the warehouse. I think that's just part of our DNA, what we do here every day, whether it's in the environment where we're operating in now or in a normal environment. So I think it's just a competitive advantage based on the structure of our business.

好吧，看，我們當然能夠更輕鬆地進行轉型，因為我們擁有更少的品類業務和更多的項目業務。因此，如果我們在特定項目上遇到困難或難以在特定項目中展示價值，我們能夠轉向其他東西並將其放入倉庫。我認為這只是我們 DNA 的一部分，我們每天在這裡所做的事情，無論是在我們現在所處的環境中還是在正常環境中。所以我認為這只是基於我們業務結構的競爭優勢。

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

您的下一個問題來自 Rupesh Parikh 與 Oppenheimer 的對話。

This is actually Erica Eiler on for Rupesh. So I guess, first, you touched on gas prices and driving traffic to clubs. I was just curious, given the gas price dynamic out there right now, do you think that's driving more memberships at all to clubs as perhaps consumers seek out more value in this environment?

這實際上是 Rupesh 的 Erica Eiler。所以我想，首先，你談到了汽油價格和俱樂部的流量。我只是好奇，鑑於目前的汽油價格動態，你認為這是否會推動更多的會員加入俱樂部，因為消費者可能會在這種環境中尋求更多的價值？

Sure. Sure, yes. Sure. I mean absolutely. I think every member that signs up has a different reason, but sure, absolutely, particularly given the extreme value proposition in gas right now.

當然。當然，是的。當然。我的意思是絕對的。我認為每個註冊會員都有不同的理由，但可以肯定，絕對，特別是考慮到目前天然氣的極端價值主張。

Okay. And then just shifting gears kind of back to discretionary. You touched on seeing consumers spend in other categories, which is what we're hearing from everyone out there right now. I'm just curious, based on what you're seeing to date, has anything surprised you in terms of the shift by category that you're seeing right now that perhaps you hadn't planned for?

好的。然後只是將齒輪換回自由裁量權。你談到了看到消費者在其他類別上的消費，這是我們現在從每個人那裡聽到的。我只是很好奇，根據您迄今為止所看到的情況，就您現在看到的可能沒有計劃的類別轉變而言，有什麼讓您感到驚訝的嗎？

Not really. I mean in some of the areas I mentioned, like sporting goods, well, all the gyms are opening up again. And within sporting goods, it's really exercise equipment that we sold a lot a year ago. And this year, people are back at the gyms. Office is down a little bit. And again, people were setting up home offices and working from home a year ago. So it's no surprise to us that, that department is a little bit softer than a year ago. So not really. I think the categories that we're seeing be a little bit softer than we expect are categories that we expected to be soft. It's not a big surprise.

並不真地。我的意思是在我提到的一些領域，比如體育用品，所有的健身房都重新開放了。而在體育用品中，我們一年前賣得很多的其實是運動器材。今年，人們又回到了健身房。辦公室有點低。再一次，一年前人們開始設立家庭辦公室並在家工作。所以我們並不奇怪，那個部門比一年前要軟一些。所以不是真的。我認為我們看到的比我們預期的要軟一些的類別是我們預期會變軟的類別。這不是一個大驚喜。

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

您的下一個問題來自 BMO Capital 的 Kelly Bania。

Well done, Bob. Just another question. As you think about that 7% inflation that you mentioned, can you maybe give us a little color on how that looks on the food and consumables side versus the discretionary side of the business? And as well, is there any difference in your ability or willingness to pass on some of the inflation on either side of the aisle there?

幹得好，鮑勃。只是另一個問題。當您考慮您提到的 7% 的通貨膨脹時，您能否給我們一點顏色，看看食品和消耗品方面與業務的可自由支配方面的情況？同樣，你在過道兩邊傳遞一些通貨膨脹的能力或意願有什麼不同嗎？

I would say we're certainly seeing higher inflation in certain non-food areas, although mix is bringing that down. You're going to sell fewer, say, I'm making this up, but patio sets that are up, say, 10%, then you are, say, a piece of apparel that might be up less so, it's going to be less of an impact on a smaller-priced item. I think overall, the inflation that we're seeing is relatively the same. Again, we're an item business. So we're certainly seeing it higher than that in some items and lower than that in other areas of the business.

我會說我們肯定會看到某些非食品領域的通脹率較高，儘管混合正在降低通脹率。你會賣得更少，比如說，我正在編造這個，但是如果露台套裝上漲了，比如說，10%，那麼你就是，比如說，一件可能會少一些的衣服，它會是對低價商品的影響較小。我認為總的來說，我們看到的通貨膨脹是相對相同的。同樣，我們是一個項目業務。因此，我們肯定看到它在某些項目中高於這一水平，而在其他業務領域則低於這一水平。

And I think, again, I need to keep using this term, but it's all about the value proposition. And our willingness to take pricing along or take pricing up depends on what our position is in the marketplace. And to the extent we continue to show great value, it's a little easier to do that.

而且我認為，我需要繼續使用這個術語，但這完全是關於價值主張。我們是否願意採取定價或採取定價取決於我們在市場中的地位。在我們繼續展示巨大價值的範圍內，這樣做會更容易一些。

Okay. And maybe just to follow up in terms of just big ticket in general, can you just maybe talk about how that's trending? And do you think about maybe planning big ticket just a little bit more conservatively? Or just help us understand the internal thought process about just big ticket in the current environment.

好的。也許只是為了跟進一般的大票，你能談談這是如何發展的嗎？您是否考慮過更保守地計劃大票？或者只是幫助我們了解當前環境中關於大單的內部思考過程。

Yes. Well, again, not to keep using this term, but we're an item business. And I think we're seeing great strength in furniture right now. We're seeing great strength in patio. We didn't have as good inventory supplies a year ago. We have more inventory now, and so we're able to move that product. Things like exercise equipment isn't as selling as much. Barbecues, for example, everybody bought a barbecue last year because everybody was home and cooking from home. Certain items like that are not selling as well this year. I think the good thing for us is we're so broad-based in terms of the merchandise that we sell that we don't really, I guess, look at it as big ticket.

是的。好吧，再一次，不要繼續使用這個詞，但我們是一個項目業務。我認為我們現在在家具方面看到了巨大的力量。我們在露台上看到了巨大的力量。一年前我們沒有那麼好的庫存供應。我們現在有更多庫存，因此我們能夠移動該產品。運動器材之類的東西賣得併不多。例如燒烤，去年每個人都買了燒烤，因為每個人都在家，在家做飯。像這樣的某些物品今年賣得不好。我認為對我們來說的好處是，我們銷售的商品範圍非常廣泛，我猜，我們並沒有真正將其視為大票。

Appliances is another example. Appliances are very strong this year. Now again, we had a little bit of a supply constraint last year, more issues with chips. That's getting better, it's not solved, but we're in better stock this year. And we're certainly selling more appliances than we did a year ago, and those are the biggest of ticket items. My guys are saying travel, not really a big ticket, but an experience. And with everybody pent up for 2 years and not traveling, yes, that business has taken off like mad. So there's a lot of discussion and talk about a recession coming, but if you look in our buildings and if you've been on an airplane lately, you'd never notice it.

電器是另一個例子。今年的家電非常強勁。再說一次，去年我們有一點供應限制，芯片問題更多。情況越來越好，還沒有解決，但今年我們的庫存更好。而且我們肯定比一年前銷售了更多的電器，而且這些是最大的門票項目。我的傢伙說旅行，不是真正的大票，而是一種體驗。由於每個人都被壓抑了 2 年而不去旅行，是的，這項業務已經像瘋了一樣起飛。所以有很多討論和談論即將到來的衰退，但如果你看看我們的建築物，如果你最近坐過飛機，你永遠不會注意到它。

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

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

Can you talk specifically about what you're seeing in renewal rates in China? I know that at first, you had such great member growth there, but I'm interested in how well you've retained those customers just given what they've been through over the past few years.

您能具體談談您在中國的續訂率方面看到的情況嗎？我知道，起初，你們在那裡的會員增長如此之快，但我很感興趣的是，鑑於他們過去幾年的經歷，你們留住了這些客戶的情況。

Yes. Laura, I don't have those in front of me, actually. If you want to ping me off-line, we can maybe give you a little bit more color. I do know that they're slightly lower than we've seen in some markets because we signed up so many members in those first 2 warehouses. And so I know the retention rates are a little bit lower as a percentage. But part of that is when we opened our first building there, it was the only building, and now that we have 2 buildings with a third coming on the Shanghai market. It's going to change the dynamics a little bit.

是的。勞拉，事實上，我面前沒有這些。如果您想離線 ping 我，我們也許可以給您更多顏色。我確實知道它們比我們在某些市場看到的略低，因為我們在前 2 個倉庫中註冊了這麼多會員。所以我知道保留率比百分比要低一些。但部分原因是當我們在那裡開設第一座建築時，它是唯一的建築，現在我們有兩座建築，其中第三座在上海市場上市。它會稍微改變動態。

Got it. And then just a detail on that onetime charge, did you add a vacation day just basically because Juneteenth was made a holiday? Or is there something else going on there?

知道了。然後只是關於一次性收費的詳細信息，您是否添加了一個假期基本上是因為六月節被定為假期？還是那裡發生了其他事情？

No, it was just for each and every employee to use as they fit. It's essentially an additional floating holiday that each employee can use for a specific day that's important to them.

不，它只是讓每個員工都可以根據需要使用。這本質上是一個額外的浮動假期，每個員工都可以在對他們很重要的特定日子使用。

Why don't we take 1 or 2 more, and then David, Josh and myself will be available for some off-line questions.

我們為什麼不多選 1 或 2 個，然後 David、Josh 和我自己可以回答一些離線問題。

And your next question comes from the line of Greg Melich with Evercore ISI.

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

Bob, can you give us a little more insight into the ancillary business' margin going up? Is that travel coming back? What's clearly driving that?

Bob，您能否讓我們更深入地了解一下輔助業務的利潤率上升情況？那次旅行回來了嗎？是什麼明顯推動了這一點？

Well, certainly, gas was the biggest driver in there. And I think we mentioned that travel was also one of the beneficiaries.

好吧，當然，天然氣是那裡最大的驅動力。我想我們提到旅行也是受益者之一。

And so penny profit in gas, we should accept that, that was actually up year-over-year.

天然氣的利潤如此之小，我們應該接受這一點，這實際上是同比增長的。

Yes. It was up year-over-year. But keep in mind, the price of gas was up 40% year-over-year.

是的。同比增長。但請記住，天然氣價格同比上漲了 40%。

The margin, yes.

保證金，是的。

Yes, yes.

是的是的。

Got it. And then housekeeping on the day vacation, the charge, the $77 million, is that an accrual for the year? Or is that now in the base and we should see that each of the next 4 quarters?

知道了。然後是一天假期的家務，7700萬美元的費用，是一年的應計費用嗎？還是現在在基地，我們應該看到接下來的四個季度中的每一個？

It's both. The $77 million was essentially, again, on the books, the cost of that vacation for each employee at that time, on March 14, if you will. And then the ongoing cost of that is in our regular SG&A in benefit cost each quarter, correct. And those costs for Q3, or I should say the 8 weeks in Q3, were just in the regular SG&A numbers.

兩者都是。如果你願意的話，這 7700 萬美元基本上是在賬面上，當時每個員工在 3 月 14 日的假期費用。然後持續的成本是我們每個季度的常規 SG&A 福利成本，正確的。第三季度的那些成本，或者我應該說第三季度的 8 週，只是在常規的 SG&A 數字中。

Got it. So presumably that was 8 weeks of Q3, and we can just look at the weekly and sort of use that running forward.

知道了。所以大概那是第三季度的 8 週，我們可以看看每週的使用情況以及接下來的使用情況。

Well, we didn't give you what it was by week. That's what it was for the year.

好吧，我們沒有給你按週計算的內容。這就是當年的情況。

Oh, that's what it was, so the $77 million was for the year.

哦，原來是這樣，所以這一年的 7700 萬美元。

Correct. There were additional costs in the quarter relating to the 8 weeks for that benefit.

正確的。本季度有與該福利的 8 週相關的額外費用。

Your next question comes from the line of Stephanie Wissink with Jefferies.

您的下一個問題來自 Jefferies 的 Stephanie Wissink。

It's Blake on for Steph. I wanted to see if you could give any color on new member growth. I know you talked about gas was a benefit to attracting members and you didn't see a lot of trade-down for existing members, but if you could talk about maybe any new members joining the club for savings on food or non-food specifically.

這是斯蒂芬的布萊克。我想看看你是否可以對新成員的增長給出任何顏色。我知道您談到天然氣對吸引會員有好處，並且您沒有看到現有會員有很多折衷，但是如果您可以談論可能有任何新會員加入俱樂部以節省食品或非食品費用.

Well, we don't really ask each member when they sign up why they're signing up. I'm hoping that there's a different value proposition for each and every member that entices them to be a member and sign up.

好吧，我們並沒有真正在每個成員註冊時詢問他們為什麼要註冊。我希望每個會員都有不同的價值主張來吸引他們成為會員並註冊。

The one thing I can add on to that is we are getting more strength in terms of the number of members that sign up digitally, and that's really grown throughout the pandemic and become a bigger percentage of our growth as well. And I think some of that has to do with some of our online offerings, particularly in, say, grocery. If you don't live within 10 or 15 miles of a club, but in the pandemic, you tried this. You lived a little bit further away, you had a good experience, you signed up digitally and you stayed digitally and you might use this half digitally and half in the warehouse. So I think it's a different reason for everybody, really. It just depends on your preferences.

我可以補充的一件事是，我們在以數字方式註冊的會員數量方面變得更加強大，而且在整個大流行期間確實在增長，並且也成為我們增長的更大比例。我認為其中一些與我們的一些在線產品有關，特別是在雜貨店等領域。如果您不住在俱樂部 10 或 15 英里範圍內，但在大流行期間，您嘗試過這個。你住得更遠一點，你有很好的體驗，你以數字方式註冊，你以數字方式停留，你可能會以數字方式使用這一半，一半在倉庫中。所以我認為這對每個人來說都是不同的原因，真的。這僅取決於您的喜好。

Okay. And then lastly, on renewal rate, that was strong in the quarter, just wondering how that was versus your expectations; and also the MFI growth versus your expectations as well.

好的。最後，在續訂率方面，本季度表現強勁，只是想知道這與您的預期有何不同；小額信貸機構的增長與您的預期相比也是如此。

Okay. I didn't know, but I think it was pretty much in line with what our expectations were. I mean when you kind of take a look at what's driving that, we continue to convert more base members to the executive member program who tend to renew at a higher rate and have more loyalty with us. That's contributing to that. We see that every week. So we know that's going to help the renewal rates. And of course, the first-year renewal rates, they are improving. We know that's going to help the number as well in signing up more members. So all that, I think, is contributing to those improved metrics, if you will.

好的。我不知道，但我認為這非常符合我們的預期。我的意思是，當你看看是什麼推動了這一點時，我們會繼續將更多的基礎會員轉換為執行會員計劃，他們往往會以更高的速度續訂並且對我們有更高的忠誠度。這是促成這一點的。我們每週都會看到。所以我們知道這將有助於提高續訂率。當然，第一年的續訂率也在提高。我們知道這也將有助於增加會員人數。所以，我認為，如果你願意的話，所有這些都有助於改進這些指標。

Okay. If there's no more questions, we'll call it a wrap. I appreciate everybody dialing in today. And again, David and Josh and myself are available if you guys have any follow-ups. Have a good day.

好的。如果沒有更多問題，我們將稱之為結束。我感謝今天撥入的每個人。再說一次，如果你們有任何跟進，大衛、喬什和我自己都可以聯繫。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。