好市多 (COST) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

My name is Abby, and I'll be your conference operator today.

我叫艾比 (Abby)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Costco Wholesale Corporation Fiscal second quarter 2025 earnings conference call.

現在，我歡迎大家參加 Costco Wholesale Corporation 2025 財年第二季財報電話會議。

(Operator Instructions)

（操作員指令）

And I would now like to turn the conference over to Gary Millerchip, Chief Financial Officer.

現在，我想將會議交給財務長 Gary Millerchip。

You may begin.

你可以開始了。

Good afternoon, everyone, and thank you for joining Costco's second quarter 2025 earnings call.

大家下午好，感謝您參加 Costco 2025 年第二季財報電話會議。

In addition to covering our second quarter financial results today, we will also review our February sales results.

除了今天介紹第二季的財務業績之外，我們還將回顧二月的銷售業績。

I'd like to start by reminding you that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

首先我想提醒您，這些討論將包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements.

這些聲明涉及風險和不確定性，可能導致實際事件、結果和/或表現與這些聲明所示的存在重大差異。

The risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

這些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美國證券交易委員會提交的公開聲明和報告中不時發現的其他風險。

Forward-looking statements speak only as of the date they are made, and the company does not undertake to update these statements, except as required by law.

前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則本公司不承諾更新這些陳述。

Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with GAAP.

可比銷售額和不包括汽油價格和外匯變化影響的可比銷售額旨在作為補充信息，不能替代按照 GAAP 呈現的淨銷售額。

Before we dive into the numbers, I'm delighted to say that Ron Vachris is joining me for today's call.

在我們深入討論這些數字之前，我很高興地說，Ron Vachris 將參加我的今天的電話會議。

I'll now hand over to Ron for some opening comments.

現在我將把時間交給羅恩來發表一些開場評論。

Thank you, Gary, and good afternoon, everyone.

謝謝你，加里，大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

As we wrap up the second quarter of fiscal 2025, I'd like to make a few brief comments on some of the highlights since we last spoke.

在我們結束 2025 財年第二季之際，我想就我們上次談話以來的一些亮點做幾點簡短的評論。

While we only opened one new warehouse in the second quarter of fiscal '25, we have big plans for the rest of the fiscal year.

雖然我們只在 25 財年第二季開設了一個新倉庫，但我們對本財年的剩餘時間有宏偉的計劃。

Tomorrow, we will open up in Brentwood, California, followed by an opening in Highlands, California the following day, and four additional US openings next week, including our Sharon, Massachusetts opening on March 12, which will be our 620th US warehouse and the 900th Costco location worldwide.

明天，我們將在加州布倫特伍德開業，第二天將在加州高地開業，下週還將在美國再開業四家，包括 3 月 12 日在馬薩諸塞州沙倫開業，這將是我們在美國的第 620 家倉庫和全球第 900 家 Costco 門市。

We're projecting 28 new openings during fiscal year '25, of which three will be relocations for 25 net new buildings.

我們預計 25 財年將有 28 家新店開業，其中 3 家為搬遷店，將淨增 25 棟新樓。

In addition to adding warehouses to serve our members, we also extended our gas station hours in North America during the quarter to make filling up at Costco more convenient for our members.

除了增加倉庫為我們的會員提供服務外，我們還在本季度延長了北美加油站的營業時間，以便我們的會員更方便地在 Costco 加油。

Generally, our stations are now staying open an hour later than they did previously, with some opening earlier as well.

我們的車站現在一般都比以前開放時間晚一個小時，有些車站的開放時間也提早了。

Our updated employee agreement took effect this week in the US and Canada.

我們更新的員工協議本週在美國和加拿大生效。

This agreement reflects our continued commitment to provide industry-leading pay and benefits for our employees.

該協議體現了我們持續致力於為員工提供業界領先的薪酬和福利。

Highlights from the new agreement include an immediate $1 hour top-of-scale increase, followed by an additional $1 top-of-scale increase on March of 2026 and again in March of 2027.

新協議的亮點包括立即將工資上限增加 1 美元/小時，隨後在 2026 年 3 月和 2027 年 3 月再增加 1 美元/小時。

The top-of-scale wage for US service clerks is now $31.90 an hour.

目前美國服務生的最高工資為每小時31.90美元。

Additionally, on March 3, our bottom of the scale wage increased by $0.50 an hour, taking our minimum wage to $20 an hour.

此外，3 月 3 日，我們的最低工資每小時增加 0.50 美元，最低工資達到每小時 20 美元。

The average wage for the US and Canada employees is now a little more than $31 an hour, including hourly employee bonuses, with the majority of our employees at the top scale based on tenure.

現在美國和加拿大員工的平均薪資略高於每小時 31 美元，其中包括員工時薪，而且我們大多數員工的薪資都處於按任職年限計算的最高水平。

Paid vacations for new employees is now offered during the first year of employment, and a sixth week of vacation is available to US.

現在，新員工在工作的第一年都可以享受帶薪假期，美國員工可以享受第六週的假期。

employees after 30 years of service.

服務 30 年後的員工。

Our operations and merchandising teams did a fantastic job in the quarter, delivering strong operating results despite the uncertain macro environment.

我們的營運和銷售團隊在本季表現出色，儘管宏觀環境不確定，但仍取得了強勁的營運業績。

In particular, our Canada and Other International business had an outstanding quarter, delivering record results on a constant currency basis, although reported results outside the US were negatively impacted by foreign exchange fluctuations year-over-year.

特別是，我們的加拿大和其他國際業務在本季度表現出色，按固定匯率計算取得了創紀錄的業績，儘管美國以外的報告業績受到外匯波動的負面影響。

As we look ahead to the remainder of this fiscal year, headwinds from foreign exchange look likely to continue.

展望本財年剩餘時間，外匯方面的不利因素似乎仍將持續。

Given events over the last week, it is difficult to predict the impact of tariffs, but our team remains agile and our goal will be to minimize the impact of related cost increases to our members.

鑑於上週發生的事件，很難預測關稅的影響，但我們的團隊仍保持敏捷，我們的目標是盡量減少相關成本增加對我們成員的影響。

About 1/3 of our sales in the US are imported from other countries, and less than half of those are items coming from China, Mexico, and Canada.

我們在美國銷售的產品中約有三分之一是從其他國家進口的，其中不到一半來自中國、墨西哥和加拿大。

In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices.

在不確定的時期，我們的會員歷來更加重視優質商品的價值和優惠的價格。

And our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships, and innovation.

我們的團隊將利用我們的全球購買力、強大的供應商關係和創新能力來繼續應對這項挑戰。

With that said, I'll turn it back over to Gary to discuss the results of the quarter and February sales.

話雖如此，我將把話題轉回給 Gary，討論本季和二月的銷售業績。

I'll jump back on during Q&A to field some questions.

我將在問答環節期間再次回答一些問題。

Thanks, Ron.

謝謝，羅恩。

In today's press release, we reported operating results for the second quarter of fiscal 2025, the 12 weeks ended February 16.

在今天的新聞稿中，我們報告了截至 2 月 16 日的 12 週的 2025 財年第二季的營運表現。

We have once again published a slide deck on our investor site under Events and Presentations with supplemental information to support today's press release.

我們再次在投資者網站的「活動和演示」下發布了幻燈片，其中包含支持今天的新聞稿的補充資訊。

You might find it helpful to have this presentation in front of you as I walk through our results.

當我介紹我們的結果時，您可能會發現將此簡報放在您面前很有幫助。

Net income for the second quarter came in at $1.788 billion or $4.02 per diluted share, up from $1.743 billion or $3.92 per diluted share in the second quarter last year.

第二季淨利為 17.88 億美元，即每股攤薄收益 4.02 美元，高於去年同期的 17.43 億美元或每股攤薄收益 3.92 美元。

Last year's results included a tax benefit of $94 million or $0.21 per diluted share related to the tax deductibility of the special dividend paid to 401(k) participants.

去年的業績包括與支付給 401（k）計劃參與者的特別股息的稅收減免相關的 9,400 萬美元或每股 0.21 美元的稅收優惠。

Excluding this discrete tax item, net income and earnings per diluted share both grew 8.4%.

除去這項單獨的稅項，淨收入和每股稀釋收益均成長了 8.4%。

A couple of additional data points that may be helpful relative to our reported net income.

與我們報告的淨收入相比，下面幾個額外的數據點可能會有幫助。

Operating income in the quarter increased 12.3% compared to last year.

本季營業收入較去年同期成長12.3%。

This was partially offset by a $70 million year-over-year headwind in interest and other, and I'll share more detail on these items a little later.

這被同比 7,000 萬美元的利息和其他方面的不利影響部分抵消，稍後我將分享有關這些項目的更多詳細資訊。

And foreign exchange rate movements negatively impacted the translation of international net income to US dollars by $57 million or $0.13 per diluted share.

外匯匯率變動對國際淨收入轉換為美元產生了負面影響，影響金額為 5,700 萬美元，即每股攤薄收益 0.13 美元。

Net sales for the second quarter were $62.53 billion, an increase of 9.1% from $57.33 billion in the second quarter last year.

第二季淨銷售額為 625.3 億美元，較去年第二季的 573.3 億美元成長 9.1%。

US comparable sales were up 8.3% or 8.6% excluding gas deflation.

美國同店銷售額成長 8.3%（若剔除天然氣減量因素則成長 8.6%）。

Canada comp sales were up 4.6% or 10.5% adjusted for gas deflation and FX.

加拿大同店銷售額上漲 4.6%，經天然氣緊縮和外匯調整後上漲 10.5%。

Other International comp sales were up 1.7% or 10.3% adjusted.

其他國際同店銷售額上漲 1.7%（調整後為 10.3%）。

And this all led to total company comp sales of 6.8% or 9.1% adjusted for gas deflation and FX.

這一切導致公司總銷售額成長 6.8%，經汽油通貨緊縮和外匯調整後成長 9.1%。

Finally, e-commerce comp sales were up 20.9% or 22.2% adjusted for FX.

最後，電子商務同店銷售額上漲 20.9%，經外匯調整後上漲 22.2%。

I

我

n terms of Q2 comp sales metrics, foreign currencies relative to the US dollar negatively impacted sales by approximately 2.1%, while gas price deflation negatively impacted sales by approximately 0.1%.

從第二季可比較銷售額指標來看，相對於美元的外幣匯率對銷售額產生了約 2.1% 的負面影響，而汽油價格通貨緊縮對銷售額產生了約 0.1% 的負面影響。

Traffic or shopping frequency increased 5.7% worldwide and 5.6% in the US.

全球流量或購物頻率增加了 5.7%，美國增加了 5.6%。

Our average transaction or ticket was up 1% worldwide and up 2.6% in the U.S. This includes the headwinds from gas deflation and FX.

我們的平均交易額或單筆金額在全球範圍內上漲了 1%，在美國上漲了 2.6%。

Adjusted for those items, ticket would have been up 3.2% worldwide and up 2.8% in the U.S.

經過這些項目調整後，全球票價將上漲 3.2%，美國票價將上漲 2.8%。

Moving down the income statement to membership fee income.

將損益表下移至會員費收入。

We reported membership fee income of $1.193 billion, an increase of $82 million or 7.4% year-over-year.

我們報告會員費收入為 11.93 億美元，比去年同期增加 8,200 萬美元，增幅為 7.4%。

Membership fee income growth was 9.4%, excluding FX.

會員費收入成長 9.4%（不含外匯）。

The recent membership fee increase contributed approximately 3% of fee income in the quarter.

近期會員費的上漲為本季費用收入貢獻了約3%。

Due to the effects of deferred accounting, the majority of the benefit from the membership fee increase will come over the next four fiscal quarters, with the largest impact in Q4 fiscal year 2025 and Q1 fiscal year 2026.

由於遞延會計的影響，會員費增加帶來的大部分好處將在未來四個財政季度內體現，其中影響最大的是 2025 財年第四季和 2026 財年第一季。

In terms of renewal rates, at Q2 end, our U.S. and Canada renewal rate was 93%.

就續約率而言，截至第二季末，我們的美國和加拿大續約率為 93%。

The worldwide rate came in at 90.5%.

全球範圍內的接種率達到了 90.5%。

As cohorts of new members move in and out of this calculation, there could be 1 or 2/10 of volatility in the reported number quarter-to-quarter.

隨著新成員群體不斷加入或退出這項計算，報告的數字可能會在季度間出現 1/10 或 2/10 的波動。

The biggest impacts come from digital promotions and Asia warehouse openings, both of which generate outsized membership sign-ups but also have lower renewal rates.

最大的影響來自於數位促銷和亞洲倉庫開業，這兩項活動都帶來了大量的會員註冊，但同時也降低了會員續約率。

We ended Q2 with 78.4 million paid household members, up 6.8% versus last year and 140.6 million cardholders, up 6.6% year-over-year.

截至第二季度，我們擁有 7,840 萬付費家庭成員，比去年增長 6.8%，擁有 1.406 億持卡人，比去年增長 6.6%。

At Q2 end, we had 36.9 million paid Executive Memberships, up 9.1% versus last year.

截至第二季末，我們擁有 3,690 萬付費高階主管會員，比去年成長 9.1%。

Executive Members now represent 47.1% of paid members and 73.8% of worldwide sales.

高級會員現佔付費會員的 47.1% 和全球銷售額的 73.8%。

Turning to gross margin.

轉向毛利率。

Our reported rate in the second quarter was higher year-over-year by 5 basis points, coming at 10.85% compared to 10.8% last year and up 4 basis points excluding gas deflation.

我們報告的第二季通膨率年增了 5 個基點，達到 10.85%，而去年同期為 10.8%，若不包括天然氣通貨緊縮則上升了 4 個基點。

To simplify the gross margin matrix provided in our slide deck, starting this quarter, we have incorporated 2% Reward as part of the business area which generated the reward.

為了簡化我們幻燈片中提供的毛利率矩陣，從本季開始，我們將 2% 的獎勵作為產生獎勵的業務領域的一部分。

This is split between core and ancillary and other businesses.

它分為核心業務、輔助業務和其他業務。

Core was higher by 5 basis points and higher by 4 basis points without gas deflation.

核心利率上漲 5 個基點，若不考慮天然氣緊縮，核心利率上漲 4 個基點。

In terms of core margins on their own sales, our core on core margins were lower by 8 basis points.

就其自身銷售的核心利潤率而言，我們的核心利潤率下降了 8 個基點。

This decline was due to investments in supply chain to support higher inventory and some mix changes in our nonfood categories.

這一下降是由於對供應鏈的投資以支持更高的庫存以及非食品類別的一些組合變化。

Ancillary and other businesses gross margin was higher by 1 basis point and flat without gas deflation.

輔助及其他業務毛利率上升了 1 個基點，且在不考慮天然氣減排的情況下持平。

E-commerce, again, showed considerable strength year-over-year but this was offset by lower gas profitability.

電子商務再次表現出同比強勁增長，但這被天然氣盈利能力的下降所抵消。

LIFO was lower by 1 basis point and flat without gas deflation.

LIFO 下降了 1 個基點，且在沒有天然氣緊縮的情況下持平。

We had a $12 million LIFO credit in Q2 this year compared to a $14 million credit in Q2 last year.

我們今年第二季的後進先出 (LIFO) 信貸為 1,200 萬美元，而去年第二季的信貸為 1,400 萬美元。

Moving on to SG&A.

繼續討論銷售、一般及行政費用。

Our reported SG&A rate in the second quarter was lower or better year-over-year by 8 basis points, coming in at 9.06% compared to last year's 9.14%.

我們報告的第二季銷售、一般及行政開支率為 9.06%，較去年同期的 9.14% 下降或改善了 8 個基點。

SG&A was lower or better by 9 basis points adjusted for gas deflation.

經天然氣緊縮調整後，銷售、一般及行政開支下降或改善了 9 個基點。

The operations component of SG&A was lower or better by 7 basis points and 8 basis points without gas deflation.

銷售、一般及行政開支的營運部分下降或改善了 7 個基點，在沒有天然氣緊縮的情況下下降了 8 個基點。

Higher labor productivity and great cost discipline by our operators drove this improvement.

我們的操作員更高的勞動生產力和嚴格的成本控制推動了這項改進。

Central and stock compensation were flat, both with and without gas deflation, and preopening was lower or better by 1 basis point, both with and without gas deflation, driven by fewer new warehouse openings in the quarter this year.

無論是否考慮天然氣通貨緊縮，中心薪酬和庫存薪酬均持平；無論是否考慮天然氣通縮，開業前薪酬均下降或好轉 1 個基點，這是由於今年本季度新開設倉庫數量減少所致。

As Rob mentioned earlier, our net employee agreement went into effect earlier this week.

正如 Rob 之前提到的，我們的淨員工協議已在本週稍早生效。

While there was no impact in Q2, we estimate that this will create a headwind to SG&A of 13 basis points from March 3.

雖然第二季沒有影響，但我們估計，這將從 3 月 3 日起對銷售、一般及行政開支造成 13 個基點的阻力。

However, we will also lap a smaller increase from the same point in the prior year, so the net year-over-year basis point headwind from this wage investment is expected to be mid-single digits.

但是，與去年同期相比，我們的增幅也會較小，因此預計這項薪資投資的淨同比基點阻力將達到中等個位數。

Below the operating income line, interest expense was $36 million versus $41 million last year, and interest income was $109 million versus $147 million last year.

在營業收入線以下，利息支出為 3,600 萬美元，而去年為 4,100 萬美元；利息收入為 1.09 億美元，而去年為 1.47 億美元。

As indicated on last quarter's call, interest income faced headwinds due to lower cash balances subsequent to our $6.7 billion special dividend in January 2024 and lower interest rates.

正如上個季度的電話會議所指出的，由於 2024 年 1 月我們派發 67 億美元特別股息後現金餘額減少以及利率下降，利息收入面臨阻力。

While we expect interest rates will continue to be a year-over-year headwind for the remainder of the fiscal year, we have now lapped the lower year-over-year cash balances following the special dividend.

雖然我們預計在本財年剩餘時間內利率將繼續成為同比阻力，但在特別股息之後，我們已經彌補了同比現金餘額較低的問題。

FX and other was a $33 million gain in Q2 this year versus a $69 million gain last year.

今年第二季度，外匯及其他業務收益為 3,300 萬美元，而去年同期為 6,900 萬美元。

In terms of income taxes, our tax rate in Q2 was 26.2% compared to 22.1% in Q2 last year.

在所得稅方面，我們第二季的稅率為 26.2%，而去年第二季為 22.1%。

Recall, last year's rate benefited from a $94 million discrete item related to the tax deductibility of the special dividend paid to 401(k) participants.

回想一下，去年的稅率受益於一項 9,400 萬美元的單獨項目，該項目與支付給 401（k）計劃參與者的特別股息的稅收減免有關。

Adjusted for this benefit, the tax rate for fiscal year 2024 Q2 would have been 26.3%.

經過這項福利調整後，2024 財年第二季的稅率將為 26.3%。

Turning now to some key items of note in the quarter.

現在來談談本季值得注意的一些關鍵事項。

Capital expenditure in Q2 was approximately $1.14 billion, and we estimate CapEx for the full year will be approximately $5 billion.

第二季的資本支出約為 11.4 億美元，我們預計全年資本支出約為 50 億美元。

Taking a deeper look into core merchandising sales, our nonfoods category led the way this quarter with comparable sales in the mid-teens.

深入研究核心商品銷售情況，本季我們的非食品類商品處於領先地位，可比銷售額達到十五六成。

Our buyers continue to bring in new and exciting items at great values.

我們的買家繼續以極高的價格帶來新穎且令人興奮的商品。

This included big-ticket consumer electronics products such as 98-inch and 100-inch TVs, stern pinball machines, and gaming computers, all of which performed very well during the holiday season.

其中包括 98 吋和 100 吋電視、史特恩彈珠台和遊戲電腦等高價消費性電子產品，這些產品在假日季的表現都非常出色。

For the quarter overall, gold and jewelry, gift cards, toys, housewares, appliances, sporting goods, home furnishings, and small electrics were all up double digits.

就本季整體而言，黃金及珠寶、禮品卡、玩具、家庭用品、家用電器、體育用品、家居裝飾和小型電器的銷量均實現了兩位數的增長。

Fresh in Q2 was up high single digits.

第二季的新鮮度成長了個位數。

This was led by double-digit growth in meat where we continue to see a shift toward lower-cost proteins such as ground beef and poultry.

其中，肉類消費量呈現兩位數成長，我們持續看到消費者轉向消費成本較低的蛋白質，如牛肉碎和家禽碎。

Bakery and produce also performed well this quarter.

本季烘焙和農產品表現也良好。

Food and sundries had low to mid-single-digit comps with and international foods showing the strongest results.

食品和雜貨的銷售額與上年同期相比處於低至個位數的中段，其中國際食品的業績最為強勁。

We continue to look for ways to increase the value for our members, both with national brand items and our private label offerings.

我們將繼續尋找方法來增加會員的價值，既包括國家品牌產品，也包括我們的自有品牌產品。

Our goal is always to be the first to lower prices where we see opportunities to do so and the last to increase prices in the face of rising costs.

我們的目標始終是，在看到機會時率先降低價格，在成本上升時最後提高價格。

A few examples of lower prices this quarter include KS Refined Olive Oil Single 3-liter from $29.99 to $27.99, KS Organic Peanut Butter from $11.49 to $9.99, and KS Tortilla Strips from $5.69 to $4.99. Another way we have been able to lower prices is by continuing to expand the local sourcing of our bulky private label items across the globe.

本季價格較低的幾個例子包括 KS 精製橄欖油單瓶 3 公升從 29.99 美元降至 27.99 美元，KS 有機花生醬從 11.49 美元降至 9.99 美元，KS 玉米餅條從 5.69 美元降至 4.99 美元。我們能夠降低價格的另一種方法是繼續擴大我們在全球範圍內的大宗自有品牌產品的本地採購。

In Q2, we introduced a KS purified water SKU for the China market that is produced in-country.

第二季度，我們針對中國市場推出了在國內生產的KS純淨水SKU。

By moving production into the region, we were able to bring member savings of greater than 20% versus the prior branded water offering.

透過將生產轉移到該地區，與先前的品牌水產品相比，我們能夠為會員節省 20% 以上的費用。

Our merchants also continue to drive innovation with Kirkland Signature.

我們的商家也持續與 Kirkland Signature 合作推動創新。

Most notably this quarter, we worked with a new supplier to rework our Kirkland Signature diapers.

本季最值得注意的是，我們與一家新供應商合作重新生產我們的 Kirkland Signature 尿布。

Improvements versus the prior offering include a longer and thicker absorbent layer, softer outer cover and 2 times more stretch in the waistband.

與先前的產品相比，其改進包括更長更厚的吸收層、更柔軟的外罩和 2 倍的腰帶拉伸。

As well as improving the quality of this item, we were able to increase the value by 11%.20.2

除了提高該產品的品質之外，我們還將其價值提高了 11%。

Other new KS offerings this quarter include KS French Fries, KS Vodka and Soda and new KS Lager.

本季 KS 推出的其他新產品包括 KS 炸薯條、KS 伏特加和蘇打水以及新 KS 拉格啤酒。

Kirkland Signature continues to grow at a faster pace than our business as a whole.

Kirkland Signature 的成長速度一直快於我們整體業務的成長速度。

Within ancillary businesses, pharmacy and food core departments led the way.

在輔助業務中，藥品和食品核心部門處於領先地位。

In the food court, we have introduced a new strawberry banana smoothie and are excited to announce the fan favorite turkey provolone sandwich is making a return in Q3.

在美食廣場，我們推出了新的草莓香蕉冰沙，並很高興地宣布，粉絲們最喜歡的火雞波羅伏洛乾酪三明治將在第三季度回歸。

Gas comps were negative low single digits during the quarter, driven by the average price per gallon being down slightly.

由於每加侖平均價格略有下降，本季汽油銷售額為負個位數。

Now a few comments on inflation.

現在就通貨膨脹發表幾點評論。

While there was a fair bit of variability across departments, overall inflation in the quarter was low single digits.

儘管各部門之間有相當大的差異，但本季的整體通膨率仍處於個位數的低點。

Fresh was the most inflationary of our categories, driven by meat and bakery.

在我們所有的類別中，生鮮食品是通貨膨脹率最高的，主要受肉類和烘焙食品的影響。

Food and sundries inflation remained relatively low as inflation in eggs, cocoa, coffee, cheese and corn were partially offset by deflation in commodities such as sugar, butter and flower.

食品和雜貨通膨率仍然相對較低，因為雞蛋、可可、咖啡、起司和玉米的通膨率被糖、奶油和鮮花等商品的通貨緊縮部分抵消。

The supply chain continues to be relatively stable, albeit shipping delivery dates are still less predictable than they were pre COVID.

儘管運輸交貨日期仍比疫情前更難預測，但供應鏈仍相對穩定。

In nonfood, our buying teams have been proactive in ordering higher levels of inventory over the past year, which has helped support our strong sales momentum, and overall, we are pleased with sell-through rates.

在非食品領域，我們的採購團隊在過去一年中一直積極地訂購更高水準的庫存，這有助於支持我們強勁的銷售勢頭，總體而言，我們對銷售率感到滿意。

Turning to digital and e-commerce.

轉向數位化和電子商務。

We continue to make progress with our technology road map.

我們的技術路線圖持續取得進展。

The new warehouse tool in our app, which allows members to view local warehouse item availability and prices had over 43 million visits.

我們應用程式中的新倉庫工具允許會員查看當地倉庫物品的可用性和價格，該工具的訪問量超過 4300 萬次。

On personalization, for the first time in Q2, we sent out multiple versions of our digital MVM, differentiating the message for members based on their previous shopping behavior.

在個人化方面，我們在第二季首次發送了數位 MVM 的多個版本，根據會員先前的購物行為為他們提供不同的資訊。

We still have a lot of work to do in this area and are excited about the potential to improve the member experience through more relevant targeted messages and experiences.

我們在這個領域還有很多工作要做，並且對透過更相關的針對性資訊和體驗來改善會員體驗的潛力感到興奮。

While strength in bullion was a meaningful tailwind to e-commerce sales, home furnishings, small electrics, hardware, and sporting goods were a few of the other departments that grew double digits year-over-year.

雖然金條的強勁表現對電子商務銷售產生了重大推動作用，但家居用品、小型電器、硬體和體育用品等其他幾個部門的銷售額也比去年同期實現了兩位數增長。

Costco Logistics had a record holiday season with over 500,000 deliveries as we continue to grow share in big and bulky items.

隨著大件和笨重物品的份額不斷增長，Costco Logistics 在假期季節創下了創紀錄的發貨量超過 50 萬次。

And Costco Next, our curated marketplace also had record holiday sales.

我們精心策劃的市場 Costco Next 也創下了假期銷售的新高。

We are now approaching 100 vendor sites and significantly grew average order value in the quarter.

目前，我們的供應商站點已接近 100 個，且本季的平均訂單價值顯著成長。

Shifting gears to alternative revenue streams, we made some improvements to our co-brand credit card this quarter.

為了轉向其他收入來源，我們本季對聯名信用卡進行了一些改進。

The card is a great way for members to increase the everyday value they receive when shopping at Costco, offering attractive cash back rates with no annual fee.

這張卡是會員在 Costco 購物時增加日常價值的絕佳方式，提供誘人的現金回饋率，且無需年費。

Executive Members who use the card can double their cash back on the majority of purchases in warehouse and at costco.com from 2% to 4%.

使用該卡的高級會員在倉庫和 costco.com 的大部分購物中都可以獲得雙倍現金返還，返現比例從 2% 到 4%。

And last quarter, we increased the reward on gas purchases at Costco locations to 5%.

上個季度，我們將在 Costco 門市購買汽油的獎勵提高到了 5%。

On retail media, following our first off-site retail media campaign in Q1, we have entered into a number of additional similar campaigns with roughly 10 different partners live currently and many more in the pipeline.

在零售媒體方面，繼第一季開展首次場外零售媒體活動之後，我們已與目前約 10 個不同的合作夥伴開展了一系列類似的活動，還有更多活動正在籌備中。

Turning now to our February sales results for the 4 weeks ended this past Sunday, March 2, compared to the same 4 retail calendar weeks last year.

現在來看看截至 3 月 2 日（週日）的四周的 2 月份銷售業績，與去年同期的四周零售日曆週相比。

Net sales for the month of February came in at $19.81 billion, an increase of 8.8% from $18.21 billion last year.

2 月淨銷售額為 198.1 億美元，較去年的 182.1 億美元成長 8.8%。

Comparable sales for the month were as follows: US comparable sales were up 8.6%, both with and without gas deflation.

當月可比銷售額如下：無論是否考慮天然氣減量，美國可比銷售額均成長了 8.6%。

Canada comp sales were up 3.2% or 8.7% adjusted for gas deflation and FX.

加拿大同店銷售額上漲 3.2%，經天然氣緊縮和外匯調整後上漲 8.7%。

Other International comp sales were down 0.6% or up 6.5% adjusted.

其他國際同店銷售額下降 0.6%，調整後上漲 6.5%。

This resulted in total company comp sales of 6.5% or 8.3% adjusted for gas deflation and FX.

這使得公司總銷售額在天然氣通貨緊縮和外匯調整後成長 6.5% 或 8.3%。

Finally, e-commerce comp sales were up 19% or 20.2% adjusted for FX.

最後，電子商務同店銷售額經外匯調整後上漲了 19%，上漲了 20.2%。

Our comp traffic or frequency for February was up 5% worldwide and 5.8% in the US Foreign currencies year-over-year relative to the US dollar negatively impacted total and comparable sales as follows: Canada by approximately 6%, Other International by approximately 7% and total company by approximately 1.8%.

我們 2 月的全球可比流量或頻率成長了 5%，美國成長了 5.8%。

Gasoline prices were flat year-over-year in the month.

當月汽油價格與去年同期持平。

Worldwide, the average transaction for February was up 1.4%, including the negative impact from foreign exchange.

在全球範圍內，2 月的平均交易量增加了 1.4%，其中包括外匯帶來的負面影響。

In terms of regional highlights, US regions with the strongest comparable sales were the Midwest, the Northeast, and Los Angeles.

從區域亮點來看，美國可比銷售額最強勁的地區是中西部、東北部和洛杉磯。

Other International in local currencies, we saw the strongest results in Mexico, Taiwan, and Korea.

在其他以當地貨幣計算的國際市場中，我們看到墨西哥、台灣和韓國的表現最強。

Moving to merchandise highlights.

轉向商品亮點。

The following comparable sales results by category for the month exclude the negative impact of foreign exchange.

以下是當月按類別劃分的可比較銷售結果，排除了外匯的負面影響。

Food and sundries were positive mid-single digits.

食品和雜貨的銷售額為正個位數中段。

Cooler, frozen foods, and sundries were the strongest departments.

冷藏品、冷凍食品和雜貨是最強大的部門。

Fresh foods were up high single digits.

新鮮食品價格上漲了個位數。

Better-performing departments included meat and produce.

表現較好的部門包括肉類和農產品部門。

Nonfoods were up positive low teens.

非食品類商品上漲了百分之十幾。

Better-performing departments included jewelry, gift cards, and housewares.

表現較好的部門包括珠寶、禮品卡和家居用品。

Ancillary business sales were up low single digits.

輔助業務銷售額成長了個位數。

Pharmacy and optical were the top performers, and gas was down low single digits on lower volumes.

藥局和眼鏡業表現最佳，而天然氣因交易量較低而出現個位數下滑。

And finally, in terms of upcoming releases, we will announce our March sales results for the 5 weeks ended Sunday, April 6, on Wednesday, April 9, after market close.

最後，就即將發布的產品而言，我們將在 4 月 9 日星期三收盤後公佈截至 4 月 6 日星期日的五週的 3 月份銷售業績。

That concludes our prepared remarks, and we'll now open the line up for questions.

我們的準備好的演講到此結束，現在我們將開始回答大家的提問。

Thank you and we will now begin the question-and-answer session.

謝謝，我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Simeon Gutman.

西緬·古特曼。

Morgan Stanley

摩根士丹利

Hey Ron.

嘿，羅恩。

Hey Gary, it's Simeon Gutman.

嘿，加里，我是西緬古特曼。

I will ask one question.

我會問一個問題。

I want to talk about sales impact and the consumer broadly.

我想廣泛地談談銷售影響和消費者。

Curious if the consumer's willingness to purchase, either discretionary or nondiscretionary, as egg prices are booming, is the consumer cutting back at all?

令人好奇的是，隨著雞蛋價格飆升，消費者的購買意願（無論是可自由支配的還是非可自由支配的）是否會減少？

And then it looks like your results don't show an impact, especially in Canada, both in the quarter and in February.

然後看起來您的結果沒有顯示出影響，特別是在加拿大，無論是在本季還是在二月。

But curious if there's any slowing in any places from tariff backlash, et cetera.

但令人好奇的是，由於關稅反彈等原因，是否有地方出現放緩。

Yeah.

是的。

Thanks, Simeon.

謝謝，西緬。

Yes, to take the first part of your question, the state of the consumer, I guess more broadly, I think you're right in the way you described it.

是的，就你問題的第一部分，即消費者的狀況而言，我想從更廣泛的角度來看，我認為你描述的是正確的。

We're not really seeing any change in what we've seen around our members over the last really few quarters.

在過去幾個季度中，我們並沒有看到我們的會員周圍有任何變化。

We believe that the member is probably as much focused now on quality, value and newness as they have been for quite some time.

我們相信，會員現在可能像過去相當長一段時間一樣注重品質、價值和新穎性。

But they are still showing that willingness to spend, but they're being very choice for where they're spending their dollars.

但他們仍然表現出消費意願，但他們對花錢的地方非常挑剔。

And we think that's likely to continue and maybe even become more choice follows the impact of some return of inflation and the potential impact of tariffs could flow through as well.

我們認為，這種情況可能會持續下去，甚至可能隨著通膨回升的影響而產生更多的選擇，而關稅的潛在影響也可能蔓延開來。

I'd say we're also seeing a continued sign of what I mentioned last quarter, where there's some indication that members are spending a little bit more on food at home versus food away from home overall.

我想說，我們也看到了上個季度提到的持續跡象，有跡象表明，總體而言，會員在家庭食品上的支出比在外就餐上的支出要多一些。

So they're kind of, I guess, the macro themes that we see.

所以我想，它們就是我們看到的宏觀主題。

When we talk about individual categories, I would say on nonfoods, again, I think you characterized it well for us.

當我們談論單獨的類別時，我想說關於非食品，我認為您再次為我們很好地描述了它。

Our merchants have done a great job of really focusing on those three key themes that we hear from our members around bringing in great items at great quality and great value.

我們的商家非常重視從會員那裡聽到的三個關鍵主題，圍繞著引進優質、超值的優質商品，他們做得非常出色。

And while there's examples of that with newness around things like gold and some of the large electronic and gaming items I mentioned, we're really seeing it being fairly broad-based across all the categories that I listed on the call earlier.

雖然有關於黃金和一些我提到的大型電子產品和遊戲產品等新產品的例子，但我們實際上看到它涵蓋了我在先前電話會議上列出的所有類別。

So generally, we're continuing to see strong trends overall in nonfoods.

整體而言，我們持續看到非食品領域整體呈現強勁趨勢。

There are a couple of categories generally that have been flatter, I would say, over recent quarters, consumer electronics and apparel.

我想說，最近幾季有幾個類別整體表現比較平緩，那就是消費性電子產品和服裝。

We believe we're performing relatively well on those compared to the industry, but they are lower trends on those items than there would be in some of the other categories that I mentioned earlier.

我們相信，與業界相比，我們在這些方面的表現相對較好，但這些項目的趨勢低於我之前提到的其他一些類別。

And we're seeing, as I mentioned in some of the prepared remarks, we continue to see great trends on fresh products overall.

正如我在一些準備好的評論中提到的那樣，我們看到，新鮮產品總體上繼續呈現良好的趨勢。

And it's really a bit of bifurcation there.

這裡確實存在一些分歧。

We're still seeing really good growth on the more premium meat items, but we're seeing even faster unit growth, I would say, on some of the lower cost items like ground beef and poultry and pork.

我們仍然看到優質肉類產品的良好增長，但我想說，一些成本較低的產品（如碎牛肉、家禽和豬肉）的單位增長速度甚至更快。

So overall, I think the trends that we've seen, we're not really calling out anything significantly different.

所以總的來說，我認為我們所看到的趨勢並沒有真正顯示出任何顯著的差異。

But of course, we're watching very closely and making sure we're reacting to what we see from our members.

但當然，我們正在密切關注並確保對我們的成員的舉動做出反應。

On Canada, in particular, as you mentioned, really the results that we reported in February are very much in line with the results that we've seen year-to-date.

特別是在加拿大，正如您所說，我們在二月報告的結果與我們今年迄今為止看到的結果非常一致。

They actually had the strongest overall comp sales when you adjust for FX and gas out the three reported segments that we talk about with International, US, and Canada.

當你調整外匯併計算出我們討論的國際、美國和加拿大三個報告部分時，他們實際上擁有最強勁的整體可比銷售額。

But they had a phenomenal Q2 so they did come down a little bit from the trend that we saw in Q2 but still very strong results overall.

但他們的第二季度表現非常出色，因此其業績確實較我們在第二季度看到的趨勢有所下降，但總體而言仍然非常強勁。

Thanks guys, good luck.

謝謝大家，祝你好運。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Good evening.

晚安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

With core and core margin being down modestly this quarter, can we take that as a sign that the recent string of margin expansion that Costco has been able to achieve is coming to a conclusion or at least a pause, especially in light of what seems like going to be a much more inflationary environment and a difficult dynamic would have managed through the tariffs?

由於本季核心和核心利潤率均小幅下降，我們是否可以將此視為 Costco 近期利潤率擴張即將結束或至少暫停的跡象，尤其是考慮到通膨環境似乎將更加嚴峻，而關稅政策將難以應對這種艱難的情況？

Yeah.

是的。

Thanks, Michael.

謝謝，麥可。

Thanks for the question.

謝謝你的提問。

No, I wouldn't really read too much into the individual results in the quarter on the core on core margin.

不，我不會過多關注該季度的核心利潤率的個別結果。

Overall, we were pleased with the fact that the gross margin rate was up 4 basis points, so a slight improvement while we're still investing in more value for the member.

總體而言，我們很高興看到毛利率上升了 4 個基點，因此在我們仍在為會員創造更多價值的同時，毛利率有了輕微的改善。

And when we look at the breakdown of that core on core, it was down, as you mentioned, 8 basis points.

當我們查看核心的細目時，正如您所說，它下降了 8 個基點。

To give you a bit more color on that, food and sundries was actually up slightly.

為了讓您更清楚地了解這一點，食品和雜貨價格實際上略有上漲。

Fresh was up slightly, nonfoods was down slightly.

新鮮食品價格略有上漲，非食品價格略有下降。

So there was a sort of a mix change in there somewhat that impacted the number as well.

因此，其中存在某種混合變化，也對數字產生了影響。

You may have heard me mention on the prepared remarks, but one of the things that was an increased cost during the quarter was higher supply chain costs as we have been continuing to buy more inventory, which we think will be helpful as you think about some of the unpredictability that we've seen in supply chain timing and also with the potential risk around tariffs.

您可能已經聽過我在準備好的發言中提到過，但本季成本增加的因素之一是供應鏈成本的提高，因為我們一直在繼續購買更多庫存，我們認為這將有所幫助，因為您可以考慮到我們在供應鏈時間安排中看到的一些不可預測性，以及關稅帶來的潛在風險。

And really, when we looked at the overall results for the quarter and saw that the core margin overall was going to be up slightly, we have that ability to be able to invest and ensure that we're continuing to take care of the members.

事實上，當我們查看本季的整體業績並發現核心利潤率整體略有上升時，我們就有能力進行投資並確保繼續照顧會員。

So we were quite deliberate on that this quarter.

因此本季我們對此非常慎重。

But again, I wouldn't read too much into the individual puts and takes.

但同樣，我不會對個人的投入和產出進行過多的解讀。

We feel good about the overall margin and our ability to keep investing in the member while at the same time continuing to deliver the results that we delivered.

我們對整體利潤率以及我們繼續向會員進行投資同時繼續實現我們所取得的成果的能力感到滿意。

Thank you very much and good luck.

非常感謝，祝你好運。

Thanks.

謝謝。

Christopher Hovers, JP Morgan.

摩根大通 (JP Morgan) 的克里斯多福霍弗斯 (Christopher Hovers)。

Thanks, good evening.

謝謝，晚上好。

So one quick follow up and and then an additional question.

因此，我們快速跟進一下，然後再問一個問題。

Other retailers are talking about weather having a negative impact on some of their more weather-sensitive businesses.

其他零售商正在談論天氣對他們一些對天氣較為敏感的業務產生了負面影響。

So I guess turning the question upside down.

所以我想把這個問題反過來想。

Do you think about the 8-plus percent core comp that you saw on February, did you see any weather headwinds on your discretionary businesses?

您是否想過，2 月份核心銷售額年增 8% 以上，您的非必需品業務是否受到了天氣因素的影響？

Or was it just simply offset on the egg side?

或者它只是簡單地在雞蛋側偏移了？

And then on the tariffs, historically, foods for things that come from like Mexico that are fresh foods, historically, that stuff gets passed through directly to the consumer.

然後關於關稅，從歷史上看，來自墨西哥等地的新鮮食品，從歷史上看，這些東西會直接轉交給消費者。

How do you think about Costco's stance on that?

您如何看待 Costco 對此的立場？

There's opportunities made with eggs where you're vertically integrated and you can absorb some of the costs.

雞蛋產業有機會實現垂直整合，這樣你就可以吸收部分成本。

But as you think about stuff like fresh food that's more commodity-based, would you just pass those price increases along?

但是，當您考慮更多以商品為基礎的新鮮食品時，您會將這些價格上漲轉嫁給其他人嗎？

Thank you.

謝謝。

This is Ron.

這是羅恩。

As far as the weather, we experienced the same weather everybody else did the last month.

就天氣而言，我們經歷的天氣和上個月其他人經歷的一樣。

And we tend to capture a lot of that back that's not an extended event and if it's not tied to a holiday.

我們傾向於捕捉很多這樣的訊息，這不是一個延長的活動，而且它與假期無關。

So yes, we saw some hits here and there but we recovered most of that.

是的，我們確實看到了一些打擊，但我們恢復了大部分。

And there probably was a little bit of the edge on sales taken off due to some extreme weather in the Northeast and the Midwest.

而且，由於東北部和中西部地區的極端天氣，銷售額可能略有下降。

So we feel pretty good about how we handled through those storms.

所以我們對於我們應對這些風暴的方式感到非常滿意。

As far as the tariffs go on the grocery items, our buyers deal with those like they would any other cost increase.

就食品雜貨的關稅而言，我們的買家對待它就像對待其他成本增加一樣。

And sometimes the margins are much tighter in those categories, but they are prepared to work closely with the suppliers and see how efficient we can bring goods to market.

有時這些類別的利潤率要低得多，但他們準備好與供應商密切合作，看看我們能多有效率地將產品推向市場。

And is there anything we can mitigate in those categories?

在這些類別中我們可以緩解什麼問題嗎？

So the tariffs are very fluid right now so it's hard to really give any predictions on what we can do.

因此，目前關稅非常不穩定，很難真正預測我們能做什麼。

But we are prepared, our people are very well equipped to lower prices and defer any cost increase that come our way.

但我們已經做好了準備，我們的員工有充分的能力降低價格，並推遲任何可能出現的成本增加。

So we're going to do what we can should that happen.

所以，如果發生這種情況，我們將盡我們所能。

Great, thanks very much.

太好了，非常感謝。

You're welcome.

不客氣。

Scott Ciccarelli, Truist Securities.

Truist Securities 的 Scott Ciccarelli。

Hey guys, Scott Ciccarelli, With your treasure hunt structure, you guys have a lot of merchandising flexibility.

嘿夥計們，斯科特·西卡雷利，有了你們的尋寶結構，你們就有很大的商品銷售彈性。

So I guess if we get tariffs rolled into China, Mexico, Canada, would the strategy be more focused on, look, it is what it is.

所以我想，如果我們對中國、墨西哥、加拿大徵收關稅，我們的策略是否會更專注於，看，它就是這樣。

Costco still has the best value for those products relative to others?

與其他產品相比，Costco 的這些產品仍然具有最佳價值嗎？

Or would there be a more aggressive effort to find goods from less tariff-impacted countries?

或者是否會更積極地努力尋找來自受關稅影響較小的國家的商品？

It would be a little bit of both.

兩種情況都有一點。

I mean, you're exactly right with our flexibility of the treasure hunt, there's not many items that we can't find something to replace or something else to bring in, in that category.

我的意思是，你對我們尋寶活動的靈活性的說法完全正確，在這一類別中，我們沒有找到很多無法替代或其他可以帶入的物品。

But it's going to be a little bit of both of those strategies that we can.

但我們可以同時採用這兩種策略。

As we say, when it rains, it rains on everyone such as a tariff that we're all equal there.

正如我們所說，下雨時，每個人都會下雨，就像我們在那裡都是平等的關稅一樣。

And I feel like our people are very well equipped to deal with anything coming our way with our reduced SKU model, and we can we have great partnerships with our suppliers, and those items are very important to them as well.

我覺得我們的員工完全有能力處理透過減少 SKU 模式遇到的任何問題，而且我們可以與供應商建立良好的合作關係，這些產品對他們來說也非常重要。

So I feel like we are well equipped to deal with whatever is coming in our direction and not knowing what that's going to be.

因此我覺得我們已經做好了充分的準備去應付任何即將發生、甚至未知的事情。

I can't really tell you what the outcome will be, but our people are nimble and they're ready to go at it if they need to.

我真的無法告訴你結果會怎樣，但我們的人很靈活，如果需要的話，他們已經準備好去嘗試。

Thank you.

謝謝。

Zihan Ma, Bernstein.

馬子涵，伯恩斯坦。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

So a bit of a follow-up on the international side.

因此在國際方面有一些後續行動。

First of all, a short-term question in terms of the February sales results.

首先，關於二月銷售業績的一個短期問題。

Is there any timing shift between January and February that led to this sequential slowdown in the Other International segment?

一月和二月之間是否存在時間上的變化，導致其他國際部門的連續放緩？

And longer term, can you just provide an update for us to understand how do you think about the long-term international growth runway from here?

從長遠來看，您能否提供最新消息，讓我們了解您如何看待未來的長期國際成長前景？

Sure, yes.

當然，是的。

On the first part of the question, there is some impact from particularly on the Asian markets, the Chinese New Year.

關於問題的第一部分，中國新年對亞洲市場產生了一些影響。

Generally because it didn't roll up to be a meaningful enough number at our total company level, we didn't call that out in our results.

一般來說，因為這個數字在我們整個公司層面上累積起來並不夠有意義，所以我們沒有在結果中指出這一點。

We didn't call it out in the January number specifically either.

我們也沒有在一月的數據中具體提到這一點。

But yes, I would say you have to kind of look at the 2 months and combine the two really to understand the trend because of the impact that we would see from the Chinese New Year impacting particularly Korea and Taiwan and China.

但是的，我想說你必須看一下這兩個月，並將兩者結合起來才能真正了解趨勢，因為我們會看到農曆新年對韓國，台灣和中國的影響。

And then in terms of the long-term prospects for our international business, Ron mentioned in the prepared remarks, we had a tremendous second quarter.

然後就我們國際業務的長期前景而言，羅恩在準備好的演講中提到，我們第二季的業績非常出色。

We were thrilled with the progress that we saw across those international markets overall.

我們對這些國際市場整體的進展感到非常興奮。

And as we think about new store, new warehouses and the plan there, as you may recall, we talked about 25 to 30 new warehouses a year.

當我們考慮新店、新倉庫及其計劃時，您可能還記得，我們​​談論的是每年新建 25 到 30 個新倉庫。

And as we look at our long-term plan, we would think just over half of those would likely be in the US, but just under half would be in our international markets, including Canada, Mexico, Asia, and Europe.

而當我們審視我們的長期計畫時，我們認為其中超過一半可能在美國，但不到一半將在我們的國際市場，包括加拿大、墨西哥、亞洲和歐洲。

And we look at all four of those as strong markets for us and opportunities to continue to expand our presence because we wouldn't see any of those as being fully penetrated today.

我們認為這四個市場對我們來說都是強大的市場，也是我們繼續擴大影響力的機會，因為我們認為目前任何一個市場都尚未完全滲透。

And we're fortunate in that our international markets have similar or, in some cases, better profitability as a rate of sales than we have in our US market as well.

我們很幸運，我們的國際市場的銷售獲利率與美國市場相似，在某些情況下甚至更好。

So we still see plenty of opportunity and they remain an important part of our growth strategy.

因此，我們仍然看到大量機會，它們仍然是我們成長策略的重要組成部分。

Great, thank you.

太好了，謝謝。

Oliver Chen, TD Cowan.

奧利佛·陳（Oliver Chen），TD Cowan。

Hi, thanks, Ron and Gary, we had a question about general merchandise and electronics.

嗨，謝謝 Ron 和 Gary，我們有一個關於日用百貨和電子產品的問題。

Would love just thoughts on what you're seeing with respect to those categories and the health of the consumer.

我很想聽聽您對這些類別以及消費者健康狀況的看法。

We've also thought that you've done a great job with UPTs and innovating with international products, it would be great to hear prospects there.

我們也認為，您在 UPT 和國際產品創新方面做得非常出色，很高興聽到您在這方面的前景。

And then a follow-up is on the more targeted and strategic multi-vendor mail as well as digital promotions and deals, what's happening there?

然後後續是更有針對性和策略性的多供應商郵件以及數位促銷和交易，那裡發生了什麼？

It seems like there's some nice traction, and is it driving traffic?

看起來似乎有一些不錯的吸引力，並且能帶來流量嗎？

Or how are you approaching the next inning of that?

或者您如何應對下一局？

Sure.

當然。

Thanks, Oliver.

謝謝，奧利佛。

I'll just quickly rattle through, I think there were three different components there.

我會快速地瀏覽一遍，我認為那裡有三個不同的組成部分。

So on consumer electronics, generally speaking, we believe from what we see, we're growing market share, but that area would still be relatively slow, so we're flat to slight growth there, whereas the market overall, though still seems to be pretty sluggish.

因此就消費性電子產品而言，總體而言，我們相信從目前的情況來看，我們的市場份額正在增長，但該領域的增長仍然相對緩慢，因此我們在那裡保持平穩或略有增長，而整個市場似乎仍然相當低迷。

And I think we're still looking for that next wave of new innovation to really spark extra growth in that category.

我認為我們仍在尋找下一波新的創新，以真正激發該類別的額外成長。

We did see some really nice sales around the holidays on the larger TV screens, the 98-inch and 100-inch TV screens.

我們確實看到假期期間大螢幕電視、98 吋和 100 吋電視的銷量確實不錯。

I think that created some new excitement and visually was very compelling in the warehouses, and our operators did a great job in merchandising those and we saw some nice lift at that time of the year.

我認為這創造了一些新的興奮點，並且在倉庫中視覺上非常引人注目，我們的操作員在銷售這些產品方面做得很好，我們在一年中的那個時候看到了一些不錯的提升。

But overall, relatively flat as a category, especially compared to many of the other nonfood categories where we see double-digit growth currently.

但總體而言，這一類別的表現相對平穩，尤其是與目前我們看到的許多其他實現兩位數成長的非食品類別相比。

On the international products, I think, was the second comment you made, yes, we're really excited about that opportunity.

關於國際產品，我想這是您提出的第二條評論，是的，我們對這個機會感到非常興奮。

We continue to see at our monthly budget meetings when we have all of our operators come in.

當我們所有的運營商都參與時，我們會繼續在我們的每月預算會議上看到這一點。

They're sharing examples of products that are resonating in each of the markets that we operate.

他們分享了在我們營運的每個市場中引起共鳴的產品範例。

And very quickly because of the ability to share those ideas across the teams, we're finding ways to bring those and bring our global buying to bear and finding even better ways to bring them to our markets but also a better value for our members.

而且由於能夠在團隊之間分享這些想法，我們很快就找到了方法來實現這些想法並發揮我們的全球採購作用，甚至找到了更好的方法將它們帶入我們的市場，同時也為我們的會員帶來更好的價值。

And we've seen some great growth in those opportunities, and we think that will be an important part of our continued growth in the future as well.

我們在這些機會中看到了巨大的成長，我們認為這也將成為我們未來持續成長的重要組成部分。

Ron, anything you want to add there as well?

羅恩，你還有什麼要補充的嗎？

No, and I think Gary is 100% right.

不，我認為加里完全正確。

And then on the multi-vendor mail and the promotions, it really is excitement in that product mix.

然後就多供應商郵件和促銷而言，該產品組合確實令人興奮。

And it's a good balance of everyday low prices that our buyers work towards, on ensuring that key commodities are at an everyday price that our members can count on but also bringing in some newness and excitement and partnering with our suppliers when they want to drive some sales, and we can deliver that through the multi-vendor mailer.

我們的買家努力實現日常低價之間的良好平衡，確保主要商品的價格是我們會員可以信賴的日常價格，同時也帶來一些新鮮感和刺激，並在我們的供應商想要推動銷售時與他們合作，我們可以通過多供應商郵件來實現這一點。

So I think the key to the success there, it is driving traffic.

因此我認為成功的關鍵在於推動流量。

It continues to be a win for our members.

對我們的會員來說這仍然是一種勝利。

And I think the newness and keeping it fresh has been the key to that success.

我認為新穎性和保持新鮮感是成功的關鍵。

Thank you, best regards.

謝謝您，謹致問候。

Thank you thanks.

謝謝謝。

John Heimbachel, Guggenheim Securities.

古根漢證券公司的約翰漢巴切爾 (John Heimbachel)。

Hey Ron, I had a couple of holistic questions with regard to KS.

嘿，羅恩，我有幾個關於 KS 的整體問題。

When you think about new item introductions, KS versus national brands, how does that kind of compare in most years?

當您考慮新產品的推出時，KS 與國家品牌，大多數年份的情況如何？

When you think about categories where KS is at a lower penetration, right, which is a lot of nonfoods, where can you kind of make breakthroughs there, right, and introduce KS items that don't currently exist?

當您考慮 KS 滲透率較低的類別時，對吧，也就是許多非食品，您可以在哪裡取得突破，並推出目前不存在的 KS 項目？

And then would you think a very high percentage of the KS introductions end up in permanent fixtures in the assortment?

那麼，您是否認為 KS 引入的很大一部分產品最終都會成為產品系列中的永久固定產品？

Okay.

好的。

The greatest opportunity we have would be in nonfoods.

我們面臨的最大機會是在非食品領域。

And it was something it was a category that we always felt brand loyalty was extremely strong, which it is.

我們一直認為，這是一個品牌忠誠度極強的類別，事實也確實如此。

But the motor oil was a great example of it is now our top-selling motor oil in all of our warehouses across our Kirkland Signature, where that was a very brand-related item before.

但機油就是一個很好的例子，它現在是我們 Kirkland Signature 所有倉庫中銷售最好的機油，而之前機油是與品牌高度相關的商品。

Golf balls was another example of when we entered into an extremely brand loyal category that we were able to break through.

高爾夫球是另一個例子，當我們進入一個極度忠誠的品牌類別時，我們能夠取得突破。

So we see great success there.

所以我們在那裡看到了巨大的成功。

Our buyers continue to look at where are those opportunities that we can improve quality from the brand or meet the quality of the brand and bring a substantial value to it.

我們的買家不斷尋找可以提高品牌品質或滿足品牌品質並為其帶來實質價值的機會。

So we're not in a race to develop hundreds of Kirkland items.

因此我們不會競相開發數百種 Kirkland 產品。

We look at it more of a strategic item-by-item basis that when there's an item that with an opportunity, then that's when they will go after that.

我們更傾向於從策略的角度逐項考慮，當某個專案存在機會時，他們就會去爭取。

The recent, the sandwich bags and storage bags that we did in our sundries department are a tremendous value, supreme quality and really doing very, very well.

最近，我們雜貨部生產的三明治袋和儲物袋價值極高，品質上乘，而且賣得非常非常好。

And yes, you're right, we do have a very high success rate of Kirkland items.

是的，您說得對，我們的 Kirkland 產品的成功率確實很高。

I mean, but there are failures out there.

我的意思是，但也存在失敗的情況。

There are things that we always say, Claudia and myself, our head merchant, we can't fall in love with our own stuff.

我們的首席商人克勞迪婭和我經常說，我們不能愛上我們自己的東西。

And so we hold Kirkland Signature to the same standards we would as any branded item.

因此，我們對待 Kirkland Signature 的標準與對待任何品牌產品的標準相同。

If the sales are not performing, our members are not resonating with that item, it is as quick to go out as any branded item would be as well.

如果銷售情況不佳，我們的會員就不會對該商品產生共鳴，那麼該商品就會像任何品牌商品一樣很快就售罄。

So there's no annuities to a Kirkland item.

因此，Kirkland 產品沒有年金。

It has to meet the same standards.

它必須滿足相同的標準。

But I'm very proud of the buyers, that they do have a high success rate.

但我為買家感到非常自豪，他們的成功率確實很高。

They do their due diligence on those items, and they really deliver great value to the member when we launch a Kirkland item.

他們對這些產品進行了盡職調查，當我們推出 Kirkland 產品時，他們確實為會員帶來了巨大的價值。

Thank you.

謝謝。

You're welcome.

不客氣。

Rupesh Parik, Oppenheimer.

魯佩什·帕里克 (Rupesh Parik)、奧本海默。

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

So I guess, Gary, just going back to the 13 basis point headwind on the wage front, I think, starting in March.

所以我想，加里，我們回到工資方面的 13 個基點的逆風，我認為，從 3 月開始。

Is that headwind larger, given it's the first year of the agreement, given some of the other changes?

考慮到這是協議的第一年，並且還發生了一些其他變化，這種阻力是否會更大？

And then just related to that, given that it is a significant headwind, do you guys see any new productivity opportunities to help offset some of the increased wage pressures?

與此相關的是，鑑於這是一個重大的阻力，你們是否看到任何新的生產力機會來幫助抵消一些增加的工資壓力？

Yeah.

是的。

Thanks, Rupesh.

謝謝，Rupesh。

Just to clarify, to answer your question, as you may recall, we had a number of wage investments that we made back in March last year or wage investment, I should say made in March last year.

只是為了澄清一下，回答你的問題，你可能還記得，我們​​在去年 3 月進行了一些薪資投資，或者我應該說是去年 3 月進行的薪資投資。

And then we had another wage investment in July where we introduced a $1 increase at the bottom of the scale, on the top of the scale and a $0.50 increase in the intervening points between those two.

然後，我們在 7 月進行了另一項工資投資，我們在等級底部和等級頂部各增加了 1 美元，在兩者之間的中間點增加了 0.50 美元。

And then we just announced the wage increases that we've implemented this month with our new employee agreement.

然後我們剛剛宣布了本月根據新員工協議實施的薪資上漲政策。

So overall, what you're seeing is that the investment from this time last year will drop off.

所以總體來說，你會看到，自去年同期以來，投資將會下降。

Well, it wouldn't drop off but will have cycled it.

嗯，它不會掉下來但會循環。

So we've made that investment now and that's embedded in the numbers that we're operating with.

因此，我們現在進行了投資，並且該投資已融入我們的營運數字中。

So the headwind that we'll see in the current quarter will be the investment from July and the investment that we've made in May.

因此，我們在本季看到的阻力將是 7 月的投資以及 5 月的投資。

As you think about it quarter-on-quarter, it's about a mid-single-digit increase in the basis point of investment because we're essentially cycling last March's and replacing it with this new increase.

從季度環比來看，投資基點大約有一個中等個位數的成長，因為我們基本上是在循環去年三月的成長，並用這個新的成長來取代它。

So think of it as adding about a mid-single-digit basis point increase on our wage investment in the new quarter.

因此，可以將其視為在新季度我們的工資投資增加了約中等個位數的基點。

And to answer, I should also say, there'll probably be a sort of a onetime catch-up in Q3 as well.

回答這個問題時，我還應該說，在第三季可能也會出現一次性的追趕。

That will be the accrual for vacation for the full year because we're implementing that now, but we have to go back to the start of the fiscal year with that change.

因為我們現在正在實施這項政策，所以這將是全年假期的累積，但是我們必須根據這項變更回到財政年度的開始。

So there'll be an adjustment in the quarter for that as well.

因此本季也會對此做出調整。

Outside of that, to your point, we were very successful in the current quarter.

除此之外，正如您所說，我們在本季取得了巨大的成功。

Our operators in Q2 did a great job of continuing to drive productivity and continuing to improve efficiency so that we actually still were able to achieve SG&A leverage as you heard me talk about earlier of 9 basis points actually on the core.

我們第二季的營運商在繼續提高生產力和提高效率方面做得非常出色，因此我們實際上仍然能夠實現銷售、一般和行政費用槓桿率，正如您聽到我之前談到的，核心槓桿率實際上是 9 個基點。

And so our goal will be exactly the same is to continue to find ways to be more efficient because we are committed to continue to invest in our employees as part of our code of ethics is to make sure that we're delivering industry-leading wage and benefits for our employees.

因此，我們的目標完全相同，那就是繼續尋找提高效率的方法，因為我們致力於繼續投資於我們的員工，作為我們道德準則的一部分，就是確保我們為員工提供業界領先的工資和福利。

So that will be a continued part of the strategy, but that also includes being more highly productive and finding ways to fund those through labor productivity and continuous improvement.

因此，這將成為該策略的持續組成部分，但其中還包括提高生產力，以及透過勞動生產力和持續改進尋找資金來源。

That's certainly the expectation we set for ourselves.

這當然是我們為自己設定的期望。

Great.

偉大的。

Thank you I'll pass it on.

謝謝，我會傳達的。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I think I have one clarification and then my question.

我認為我需要澄清一點，然後提出我的問題。

The clarification was on inflation.

該澄清涉及通貨膨脹。

I heard up low single digits.

我聽到的是低個位數。

Is it fair to say that grocery was slightly above 1% and then maybe general merchandise was deflationary?

是否可以這麼說，食品雜貨價格略高於 1%，而日用百貨商品價格則出現通貨緊縮？

And then I wanted to ask about alternative media.

然後我想問替代媒體。

Yeah, on the inflation side of things, so fresh was our highest of the three categories and particularly in meat was the highest there.

是的，從通貨膨脹方面來看，新鮮食品的價格是三個類別中最高的，尤其是肉類的價格最高。

Food and sundries would have been very low single-digit inflation but still inflationary.

食品和雜貨的通貨膨脹率雖然很低，僅為個位數，但仍屬於通貨膨脹。

And I would say, important to know, I guess that the trend was a little bit of an increase during the quarter because if you recall, last quarter, we shared that inflation was flat.

我想說，重要的是要知道，我猜測本季的趨勢略有上升，因為如果你還記得的話，上個季度，我們曾說過通膨率持平。

So we did see some increase in inflation as the quarter progressed.

因此，隨著本季的發展，我們確實看到通貨膨脹有所上升。

And I'd say meat was the largest of those.

而我認為肉是其中最大的。

Food and sundries would have been next.

接下來是食物和雜物。

And nonfoods has been deflationary relative to recently.

而非食品類商品最近一直處於通貨緊縮狀態。

That's sort of evening itself out now as we cycle some of the deflation from the supply chain about a year ago.

現在這種情況已經逐漸平衡，因為大約一年前我們已經經歷了供應鏈上的一些通貨緊縮。

Got it.

知道了。

And then on the alternative media, you talked about building that out.

然後關於替代媒體，您談到瞭如何建立它。

Could you help frame it a little bit, Gary, and the strategy behind it?

加里，您能否幫忙稍微闡述這個概念以及背後的策略？

I mean, some of your peers have shown 4% or 5% of digital revenues can be the advertising business.

我的意思是，您的一些同行已經表明 4% 或 5% 的數位收入可以來自廣告業務。

How do you guys think about that?

大家對此有什麼看法？

Sure.

當然。

I think overall, I know I've mentioned this previously as well in discussions, that we do have an alternative profit stream today where we generate significant value through our large co-branded credit card program, the travel business that we have.

我認為總的來說，我知道我之前也在討論中提到過這一點，我們今天確實有另一個利潤來源，我們透過大型聯名信用卡計劃、我們的旅遊業務創造了巨大的價值。

And we have a revenue -- e-commerce ad revenue stream that comes from many of the suppliers that participate on our website today, and that's a few hundred million dollars.

我們有一個收入來源——電子商務廣告收入來源，它來自於今天參與我們網站的許多供應商，這有幾億美元。

So there are a number of areas today where we generate value in that space.

因此，如今我們在許多領域都能夠創造價值。

Having said all of that, we do believe that the new sort of retail media theme, which is really going after the marketing dollars that the CPGs are spending is a significant growth opportunity for us.

儘管如此，我們確實相信，新型零售媒體主題，即真正追逐快速消費品公司所花費的行銷資金，對我們來說是一個巨大的成長機會。

We are, though, in the very early stages of that.

但我們仍處於這一領域的早期階段。

We need to continue to build out the infrastructure and the capabilities.

我們需要繼續建立基礎設施和能力。

And I would say we're not only building those out to deliver on a retail media platform that we want to create for our CPG suppliers but also to build out more of a sort of personalized capability for our own membership experience.

我想說，我們不僅要為快速消費品供應商建立零售媒體平台，還要為我們自己的會員體驗建立更多個人化的功能。

So delivering more targeted and relevant messaging and sort of think of it as the right offer, the right communication to the right channel to the right member at the right time.

因此，傳遞更有針對性和更相關的訊息，並將其視為正確的提議，在正確的時間透過正確的管道向正確的成員進行正確的溝通。

And this is really the capability that we're building for ourselves today and it will take some time to do that.

這實際上是我們今天為自己建立的能力，但這需要一些時間。

So it's likely to be a multiyear road map as we build those capabilities, I would say.

所以我想說，在我們建構這些能力的過程中，這很可能是一個多年的路線圖。

But we did, at the same time, launch this sort of offers media channel so that we can start to really test and learn and grow capability with our CPG suppliers.

但同時，我們也推出了這種優惠媒體管道，以便我們可以開始真正測試、學習並提高我們與快速消費品供應商的能力。

And there's been a lot of interest and appetite to really build that capability.

人們對真正建立這種能力表現出了濃厚的興趣和渴望。

And we -- as we mentioned on the call, we now have 10 campaigns live and we see a lot more in the pipeline.

正如我們在電話會議上提到的那樣，我們現在有 10 個活動正在進行，我們也看到更多活動正在籌備中。

From our perspective, though, we've also mentioned this in the past is that I wouldn't think of it as Costco really coming out and declaring a new revenue stream with a new margin profile.

不過，從我們的角度來看，我們過去也提到過這一點，我不認為 Costco 真的會推出新的收入來源並擁有新的利潤率。

We'll think of it very much as being how do we generate that share of that value so we can reinvest it in our members and continue to drive our overall loyalty member engagement and drive top line sales.

我們會認真考慮如何創造這部分價值，以便我們能夠將其重新投資於我們的會員，並繼續推動我們的整體忠誠會員參與度並推動營收成長。

So a little bit of a different approach for us than you probably hear from some of our peers and others.

因此，我們的方法與你可能從我們的一些同行和其他人那裡聽到的方法略有不同。

One more reason for a bigger executive rebate.

這是高階主管獲得更大回扣的又一個原因。

There you go, exactly.

確實如此。

Alright, thanks Gary.

好的，謝謝加里。

Good luck, guys.

祝你們好運。

Edward Kelly, Wells Fargo.

富國銀行的愛德華‧凱利。

Yeah, hi, good afternoon guys, I wanted to ask you about throughput in the stores.

是的，大家下午好，我想問一下你們關於商店吞吐量的問題。

Maybe you can talk just a little bit about like where you are from a standpoint of initiatives to drive better throughput.

或許您可以從舉措的角度稍微談談您目前所處的位置，以提高吞吐量。

I know you're scanning now when people are coming in.

我知道當人們進來時你正在掃描。

I'm sure what you're doing with that data.

我很清楚你要用這些數據做什麼。

But then when you think about checkout and exit, and obviously, it's a high-class problem but it's very busy.

但是當您考慮結帳和退出時，顯然，這是一個高級問題，但它非常繁忙。

And then you did mention extending hours on the gas stations.

然後您確實提到了延長加油站的營業時間。

Is that something that you maybe could take to the stores that would help with that problem?

您是否可以將其帶到商店以幫助解決該問題？

That is a very good question.

這是一個非常好的問題。

The speed of the checkout is one of our primary focuses right now and what uses of technology we have.

結帳速度是我們目前關注的重點之一，也是我們利用科技的重點。

Scanning at the front door was very, very helpful for our operations, really kept our people informed on what traffic looks like and they can adjust opening up registers and closing registers, and we saw some great improvements in productivity from that as well.

在前門進行掃描對於我們的營運非常非常有幫助，確實讓我們的員工了解交通狀況，他們可以調整開放登記處和關閉登記處，我們也看到了生產力的巨大提高。

That was just the foray into the whole technology thing.

這只是對整個技術領域的一次嘗試。

So we see many things going with self-checkout, how we can improve that.

我們看到很多與自助結帳相關的事物，我們如何改進它。

And so that is indeed one of our biggest areas of focus for technology in our warehouses is how we can get members through quickly and turn parking spaces and do those types of things as yet a big push for us.

因此，這確實是我們倉庫技術關注的最大領域之一，即如何讓會員快速通過並轉向停車位並做這些事情，這對我們來說是一個巨大的推動。

Yes, the standard was a very big win for us.

是的，這個標準對我們來說是一個巨大的勝利。

I'm sorry?

對不起？

Yeah, I'm sorry.

是的，我很抱歉。

Would you consider extending store hours?

您會考慮延長營業時間嗎？

I know that's probably logistically a lot harder than it sounds.

我知道從邏輯上來說這可能比聽起來困難得多。

Just curious your thoughts there.

只是好奇你的想法。

That is something that is not off the table.

這並非不可能。

We do look at that.

我們確實關注這一點。

I mean we -- our gas expansions, we have 60 US gas stations going through different.

我的意思是我們——我們的天然氣擴張，我們在美國有 60 個加油站，經歷不同的變化。

They're at a different phase in expansions now.

他們現在正處於擴張的不同階段。

We did see some demand from the commuters, both at the early hours and the evening hours, so I think that, that's going to be a real benefit to those folks as well.

我們確實看到了一些通勤者的需求，無論是在凌晨還是晚上，所以我認為這對這些人來說也將是一個真正的好處。

But we will continue to look at the warehouse hours.

但我們將繼續關注倉庫營業時間。

No plans in place at this time though.

但目前還沒有擬定計畫。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey, thanks very much.

嘿，非常感謝。

I wanted to just go back to the digital MVM and was curious how vast that effort has been at this point in time.

我只是想回到數位 MVM，並且很好奇到目前為止這一方面的努力有多大。

I guess, maybe how many members received the digital MVM?

我猜，可能有多少成員收到了數位 MVM？

And are you replacing the paper MVM?

您要取代紙本 MVM 嗎？

And then I guess the ultimate question is, I guess, what have you learned so far in terms of elasticity or response rate?

然後我想最終的問題是，到目前為止，您在彈性或回應率方面學到了什麼？

It is -- it allows us to do different things that you can just imagine the print process is quite extended.

是的——它使我們能夠做不同的事情，你可以想像印刷過程是相當延伸的。

So we're -- our merchants are 2 months out when they're putting together the mailed MVM, which is still very effective.

因此，我們的商家在整理郵寄的 MVM 時已經提前了 2 個月，但這仍然非常有效。

I mean, it's still very effective when these arrive in people's homes.

我的意思是，當這些東西到達人們家時，它仍然非常有效。

The digital MVM gives us quite a bit of nimbleness that up until the day before we put that out there, we can if a vendor wants to jump in and wants to drive some sales, and it really gives us a lot of flexibility.

數位 MVM 為我們提供了相當大的靈活性，直到我們將其推出的前一天，如果供應商想要加入並希望推動一些銷售，我們就可以這樣做，它確實為我們提供了很大的靈活性。

So our buyers have taken some items out.

因此我們的買家已經取出一些物品。

They run the digital MVM for 10 days compared to the 28 or so that we had run the regular MVM.

他們運行數位 MVM 為 10 天，而我們運行常規 MVM 大約為 28 天。

And you may be able to let other vendors now get into this type of communication to people.

現在您可能可以讓其他供應商也參與這種與人們的溝通。

And it really drives a lot of sales, but it has been incremental to the mailed MVM that we have out there.

它確實推動了很多銷售，但它對我們已經郵寄的 MVM 來說只是增量。

So we found it to be very effective.

因此我們發現它非常有效。

And it's we're talking 40 million people are getting this kind of an imprint in their e-mail on what kind of activities.

我們正在談論 4000 萬人在他們的電子郵件中獲得了有關何種活動的此類印象。

One of the biggest open rates we have in our e-mail is what's going on in their warehouse nearby.

我們電子郵件中開啟率最高的內容之一就是他們附近倉庫的情況。

And so when members get to see new items that are arriving and items that are on a special deal from the supplier, it's very effective for us in driving traffic.

因此，當會員看到到貨的新產品和供應商的特價商品時，這對我們吸引流量非常有效。

And Chuck, maybe just to build on the part of your question that was tied to more of the targeted element of the communication.

查克，也許只是為了在你的問題的基礎上進一步闡述與溝通的目標元素相關的內容。

Yes, think of it as our first sort of foray into how do we be a little bit more targeted by using our membership data to make the message more specific to how you shop with Costco as a member.

是的，可以將其視為我們首次嘗試利用會員資料來更有針對性地傳達訊息，使訊息更加貼近會員在 Costco 購物的方式。

So how frequently you're visiting us, what are the type of products that you're buying, and then kind of reprioritizing the way in which the individual items are messaged on the communication to reflect more that's relevant for you, and also the messaging that's really driving the communication to the member at the top of the e-mail that's sending out the message as well.

因此，您訪問我們網站的頻率是多少，您購買的產品類型是什麼，然後重新調整在通信中傳達各個項目信息的方式，以反映更多與您相關的信息，以及真正推動與發送消息的電子郵件頂部成員進行溝通的信息。

So it's really that first step for us into saying rather than one size fits all, how can we start to adjust that without changing the way we go to market, but just making the communication part of that more relevant.

因此，這實際上是我們邁出的第一步，而不是採取一刀切的做法，我們如何在不改變我們進入市場的方式的情況下開始調整，而只是讓溝通部分變得更具相關性。

And the early signs were encouraging around the level of engagement and the change in behavior that we saw as a result of that.

從參與程度和由此看到的行為變化來看，早期跡象令人鼓舞。

So certainly, more to come on that front.

因此，在這方面肯定還會有更多進展。

And just a quick follow-up, Gary.

還有一個簡短的後續問題，蓋瑞。

Just I guess when did you guys start that effort?

我猜你們是什麼時候開始這項努力的？

That was this last month.

那是上個月的事了。

The digital MVM, the digital mailer has been for years but the more personalized was this month.

數位 MVM、數位郵件已經存在多年，但更個人化的是本月。

Yeah, right.

是的，對。

Okay. cool.

好的。涼爽的。

Kelly Beat, BMO Capital Markets.

凱利比特 (Kelly Beat)，BMO 資本市場。

Hi, thanks for taking our ques questions on and Gary.

嗨，感謝 Gary 回答我們的問題。

Wanted to just ask about membership fees.

只是想詢問會員費。

Obviously, you've had the increase in US and Canada that's flowing through.

顯然，美國和加拿大的流量有所增加。

But any update on where you are at with other international countries and if it's the right time for any changes there?

但是，您能否告知其他國家的最新消息，以及那裡是否是進行任何變革的適當時機？

And maybe just also an update on the other international countries' executive programs, if there's any plans for any additional rollouts there.

也許還會對其他國家的高階主管計畫進行更新，看看是否有任何額外推出的計畫。

Yeah.

是的。

Thanks, Kelly.

謝謝，凱利。

So on the membership fee, first of all, yes, we increased the membership fee in Australia in 2023, fiscal year 2023.

因此關於會員費，首先，是的，我們在 2023 年（2023 財年）提高了澳洲的會員費。

Mexico actually increased last year as well.

墨西哥去年的銷售額其實也出現了成長。

That was in September.

那是九月的事了。

And actually, we just announced in Japan and Korea, a membership fee increase as well.

實際上，我們剛剛宣布日本和韓國也將提高會員費。

So we are -- we don't have them all on the same cadence.

所以，我們並沒有讓所有這些都保持相同的節奏。

They tend to be tied to their own individual plans and when the membership fee was introduced and when they've previously had changes.

它們往往與自己的個人計劃以及會員費的推出時間和之前發生的變化息息相關。

So it doesn't always follow the same cadence of the US, but we are changing membership fees in those countries or have already, and other countries will continue to look and review on their own sort of cadence.

因此，它並不總是遵循與美國相同的節奏，但我們正在改變這些國家的會員費，或者已經改變了，其他國家也將繼續按照自己的節奏進行研究和審查。

So continuation of a previous strategy there is very much the plan.

因此，該計劃在很大程度上延續了先前的策略。

And then on Executive Membership, typically, we look at it from the basis of when we're reaching a scale in an individual market.

對於高階主管會員資格，我們通常會從在單一市場達到一定規模的角度來看待這一點。

We have Executive Membership in a number of the Asian markets.

我們在許多亞洲市場都擁有高階主管會員資格。

We have Executive Membership in Australia and the UK as well because, again, they've reached a level of maturity and size.

我們在澳洲和英國也有執行會員資格，因為他們已經達到了一定的成熟度和規模。

But the exciting part there, I'd say, is that if you look at Canada and the US.

但我想說，令人興奮的是，如果你看看加拿大和美國。

that have the highest level of executive membership penetration.

擁有最高等級高階主管會員滲透率的組織。

As you go down that maturity curve, Asia would be next but would still have a meaningful opportunity to continue to grow Executive Membership more towards the US and Canada conversion rates, and Australia and the UK would be further behind Asia as well.

隨著成熟度曲線的下降，亞洲將是下一個，但仍有機會繼續增加高級會員數量，以接近美國和加拿大的轉換率，而澳洲和英國也將遠遠落後於亞洲。

So as they go through the maturity curve, it's one of those areas where we see opportunity to continue to increase Executive Membership penetration.

因此，隨著他們經歷成熟度曲線，這是我們看到繼續增加高階主管會員滲透率的機會的領域之一。

And as we grow some of our newer markets and smaller markets into a larger number of warehouses, we'll continue to evaluate the opportunity to introduce Executive Membership there as well.

隨著我們將一些較新的市場和較小的市場發展為擁有更多倉庫的市場，我們將繼續評估在那裡引入高階主管會員資格的機會。

Robbie Ohmes, Bank of America.

美國銀行的羅比‧奧姆斯 (Robbie Ohmes)。

I was wondering if you could talk a little bit about the average ticket trends in the US ex gas and give a little more color on mix versus number of items versus inflation impact.

我想知道您是否可以談談美國汽油以外地區的平均票價趨勢，並詳細說明組合、項目數量和通貨膨脹的影響。

And if anything is changing there in terms of how you're getting to average ticket ex gas?

就您獲得平均票價（不包括汽油）的方式而言，那裡是否有任何變化？

And maybe related to that, I was just kind of curious if sugar and butter and flour are deflationary.

也許與此相關，我只是有點好奇糖、奶油和麵粉是否會導致通貨緊縮。

Why is bakery inflating?

麵包店為何會膨脹？

Yeah, sure.

是的，當然。

I'll take the second one first is easy.

我首先選擇第二個，這很容易。

It's really eggs that's causing the major pain there.

真正造成那裡疼痛的是雞蛋。

It's kind of it's offsetting, unfortunately, just the percentage growth that we've seen in egg has far outweighed the deflationary situation on those other items.

不幸的是，這是一種抵消，我們看到雞蛋的百分比增長遠遠超過了其他商品的通貨緊縮狀況。

In terms of sort of mix in the basket, I'd say we've been really pleased over the last 12 months because if you looked at our results 12 months ago, we'd have seen consistency in the visit growth, which has continued to be the case.

就籃子中的產品組合而言，我想說我們對過去 12 個月的表現感到非常滿意，因為如果您查看 12 個月前的結果，我們會看到訪問量持續增長，而且這種情況一直持續。

And that's been something that has been a trend for the last 2 or 3 years that we've been extremely pleased with and seeing that continued frequency of increase in visits.

這是過去 2 或 3 年來的趨勢，我們對此感到非常高興，並且看到訪問頻率持續增加。

But about a year ago, we would have been flat to negative on the overall sort of basket size.

但大約一年前，我們整體籃子規模是持平或負成長的。

And as you look at the the change that we've seen over the last 12 months, partly, I think, because of the improvements that we've seen in nonfoods growth over that period of time.

回顧過去 12 個月我們所看到的變化，我認為部分原因是我們在這段時間內看到的非食品成長的改善。

And as we've continued to deliver great assortment and great quality and great value for our members, we've already seen our merchants and operators do a really good job of turning the corner in that situation and growing the number of items in the basket and the overall basket size.

隨著我們繼續為我們的會員提供豐富多樣、高品質和高價值的商品，我們已經看到我們的商家和經營者在扭轉這種局面方面做得非常好，增加了購物籃中的商品數量和整體購物籃規模。

Up until this quarter, as you know, inflation has been relatively flat for us.

如您所知，截至本季度，通貨膨脹對我們來說一直相對穩定。

So any improvement that we were seeing at that point would have been largely driven by items in the basket versus the or upselling in terms of better or bigger products by the member versus inflation driving that growth.

因此，我們當時看到的任何改善，很大程度上都歸因於籃子中的商品，而不是會員透過銷售更好或更大的產品而推動的成長，而不是通貨膨脹推動的成長。

But obviously, that could change this year depending on what we see with inflation and also with the potential introduction of some tariffs.

但顯然，今年的情況可能會發生變化，這取決於通膨情況以及可能出台的一些關稅。

Joseph Feldman, Telsey Advisory Group.

約瑟夫‧費爾德曼 (Joseph Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

I had two kind of quick ones for you.

我為你準備了兩種快捷方法。

First on gas volumes.

首先是天然氣量。

I think I heard you guys say the volumes have been down and we heard that from another company you know pretty well, Gary.

我想我聽到你們說銷量下降了，而且我們從另一家你很熟悉的公司那裡聽說了這一點，加里。

And I was just wondering what is driving that?

我只是想知道是什麼導致了這個結果？

It's a little surprising to me to hear that the volumes were down.

聽到銷量下降讓我有點驚訝。

The other question was about stores.

另一個問題是關於商店的。

If you could just remind us the kind of new versus existing market balance of stores and also US versus International for the year.

如果您可以提醒我們今年新店與現有店面的市場平衡情況，以及美國與國際店面的市場平衡情況，那該怎麼辦？

Sure, yes.

當然，是的。

On the first part of the question, so the comment that we made about gallons being down was very specific to February.

關於問題的第一部分，我們關於加侖數量下降的評論具體到二月。

So if you look at our year-to-date results, we would be positive in gallons on gas.

因此，如果你看一下我們今年迄今為止的業績，你會發現我們的汽油銷量是呈正增長的。

I would say that there isn't a huge amount of growth, and I suspect the market generally may be flat to down, but we've been growing our market share as we look at the year-to-date.

我想說的是，成長幅度並不大，我懷疑市場整體可能持平甚至下降，但從今年迄今為止的情況來看，我們的市佔率一直在成長。

It's a little bit difficult to talk about 1 particular month because as Ron mentioned earlier, certainly, weather can have an impact on those things.

談論某個特定月份有點困難，因為正如羅恩之前提到的，天氣肯定會對這些事情產生影響。

So we'd look at probably the trend over a slightly longer period of time and say, generally, gallons are up but it's low single-digit growth in gallons versus compared to the growth that we see in other parts of the business today.

因此，我們可能會觀察一段較長時間內的趨勢，並說，總體而言，加侖數正在上漲，但與當今我們在其他業務部分看到的成長相比，加侖數的成長率較低。

On new stores...

在新店...

I've got that one.

我有那個。

This year, we'll open 15 locations in the U.S. 3 in Canada, and we'll have 7 in the Other International countries that we'll open up.

今年，我們將在美國開設 15 家門市，在加拿大開設 3 家門市，在其他國際國家開設 7 家門市。

And that's pretty typical for a normal '25 warehouse year for us.

對於我們正常的 25 年倉庫年而言，這是很典型的。

Good luck with this quarter.

祝本季好運。

Mike Baker, D.A. Davidson.

麥克貝克，地區檢察官戴維森。

Okay.

好的。

First, as a lifelong resident of Sharon, Massachusetts, I'll just say that the entire town is really excited for your 900th store.

首先，身為馬薩諸塞州沙倫市的終身居民，我只想說，整個城鎮都為您的第 900 家店的開幕感到非常興奮。

The buzz is high.

輿論氛圍很濃厚。

My question also on gas, I'm just wondering the -- extending the hours, has that led to incremental gallons?

我的問題也是關於汽油的，我只是想知道——延長營業時間是否會導致汽油用量增加？

Are you seeing customers take advantage of that?

您是否看到顧客利用了這一點？

And then a second question, just periodically, we ask about your price gaps versus others.

然後是第二個問題，我們會定期詢問您與其他公司的價格差距。

How do you see those right now, particularly with some inflation creeping back in?

您現在如何看待這些情況，特別是在通膨再次抬頭的情況下？

Yeah.

是的。

On the first part of the question, yes, we've been pleased so far with the member reaction and we are seeing an improvement in overall usage of the gas station.

關於問題的第一部分，是的，到目前為止，我們對會員的反應感到滿意，我們看到加油站整體使用率有所提高。

So that's -- it's early days, of course, but so far, we've been completed by the member response.

當然，現在還為時過早，但到目前為止，我們已經完成了成員的回應。

And then, sorry, what's the second part of the question?

然後，抱歉，問題的第二部分是什麼？

The price gaps versus comparison.

價格差距與比較。

Yeah.

是的。

So really, this is something that we tend to look at it.

所以實際上，這是我們傾向於關注的事情。

We really tend to view ourselves as our own biggest competitor.

我們確實傾向於將自己視為自己最大的競爭對手。

We have every period, we have our budget meetings and we look at our prices, and our goal at every meeting is to find, where can we find ways to lower cost and lower prices for our members?

我們每個時期都會召開預算會議，研究價格，每次會議的目標都是尋找哪裡可以找到為我們的會員降低成本和降低價格的方法？

So I would say we feel really good about our price gaps.

因此我想說，我們對我們的價格差距感到非常滿意。

Generally, the price changes that we're making are proactive versus reactive to others.

一般來說，我們所做的價格調整是主動的，而不是被動的。

But if we do find any area in those meetings where we believe we need to adjust typically, the operators in those markets have adjusted those prices before we've even gotten to the meeting.

但是，如果我們在這些會議中確實發現任何我們認為需要調整的領域，那麼這些市場的營運商在我們參加會議之前就已經調整了這些價格。

So overall, we believe that the focus on delivering the best value and quality and pushing ourselves to always get better is what's important, and we think that certainly reflects in our overall value that we're offering today.

因此總的來說，我們認為專注於提供最佳價值和品質並推動自己不斷進步是最重要的，我們認為這肯定反映在我們今天提供的整體價值中。

And we hope to see you next week in Sharon, Mike.

我們希望下週在 Sharon 見到您，麥克。

I will be there.

我會在那裡。

I'll see you.

我會見到你的。

I'll say hello.

我會打招呼。

All right.

好的。

Thanks, Mike.

謝謝，麥克。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。