好市多 (COST) 2023 Q2 法說會逐字稿

Good day. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Second Quarter Fiscal Year 2023 Earnings Conference call. (Operator Instructions)

再會。我叫艾瑪，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Costco Wholesale 2023 財年第二季度收益電話會議。 （操作員說明）

Richard Galanti, CFO, you may begin your conference.

首席財務官理查德·加蘭蒂 (Richard Galanti)，您可以開始您的會議了。

Thank you, Emma, and good afternoon to everyone.

謝謝你，艾瑪，大家下午好。

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 being made, and the company does not undertake to update these statements except as required by law.

我首先聲明，這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或表現與所示內容存在重大差異通過這樣的陳述。風險和不確定性包括但不限於今天的電話會議中概述的風險和不確定性，以及公司向美國證券交易委員會提交的公開聲明和報告中不時確定的其他風險。前瞻性陳述僅代表作出之日的情況，除法律要求外，公司不承諾更新這些陳述。

In today's press release, we reported operating results for the second quarter of fiscal '23, the 12 weeks ended this past February 12, as well as February retail sales for the 4 weeks ended this past Sunday, February 26.

在今天的新聞稿中，我們報告了截至 2 月 12 日的 12 週的 23 財年第二季度的經營業績，以及截至 2 月 26 日週日的 4 週的 2 月零售額。

Reported net income for the quarter came in at $1.466 billion or $3.30 per share compared to $1.299 billion or $2.92 per diluted share last year, an increase of 13%.

本季度報告的淨收入為 14.66 億美元或每股 3.30 美元，而去年為 12.99 億美元或每股攤薄收益 2.92 美元，增長 13%。

In terms of sales, net sales for the second quarter increased 6.5% to $54.24 billion compared to $50.94 billion reported a year ago in the second quarter. Our comparable sales for the second quarter were as follows: in the U.S., 5.7% for the 12-week period, excluding gas inflation, 5.8%; Canada, 3.5% reported and 9.6% excluding gas inflation and FX; Other International, 3.8% reported and 9.5% ex gas inflation and FX; for Total Company, 5.2% reported and 6.8% excluding gas inflation and FX; e-commerce was minus 9.6% for the 12 weeks reported and minus 8.7% excluding FX.

在銷售額方面，第二季度淨銷售額增長 6.5% 至 542.4 億美元，而去年同期為 509.4 億美元。我們第二季度的可比銷售額如下：在美國，12 週期間為 5.7%，不包括天然氣通脹，5.8%；加拿大，報告為 3.5%，不包括天然氣通脹和外彙為 9.6%；其他國際，報告 3.8% 和 9.5%（不包括天然氣通脹和外匯）；對於 Total Company，報告為 5.2%，不包括天然氣通脹和外彙為 6.8%；報告的 12 週電子商務為負 9.6%，不包括外彙為負 8.7%。

In terms of second quarter comp sales metrics, traffic or shopping frequency increased 5% worldwide and 3.7% in the United States. Our average transaction or ticket was up 0.2% worldwide and up 1.9% in the U.S. during Q2. Foreign currencies relative to the dollar negatively impacted sales by approximately 1.8%, and gasoline price inflation positively impacted sales very slightly by approximately 0.2%. I'll review our February sales results later in the call.

就第二季度的比較銷售指標而言，全球流量或購物頻率增加了 5%，美國增加了 3.7%。第二季度，我們在全球的平均交易量或票數增長了 0.2%，在美國增長了 1.9%。外幣兌美元匯率對銷售額產生了約 1.8% 的負面影響，而汽油價格通脹對銷售額產生了約 0.2% 的輕微正面影響。我將在稍後的電話會議中回顧我們 2 月份的銷售結果。

Next on the income statement is membership fee income. Reported in the second quarter, $1.027 billion of membership fee income or 1.89%. That's for this year's second quarter compared to $967 million a year earlier, so a $60 million increase in dollars or up 6.2%. Excluding the headwinds in FX, the $60 million increase would have been higher by additional $20 million. So on an FX-adjusted basis, fee income was up just over 8 percentage points.

損益表的下一個是會員費收入。二季度財報顯示，會員費收入10.27億美元，漲幅1.89%。這是今年第二季度的數據，與去年同期的 9.67 億美元相比，增加了 6000 萬美元，增幅為 6.2%。排除外彙的不利因素，6000 萬美元的增長本應再增加 2000 萬美元。因此，在外匯調整的基礎上，手續費收入增長了 8 個百分點多一點。

In terms of renewal rates, at second quarter end, our U.S. and Canada renewal rate was 92.6%, up 0.01% from Q1 end, and worldwide rate came in at 90.5%, also up 0.01% from the prior quarter, both represent all-time highs.

在續訂率方面，第二季度末，我們的美國和加拿大續訂率為 92.6%，比第一季度末上升 0.01%，全球續訂率為 90.5%，也比上一季度上升 0.01%，均代表所有-時間高點。

Membership growth has remained strong. We ended the second quarter with 68.1 million paid household members and 123.0 million cardholders, both up more than 7% versus a year earlier. At Q2 end, we had 30.6 million paid executive memberships. This is an increase during the 12-week quarter of 630,000 members since Q1 end. Executive members now represent 45% of paid members and about 73% of worldwide sales.

會員增長依然強勁。第二季度末，我們擁有 6810 萬付費家庭成員和 1.23 億持卡人，均比去年同期增長 7% 以上。在第二季度末，我們擁有 3060 萬付費高管會員。這是自第一季度末以來 630,000 名會員的 12 周季度的增長。執行會員現在佔付費會員的 45%，約佔全球銷售額的 73%。

Moving down the income statement, next is our gross margin. On a reported basis, gross margin was higher year-over-year by 8 basis points, coming in at 10.72% as a percent of sales as compared to a year earlier second quarter at 10.64%. Now the 8 basis points up, and then excluding gas inflation, have been up 9 basis points.

向下移動損益表，接下來是我們的毛利率。根據報告，毛利率同比增長 8 個基點，佔銷售額的百分比為 10.72%，而去年第二季度為 10.64%。現在上漲了 8 個基點，然後排除天然氣通脹，上漲了 9 個基點。

As I always ask you to draw a little chart with 2 columns, reported and excluding gas inflation, and then we'll go down the line items. Core merchandise was minus 6 basis points reported and also minus 6 ex gas inflation. Ancillary businesses were plus 2 and plus 3 basis points year-over-year; 2% reward, minus 2 and minus 2 basis points. LIFO, since we had a charge last year and nothing this fiscal quarter, it was plus 14 and plus 14. For total, again, reported, 8 basis points up year-over-year; and ex gas inflation, up 9 basis points.

正如我總是要求您繪製一個包含 2 列的小圖表，報告並排除天然氣通脹，然後我們將逐行列出。報告的核心商品為負 6 個基點，不包括天然氣通脹也為負 6。輔助業務同比分別增加2個和3個基點； 2% 的獎勵，負 2 和負 2 個基點。後進先出法，因為我們去年有費用而本財政季度沒有費用，所以它是 14 和 14。報告的總數再次同比增長 8 個基點；和排除天然氣通脹，上升 9 個基點。

Starting with the core. Our core merchandise gross margin again was lower by 6 basis points year-over-year. In terms of core margin on their own sales, our core-on-core margin, if you will, it was lower year-over-year by 26 basis points. Most major departments in general were down, with fresh foods being down a little more than others. We're continuing to hold or drop prices where we can to drive traffic and improve our competitive advantage. Overall, core sales benefited from sales shifting from ancillary and other businesses to core.

從核心開始。我們的核心商品毛利率再次同比下降 6 個基點。就他們自己銷售的核心利潤率而言，我們的核心利潤率，如果你願意的話，它同比下降了 26 個基點。大多數主要部門總體上都處於下降狀態，新鮮食品的下降幅度略高於其他部門。我們將繼續保持或降低價格，以推動流量並提高我們的競爭優勢。總體而言，核心銷售受益於銷售從輔助業務和其他業務轉向核心業務。

Ancillary and other businesses gross margins again were higher by 2 and 3 basis points ex gas in the quarter. Gas business centers and travel were better year-over-year, offset in part by e-com and pharmacy. 2% Reward lower by 2 basis points, that's reflective of the higher sales penetration coming from our executive members. LIFO, as I mentioned, was a year-over-year variance of plus 14 basis points. We had no LIFO charge this fiscal quarter compared to a $71 million charge in Q2 last year.

本季度輔助和其他業務的毛利率再次上升 2 和 3 個基點（不包括天然氣）。天然氣商業中心和旅遊同比增長較好，部分被電子商務和藥店抵消。 2% 獎勵降低 2 個基點，這反映出我們的執行成員的銷售滲透率更高。正如我所提到的，後進先出法的同比差異為 14 個基點。與去年第二季度的 7100 萬美元費用相比，本財季我們沒有後進先出費用。

Moving on to expenses, SG&A. Our reported SG&A for the second quarter was higher year-over-year by 13 basis points. This year, it was 9.11% compared to 8.98% in the second quarter of last fiscal year.

繼續討論費用，SG&A。我們報告的第二季度 SG&A 同比增長 13 個基點。今年，這一比例為 9.11%，而上一財年第二季度為 8.98%。

Jotting down some numbers for the 2 columns, first column being reported; the second, ex gas inflation. Operations was down -- higher, I said, minus 2 basis points -- higher by 2 basis points, so minus 2 and minus 2; central, minus 9 and minus 9, so higher year-over-year in central by 9 basis points; stock compensation, minus 2 and minus 2; and then all told, that would be 13 basis points higher, both on a reported basis and ex gas inflation.

記下 2 列的一些數字，報告第一列；第二，除氣膨脹。業務下降——更高，我說，負 2 個基點——更高 2 個基點，所以負 2 和負 2；中央，負 9 和負 9，因此中央比去年同期高 9 個基點；股票補償，負2和負2；然後總而言之，這將高出 13 個基點，無論是在報告基礎上還是在排除天然氣通脹的基礎上。

The core operations component of SG&A, again, higher by 2 basis points and also higher by 2 ex inflation. This includes the wage and benefits increases implemented last March and last year's third fiscal quarter and an additional top-of-scale wage increase that went into effect July 4, which was in our fourth quarter of last year. Central, as I mentioned, was higher by 9 basis points year-over-year. About half of this increase is a charge related to a tax audit covering several prior years. Stock comp pretty much as expected, just a couple of basis points.

SG&A 的核心運營部分再次高出 2 個基點，也高出 2 個通脹率。這包括去年 3 月和去年第三個財政季度實施的工資和福利增長，以及 7 月 4 日生效的額外大規模工資增長，這是在我們去年的第四季度。正如我提到的，Central 同比上漲 9 個基點。這一增長的大約一半是與涵蓋前幾年的稅務審計相關的費用。股價基本符合預期，只有幾個基點。

Below the operating income line, interest expense was $34 million this year, $2 million lower than the $36 million figure in Q2 of last year. Interest income and other for the quarter was higher by $89 million year-over-year. This was driven by an increase in interest income due to both higher interest rates being earned and on higher cash balances. The increase in interest income was slightly offset by unfavorable FX. In terms of income taxes, our tax rate in the second quarter was 26.1%, down slightly from the 26.7% figure in Q2 last year. The effective rate for the year, excluding discrete items, continues to be projected in the 26% to 27% range. Overall, net income was up about 13%.

在營業收入線以下，今年的利息支出為 3400 萬美元，比去年第二季度的 3600 萬美元減少了 200 萬美元。本季度的利息收入和其他收入同比增加 8900 萬美元。這是由於賺取更高的利率和更高的現金餘額而導致利息收入增加。不利的外匯略微抵消了利息收入的增長。在所得稅方面，我們第二季度的稅率為 26.1%，略低於去年第二季度的 26.7%。今年的實際利率（不包括離散項目）繼續預計在 26% 至 27% 的範圍內。總體而言，淨收入增長了約 13%。

In terms of a few other items of note, warehouse expansion. In the second quarter, we opened 3 net new warehouses, 2 in the U.S. and 1 in Australia. Additionally, next week, we'll open our third warehouse in China, with our fourth and fifth China new openings scheduled to open in the fourth quarter of this fiscal year, so a total of 3 this fiscal year in China. In fiscal '23, we expect to open a total of 27 warehouses, including 3 relocations, so a net increase of 24 new warehouses. These 24 planned new openings are made up of 14 in the U.S. and 10 in Other International. The 10 in Other International includes the 3 in China, along with our first Costcos in each of New Zealand and Sweden, both of which were opened during the fiscal first quarter.

就其他幾個值得注意的項目而言，倉庫擴建。第二季度，我們淨開設了 3 個新倉庫，2 個在美國，1 個在澳大利亞。此外，下週，我們將在中國開設第三個倉庫，第四個和第五個新倉庫計劃在本財年第四季度開設，因此本財年在中國共有 3 個。在 23 財年，我們預計總共開設 27 個倉庫，包括 3 個搬遷，因此淨增加 24 個新倉庫。這 24 個計劃中的新空缺由美國的 14 個和其他國際的 10 個組成。 Other International 的 10 家包括中國的 3 家，以及我們在新西蘭和瑞典的第一家 Costco，它們都是在第一財季開業的。

Regarding capital expenditures, our second quarter fiscal '23 capital spend was approximately $900 million. Our estimate for the year remains in the range of $3.8 billion to $4.2 billion based on timing.

關於資本支出，我們第二季度的 23 財年資本支出約為 9 億美元。根據時間安排，我們對今年的估計仍然在 38 億美元至 42 億美元之間。

In terms of e-commerce, as I mentioned, e-commerce sales in Q2, FX decreased 8.7%. This weakness was driven mostly by our online mix of sales. Big-ticket discretionary departments like majors, home furnishings, small electrics, jewelry, hardware, these were down 15% in the quarter and make up 58% of our e-com sales. These same departments, by the way, were down 11% in warehouse but only make up 8% of total warehouse in-line sales.

在電子商務方面，正如我提到的，第二季度的電子商務銷售額，外匯下降了 8.7%。這種疲軟主要是由我們的在線銷售組合造成的。專業、家居、小電器、珠寶、硬件等大件非必需品部門在本季度下降了 15%，占我們電子商務銷售額的 58%。順便說一句，這些相同的部門在倉庫中下降了 11%，但僅佔倉庫在線銷售總額的 8%。

Now a few comments regarding inflation. It continues to seem to improve somewhat. Recall, back in the fourth fiscal quarter, which ended last August, our estimated year-over-year price inflation was 8% for that prior fiscal year. During Q1, the estimate on a year-over-year basis came down to 6% to 7%. In Q2, we estimate that the equivalent year-over-year inflation number has come down to 5% to 6% range and even a little lower than that towards the end of the quarter, according to the buyers. We continue to see some improvements in many items. Commodity prices are starting to fall not back to pre-COVID levels and some examples but continue to provide some relief with things like chicken, bacon, butter, steel, resin, nuts.

現在就通貨膨脹發表一些評論。它似乎繼續有所改善。回想一下，在去年 8 月結束的第四財季，我們估計上一財年的同比價格通脹為 8%。在第一季度，同比增長的估計下降到 6% 到 7%。據買家稱，在第二季度，我們估計相應的同比通脹率已降至 5% 至 6% 的範圍內，甚至略低於本季度末的水平。我們繼續看到許多項目的一些改進。大宗商品價格開始回落，並沒有回到 COVID 之前的水平和一些例子，但繼續為雞肉、培根、黃油、鋼鐵、樹脂、堅果等商品提供一些緩解。

Switching over to our inventory levels. Again, both in Q3 and Q4 fiscal year-ends in fiscal '22, on a year-over-year basis, our inventories were up 26% year-over-year. And then in our first quarter of this year, they were up 10%, so good improvement there. As of this quarter end, our inventory year-over-year as of the end of Q2 was down 2% year-over-year. Regarding the 2% drop, we were a bit over-inventoried last year as a result of supply chain challenges, causing inventory to be backed up at the ports. And talking to the buyers a year ago, their estimate of just timing of getting things across the ocean was 70-plus days. Today, it's back down to 30-ish days. And so supply chain improvement across the board and rates, of course, coming down.

切換到我們的庫存水平。同樣，在 22 財年的第三季度和第四季度財年末，我們的庫存同比增長了 26%。然後在我們今年第一季度，它們上漲了 10%，這是一個很好的進步。截至本季度末，我們截至第二季度末的庫存同比下降 2%。關於 2% 的下降，由於供應鏈的挑戰，我們去年的庫存有點過剩，導致庫存在港口積壓。一年前與買家交談時，他們估計將東西運到大洋彼岸的時間是 70 多天。今天，它又回到了 30 多天。因此，供應鏈的全面改善和利率當然會下降。

Now turning now to our February sales, the 4 weeks ended this past Sunday, February 26. As reported in our release, net sales for the month were $17.06 billion, an increase of 4.7% from $16.29 billion a year earlier in the month of February. Recall from January sales results that the Lunar New Year, Chinese New Year occurred on January 22 this year, 10 days earlier this year. The shift positively impacted February's Other International by about 2% and Total Company by about 0.25%. Additionally, February's results for both the U.S. and Total Company were negatively impacted by approximately 1%, we estimate, as a result of substantially worse weather this year over year. I believe most of that was on the traffic side rather than ticket side.

現在轉向我們 2 月份的銷售額，過去 4 週結束於上週日，即 2 月 26 日。正如我們發布的報告所述，當月淨銷售額為 170.6 億美元，比去年同期 2 月份的 162.9 億美元增長 4.7% .回顧一月份的銷售業績，農曆新年，農曆新年發生在今年的1月22日，比今年提前了10天。這一轉變對 2 月份的 Other International 產生了約 2% 的積極影響，對 Total Company 產生了約 0.25% 的積極影響。此外，我們估計，由於今年的天氣比去年同期嚴重惡化，美國和道達爾公司 2 月份的業績受到了約 1% 的負面影響。我相信其中大部分是在交通方面而不是票務方面。

Same-store sales, again in the release, on the U.S., as reported, 3.4%; ex gas, 3.5%; Canada reported, 1.2; ex gas and FX, 7.3%; Other International, 6.5% reported; ex gas and FX, plus 11.5%; Total Company, 3.5% reported; ex-gas and FX was 5.0%; in terms of e-com, minus 11.2% reported compared to a minus 10.3% without FX. That's actually an improvement from our January e-com results.

據報導，美國同店銷售額為 3.4%；除氣體，3.5%；加拿大報告，1.2；不包括天然氣和外匯，7.3%；其他國際，6.5%；不包括天然氣和外匯，加上 11.5%；公司總計，報告的 3.5%；除天然氣和外彙為 5.0%；就電子商務而言，報告為負 11.2%，而沒有外彙的報告為負 10.3%。這實際上比我們 1 月份的電子商務結果有所改善。

Our comp traffic or frequency in February was up 4.9% worldwide and 3.1% in the U.S. Foreign currencies year-over-year relative to the dollar negatively impacted total and comparable sales as follows: Canada, been impacted by 5.5 percentage points, Other International by approximately 5.7% and Total Company by approximately 1.5%. Gasoline prices were essentially flat year-over-year, ever so slightly inflationary, but essentially flat. Worldwide, the average transaction for February was down 1.3%, including the negative impact from FX that I just mentioned.

我們 2 月份的比較流量或頻率在全球範圍內增長了 4.9%，在美國增長了 3.1%。外幣相對於美元同比對總銷售額和可比銷售額產生了負面影響，具體如下：加拿大受到 5.5 個百分點的影響，其他國際受到約 5.7%，Total Company 約 1.5%。汽油價格同比基本持平，略有通脹，但基本持平。在全球範圍內，2 月份的平均交易量下降了 1.3%，包括我剛才提到的外彙的負面影響。

In terms of regional and merchandising categories, general highlights for February that we normally do in this monthly sales call. The U.S. regions with the strongest comp sales were the Midwest, the Northeast and the Southeast. In terms of Other International, in local currencies, we saw the strongest results in Spain, U.K. and Mexico. Year-over-year inflation for food and sundries and fresh foods, while still elevated, were at their lowest levels in nearly a year, with food and sundries inflation dropping to the high single digits and fresh foods to the low to mid-single digits.

就區域和商品類別而言，我們通常會在本月度銷售電話會議中進行 2 月份的一般重點介紹。美國銷售最強勁的地區是中西部、東北部和東南部。就其他國際而言，以當地貨幣計算，我們在西班牙、英國和墨西哥看到了最強勁的結果。食品雜貨和新鮮食品的同比通脹率雖然仍處於高位，但處於近一年來的最低水平，食品和雜貨通脹率降至高個位數，而新鮮食品則降至中低個位數.

Moving to merchandise highlights. The following comparable sales results by category for the month excludes the negative impact from foreign exchange. Food and sundries were positive low double digits. Cooler, food and sundries were the strongest. Fresh foods were up mid-single digits. Better-performing departments included bakery and meat. Non-foods were negative mid-single digits. Better-performing departments included tires, health and beauty aids and apparel. Majors, which were electronics and big-ticket electronics items, jewelry, housewares, domestics and small appliances and hardware were the worse performers, consistent with Q2 overall. Ancillary businesses sales were up mid-single digits. Food court, hearing aid and pharmacy were the top performers there.

轉向商品亮點。以下按類別分類的當月可比銷售結果不包括外彙的負面影響。食品和雜貨是積極的低兩位數。冷卻器、食品和雜貨是最強的。新鮮食品的價格上漲了中等個位數。表現較好的部門包括麵包店和肉類。非食品為負中個位數。表現較好的部門包括輪胎、健康和美容用品以及服裝。電子產品和高價電子產品、珠寶、家庭用品、家用電器和小家電以及硬件等專業表現較差，與第二季度的總體情況一致。輔助業務的銷售額增長了中個位數。美食廣場、助聽器和藥房是那裡表現最好的。

Finally, in terms of upcoming earnings and sales releases, we will announce our March sales results for the 5 weeks ending Sunday, April 2, on the following Wednesday, April 5, after market close.

最後，就即將發布的收益和銷售數據而言，我們將在接下來的 4 月 5 日星期三收市後公佈截至 4 月 2 日星期日的 5 週的 3 月銷售業績。

And with that, I'm happy to turn it back over to Emma for questions and answers. Thank you.

有了這個，我很高興把它轉回給 Emma 來提問和回答。謝謝。

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

（操作員說明）您今天的第一個問題來自 Simeon Gutman 與摩根士丹利的合作。

I guess, sizing up the consumer, I want to see how you view February in, I guess, the continuum of months. And then part of it, I think you said down mid-teens with some of those e-commerce categories. Is that stable? Is that worse? How do you kind of diagnose the whole consumer in the business?

我想，估計消費者，我想看看你如何看待二月，我想，幾個月的連續體。然後是其中的一部分，我想你說的是一些電子商務類別中的十幾歲。那穩定嗎？那更糟嗎？您如何診斷企業中的整個消費者？

Well, I think as we talked about even the last 12 weeks ago, in the quarterly numbers, we've seen some weakness in what I'll call big-ticket discretionary items. I'm not an economist, but I think it's a combination of the economy and concerns out there as well as particularly strong numbers that we enjoyed not only a year ago but a year prior to that with COVID that we, of course, benefited in big ways with those big-ticket items. So all those things, I think, reflect that in those numbers.

好吧，我認為正如我們在過去 12 週前談到的那樣，在季度數據中，我們已經看到我稱之為高價可自由支配項目的一些弱點。我不是經濟學家，但我認為這是經濟和擔憂的結合，以及我們不僅在一年前享受的特別強勁的數字，而且在 COVID 的前一年，我們當然從中受益那些大件物品的大方法。所以我認為，所有這些都反映在這些數字中。

There's just a couple of weeks in a couple of regions where we started to set out some seasonal things for spring and summer. So far, so good, but it's literally small data points in small parts of the country where the weather has been a little better, which is not a lot of places. But anecdotally, some comments were made on things like even some water sports items and camping equipment. But it's a small data set. So we'll cross our fingers and hope to see.

在幾個地區，我們開始為春季和夏季設置一些季節性的東西，只有幾週的時間。到目前為止，一切都很好，但它實際上是該國小部分地區的小數據點，那裡的天氣稍微好一點，這不是很多地方。但有趣的是，甚至有人對一些水上運動項目和露營設備發表了一些評論。但這是一個小數據集。所以我們祈禱吧，希望能看到。

But overall, units are generally fine. I mean there's some things still with like, on the computer side, there's weakness overall, not just with us. I think I mentioned this on the first quarter call, we're seeing decent sales in units of televisions while the average selling price points have come down. I think it's just in the next couple of weeks where the new TVs for the upcoming season are coming out.

但總的來說，單位一般都很好。我的意思是還有一些事情仍然存在，比如在計算機方面，整體上存在弱點，而不僅僅是我們。我想我在第一季度的電話會議上提到過這一點，我們看到電視機的銷量不錯，而平均售價已經下降。我認為就在接下來的幾週內，下一季的新電視就會問世。

But other than that, what we look at, of course, our average transactions or shopping frequency, it's up. Our new sign-ups are continuing to be strong, up 7% in terms of new sign-ups on less than 3% new openings. So those things bode well, but people certainly are spending their dollars where they feel they should be spending them. And so we'll see where it goes from here.

但除此之外，我們所關注的當然是我們的平均交易或購物頻率，它在上升。我們的新簽約人數繼續保持強勁勢頭，新簽約人數增長了 7%，而新開業人數不到 3%。所以這些都是好兆頭，但人們肯定會把錢花在他們認為應該花的地方。所以我們會看到它從這裡走向何方。

Okay. A follow-up on EBIT growth, I know you don't guide, but this business has averaged, I think, about high single or maybe around 10% over time. This year, it's a little below average because of some of the lapping and you are lapping some great fuel gross profit. Curious of the puts and the takes. So whatever number that you expect the EBIT dollars of this business to grow, are you confident in the levers that you have to get there?

好的。關於 EBIT 增長的後續行動，我知道你沒有指導，但我認為，隨著時間的推移，這項業務的平均增長率約為 10% 左右。今年，由於一些重疊，它略低於平均水平，並且您正在重疊一些巨大的燃料毛利潤。對 puts 和 takes 感到好奇。因此，無論您期望該業務的 EBIT 美元增長多少，您對達到目標所需的槓桿是否有信心？

Well, look, we feel good about what we're doing in driving business in the right way and growing our business. As you and others have heard forever, we're a top line company. While I can't give guidance, certainly, we and everybody who has cash benefit from earning more money on their cash right now. As we saw in this quarter, there was a $70 million improvement in year-over-year comparison of gross margin simply because of LIFO. We can't predict what's going to happen, at least the trends yesterday were that we're starting to see some improvement in inflation. To the extent that continues, we're comparing to LIFO charges in excess of $100 million and $200 million in each of Q3 and Q4. So that's something that we look at as well.

好吧，看，我們對我們在以正確的方式推動業務和發展業務方面所做的事情感到滿意。正如您和其他人一直聽說的那樣，我們是一流的公司。雖然我不能給出指導，但當然，我們和每個擁有現金的人現在都可以從他們的現金中賺取更多的錢。正如我們在本季度看到的那樣，僅由於後進先出法，毛利率同比提高了 7000 萬美元。我們無法預測會發生什麼，至少昨天的趨勢是我們開始看到通貨膨脹有所改善。在這種情況下，我們正在比較第三季度和第四季度分別超過 1 億美元和 2 億美元的 LIFO 費用。所以這也是我們關注的事情。

Gas is volatile, no pun intended, and it's been quite profitable in some quarters more than others. But we think that we've got the different levers and puts and takes, if you will, to do that. But ultimately, it's about driving sales. And certainly, we know we're getting the customer in. We're getting more of them in and they're, again, renewing at the highest rate ever. So we'll go through this as good, if not better, than others.

天然氣是不穩定的，這不是雙關語，它在某些方面比其他方面更有利可圖。但我們認為，如果你願意的話，我們有不同的槓桿和投入和投入來做到這一點。但最終，它是為了推動銷售。當然，我們知道我們正在吸引客戶。我們正在吸引更多客戶，他們再次以有史以來最高的速度續訂。因此，我們將與其他人一樣好，甚至更好地完成這件事。

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

你的下一個問題來自瑞銀的 Michael Lasser。

So Richard, last time there was an economic downturn in the United States and globally, Costco performed pretty well, was able to come positive during that time. This turnaround, it's a much bigger business, and it might exhibit more economic sensitivity. So a, is that how you're thinking about it? And b, what actions would Costco take to preserve its profitability in the event that it saw negative comps in the coming quarters?

所以理查德，上一次美國和全球經濟不景氣時，Costco 表現很好，在那段時間能夠取得積極進展。這種轉變是一項更大的業務，並且可能表現出更高的經濟敏感性。所以，你是這麼想的嗎？ b，如果 Costco 在未來幾個季度出現負收益，它將採取什麼行動來保持其盈利能力？

Well, we're going to do things that drive market share, first and foremost. We are certainly cognizant of the bottom line. And I think this quarter is a good example of that. But at the same token, we're going to do what we need to do to drive sales because long term, when we get our customer in and they buy stuff, they're going to come back and buy more stuff. And we've always done a good job of that. Again, this one is a little different, this economic downturn, with the rising interest rates and the headlines of recession and high interest rates.

好吧，我們首先要做的是推動市場份額。我們當然清楚底線。我認為本季度就是一個很好的例子。但出於同樣的原因，我們將做我們需要做的事情來推動銷售，因為從長遠來看，當我們讓我們的客戶進來並且他們購買東西時，他們會回來購買更多東西。我們在這方面一直做得很好。同樣，這次有點不同，這次經濟衰退，利率上升，經濟衰退和高利率的頭條新聞。

But that being said, I think we're fortunate in the sense that we've got a multitude, various types of businesses within our business from big ticket discretionary items to food and sundries and health and beauty aids and fresh foods, which is really driving the cart right now more so than it has in the past. So we'll continue to do what we do. I remember years ago, someone asked about if sales were slowing down, what would we do. And we said we'd drive more sales by being even hotter on prices. But generally, that's worked for us, and I see that equation continuing.

但話雖這麼說，我認為我們是幸運的，因為我們在我們的業務中擁有眾多、不同類型的業務，從大件非必需品到食品和雜貨、健康和美容用品以及新鮮食品，這真的是現在比過去更多地駕駛手推車。所以我們會繼續做我們所做的。我記得幾年前，有人問如果銷售放緩，我們該怎麼辦。我們說我們會通過提高價格來推動更多的銷售。但總的來說，這對我們有用，我看到這個等式還在繼續。

And a follow-up question is, to your point, the inflationary number that you cited are lower than what others are experiencing. So presumably, your price gaps are widening, which makes sense and you're delivering more value for your member at a time where they arguably need it. And with that being said, how does the fact that you are delivering more value to your consumer and then maybe somewhat pressured play into your mindset around whether or not you would raise your fess? I believe this spring would be the 5-year anniversary of the last time you raised your fees and you typically do it around this time.

一個後續問題是，就你的觀點而言，你引用的通貨膨脹數字低於其他人正在經歷的數字。因此，據推測，您的價格差距正在擴大，這是有道理的，並且您在會員可能需要的時候為他們提供了更多價值。話雖如此，您正在為消費者提供更多價值，然後可能會受到一定壓力這一事實如何影響您是否會提高費用的心態？我相信今年春天將是您上次提高費用的 5 週年紀念日，而且您通常會在這個時候進行。

Yes. Actually, June would be our sixth anniversary. I mentioned in the previous calls, looking at the last, I think, 3, they averaged around 5 years and 7 months, which is about now or last month. And what we said over the last few quarters is that, in our view, it's a question of when, not if. And so we'll let you know. But keep in mind, that's one way that we become even more competitive. We take those monies and directly become even more competitive.

是的。實際上，六月將是我們的六週年紀念日。我在之前的電話中提到過，看最後一次，我認為，3，他們平均大約 5 年零 7 個月，大約是現在或上個月。我們在過去幾個季度所說的是，在我們看來，這是一個時間問題，而不是是否會發生。所以我們會讓你知道。但請記住，這是我們變得更具競爭力的一種方式。我們拿了這些錢，直接變得更具競爭力。

I might add though, our locations do weekly comp shops of 100 to 150 key items, all directly competitive items, and then a variety of other against our direct competitors and other limited comp shops against other forms of traditional retail where the gap of competitiveness is much greater. But at the end of the day, our relative level of competitiveness, in our view, is as strong as it's ever been. And we do that weekly in locations. And every 4-week, monthly 2-day budget meeting, each of the regional operations' senior executives get up and show those numbers. And you can rest assure we're going to continue to do that.

不過，我可能會補充說，我們的地點每週都會有 100 到 150 個關鍵商品的競爭商店，所有直接競爭的商品，然後是各種其他與我們的直接競爭對手和其他有限競爭商店與其他形式的傳統零售的競爭差距大得多。但歸根結底，在我們看來，我們的相對競爭力水平與以往一樣強大。我們每週都會在不同地點這樣做。每 4 週、每月 2 天的預算會議，每個區域運營的高級管理人員都會站起來展示這些數字。您可以放心，我們將繼續這樣做。

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

你的下一個問題來自摩根大通的 Christopher Horvers。

So following up on the first question, I guess, relative to the last time that you spoke to us, do you think the consumers deteriorated at all? Anything that you're seeing on what they're buying, how price sensitive, private label, income demographic? What are your observations around the rate of change for the consumer?

因此，關於第一個問題，我想，相對於您上次與我們交談時，您認為消費者是否有所惡化？你在他們購買的東西上看到的任何東西，價格敏感度，自有品牌，收入人群？您對消費者的變化率有何看法？

Not terribly different than a quarter ago or probably in David's January sales recording. So again, it all centers around big-ticket discretionary. And we look at that and we look at how it compared to a year ago and then 2 years ago. We had so much strength there not only with COVID and people buying big-ticket stuff, now the economy and the interest rates, so that's to be expected. Again, we kind of go phew, our strength in food and sundries and fresh foods and health and beauty aids and things like that help to counter some of that.

與一個季度前或大衛 1 月份的銷售記錄相比並無太大不同。再說一次，這一切都圍繞著大筆的自由裁量權。我們看看它，看看它與一年前和 2 年前相比如何。我們在那裡擁有如此強大的實力，不僅是因為 COVID 和人們購買高價商品，現在還有經濟和利率，所以這是可以預料的。再一次，我們有點喘不過氣來，我們在食品、雜貨、新鮮食品、健康和美容用品等方面的優勢有助於抵消其中的一些影響。

One interesting comment that I think I haven't made in the past, we've been asked that during this concern about inflation and people trading down, have we seen any delta in the sales penetration of our own Kirkland Signature items. And of course, my first comment is that's a trade up or a trade equal, not a trade down. But at the end of the day, we have seen actually, in the last few months, a bigger delta than normal.

一個有趣的評論，我認為我過去沒有做過，我們被問到在對通貨膨脹和人們交易下降的擔憂中，我們是否看到我們自己的 Kirkland Signature 產品的銷售滲透率有任何變化。當然，我的第一條評論是，這是向上交易或平等交易，而不是向下交易。但歸根結底，在過去幾個月中，我們實際上看到了比正常情況下更大的增量。

I'd say over the last 10 years, we see 0.5% or a little less than 0.5% a year of increased penetration. For this quarter year-over-year, we're seen a little over 1.5 percentage point increase in sales penetration on the food side, foods being anything packaged or dry or wet, you name it. And so we have seen a little bit of an increase in that. I guess that's consistent with the concession that most people are looking to save money. And of course, if it's our brand, that's great. That creates loyalty.

我想說在過去 10 年中，我們看到滲透率每年增加 0.5% 或略低於 0.5%。本季度與去年同期相比，我們看到食品方面的銷售滲透率增長了 1.5 個百分點多一點，食品可以是任何包裝的、幹的或濕的，隨便你怎麼說。所以我們看到了一點點的增加。我想這與大多數人希望省錢的讓步是一致的。當然，如果這是我們的品牌，那就太好了。這創造了忠誠度。

Yes. And then on the pricing/LIFO point, last quarter, you talked about like we could have a LIFO benefit and that could be a source of funds in terms of investing in price. So a two-part question, if prices stayed here today, would we essentially get back the LIFO headwinds that you had a year ago as we think about going forward?

是的。然後在定價/後進先出點上，上個季度，你談到我們可以有後進先出的好處，這可能是價格投資方面的資金來源。所以一個由兩部分組成的問題，如果今天價格保持在這裡，我們是否會在我們考慮前進時基本上恢復一年前你遇到的後進先出逆風？

And then the second question is, you mentioned your price gaps are as good as they've ever been but, at the same time, there was some change in consumer. So should we think about that LIFO as a source of funds to further invest in price?

然後第二個問題是，你提到你的價格差距和以往一樣好，但與此同時，消費者也發生了一些變化。那麼我們是否應該將後進先出法視為進一步投資於價格的資金來源？

I was looking at it more not as a source of funds but more as -- look, to the extent that, and this is just using this as an example, if there was no LIFO charge plus or minus in Q3 and Q4, on a year-over-year comparison, you have, on a pretax basis, $130 million positive delta and a $223 million positive delta. Those are nice numbers to have a positive delta. So from a standpoint of looking at the earlier question about are we cognizant of earnings growth, if you will, or reported earnings per share, part of that plays into that, that gives us a little bit of cushion there as does gasoline from time to time, as does, first and foremost, stronger sales. So all those things play into that.

我更多的不是把它看作是一種資金來源，而是更多地——看，在某種程度上，這只是以此為例，如果第三季度和第四季度沒有後進先出費用加減，在與去年同期相比，在稅前基礎上，您有 1.3 億美元的正增量和 2.23 億美元的正增量。這些是具有正增量的好數字。因此，從前面的問題來看，我們是否認識到盈利增長，如果你願意，或者報告的每股收益，其中一部分起到了作用，這給了我們一點緩衝，就像汽油不時做的那樣時間，首先也是最重要的是，更強勁的銷售。所以所有這些事情都發揮了作用。

I think generally speaking, we're still going to do what's right, in our view, to drive sales. That's what we want to do, first and foremost. And to the extent that, that example occur in Q3 and Q4, that gives us a little room to do that without even thinking about it.

我認為總的來說，我們仍然會做我們認為正確的事情來推動銷售。這就是我們首先要做的。在某種程度上，這個例子發生在第三季度和第四季度，這給了我們一點空間來做到這一點，甚至不需要考慮它。

And then just from the accounting perspective, should we automatically get that back if prices stay at these levels on the lap?

然後從會計的角度來看，如果價格保持在這些水平，我們是否應該自動取回？

If the lapping stays at 0, yes, there would be no new charge, so it would be comparing to a charge last year. To the extent that, yes, prices were to go down relative to a year ago, you'd actually have a LIFO credit, which would be even a bigger year-over-year delta.

如果研磨保持在 0，是的，不會有新的收費，所以它會與去年的收費進行比較。在某種程度上，是的，價格相對於一年前下降，你實際上有一個 LIFO 信用，這將是一個更大的同比增量。

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

你的下一個問題來自 Chuck Grom 和 Gordon Haskett 的對話。

Richard, just curious if you could talk about the gas business from a competitive standpoint and how that's changed bigger picture over the years and then, more recently, how gas balance have trended.

理查德，只是好奇你是否可以從競爭的角度談論天然氣業務，以及這些年來它是如何改變大局的，然後是最近，天然氣平衡的趨勢如何。

Yes. Gas has been a relative blessing as well. It's a profitable business. It is volatilely profitable. Sometimes it's more. And sometimes, it's less. But overall, it's a profitable business. It's given us an additional competitive advantage of getting people in the door, if you will. I think it was this last summer into early fall where I've given some numbers where our gallon sales increases in the U.S. were up in the mid- to high teens compared to darn near flat for the U.S. population as a whole. I announced yesterday on that, and I think that 15-plus percent delta of us versus the U.S. population is still about 10 percentage points. And so we are still taking market share, if you will, and getting people in the parking lot.

是的。天然氣也是一種相對的祝福。這是一項有利可圖的業務。它的利潤波動很大。有時更多。有時，它更少。但總的來說，這是一項有利可圖的業務。如果你願意的話，它給了我們一個額外的競爭優勢，讓人們進來。我想是去年夏天到初秋，我給出了一些數字，我們在美國的加侖銷量增長了中高十幾歲，而整個美國人口幾乎持平。我昨天宣布了這一點，我認為我們與美國人口的 15% 以上的差異仍然約為 10 個百分點。因此，如果您願意的話，我們仍在搶占市場份額，並讓人們進入停車場。

And in terms of value, we look at a value compared to average value across our locations where we do comp shops, in some cases, every day in many locations. This year, to date, I'm looking at single-digit number, we feel that we saved a member $0.37. That's an improvement. Over the last 5 years, it's gone from the mid-20s to the mid-30s.

就價值而言，我們會查看與我們開設商店的地點的平均價值相比的價值，在某些情況下，每天都會在許多地點進行。今年，到目前為止，我正在查看個位數，我們覺得我們為會員節省了 0.37 美元。這是一個進步。在過去的 5 年裡，它從 20 多歲變成了 30 多歲。

Okay. That's helpful context. And then just on the inflation, just as prices have started to come down and as you've invested in price, too, curious what you've seen from a demand perspective and how you're measuring the success of some of those price actions that you appear to be taking?

好的。這是有用的上下文。然後就是通貨膨脹，就像價格開始下降一樣，當你也投資價格時，很好奇你從需求的角度看到了什麼，以及你如何衡量其中一些價格行為的成功你似乎正在服用？

Well, it's an art, not a science. We'll look at high-velocity items where we can make a big difference, pass on some items. On some things, I mean this is just anecdotal because it was from our last budget meeting, with shipping costs coming dramatically down, on a 25- and 50-pound bags of jasmine rice, we've seen a big uptick in sales because that's an item that really skyrocketed because it's per pound, based on the size of the bag, it was a heavy freight cost. And so as that comes down, we see that going.

好吧，這是一門藝術，而不是一門科學。我們將研究我們可以產生重大影響的高速項目，傳遞一些項目。在某些事情上，我的意思是這只是軼事，因為這是我們上次預算會議的結果，隨著運輸成本大幅下降，一袋 25 磅和 50 磅的茉莉香米，我們看到銷量大幅上升，因為那是一個真正飆升的項目，因為它是每磅，根據袋子的大小，這是一筆沉重的運費。因此，隨著這種情況的發生，我們看到了這種情況。

I think we're doing more with our suppliers, changing things around with the MVM. Part of that's based on allocation issues of what we have. But overall, no, we're firm believer of if you improve the value by lowering the price, you're going to drive more sales.

我認為我們正在與供應商合作，通過 MVM 改變現狀。其中一部分是基於我們所擁有的分配問題。但總的來說，不，我們堅信，如果你通過降低價格來提高價值，你將推動更多的銷售。

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

你的下一個問題來自 Scot Ciccarelli 與 Truist Securities 的合作。

So you guys, like many others, have seen a shift away from a bunch of discretionary categories, probably stronger sales strength in the consumable category. But gross margins are actually pretty stable. So I guess the question is, should we start to expect more gross margin pressure on a go-forward basis if we were to kind of see that mix shift continue to lean towards kind of food and consumables?

所以你們，像許多其他人一樣，已經看到了從一堆可自由支配的類別中轉移，可能是消耗品類別中更強大的銷售實力。但毛利率實際上相當穩定。所以我想問題是，如果我們看到混合轉變繼續傾向於某種食品和消費品，我們是否應該開始預期未來會有更多的毛利率壓力？

Frankly, the delta between those various categories are not as extreme as they used to be. And in fact, in things like fresh foods and food and sundries, some of the weaker categories -- not weaker, but lower-margin categories -- are things like big-ticket discretionary items. We make a smaller percentage, more dollars per unit, of course, but a smaller percentage on big-ticket electronics. And so that impacts more the gross margin dollars than the percentages there.

坦率地說，這些不同類別之間的差異並不像過去那樣極端。事實上，在新鮮食品、食品和雜貨等產品中，一些較弱的類別——不是較弱，而是利潤率較低的類別——是大件非必需品。當然，我們賺的百分比更小，每單位美元更多，但大件電子產品的百分比更小。因此，這對毛利率的影響大於那裡的百分比。

If anything, if you go do a little homework on what the cost of processing and selling a rotisserie chicken, our $4.99 price, which we maintain, is an investment in low prices to drive membership, to drive the sales in a big way. So there are some things that we do, notwithstanding huge inflation. And even though some of the costs have come down a little bit, relatively speaking, we want those wow items in there as well.

如果有的話，如果你做一些關於加工和銷售烤雞的成本的功課，我們維持的 4.99 美元的價格是對低價的投資，以推動會員，大幅推動銷售。因此，儘管存在巨大的通貨膨脹，我們還是會做一些事情。儘管一些成本已經下降了一點，但相對而言，我們也想要那些令人驚嘆的物品。

Got it. And then one follow-up here, you guys have obviously done a couple of onetime dividends over the years, but that was always in a really low interest rate environment. And as you guys just reported with your net interest income, you can actually generate some real returns on your cash now. So I guess the question is, does the higher risk-free interest rate environment actually discourage you from returning that capital through future dividends?

知道了。然後這裡的一個後續行動，你們這些年來顯然做了幾次一次性股息，但那總是在一個非常低的利率環境中。正如你們剛剛報告的淨利息收入一樣，你們現在實際上可以從現金中獲得一些實際回報。所以我想問題是，更高的無風險利率環境真的會阻止你通過未來的股息返還這些資本嗎？

Well, it helps a little right now. So that's good news. I don't think it changes our view that the special dividend, which we've done over the last 10.5 years, I think, it's still an arrow in our quiver. And at some point, it's something you might see again. But I'm not trying to be cute, it's kind of like the membership question, we'll let you know when we do it.

嗯，現在有點幫助。所以這是個好消息。我認為這不會改變我們的觀點，即我們在過去 10.5 年中所做的特別股息，我認為，它仍然是我們箭袋中的一支箭。在某個時候，您可能會再次看到它。但我並不是想裝可愛，這有點像會員資格問題，我們會在處理時通知您。

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

你的下一個問題來自瑞士信貸的 Karen Short。

So Richard, you made a comment that you're particularly cognizant of the bottom line. I think it was your exact commentary. So I'm wondering if you can triangulate that with what you think net or pretax margin numbers should look like on a go-forward basis but also triangulate that with the fact that you also commented that you're looking to invest in price to gain share in various categories.

所以理查德，你發表評論說你特別了解底線。我認為這是你的確切評論。所以我想知道你是否可以用你認為的淨利潤率或稅前利潤率數字在未來的基礎上進行三角測量，但也可以用你還評論說你正在尋求投資價格來獲得收益的事實進行三角測量分享到各個類別。

Sure. Well, I think on the latter comment, we're looking to use price to gain share, we're continuing to do that. It's not like we're going to go do more or less. I mean that's what we do for a living. What I was trying to say in the comment, that being we're particularly cognizant to the bottom line, we are a public for-profit company, and our shareholders want to know what we're doing. There have been times, for those of you that have followed us for many years, when we might take a bigger hit on some expense in a given quarter. I think, in fact, many years ago, it was the rotisserie chicken example that we, frankly, I think, have more levers today to adjust things, which helps us.

當然。好吧，我認為關於後一條評論，我們正在尋求利用價格來獲得份額，我們將繼續這樣做。這不像我們要去做更多或更少的事情。我的意思是這就是我們謀生的方式。我在評論中想說的是，由於我們特別了解底線，我們是一家營利性上市公司，我們的股東想知道我們在做什麼。對於那些關注我們多年的人來說，有時我們可能會在某個季度的某些費用上受到更大的打擊。我認為，事實上，很多年前，就是烤雞的例子，坦率地說，我認為，我們今天有更多的槓桿來調整事情，這對我們有幫助。

But we're not going to get away from those 2 things, driving the top line and being cognizant that we're also a public company trying to earn money for our shareholders. But we're going to prioritize driving sales because that will benefit all the other things on the income statement.

但我們不會擺脫這兩件事，推動收入增長，並意識到我們也是一家試圖為股東賺錢的上市公司。但我們將優先考慮推動銷售，因為這將使損益表上的所有其他內容受益。

Okay. And then just on inventory, just obviously, inventory down meaningfully, but any thoughts on how to think about inventory going forward relative to sales given that it was down 2.5%? And I'm not sure how much of that was gas or fuel related, so maybe if you can parse out that relative to ex fuel commentary.

好的。然後就庫存而言，很明顯，庫存顯著下降，但考慮到庫存下降了 2.5%，關於如何考慮庫存相對於銷售額的未來有什麼想法嗎？而且我不確定其中有多少是與天然氣或燃料相關的，所以也許你可以解析出與前燃料評論相關的內容。

Yes. By the way, gasoline inventory is very small relative to everything else. And it turns darn near daily. But a lot of the improvement or reduction in inventory year-over-year was all the stuff backed up with the supply chain challenges and the port challenges a year ago. So we feel we're in good inventory shape. The flow is much better. There's always going to be anecdotal examples of stuff, we have a little too much of something or a little too less, but we feel pretty good right now about our inventory levels even by category.

是的。順便說一句，相對於其他所有東西，汽油庫存非常少。它幾乎每天都變得該死。但是，庫存的同比改善或減少有很大一部分是一年前供應鏈挑戰和港口挑戰所支持的。所以我們覺得我們的庫存狀況良好。流量好多了。總會有軼事的例子，我們有太多或太少的東西，但我們現在對我們的庫存水平感覺非常好，即使是按類別。

There's a few categories, a little over a few categories under, but nothing like when we were 26% up and had a lot of, what I'll call, in-transit stuff literally on those pictures that you saw on the news, of the ports, on the ships. And so that's improved a lot.

有幾個類別，稍微超過幾個類別，但沒有像我們上漲 26% 並且有很多，我稱之為，你在新聞中看到的那些圖片上的運輸中的東西，港口，在船上。所以這已經有了很大的改善。

Your next question comes from the line of Oliver Chen with TD Cowen.

你的下一個問題來自 Oliver Chen 與 TD Cowen 的對話。

It's Tom on for Oliver. On digital, can you guys add some color as to how comps are expected to trend in the near term just given the easing compares in the back half of the year? And additionally, what opportunities lie ahead in terms of digital business from an engagement point of view?

湯姆替奧利弗上場。在數字方面，鑑於今年下半年的寬鬆比較，你們能否添加一些顏色來說明 comps 在短期內的趨勢如何？此外，從參與的角度來看，數字業務方面有哪些機會？

Well, we don't project where we're going. But I was glad at least that February, while negative, was a little better than January. We've got additional marketing activities that we've got going on there. We did hire just 5 months ago a new Head of Digital that is in the process of doing a lot of things. So there'll be more to report over the next several quarters. In my view, there's a lot of opportunities and low hanging fruit to do that.

好吧，我們不會預測我們要去的地方。但我很高興至少 2 月雖然消極，但比 1 月好一點。我們在那裡進行了額外的營銷活動。就在 5 個月前，我們確實聘請了一位新的數字主管，他正在做很多事情。所以在接下來的幾個季度會有更多的報告。在我看來，這樣做有很多機會和容易實現的成果。

The biggest thing, the challenge that we've had, just looking at our current numbers, was that we've been so successful over the last 2 years. Not only did COVID drive huge business on big-ticket things for home, be it furniture, electronics, televisions, you name it, computers, and also the acquisition a couple of years ago or 3 years ago of what's now called Costco Logistics, those 2 things drove that business in such a big way. We recognize that's part of it. But we're not hanging our hat on that, we want to grow the sales.

最大的事情，我們所面臨的挑戰，只要看看我們目前的數字，就是我們在過去兩年中非常成功。 COVID 不僅推動了家庭大件商品的巨大業務，無論是家具、電子產品、電視，還是計算機，以及幾年前或 3 年前對現在所謂的 Costco Logistics 的收購，那些有兩件事極大地推動了這項業務。我們認識到這是其中的一部分。但我們並沒有掛在嘴邊，我們想要增加銷售額。

Great. And as a follow-up on the executive memberships, with the higher penetration there, could you just talk about how those members behave relatively, and additionally, the effects on the business from that higher penetration?

偉大的。作為高管會員的後續行動，那裡的滲透率更高，您能否談談這些成員的相對行為，以及更高滲透率對業務的影響？

Well, they're more loyal, they spend more and they come more frequently. It's only good stuff. So look, at the end of the day, if we can get somebody to, in the U.S. as an example, spend $120 instead of $60 at the current rates, and with that, they get the 2% Reward with some other benefits on certain consequential transactions, that definitely drives loyalty and drive frequency. And so the executive member spends more and shops more. And then if we get them also to get the co-branded Citi Visa card, it's even better than that. So all those things work, in our view, in a positive direction.

好吧，他們更忠誠，他們花更多錢，而且他們來得更頻繁。這只是好東西。所以看，在一天結束時，如果我們能讓某人以美國為例，按照當前的費率花費 120 美元而不是 60 美元，那麼他們將獲得 2% 的獎勵以及某些其他福利相應的交易，這肯定會提高忠誠度和驅動頻率。因此，行政會員消費更多，購物更多。然後，如果我們讓他們也獲得聯名的 Citi Visa 卡，那就更好了。因此，在我們看來，所有這些事情都在朝著積極的方向發展。

And so we like the fact that the executive membership penetration helped. We've said in the last couple of years, we brought it into a few other smaller countries. You need a core base of 15 or so locations to do it. And so we've provided it in other locations as well. But we're still seeing increased penetration in the U.S. of that. We do a better job, by the way, when somebody new comes in to sign up, getting them to sign up, we do a better job of explaining the benefits of an executive membership than we did years ago as well.

因此，我們喜歡這樣一個事實，即高管會員滲透率有所幫助。我們說過，在過去的幾年裡，我們把它帶到了其他幾個較小的國家。你需要一個有 15 個左右位置的核心基地才能做到這一點。所以我們也在其他地方提供了它。但我們仍然看到它在美國的滲透率有所提高。順便說一句，我們做得更好，當有新人進來註冊，讓他們註冊時，我們也比幾年前更好地解釋了執行會員的好處。

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

你的下一個問題來自 Kelly Bania 和 BMO 的專線。

I'm going to venture to ask a margin question here. The core-on-core has been down for about 8 quarters in a row, I believe. I was just wondering if you could help us understand the thought process in managing the core margin in that way? And I guess, particularly given your comment that some of the low-margin categories like big ticket are under a little bit more pressure, so maybe even a little bit more surprising, is it just the way that other mix is shaking out? Is this intentionally? Are you reinvesting any of the maybe gas windfall that we've had over the past several quarters? Are you investing that back into the store? Maybe just help us understand the thought process in this core-on-core decline here.

我要冒險在這裡問一個保證金問題。我相信核心核心已經連續 8 個季度下降。我只是想知道您是否可以幫助我們理解以這種方式管理核心利潤率的思維過程？而且我想，特別是考慮到您的評論，即一些低利潤類別（例如大票）承受的壓力更大一些，所以甚至可能更令人驚訝，這只是其他組合正在擺脫困境的方式嗎？這是故意的嗎？您是否正在對過去幾個季度我們可能獲得的天然氣意外收益進行再投資？您是否將其投資回商店？也許只是幫助我們理解這裡核心對核心下降的思維過程。

Yes. I think the biggest component of the answer to that question is our fresh margins have been the biggest piece of that coming down. And looking at it, our fresh margin in Q2 compared to Q2 3 years ago, pre-COVID, we're still up about 50, 60 basis points. Now we were up a lot more than that because of all the things that COVID did. It drove tremendous sales growth in those areas, which created less spoilage, which is a proponent of cost of sales in fresh foods, and labor productivity in places like the bakery and the meat department. And so it was, if you will, outsized improvement. We're still better than we were pre-COVID. And we've maintained the sales.

是的。我認為這個問題答案的最大組成部分是我們的新利潤率是下降的最大部分。看看它，我們在第二季度的新利潤率與 3 年前的第二季度相比，在 COVID 之前，我們仍然上升了大約 50、60 個基點。現在，由於 COVID 所做的所有事情，我們的漲幅遠不止於此。它推動了這些領域的巨大銷售增長，從而減少了腐敗，這是新鮮食品銷售成本的支持者，以及麵包店和肉類部門等地方的勞動生產率。所以，如果你願意的話，它是巨大的改進。我們仍然比 COVID 之前要好。我們保持了銷售。

These are not real numbers, I don't have them in front of me, but let's make them up and say that fresh pre-COVID was going up 8% or 10% a year, 8% a year or whatever it was, and then we enjoyed a couple of years of 20-plus percent, I believe. And now we're still doing fine with sales growth, not up to 8% or 10%, but nonetheless, it's still a positive. And so we've kept all those outsized gains. But we've also, of late, not just the last month or 2 but over the last several months, have invested in pricing. And certainly, fresh helps drive that. And I gave the example of the rotisserie chicken, but that goes through lots of areas of fresh foods where that's one of the key categories that people come in to shop for.

這些不是真實的數字，我面前沒有這些數字，但讓我們編造一下，說新的 COVID 之前每年增長 8% 或 10%，每年 8% 或其他什麼，並且然後我們享受了幾年 20% 以上的收益，我相信。現在我們的銷售增長仍然很好，沒有達到 8% 或 10%，但仍然是積極的。因此，我們保留了所有這些巨大的收益。但最近，我們不僅在過去一兩個月，而且在過去幾個月裡，都在定價方面進行了投資。當然，新鮮有助於推動這一點。我舉了烤雞的例子，但它涉及許多新鮮食品領域，這是人們購買的主要類別之一。

And are you thinking of managing that in a way to get back to kind of pre-COVID levels? Or would you let that run a little above for some period of time?

您是否正在考慮以某種方式進行管理以恢復到 COVID 之前的水平？或者你會讓它運行一段時間嗎？

I don't think we're smart enough to know how to manage all these things. There's so many different components of what is the gross margin from the different core departments to the ancillary businesses, to gas, to LIFO now. So it really is fluid. And we do manage it, but it's managing it in an organized, chaotic way sometimes, too, as things change every day. I think we do a great job of doing it.

我認為我們不夠聰明，不知道如何管理所有這些事情。從不同的核心部門到輔助業務，到天然氣，再到現在的後進先出法，毛利率有很多不同的組成部分。所以它真的是流動的。我們確實在管理它，但隨著事情每天都在變化，它有時也會以一種有組織的、混亂的方式來管理它。我認為我們在這方面做得很好。

No, agreed. Agreed. Just, I guess, following up on the LIFO as it relates to the margin, you gave out some of the numbers in terms of the dollars in the last couple of quarters. In order of magnitude, would those kind of offset some of the gas margin tailwinds? Is that the way to think about it? Or would the GAAP margin tailwind be bigger or smaller than those LIFO charges?

不，同意。同意。只是，我想，跟進與保證金相關的後進先出法，你在過去幾個季度給出了一些以美元計算的數字。在數量級上，這些會抵消一些氣體保證金的順風嗎？是這樣想的嗎？或者 GAAP 保證金順風會大於還是小於那些 LIFO 費用？

Sometimes, in a given month even, it can be bigger or smaller, honestly. I mean gas fluctuates quite a bit. But good try on asking.

有時，甚至在給定的一個月內，老實說，它可能會變大或變小。我的意思是氣體波動很大。但很好嘗試問。

Your next question comes from the line of Greg Melich with Evercore.

你的下一個問題來自 Evercore 的 Greg Melich。

A couple of questions. One, I hate to go back to the membership fee, but it just seems right. The $120 executive price point, now that that's, what, 43% of members and 70-some percent of sales, does the fact that that's where the bulk of the sales are coming from change the thought process in terms of how you might do the timing of the membership?

幾個問題。第一，我討厭退回會員費，但這似乎是對的。 120 美元的執行價格點，現在是什麼，43% 的會員和 70% 的銷售額，事實上大部分銷售額來自哪裡，改變了你如何做的思維過程入會時間？

No. Not at all.

一點都不。

Not at all. Great. And then second is on items in basket, trying to figure out how as comps slow, and I imagine you're still getting that wage inflation, SG&A doesn't delever more, why is that? If traffic's still growing and we have inflation, is it just because items per basket are down? Or how do we think about managing the SG&A dollar growth in this not deflationary but disinflationary environment?

一點也不。偉大的。然後第二個是關於籃子裡的項目，試圖弄清楚 comps 是如何變慢的，我想你仍然會看到工資膨脹，SG&A 不會去槓桿化，這是為什麼呢？如果流量仍在增長並且出現通貨膨脹，是否僅僅是因為每個籃子的商品數量減少了？或者我們如何考慮在這種不是通縮而是反通貨膨脹的環境中管理 SG&A 美元的增長？

Yes, units are still up. And frankly, price inflation offsets it a little bit, it helps offset it a little bit, and I think the focus on trying to keep figuring out how to do things more efficiently. One of the things that, again, that we do religiously every 4 weeks at the budget meeting is the operators are talking about certain focus items, whether it's improving overtime hours or things we've done to automate something, physically improve the flow of goods in a warehouse. We've done a pretty good job of that.

是的，單位還在增加。坦率地說，價格上漲抵消了一點，它幫助抵消了一點，我認為重點是努力弄清楚如何更有效地做事。同樣，我們每 4 週在預算會議上虔誠地做的一件事是，運營商正在談論某些重點項目，無論是改善加班時間還是我們為自動化某些事情所做的事情，物理上改善貨物流動在一個倉庫裡。我們在這方面做得很好。

And we've done that notwithstanding to off-season wage increases this year, 3 off-season wage increases, if you go back, I think, over the last 15 months. So our leverage there and a very slight deleverage is pretty impressive given that labor benefits is our single biggest expense category. So it's productivity. And I think we've continued to do a good job with that.

儘管今年淡季加薪，但我認為過去 15 個月內，如果你回顧一下，我們已經完成了 3 次淡季加薪。因此，鑑於勞工福利是我們最大的支出類別，我們在那裡的槓桿作用和非常輕微的去槓桿化非常令人印象深刻。所以這是生產力。我認為我們在這方面繼續做得很好。

And just so I'm getting the math right on the comp, if the comp is running 6 and inflation is running 6, but traffic is up 3, then items in basket would be down 3?

只是為了讓我在 comp 上得到正確的數學計算，如果 comp 運行 6 並且通貨膨脹運行 6，但流量增加 3，那麼籃子中的項目將減少 3？

It's mix. Yes, it's mix.

是混音。是的，它是混合的。

It's 100% ASP. Got it. All right. That great. Good luck.

它是 100% ASP。知道了。好的。那很棒。祝你好運。

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 John Heinbockel。

Richard, I want to start with I know you guys have begun doing a lot more data analytic work, and you talked about maybe investing in price. Have you done much work on price elasticity by category or item? And you think in the context of non-foods is where there is softness, right, it's not consumables. What can you do mid-course correction there, right, on nonfood? Is there elasticity where you can drive some share early in season by making targeted investments in those categories?

理查德，我想首先說，我知道你們已經開始做更多的數據分析工作，而且你們談到了可能投資於價格。您對按類別或項目劃分的價格彈性做了很多研究嗎？而且你認為在非食品的範圍內就是有柔軟的地方，對，它不是消耗品。您可以在那裡對非食品進行哪些中途修正？您是否可以通過對這些類別進行有針對性的投資來在季節初期增加一些份額？

Well, I think there are, and we do. We don't analyze, frankly, the price elasticity on a historical basis other than we know what works in the past and we keep doing it more. It's pretty straightforward. But we're not doing A/B tests or test let's take this price delta in this region, down x or up only y; in a different region, see which one works better. We're pretty singularly focused on if we lower the price, we'll do more sales.

好吧，我認為有，我們也有。坦率地說，我們不分析歷史基礎上的價格彈性，除非我們知道什麼在過去行得通並且我們一直在做更多。這很簡單。但是我們不是在做 A/B 測試，或者讓我們在這個地區做這個價格增量測試，下降 x 或只上升 y；在不同的地區，看看哪個效果更好。我們非常專注於如果我們降低價格，我們會做更多的銷售。

All right. And then to follow up on that, right, so again, you think about nonfood, you said maybe nonfood is going to be a little weaker. And it's not all nonfood, right, it's certain categories. Have you dialed back inventory? Do you want to get product -- you get it in early anyway. I'm not sure you can get in any earlier. What do you do, if anything, I guess, inventory would be the biggest thing?

好的。然後繼續跟進，對，所以你再次考慮非食品，你說非食品可能會變弱一些。而且不全是非食品，對，是某些類別。你撥回庫存了嗎？你想得到產品嗎——無論如何你要早點得到它。我不確定你能不能早點進去。你做什麼，如果有的話，我猜，庫存將是最大的事情？

Well, first and foremost, is being in stock, and to the extent that we bring in a few things early. I think the anecdotal comment I mentioned about water sports and camping, we brought that a little earlier because we had some room. And there's parts of the country, there's no sense bringing in some of that stuff early given the weather right now. But at the end of the day, I think we've always done a pretty good job of that as well.

好吧，首先也是最重要的是有存貨，而且我們會儘早引進一些東西。我認為我提到的關於水上運動和露營的軼事評論，我們提早一點，因為我們有一些空間。在這個國家的部分地區，考慮到現在的天氣，提前把這些東西運進來是沒有意義的。但歸根結底，我認為我們在這方面也一直做得很好。

The big thing is working with the suppliers. Using electronics as an example, these are anecdotal stories, but while sales were very strong for 2 years during COVID and supply chain challenges were still there, there was virtually no promotional things. There's now more promotional. Our buyers are out there making sure that we're getting every promotional penny that's out there and being on top of that with our suppliers. That's part of what we do. But that's been more of a focus. Yes, we focus on the categories that are growing. Examples would be like HABA and apparel, which are very strong for us right now. Part of apparel's strength is getting more well-known stuff in.

重要的是與供應商合作。以電子產品為例，這些都是軼事，但雖然在 COVID 期間銷售強勁了 2 年，供應鏈挑戰仍然存在，但幾乎沒有促銷活動。現在有更多的促銷活動。我們的買家在那裡確保我們得到每一筆促銷費用，並與我們的供應商保持一致。這是我們所做工作的一部分。但這更像是一個焦點。是的，我們專注於正在增長的類別。例如 HABA 和服裝，它們現在對我們來說非常強大。服裝的部分優勢在於吸收了更多知名商品。

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

你的下一個問題來自花旗銀行的 Paul Lejuez。

This is Brandon Cheatham on for Paul. I want to go back to your comments on wider price gaps. It sounds like you're managing the business just kind of how you always have. But your price gaps are wider than they ever have been. So I'm just wondering like how has your competitors' behavior changed? Are there certain categories that they're not responding to? Or are they responding slower than they have in the past?

這是 Paul 的 Brandon Cheatham。我想回到你對更大價格差距的評論。聽起來您正在像往常一樣管理業務。但是你們的價格差距比以往任何時候都大。所以我只是想知道你的競爭對手的行為是如何改變的？是否有某些類別他們沒有回應？還是他們的反應比過去慢了？

Well, I think I said that they're as wide as they've ever been. I don't know if they've gotten wider. But we feel very good about where they are. And this is against direct competitors or other large boxes on certain categories, recognizing when it's a traditional retailer, there's a much bigger price gap to start with.

好吧，我想我說過它們和以往一樣寬。不知道是不是變寬了。但我們對他們所在的位置感到非常滿意。這是針對某些類別的直接競爭對手或其他大型盒子，認識到當它是傳統零售商時，開始時存在更大的價格差距。

And I'll remind you also, despite the fact that we and another warehouse club essentially sell the same types of items, we want to make sure that on exact like-branded items, we're better priced. So on those $100 million, $150 million, that's where we look at that. They're the most competitive, whether it's Coke and Pepsi or Advil or Tide detergent or key items that everybody knows the price of or is that same item. There are plenty of items that are differing in quantity, quality, size, color, you name it, where we feel that, in some cases, we have a better value. But that's up to the customer to behold that. And so we just keep doing what we're doing. We're focusing on those competitive items and constantly figuring out how to drive more value in any item we do.

我還要提醒您，儘管我們和另一個倉庫俱樂部基本上銷售相同類型的商品，但我們希望確保在完全相同品牌的商品上，我們的價格更優惠。因此，在這 1 億美元、1.5 億美元上，這就是我們關注的地方。它們是最具競爭力的，無論是可口可樂和百事可樂，還是 Advil 或 Tide 洗滌劑，還是每個人都知道價格的關鍵商品，或者是同一商品。有很多商品在數量、質量、尺寸、顏色等方面存在差異，我們認為在某些情況下，我們具有更好的價值。但這取決於客戶。所以我們只是繼續做我們正在做的事情。我們專注於那些有競爭力的項目，並不斷弄清楚如何在我們所做的任何項目中創造更多價值。

How do we, especially private label, but how do we upsize the pack while improving the price per unit within the pack? Even when there was big inflation, if there was a 10% increase, inflationary cost increase in something, how do we get the vendor to eat a little of it, will eat a little of it? Needless to say that still the majority of that increase is going to be in the price, but how do we also, beyond that, from a manufacturing standpoint and a packaging standpoint, how do we lower the price by a few extra percentage points by figuring out how to get x percent more cell units on a pallet by changing the configuration of the pack size. We focus more on that than anybody I know because we're taking our $230 billion or $240 billion in sales and dividing it by 3,800 items. So we have many items that are $50 million, $100 million, $300 million, $500 million items. And when we can do that, we think that we do a good job of that.

我們如何，尤其是自有品牌，但我們如何在提高包裝內單位價格的同時擴大包裝？即使有很大的通貨膨脹，如果有 10% 的增長，通貨膨脹成本增加了一些東西，我們如何讓供應商吃一點，會吃一點嗎？毋庸置疑，大部分漲幅仍將體現在價格上，但除此之外，從製造和包裝的角度來看，我們如何通過計算將價格再降低幾個百分點了解如何通過更改包裝尺寸的配置在托盤上增加 x% 的電池單元。我們比我認識的任何人都更關注這一點，因為我們將 2300 億美元或 2400 億美元的銷售額除以 3,800 項。所以我們有很多項目是 5000 萬美元、1 億美元、3 億美元、5 億美元的項目。當我們能夠做到這一點時，我們認為我們做得很好。

So that's to say, I mean, you think that you've got maybe a little bit of a cost advantage over your competitors, so they're not able to quite match you when you make moves like this.

所以這就是說，我的意思是，你認為你可能比你的競爭對手有一點成本優勢，所以當你採取這樣的行動時，他們無法完全匹配你。

I'm sorry, what was that?

對不起，那是什麼？

You have a cost advantage, a little bit of a cost advantage, compared to your competitors. When you take prices down, they can't quite match you. And so that's why you're able to get your price gaps as wide as they have been?

與你的競爭對手相比，你有成本優勢，一點點成本優勢。當您降低價格時，它們就無法與您相提並論。所以這就是為什麼你能夠讓你的價格差距盡可能大？

Well, I think it's our model versus other models. We respect and have very formidable competitors, whether it's other warehouse clubs or big box discounters or supermarkets. And we're all doing what we can do to maximize our own respective model. So I think certainly, when we make some price changes to things, we see our competitors act to them in some cases and not in others. I think the fact that we have fewer items and we're out there every week, I know that our merchants, when they see those comp shops, I'm making this up, that there's 100 items, and we're the same on 50 and lower on 45 and higher on 5, those 5 better be changed this week.

好吧，我認為這是我們的模型與其他模型的對比。我們尊重並擁有非常強大的競爭對手，無論是其他倉庫俱樂部還是大型折扣店或超市。我們都在盡我們所能來最大化我們各自的模型。所以我認為當然，當我們對事物進行一些價格調整時，我們會看到我們的競爭對手在某些情況下採取行動，而在其他情況下則不會。我認為我們的商品較少而且我們每週都在那裡，我知道我們的商家，當他們看到那些商店時，我正在編造，有 100 件商品，我們在50 和 45 更低，5 更高，這 5 最好在本週更改。

And so I know we're on top of it. I can't speak to our competitors, but I assume they are also. But we have a model, a cost structure, that allows us to mark up our goods, on average, in the low teens compared to traditional retailers in the mid-20s to 100. So we have a little room there.

所以我知道我們已經掌握了它。我無法與我們的競爭對手交談，但我想他們也是。但是我們有一個模型，一個成本結構，與傳統零售商在 20 多歲到 100 歲之間相比，平均而言，我們可以在十幾歲以下標記我們的商品。所以我們在那裡有一點空間。

Got it. Sam's Club recently announced that they've changed course and start opening doors. I'm wondering, does that impact you at all on your opening plans? Would you locate in the same place even if you knew they'd be opening nearby? Or would that preclude you from the area?

知道了。 Sam's Club 最近宣布他們改變了路線並開始開門營業。我想知道，這對您的開業計劃有影響嗎？即使您知道他們會在附近開業，您還會選擇在同一個地方嗎？或者這會阻止您進入該地區嗎？

No, we're going to open where we want to open certainly whether it's an existing open location or something that we're aware of based on what's going on in the real estate activity out there, which we all know what everybody is doing in advance in a way. And so does it impact us? It may impact us in some examples, whether it's Sam's or somebody else, to push this one more soon. And look, I was going to say, when you asked about them announcing they're going to open more doors, I think they said they're going to open up about 30 over the next 5 or so years, 5 or 6 years. They apparently didn't get the memo that they should close some more. I'm just kidding. Look, we respect them as a competitor, and we don't see that changing what we do. I think it bodes well, though, that there's plenty of capacity still in this country, of course, other countries, even more so.

不，我們肯定會在我們想開放的地方開放，無論是現有的開放地點還是我們根據那裡的房地產活動正在發生的事情知道的東西，我們都知道每個人都在做什麼以某種方式前進。那麼它對我們有影響嗎？在某些示例中，無論是 Sam 還是其他人，它可能會影響我們盡快推出這個示例。看，我要說的是，當你問及他們宣布要開更多門時，我想他們說他們將在未來 5 年左右，5 年或 6 年內開設大約 30 家。他們顯然沒有得到應該關閉更多的備忘錄。我只是在開玩笑。看，我們尊重他們作為競爭對手，我們認為這不會改變我們的工作。不過，我認為這是個好兆頭，這個國家還有很多產能，當然，其他國家甚至更多。

Your last question today comes from the line of Scott Mushkin with R5 Capital.

你今天的最後一個問題來自 R5 Capital 的 Scott Mushkin。

I have tons. But I guess the first thing I wanted to ask a little bit, you gave the regional sales kind of which regions were better. I mean, obviously, there's been a lot of layoffs in tech, and you have a huge business out in California. Are you seeing that business underperform relative to just over a couple of month period? That's my first one.

我有噸。但我想我想問的第一件事是，你給出了哪些區域更好的區域銷售類型。我的意思是，很明顯，科技行業裁員很多，而你在加州有大量業務。您是否看到該業務相對於短短幾個月的時間表現不佳？那是我的第一個。

Not really. My guy is here looking at the numbers, and they're saying not really. One of the things that Josh mentioned is, well, we have 400 locations. 400-plus of our 550-ish location in the U.S. have gas, that's even a bigger percentage in California, and higher volume gas units. And with gas inflation coming down dramatically year-over-year, that's partly why they're not the best performers. If you took that out, there's not a whole big difference out there.

並不真地。我的人在這裡看數字，他們說不是真的。喬什提到的一件事是，我們有 400 個地點。我們在美國的 550 多個地點中有 400 多個有天然氣，在加利福尼亞州這一比例甚至更大，而且天然氣單位數量更多。隨著天然氣通脹逐年大幅下降，這也是他們不是表現最好的部分原因。如果你把它去掉，那裡並沒有太大的區別。

And just curious, and maybe this is a silly question, what happens with that gas business, especially in California, with the push to EVs?

只是好奇，也許這是一個愚蠢的問題，隨著電動汽車的發展，天然氣業務會發生什麼，尤其是在加利福尼亞州？

It's a long road ahead. We only have 11 carwashes. So we have plenty of room for carwashes 30 years from now. But at the end of the day, we think it's a very long road. It's not happening in the next few years. And the fact that we're still taking such market share relative to U.S. gas gallons in general is a positive. So I think it's a question that we can defer for 5 or 10 years, frankly.

前面的路還很長。我們只有 11 個洗車場。所以我們在 30 年後有足夠的洗車空間。但歸根結底，我們認為這是一條很長的路。這不會在未來幾年內發生。事實上，相對於美國汽油加侖，我們仍然佔據這樣的市場份額這一事實是積極的。因此，坦率地說，我認為這是一個我們可以推遲 5 年或 10 年的問題。

Yes, tell this to the California guy. My last question, I know this call has gone long, just wondering about a little bit long term the initiatives. You had a big push into fresh several years ago. It's obviously worked out really well. We had the credit card. We had the big push in the big ticket. Is there anything on the horizon like that, that will change the business a little bit and maybe grow it a little faster?

是的，把這個告訴加州人。我的最後一個問題是，我知道這個電話已經進行了很長時間，只是想知道這些舉措的長期性。幾年前，你大力推動新鮮食品。顯然效果非常好。我們有信用卡。我們大力推動了大票。地平線上有沒有這樣的東西，它會改變業務一點點，也許會增長得更快一點？

Well, international, in general, there's plenty of opportunities. If you look at some of the foreign countries, as a percent of sales, they are more profitable than the U.S. So those things, that creates more opportunity. I don't see anything big right now coming on vertical integration. Might we do another poultry activity at some point, but that's still a few years down the road to even consider. We did a second meat plant outside of Chicago for the Midwest and East Coast just a couple of years ago. We're expanding our bakery commissary. So there's nothing, another couple of hundred million dollar plus projects going on like that.

好吧，國際化，總的來說，有很多機會。如果你看一些外國，就銷售額的百分比而言，它們比美國更有利可圖，所以這些東西創造了更多的機會。我現在看不到垂直整合有什麼大的進展。我們可能會在某個時候再做一次家禽活動，但這還需要幾年的時間才能考慮。幾年前，我們在芝加哥以外的中西部和東海岸開設了第二家肉類加工廠。我們正在擴大我們的麵包店小賣部。所以什麼都沒有，另外還有幾億美元的項目正在這樣進行。

I think another area that I think bodes well for us in terms of competitiveness and continuing to work on getting prices down is working with suppliers, certain things that we currently ship from the U.S., elsewhere, or air freight in the case of produce elsewhere, there's plenty of activity going on what I'll call the hot house side, could you grow more vegetables. But that's all good in concept, but it takes time to figure out. And there's plenty of people trying to figure it out, and so we're waiting for that.

我認為另一個我認為在競爭力和繼續努力降低價格方面對我們來說是個好兆頭的領域是與供應商合作，我們目前從美國和其他地方運送的某些東西，或者在其他地方生產的空運，我稱之為溫室的地方有很多活動，你能種更多的蔬菜嗎？但這在概念上都很好，但需要時間來弄清楚。有很多人試圖解決這個問題，所以我們正在等待。

The other thing I think I gave an example a few years ago, of something as simple as cashews. Historically, they're all grown and washed and prepped for roasting in Eastern Africa, shipped to America for roasting, quality roasting, packaging and then shipped out to the 13 or 14 countries. Today, those that are ultimately sold in Korea, Taiwan, Japan, Australia and China, are now shipped to Vietnam to a quality roaster supplier of ours. They grew over time with us. And we dramatically lowered the cost on that portion of a huge amount of dollars, and then using that to do what we normally do, take 80% or 90% of that savings and lower the price even further in those countries.

另一件事我想我幾年前舉了一個例子，像腰果這樣簡單的東西。從歷史上看，它們都是在東非種植、清洗和準備烘烤，然後運往美國進行烘烤、優質烘烤、包裝，然後運往 13 或 14 個國家。今天，那些最終銷往韓國、台灣、日本、澳大利亞和中國的產品現在被運往越南，交給我們的優質烘焙機供應商。隨著時間的推移，他們與我們一起成長。我們大幅降低了這部分巨額美元的成本，然後用它來做我們通常做的事情，節省 80% 或 90% 的費用，並在這些國家進一步降低價格。

There's plenty of opportunities. Now we're now talking with big suppliers of these hundred- and multi-hundred-million dollar items that we buy, whether it's paper goods, plastic items, things like that, which of these items could be produced overseas, particularly on the Asia side, rather than having to produce them here and ship them there. There's a lower cost of production and as long as we can maintain that quality. And so I think there's going to be lots of little opportunities that become, in total, a good opportunity for us.

有很多機會。現在我們正在與我們購買的這些價值數億美元的商品的大供應商交談，無論是紙製品、塑料製品還是類似的東西，其中哪些可以在海外生產，尤其是在亞洲邊，而不是必須在這裡生產並運送到那裡。只要我們能保持這種質量，生產成本就會降低。所以我認為會有很多小機會，總的來說，對我們來說是一個很好的機會。

Well, thank you, everyone. We're around. I'm sure we'll be talking to a few of you today and tomorrow and early next week. Have a good afternoon or evening.

嗯，謝謝大家。我們在附近。我相信我們今天、明天和下周初會與你們中的一些人交談。祝你下午好或晚上好。

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

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。