好市多 (COST) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation third quarter 2025 conference call. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的支持。我叫艾比，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Costco Wholesale Corporation 2025 年第三季電話會議。（操作員指示）謝謝。

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

現在我想將會議交給財務長 Gary Millerchip。你可以開始了。

Good afternoon, everyone, and thank you for joining Costco's third-quarter 2025 earnings call. 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. These statements involve risks and uncertainties that may cause actual events results and/or performance to differ materially from those indicated by such statements.

大家下午好，感謝大家參加 Costco 2025 年第三季財報電話會議。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。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結果和/或表現有重大差異。

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. 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.

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

Comparable sales and comparable sales, excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not intended as a substitute for net sales presented in accordance with GAAP. Before we dive into our financial results, I'm delighted to say that Ron Vachris is joining us again for today's call.

可比銷售額和可比銷售額（不包括汽油價格和外匯變化的影響）旨在作為補充信息，並非旨在替代按照 GAAP 呈現的淨銷售額。在我們深入了解財務表現之前，我很高興地說，羅恩·瓦克里斯 (Ron Vachris) 將再次參加我們今天的電話會議。

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白。

Thank you, Gary, and good afternoon, everyone, and thank you for joining us today. As we wrap up the third quarter of fiscal 2025, let me make a few brief comments on some of the highlights.

謝謝你，加里，大家下午好，謝謝你們今天加入我們。在我們結束 2025 財年第三季之際，請允許我對一些亮點做幾點簡短的評論。

Since our last earnings call, we've opened 9 warehouses, including relocation in Melbourne, Australia, our 37th warehouse in Japan and 7 net new US locations. We plan to open another 10 warehouses during the fourth fiscal quarter, which will include our second warehouse in Sweden, our 20th warehouse in Korea and our 110th warehouse in Canada. For this fiscal year, we expect to open 27 new warehouses, including 3 relocations for a total of 24 net new buildings. This will bring our total warehouse count to 914 worldwide.

自上次財報電話會議以來，我們已開設了 9 個倉庫，其中包括搬遷至澳洲墨爾本的倉庫、在日本開設的第 37 個倉庫以及在美國新開設的 7 個倉庫。我們計劃在第四財季再開設 10 個倉庫，其中包括在瑞典的第 2 個倉庫、在韓國的第 20 個倉庫和在加拿大的第 110 個倉庫。本財年，我們預計將開設 27 個新倉庫，其中包括 3 個搬遷倉庫，總共淨增加 24 棟建築。這將使我們在全球的倉庫總數達到 914 個。

Our merchandising and operations team did a fantastic job in the quarter, delivering some strong financial results, while also maintaining our competitive price position despite a challenging macroeconomic backdrop. Capitalizing on the focus and scale we are able to achieve through our limited SKU count and global footprint, we continue to increase the overall value of our membership, including extended gas station opening hours and lowering prices on some key items such as eggs, butter and olive oil.

我們的銷售和營運團隊在本季度表現出色，取得了強勁的財務業績，同時在充滿挑戰的宏觀經濟背景下仍保持了具有競爭力的價格地位。利用我們有限的 SKU 數量和全球影響力所能實現的專注度和規模，我們繼續提高會員的整體價值，包括延長加油站營業時間並降低雞蛋、黃油和橄欖油等一些關鍵商品的價格。

The combination of expanded gas station hours, new gas station openings and lower prices at the pump have led us to having two of our all-time highest gallon weeks in the US during the last month. In times of the consumer uncertainty, our Kirkland Signature brand is uniquely positioned to provide our members with great quality and great values. And during the third quarter, sales of Kirkland Signature items again outpaced our overall sales growth, with our KS sales penetration up approximately 50 basis points year-over-year.

由於加油站營業時間延長、新加油站開幕以及油價降低，上個月美國汽油銷售連續兩週創歷史新高。在消費者不確定的時期，我們的 Kirkland Signature 品牌具有獨特的優勢，可以為我們的會員提供優質且超值的產品。在第三季度，Kirkland Signature 產品的銷售額再次超過了我們的整體銷售額成長，我們的 KS 銷售滲透率比去年同期成長了約 50 個基點。

We continue to move more Kirkland Signature product sourcing into the countries or regions where the items are sold, and this has helped bring us to lower cost and mitigate some of the potential impacts of tariffs. We're remaining agile as a situation with tariffs evolves while also supporting the commitments we've made with our long-term suppliers.

我們繼續將更多的 Kirkland Signature 產品採購轉移到產品銷售的國家或地區，這有助於我們降低成本並減輕關稅的一些潛在影響。隨著關稅情勢的發展，我們保持靈活，同時也履行對長期供應商所做的承諾。

As an example of this, during the third quarter, we rerouted many goods sourced from countries with large tariff exposure to our non-US markets. In the US, we pulled forward some items that we had planned for the summer and source additional locally produced goods to reduce tariff impacts and ensure that we were in stock. Actions such as these are allowing us to continue to provide great values for our members, while also delivering value to our shareholders.

舉例來說，在第三季度，我們將許多來自關稅高的國家的商品轉移到了美國以外的市場。在美國，我們提前推出了一些原計劃在夏季推出的商品，並採購了更多當地生產的商品，以減少關稅影響並確保有庫存。這些行動使我們能夠繼續為我們的會員提供巨大的價值，同時也為我們的股東帶來價值。

Digital and technology are important parts of our future growth, and we are investing to improve the member experience. A recent example in e-commerce is the launch of Buy Now Pay Later offering through our partnership with the firm. This new program allows our members greater access to the Costco values on big ticket items, such as appliances, furniture, consumer electronics and much more at exclusive rates for the Costco members.

數位和科技是我們未來成長的重要組成部分，我們正在投資以改善會員體驗。電子商務領域的一個最新例子是我們與該公司合作推出的「先買後付」服務。這項新計畫讓我們的會員能夠以 Costco 會員專屬價格，享受 Costco 大件商品的價值，例如家電、家具、消費性電子產品等等。

While still early days, we've been pleased with the initial sales results. And in our warehouses, we continue to work on opportunities to further improve the member experience. Please be on the lookout for several new technology pilots we are focusing on to help our members check out through our front end at a faster pace.

雖然還處於早期階段，但我們對初步的銷售業績感到滿意。在我們的倉庫中，我們將繼續努力尋找機會進一步改善會員體驗。請關注我們正在重點關注的幾項新技術試點，以幫助我們的會員以更快的速度透過我們的前端進行結帳。

As we look ahead to the remainder of the fiscal year, while the impacts of tariffs and the outlook for the economy in general remain unknown, we are confident in the ability of our operators and merchants to rise to the challenges and continue to offer great service and find consistent values for our members. Our results in recent quarters have reinforced for us that in uncertain times, our values resonate with members as strongly as ever.

展望本財政年度剩餘時間，儘管關稅的影響和整體經濟前景仍然未知，但我們相信我們的營運商和商家有能力應對挑戰，繼續為我們的會員提供優質服務並找到一致的價值。最近幾季的業績進一步證明，在不確定的時期，我們的價值觀與會員的共鳴一如既往地強烈。

With that, I'll turn it back over to Gary to discuss the results for the quarter, and I'll jump back on during Q&A to field some questions.

說完這些，我將把話題交還給加里 (Gary) 來討論本季度的業績，並且我將在問答環節再次回答一些問題。

Thanks, Ron. In today's press release, we reported operating results for the third quarter of fiscal 2025, and the 12 weeks ended on May 11. 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. You might find it helpful to have this presentation in front of you as I walk through our results.

謝謝，羅恩。在今天的新聞稿中，我們報告了 2025 財年第三季以及截至 5 月 11 日的 12 週的營運表現。我們再次在投資者網站的「活動和演示」下發布了幻燈片，其中包含支持今天新聞稿的補充資訊。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會很有幫助。

Net income for the third quarter came in at $1.9 billion or $4.28 per diluted share, up more than 13% from $1.68 billion or $3.78 per diluted share in the third quarter last year. These results were driven by strong sales and margin performance, despite the headwind of a $130 million LIFO charge in the quarter and operating income being negatively impacted by a catch-up accrual of $40 million for the increase in employee vacation days included in our March 2025 employee agreement.

第三季淨收入為 19 億美元，即每股攤薄收益 4.28 美元，較去年同期的 16.8 億美元或每股攤薄收益 3.78 美元增長 13% 以上。儘管本季面臨 1.3 億美元後進先出費用的不利影響，並且因 2025 年 3 月員工協議中包含的員工休假天數增加而產生的 4000 萬美元補繳費用對營業收入產生了負面影響，但這些業績仍然受到強勁的銷售和利潤率表現的推動。

As in Q2, foreign exchange rates also negatively impacted the translation of international net income to US dollars. In Q3, the impact was $35 million or $0.08 per diluted share. Net sales for the third quarter was $61.96 billion, an increase of 8% from $57.39 billion in the third quarter last year. US comparable sales were up 6.6% or 7.9%, excluding gas deflation. Canada comp sales were up 2.9% or 7.8% adjusted for gas deflation and FX.

與第二季一樣，外匯匯率也對國際淨收入轉換為美元產生了負面影響。第三季的影響為 3500 萬美元或每股攤薄收益 0.08 美元。第三季淨銷售額為 619.6 億美元，較去年第三季的 573.9 億美元成長 8%。不包括天然氣通貨緊縮，美國可比銷售額成長了 6.6% 或 7.9%。加拿大同店銷售額上漲 2.9%，經天然氣通貨緊縮和外匯調整後上漲 7.8%。

Other international comp sales were up 3.2% or 8.5% adjusted and this all led to total company comp sales of 5.7% or 8% adjusted. Finally, e-commerce comp sales were up 14.8% or 15.7% adjusted for FX. In terms of Q3 comp sales metrics, foreign currencies relative to the US dollar negatively impacted sales by approximately 1.2%, while gas price deflation negatively impacted sales by approximately 1.1%. Traffic or shopping frequency increased 5.2% worldwide and 5.5% in the US.

其他國際同店銷售額上漲 3.2% 或調整後 8.5%，使公司總同店銷售額上漲 5.7% 或調整後 8%。最後，電子商務銷售額成長了 14.8%，經外匯調整後成長了 15.7%。就第三季可比較銷售額指標而言，相對於美元的外幣對銷售額產生了約 1.2% 的負面影響，而汽油價格通貨緊縮對銷售額產生了約 1.1% 的負面影響。全球客流量或購物頻率成長了 5.2%，美國成長了 5.5%。

Our average transaction or ticket was up 0.4% worldwide and up 1.1% in the US. This includes the headwinds from gas deflation and FX. Adjusted for those items, tickets would have been up 2.7% worldwide and 2.3% in the US.

我們在全球範圍內的平均交易量或票數上漲了 0.4%，在美國上漲了 1.1%。這包括天然氣通貨緊縮和外匯帶來的不利影響。經過這些因素的調整後，全球票價將上漲 2.7%，美國票價將上漲 2.3%。

Moving down the income statement to membership fee income. We reported membership fee income of $1.24 billion, an increase of $117 million or 10.4% year-over-year. Membership fee income growth was 11.4%, excluding FX and the recent membership fee increase represented approximately 4.6% of fee income in the quarter.

將損益表下移至會員費收入。我們報告的會員費收入為 12.4 億美元，比去年同期增加 1.17 億美元，增幅為 10.4%。會員費收入成長 11.4%，不包括外匯，近期會員費成長約佔本季費用收入的 4.6%。

In terms of renewal rates at Q3 end, our US and Canada renewal rate was 92.7% and the worldwide rate came in at 90.2%. As cohorts of new members from digital acquisition campaigns and warehouse openings in Asia move in and out of the calculation, there will continue to be some volatility in this number quarter-to-quarter. The decreases in the renewal rates in Q3 versus Q2 were primarily attributable to sign-ups from a group on promotion in the fall of 2023 and entering the renewal rate calculation for the first time this quarter.

就第三季末的續約率而言，我們美國和加拿大的續約率為 92.7%，全球續約率為 90.2%。隨著來自亞洲數位收購活動和倉庫開設的新成員群體不斷進入和退出計算，該數字將繼續出現季度波動。第三季續訂率較第二季下降，主要原因是 2023 年秋季促銷期間的一組用戶註冊，並於本季首次進入續訂率計算。

Higher penetration of online sign-ups entering the renewal rate calculation also contributed to the lower renewal rate. These new digital memberships are a net positive as they grow the overall membership base and are generally younger members, but they also renew at a slightly lower rate. We ended Q3 with 79.6 million paid household members, up 6.8% versus last year, and 142.8 million cardholders, up 6.6% year-over-year. At Q3 end, we had 37.6 million paid executive memberships, up 9% versus last year. Executive members represented 47.3% of paid members and 73.1% of worldwide sales.

進入續訂率計算的線上註冊滲透率較高也導致了續訂率較低。這些新的數位會員是淨收益，因為他們擴大了整體會員基礎，並且通常都是較年輕的會員，但他們的續約率也略低。截至第三季度，我們的付費家庭成員總數為 7,960 萬，比去年同期成長 6.8%，持卡人總數為 1.428 億，比去年同期成長 6.6%。截至第三季末，我們擁有 3,760 萬付費高階主管會員，比去年成長 9%。執行會員佔付費會員的 47.3% 和全球銷售額的 73.1%。

Turning now to gross margin. Our reported rate in the third quarter was higher year-over-year by 41 basis points, coming in at 11.25% compared to 10.84% last year and up 29 basis points excluding gas deflation. Core was higher by 36 basis points and higher by 27 basis points without gas deflation.

現在談談毛利率。我們報告的第三季利率年增 41 個基點，達到 11.25%，而去年同期為 10.84%，若不包括天然氣通貨緊縮則上漲 29 個基點。核心利率上升了 36 個基點，若不計入天然氣通貨緊縮，則上升了 27 個基點。

In terms of core margins on their own sales, our core-on-core margins were higher by 36 basis points. A significant part of the increase was driven by our fresh departments, where strong sales leverage benefited our payroll costs and spoilage results. Additionally, the decrease in some key commodity and ingredient costs such as dairy, butter, eggs and olive oil were a tailwind in fresh and food and sundries.

就其自身銷售的核心利潤率而言，我們的核心利潤率高出了 36 個基點。成長的很大一部分是由我們的新鮮部門推動的，強大的銷售槓桿使我們的工資成本和損耗結果受益。此外，乳製品、奶油、雞蛋和橄欖油等一些主要商品和原料成本的下降，對生鮮食品和雜貨業也起到了推動作用。

In general, we feel margin pressure during times of inflation on these types of ingredients as we keep prices low for our members. And the opposite is often true when prices fall, as we feel the margin release faster while also being able to lower prices more quickly than our competitors. An example of this during the quarter is our [croissants] program. where we held prices lower when butter costs were elevated and are now seeing margin relief as those costs have come down. Food and sundries margin also increased during the quarter. In this case, we were able to lower egg prices by approximately 10% and butter by $1 per cell unit or approximately 7%, while also returning margins to more normal levels.

總體而言，由於我們為會員保持低價，因此在通貨膨脹時期，我們會感受到這些類型原料的利潤壓力。而當價格下跌時，情況往往正好相反，因為我們感覺利潤釋放得更快，同時也能夠比競爭對手更快地降低價格。本季的一個例子就是我們的[羊角麵包]計劃。當黃油成本上漲時，我們將價格保持在較低水平，現在隨著成本下降，利潤率也隨之下降。本季食品和雜貨利潤率也有所增加。在這種情況下，我們能夠將雞蛋價格降低約 10%，將黃油價格降低 1 美元/細胞單位或約 7%，同時將利潤率恢復到更正常的水平。

Lastly, in core on core, non-food margins were up slightly worldwide, but down slightly in the US. Ancillary and other businesses gross margin was higher by 30 basis points and 27 basis points without gas deflation. Improved margins in gas and e-commerce were the main drivers of the increase.

最後，從核心數據來看，全球非食品利潤率略有上升，但美國則略有下降。輔助業務及其他業務毛利率分別高出 30 個基點及 27 個基點（不計天然氣減損）。天然氣和電子商務利潤率的提高是成長的主要驅動力。

LIFO negatively impacted the gross margin rate by 23 basis points, both with and without gas deflation. We had a $130 million LIFO charge in Q3 this year compared to an $11 million credit in Q3 last year. I'll share more color on LIFO and inflation a little later in the call.

無論是否有天然氣通貨緊縮，後進先出法都會對毛利率產生 23 個基點的負面影響。今年第三季我們的後進先出費用為 1.3 億美元，而去年第三季的貸項為 1,100 萬美元。我稍後會在電話會議中分享更多有關後進先出法和通貨膨脹的資訊。

Other was lower by 2 basis points, both with and without gas deflation. This relates to the catch-up accrual for the increased employee vacation days included in our March 2025 employee agreement. This change impacts gross margin for the employees that work in our supply chain and/or manufacturing departments.

無論是否考慮天然氣通貨緊縮，其他價格都下降 2 個基點。這與我們 2025 年 3 月員工協議中包含的增加員工休假天數的補計有關。這項變更影響了我們供應鏈和/或製造部門員工的毛利率。

Moving now to SG&A. Our reported SG&A rate in the third quarter was higher or worse year-over-year by 20 basis points, coming in at 9.16% compared to last year's 8.96%. SG&A was higher or worse by 11 basis points adjusted for gas deflation. The operations component of SG&A was higher or was 13 basis points and 5 basis points without gas deflation. This increase was due to our investment in employee wages, partially offset by sales leverage and productivity improvements.

現在轉到銷售、一般及行政費用 (SG&A)。我們報告的第三季銷售、一般及行政費用率較去年同期上升或下降了 20 個基點，達到 9.16%，而去年同期為 8.96%。經天然氣通貨緊縮調整後，銷售、一般及行政費用上升或下降了 11 個基點。銷售、一般及行政費用的營運部分較高，分別為 13 個基點及 5 個基點（不含天然氣通貨緊縮）。這一增長是由於我們對員工薪資的投資，但部分被銷售槓桿和生產力提高所抵消。

The incremental year-over-year impact from this year's March employee agreement was mid-single-digit basis points on top of the low double-digit basis point impact from our July 2024 wage increase. We will lap the July increase 10 weeks into the 16-week fiscal fourth quarter.

今年 3 月員工協議的年增率影響為中等個位數基點，而 2024 年 7 月薪資成長的低兩位數基點影響則為中等個位數基點。我們將在為期 16 週的第四財季中的第 10 週內實現 7 月的成長。

Central was higher or worse 2 basis points and 1 basis point without gas deflation. Stock compensation was lower or better by 1 basis point, both with and without gas deflation. Preopening was higher or worse by 1 basis point, both with and without gas deflation, driven by more new warehouse openings in the quarter this year. Other was higher or worse by 5 basis points, both with and without gas deflation, reflecting the catch-up accrual for higher vacation days in our 2025 employee agreement.

中央價格高出或下跌 2 個基點，而沒有天然氣通貨緊縮的情況下則下跌 1 個基點。無論是否有天然氣通貨緊縮，股票薪酬都下降或提高 1 個基點。由於今年本季有更多新倉庫開業，無論是否受到天然氣通貨緊縮的影響，開業前的業績都高出或下降了 1 個基點。無論是否考慮天然氣通貨緊縮，其他方面都高出或下降了 5 個基點，這反映了我們 2025 年員工協議中更高假期天數的補足累積。

Below the operating income line, net interest and other was $50 million this year versus $87 million last year. The difference year-over-year was largely attributable to foreign exchange. And in terms of our income taxes, our tax rate in Q3 was 26.2% compared to 26.4% in Q3 last year.

在營業收入線以下，今年的淨利息和其他費用為 5,000 萬美元，而去年為 8,700 萬美元。與去年同期相比的差異主要歸因於外匯。就我們的所得稅而言，第三季的稅率為 26.2%，而去年第三季的稅率為 26.4%。

Turning now to some key items of note in the quarter. Capital expenditure in Q3 was approximately $1.13 billion, and we estimate CapEx for the full year will be a little over $5 billion. Taking a deeper look into core merchandising sales, fresh category comparable sales were up high single digits. This was led by double-digit growth in meat with produce also performing very well in the quarter.

現在來談談本季值得注意的一些關鍵事項。第三季的資本支出約為 11.3 億美元，我們預計全年資本支出將略高於 50 億美元。深入研究核心商品銷售情況，新鮮品類可比銷售額成長了個位數。這主要得益於肉類的兩位數成長，農產品在本季的表現也非常出色。

Non-food also had comp sales in the high single digits. Our buyers continue to do an excellent job finding new and exciting items at great values, which are resonating well with our members even as they remain very choiceful in their spending on discretionary items.

非食品類商品的銷售額也達到了高個位數。我們的買家繼續出色地尋找物超所值的新穎且令人興奮的商品，這引起了我們會員的共鳴，即使他們在非必需品的支出上仍然非常挑剔。

In the quarter, gold and jewelry, majors, toys, housewares and home furnishings were all up double digits. While we continue to grow share in most nonfood departments, we are seeing some deceleration in year-over-year growth as we start to lap tougher compares in volume and gift card sales from a year ago.

本季度，黃金及珠寶、主要商品、玩具、家庭用品和家居裝飾均實現兩位數成長。雖然我們在大多數非食品部門的份額繼續增長，但我們發現同比增長有所放緩，因為與去年同期相比，我們的銷售和禮品卡銷售額開始出現更劇烈的對比。

Food and sundries had mid- to high single-digit comps with cola and frozen foods showing the strongest results. In addition to lowering prices on butter and eggs, a few other examples where we were able to lower prices in the quarter to provide greater value to our members included 2-liter Kirkland Signature Organic Extra-Virgin Olive Oil from $24.99 to $18.39, Kirkland Signature Chocolate Macadamia Clusters from $17.99 to $14.69 and Kirkland Signature Organic Mixed Nut Butter from $8.69 to $7.59.

食品和雜貨的銷售額同比增長了中高個位數，其中可樂和冷凍食品的銷售額增長最為強勁。除了降低奶油和雞蛋的價格外，本季度我們還降低了其他一些產品的價格，以便為我們的會員提供更大的價值，其中包括將 2 升 Kirkland Signature 有機特級初榨橄欖油的價格從 24.99 美元降至 18.39 美元，將 Kirkland Signature 巧克力堅果串的價格從 17.969 美元的價格降至澳洲 17.9697. 7.59 美元。

As Ron mentioned earlier, we are continuing to move more items to locally source production, which is allowing us to lower prices in those markets. A notable example in the quarter was our Kirkland Signature ultra clean laundry products. These SKUs are now sourced in Asia for our APAC warehouses, allowing us to significantly lower transportation costs and reduce member prices in the region by approximately 40%. In the US, we are sourcing more American-made goods where available, including items such as mattresses, pillows and plastic resin goods.

正如羅恩之前提到的，我們正在繼續將更多產品轉移到本地生產，這使我們能夠降低這些市場的價格。本季的一個顯著例子是我們的 Kirkland Signature 超潔淨洗衣產品。這些 SKU 目前在亞洲採購，供應給我們的亞太區倉庫，這使我們能夠大幅降低運輸成本，並將該地區的會員價格降低約 40%。在美國，我們正在採購更多美國製造的商品，包括床墊、枕頭和塑膠樹脂製品等。

New KS offerings are another way we are delivering more value to members. These items typically offer members 15% to 20% value compared to the national brand alternative with equal or better quality. In Q3, we launched over 40 new KS items ranging from mini muffin bites to smoke pork ribs and various new apparel items.

新的 KS 產品是我們向會員提供更多價值的另一種方式。與品質相同或更好的國家品牌產品相比，這些產品通常可為會員提供 15% 至 20% 的價值。在第三季度，我們推出了 40 多種新的 KS 產品，包括迷你鬆餅、煙燻排骨和各種新服裝。

Within ancillary businesses, pharmacy and optical departments led the way. We are able to bring significant value to our members in optical through the combination of our labs, which manufacture our own high-quality lenses coupled with great prices on a wide range of frames, including luxury brands. Gas comps were negative low double digits during the quarter, driven by a lower average price per gallon.

在輔助業務中，藥局和眼鏡店部門處於領先地位。我們能夠透過結合我們的實驗室為我們的會員帶來巨大的價值，這些實驗室生產我們自己的高品質鏡片，並以優惠的價格提供各種鏡架，包括奢侈品牌。由於每加侖平均價格下降，本季汽油銷售額為負低兩位數。

I'll now share some additional color on inflation and tariffs. Fresh and Food and Sundries inflation remained relatively similar to last quarter. In nonfood, we saw low single-digit inflation return for the first time in a number of quarters. This was driven primarily by imported items.

現在我將分享一些有關通貨膨脹和關稅的更多內容。新鮮食品和雜貨的通膨率與上一季基本相似。在非食品領域，我們幾個季度以來首次看到低個位數通膨率回歸。這主要是受進口商品推動的。

As a reminder, about 1/3 of our sales in the US are imported and about 2/3 of those sales are in nonfoods. Items imported from China represent about 8% of total US sales. The inflation experience in nonfoods was the primary driver of the $130 million LIFO charge for the quarter, which is calculated comparing the net landed cost of inventory at the beginning of the fiscal year with a net landing cost of inventory on hand at the end of the current quarter.

提醒一下，我們在美國約有三分之一的銷售額來自進口，其中約三分之二的銷售額來自非食品。從中國進口的商品約占美國總銷售額的8%。非食品業的通貨膨脹是本季 1.3 億美元後進先出法費用的主要原因，該費用是透過比較財年初的庫存淨到岸成本與本季末庫存淨到岸成本計算得出的。

Based on our LIFO accounting methodology, if the current rate of inflation is maintained until our fiscal year-end, we would have an additional $40 million to $50 million LIFO charge in the fourth quarter. Any change in the level of inflation in the fourth quarter could increase or decrease the size of that charge. As we navigate an evolving environment with tariffs, we are working closely with our suppliers to find ways to mitigate the impact on cost, including moving production and sourcing to other countries where it makes sense to do so.

根據我們的後進先出會計方法，如果當前的通貨膨脹率維持到我們的財政年度末，我們將在第四季度額外產生 4000 萬至 5000 萬美元的後進先出費用。第四季通膨水準的任何變化都可能增加或減少此費用的規模。隨著我們應對不斷變化的關稅環境，我們正在與供應商密切合作，尋找減輕成本影響的方法，包括將生產和採購轉移到其他合理的國家。

As Ron mentioned earlier, we are leveraging our scale and global operations to help inform this approach. At Costco, we remain committed to providing quality items at the lowest possible prices and raising prices is always seen as a last resort. The evolving landscape with tariffs is adding complexity and challenges for how we operate our business, but we believe our expertise in buying and limited SKU count model give us greater agility to navigate the environment and ultimately increase our member values compared to the market.

正如羅恩之前提到的，我們正在利用我們的規模和全球業務來幫助實現這種方法。在 Costco，我們始終致力於以盡可能低的價格提供優質商品，漲價始終被視為最後的手段。關稅情勢的不斷變化為我們的業務運營增加了複雜性和挑戰，但我們相信，我們在採購方面的專業知識和有限的 SKU 數量模型使我們能夠更靈活地應對環境，並最終提高我們會員相對於市場的價值。

The global supply chain remains relatively stable, although as previously shared, shipping delivery dates are generally less predictable than they were pre-COVID. While the spot rate for shipping containers has increased recently in response to a short-term increase in demand, drawing the window that reciprocal tariffs have been paused, our shipping is generally covered by contracts, and so we have not seen any material impact.

全球供應鏈仍然相對穩定，儘管如前所述，運輸交貨日期通常比新冠疫情之前更難預測。雖然由於短期需求增加，近期貨櫃現貨價格上漲，顯示互惠關稅已暫停，但我們的運輸通常受合約約束，因此我們並未看到任何實質影響。

Turning now to digital and e-commerce. We continue to make progress with technology. As shared on last quarter's call, one of our key focus areas is building capabilities to deliver more personal, relevant experiences for our members, helping them save time and money.

現在轉向數位和電子商務。我們不斷在技術上取得進步。正如上個季度的電話會議中所分享的，我們的重點關注領域之一是建立能力，為我們的會員提供更個人化、更相關的體驗，幫助他們節省時間和金錢。

In the third quarter, successes included a targeted Mother's Day campaign to members who had purchased traditional Mother's Day gift last year and the launch of our personalized product recommendation hub for members, showcasing items based on previous browsing history, new items they might find relevant and best-selling items in their geographical area.

第三季度，我們的成功包括針對去年購買過傳統母親節禮物的會員開展有針對性的母親節活動，以及為會員推出個性化產品推薦中心，根據會員之前的瀏覽歷史展示商品、會員可能會發現相關的新商品以及他們所在地區的暢銷商品。

Gold and jewelry, toys, health and beauty, majors, housewares, small electrics and apparel, all grew double digits year-over-year. We continue to grow share in big and bulky items sold online, powered by our investment in Costco Logistics. The combination of great values and the delivery experience that includes installation and haul away of old items is resonating extremely well with our members and resulted in a 31% increase in items delivered in the quarter.

黃金和珠寶、玩具、健康和美容、主要商品、家庭用品、小型電器和服裝均比去年同期實現了兩位數成長。由於我們對 Costco Logistics 的投資，我們在網路上銷售的大件和笨重物品的份額繼續增長。巨大的價值和包括安裝和運走舊物品在內的交付體驗的結合引起了我們會員的強烈共鳴，並導致本季度交付的物品數量增加了 31%。

Costco Next, our curated marketplace also continues to show healthy year-over-year growth. In Q3 fiscal year 2025, our sales on Costco Next equaled our total sales for all of fiscal year 2022, and we are excited about the pipeline of new vendors and development for future rollout. Finally, in terms of upcoming releases, we will announce our May sales results for the 4 weeks ended Sunday, June 1, and on Wednesday, June 4, after market close.

Costco Next，我們精心策劃的市場也持續呈現出健康的年成長。在 2025 財年第三季度，我們在 Costco Next 上的銷售額等於整個 2022 財年的總銷售額，我們對新供應商的管道和未來推出的發展感到興奮。最後，就即將發布的產品而言，我們將在 6 月 1 日星期日和 6 月 4 日星期三收盤後公佈截至 6 月 1 日星期日的四周的 5 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，現在我們將開始提問。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

I wanted to ask Ron since he's in the room, so Costco has continually invested in price. And the nice thing is that you don't really have to catch up over time. Curious what you're telling the merchants right now given this moment in time, do you put the pedal to the metal and anything different about the posture? And are you seeing -- in places where price you're holding relative to the market, are you seeing tonnage and unit volume actually change meaningfully?

既然羅恩在房間裡，我就想問問他，Costco 一直在價格上進行投資。而令人高興的是，你實際上並不需要隨著時間的推移而趕上。我很好奇，考慮到目前的情況，您現在對商家說了什麼，您是否全力以赴，姿勢有什麼不同嗎？您是否看到—在您相對於市場保持價格的地方，噸位和單位體積是否真的發生了有意義的變化？

Very good question, Simeon. It's quite complicated, as Gary said now, as we're dealing with the moving tariffs as things continue to change each day. We have been very fortunate with some of the key commodities coming down, and then our buyers are immediately the first ones down in those goods. So we take every advantage of every opportunity that we can lower prices and we've seen our competitive landscape improved slightly at the latter part of the quarter, which is very good for us. So it means that we're doing the right thing.

西緬，這個問題問得非常好。正如加里現在所說的那樣，這非常複雜，因為我們正在處理不斷變化的關稅，因為情況每天都在變化。我們非常幸運，一些主要商品的價格下降，我們的買家立即成為第一批購買這些商品的人。因此，我們利用每一個機會來降低價格，並且我們看到我們的競爭格局在本季後半段略有改善，這對我們來說非常有利。所以這意味著我們所做的事情是正確的。

But, we're going to continue to invest in price. It's what we do. It's how we grow our business, and we're going to continue to try and mitigate as much of this impact on tariffs as we can for our members. So as we've always done, it's force ahead on lowering prices where we can.

但是，我們將繼續在價格方面進行投資。這就是我們所做的。這是我們發展業務的方式，我們將繼續盡力為我們的會員減輕關稅的影響。因此，正如我們一直以來所做的那樣，我們會盡力降低價格。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So a quick follow-up on that last question and then an add-on. So Ron, you mentioned that it improved in the latter half of the -- latter part of the quarter, is that because your peers are raising prices. So how are price gaps changing given the inflation that's going on out there?

因此，對最後一個問題進行快速跟進，然後進行補充。所以羅恩，你提到本季後半段情況有所改善，是因為你的同業正在提高價格。那麼，考慮到正在發生的通貨膨脹，價格差距將如何變化？

And secondly, as you think about the March, April period, I was -- you did extremely well in the nonfood category. Clearly, a lot of that is share, to what extent could you quantify pull forward in some of these tariff items that you saw in like the end of March, beginning of April?

其次，回顧三月和四月期間，我認為非食品類別的表現非常出色。顯然，其中很大一部分是份額，您能在多大程度上量化您在 3 月底、4 月初看到的一些關稅項目的提前上調？

You're welcome. I think that the Delta improvement has really been a very hard focus on movement and trying to work with our suppliers and lowering price wherever we can. I truly believe that we are the first one down whenever we have those opportunities, and that does create that improved delta for us.

不客氣。我認為達美航空的改進確實非常注重運輸，並嘗試與我們的供應商合作並盡可能降低價格。我堅信，只要我們有這樣的機會，我們總是第一個到達，這確實為我們創造了更好的差距。

So we're watching pricing daily and if not hourly, on every key commodity. And you have commodities like butter and eggs come down there's quite a halo effect to many different items. So our buyers are on top of that, talking to all the suppliers that would benefit from those reductions in costs and trying to really move that -- those products into lower costs as soon as we can. So I can't speak for the others, but I can speak for us. It's about lowering the price as soon as we can and take advantage of those opportunities.

因此，我們每天甚至每小時都在關注每種主要商品的價格。黃油和雞蛋等商品的價格下降對許多不同商品產生了相當大的光環效應。因此，我們的買家正密切關注這一情況，與所有能從成本降低中受益的供應商進行溝通，並儘快降低這些產品的成本。所以我不能代表其他人發言，但我可以代表我們發言。我們要盡快降低價格並利用這些機會。

As far as nonfoods, yes, we did, as we saw things starting to build on this tariff front, our buyers were very proactive, and they pulled a lot forward a lot of our summer goods. Most of our patio program, our sporting goods program got in early this year, got it in ahead of the tariff impacts. And that allowed us to hold prices or come just slightly up on prices when we need it to be. So that has really helped.

就非食品而言，是的，我們確實這樣做了，因為我們看到關稅方面的情況開始加劇，我們的買家非常積極主動，他們提前採購了我們的許多夏季商品。我們的大部分露台項目、體育用品項目都在今年早些時候就開始了，趕在了關稅的影響之前。這使得我們能夠在需要時維持價格或略微提高價格。這確實有幫助。

And then some key categories that we have had good healthy inventory on such as furniture. Appliances are not so much impacted, which has been a big driver for us in nonfoods as well. So it has been strategic movement of goods and like I spoke about things that were hit with a higher tariff, we partnered with our other regions around the world were non-US tariff impacts.

然後，我們擁有一些良好健康庫存的關鍵類別，例如家具。家用電器受到的影響並不大，這對我們非食品產業來說也是一個很大的推動力。因此，這是貨物的戰略性流動，就像我談到受到更高關稅影響的商品一樣，我們與世界各地的其他地區合作，以應對非美國關稅的影響。

And then anything in terms of how much demand may be pulled forward?

那麼，關於可以提前多少需求，有什麼事嗎？

I think that there was slight -- we saw a slight impact on it. To quantify it, it was very tough to do. It was very tough to quantify that we saw any certain percent of a pull forward of the fear of tariffs.

我認為它有輕微的影響——我們看到了輕微的影響。要量化這一點非常困難。我們很難量化看到對關稅的恐懼是否提前到了一定比例。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Gary, it seemed like you were setting a reminder that you will soon lap this outsized growth from precious metals and gift cards. So to what extent should we recalibrate our expectations as Costco laps some of those outsized gains? If you could quantify that, that would be super helpful.

蓋瑞，你似乎在提醒自己，你很快就會從貴金屬和禮品卡中獲得如此巨大的成長。那麼，當 Costco 獲得如此巨大的收益時，我們應該在多大程度上重新調整我們的期望？如果您可以量化這一點，那將非常有幫助。

And then as part of that, at what point does Costco just reach a limitation to its great of growth in the United States? The company has got to be mindful of depleting the overall membership experience as these clubs get so busy and it's difficult to find parking. It's difficult to navigate through the store. It takes a little longer to get in and out. What percentage of your clubs in the United States, would you say are currently at that level or approaching that level?

那麼，作為其中的一部分，Costco 在美國的成長速度什麼時候會達到極限呢？由於這些俱樂部非常繁忙，很難找到停車位，因此公司必須注意降低會員的整體體驗。在商店中導航很困難。進出需要更長的時間。您認為目前美國有多少比例的俱樂部達到或接近這個水平？

Michael, yes, thanks for the questions. So just to cover the first part, I think Ron will jump in on the second part of the question. Yes, we were sharing on the call. You may recall we've been sharing on previous quarters that we were up double digits in nonfood, and we were high single digits this quarter.

邁克爾，是的，謝謝你的提問。因此，為了涵蓋第一部分，我認為羅恩會跳到問題的第二部分。是的，我們在電話中分享了。您可能還記得，我們​​在前幾個季度曾分享過，非食品業務的成長幅度為兩位數，而本季的成長幅度為個位數。

So part of the commentary that I shared was to remind you that some of that would be a reflection of the fact that we are cycling volume starting to flow through on a year-over-year basis, particularly online. And then also gift cards. We had a particularly strong program of gift cards last year. So as we cycle those, you saw still very strong nonfood sales and strong market share gains, but the number would decelerated into that high single-digit range.

因此，我分享的評論的一部分是為了提醒您，其中一些將反映出我們的騎行量開始逐年增加，尤其是在線騎行量。還有禮品卡。去年，我們的禮品卡計劃特別強大。因此，當我們循環這些時，你會看到非食品銷售仍然非常強勁，市場份額也強勁增長，但數字將減速到高個位數範圍。

I think it's kind of difficult to predict, obviously, where the consumer behavior goes in the future because of some of the things that Ron mentioned around the uncertainty. And also, when you look at our individual month-to-month data, we obviously are sharing very transparently every month what our sales results are and there are going to be periods where like we shared earlier in April, where there's probably, if you look at individual item, categories like consumer electronics and even in paper products, there were -- it looked like a higher level of sales in April because of that. So you'll probably see a little bit of relief in some of those areas flowing through in the next couple of months.

我認為，顯然很難預測未來消費者行為的發展方向，因為羅恩提到的一些事情存在不確定性。此外，當您查看我們各個月度數據時，我們顯然每個月都會非常透明地分享我們的銷售結果，並且會有像我們在 4 月初分享的某些時期，如果您查看單個商品、消費電子產品甚至紙製品等類別，那麼 4 月份的銷售額似乎會更高。因此，在接下來的幾個月裡，您可能會看到其中一些地區的疫情有所緩解。

But I wouldn't really say we have anything other than confidence in what our buyers are doing in finding great quality items at great value and newness in terms of new and exciting items for the member. Everything we're still seeing right now would be that sort of the state of the consumer is that they're very focused on those three things, but where you can meet those three things really well with value and quality and newness, our members are still spending and buying nonfood items. So we think that the teams are doing a great job, and we continue to see opportunity to grow in that space.

但我真心相信我們的買家能夠為會員找到高品質、高價值、新穎且令人興奮的商品。我們現在仍然看到的情況是，消費者的狀態是他們非常關注這三件事，但是當你能夠透過價值、品質和新穎性很好地滿足這三件事時，我們的會員仍然在消費和購買非食品類商品。因此，我們認為這些團隊做得很好，並且我們繼續看到該領域的發展機會。

And on the operations side, it is a strategic priority for all of us in the company right now is to continue to how we improve the member experience in our high-volume warehouses. And as we speak about the fourth quarter openings, about 80% of those warehouses we're opening are going to cannibalize some high-volume locations for us that's going to take some relief off. So we strategically look at new markets for openings, but with the real importance on strategically cannibalizing those warehouses where we can make that improvement of member experience in there as well.

在營運方面，我們公司所有人目前的策略重點是繼續改善大容量倉庫的會員體驗。當我們談到第四季度的開業時，我們開設的倉庫中約有 80% 會蠶食一些業務量較大的地點，這將為我們帶來一些緩解。因此，我們從策略上尋找新的市場，但真正重要的是從策略上蠶食那些我們可以改善會員體驗的倉庫。

The recent expansion of gasoline hours was a great indicator that the throughput for our members improved nicely, and we saw that immediately in gallon increases. And on the technology front, we've realized with some of these pilots as we are working through these different systems to speed up the front-end experience and get that moving flowing quickly, the backside of that is it turns over parking spaces quicker. And when you turn over parking spaces quicker, it makes the whole experience better.

最近加油時間的延長是一個很好的指標，表明我們會員的吞吐量得到了很好的提高，而且我們立即看到了加侖數的增加。在技​​術方面，我們在一些試點計畫中意識到，透過不同的系統來加快前端體驗並使其快速流動，其副作用是可以更快地轉換停車位。當您更快地轉換停車位時，整個體驗就會變得更好。

So we are very mindful of the high-volume warehouses we have, and we're strategically working on many different fronts to how do we continue to grow the volume in those existing buildings and continue to infill and look for new markets in the US as we do in all the regions around the world.

因此，我們非常關注我們擁有的大容量倉庫，並且我們正在從多個不同方面進行策略性工作，以繼續增加現有建築的容量，並繼續填補和尋找美國的新市場，就像我們在世界各地所做的那樣。

I guess maybe just one thing to add to Ron's comment, Michael, as well. I think you see in our 10-K here we show the year-by-year sort of vintage of our warehouses. And I think the ones that Ron's particularly talking about where we have that over $400 million of sales, which is, I think, about 40 or so warehouses where we're in that sort of category. So they're the highest priority there.

邁克爾，我想也許還有一點需要補充到羅恩的評論中。我想您會看到，在我們的 10-K 表中，我們展示了我們倉庫逐年的變化。我認為羅恩特別提到的是，我們的銷售額超過 4 億美元，也就是說，我認為，我們大約有 40 個倉庫屬於這個類別。因此，他們在那裡具有最高優先權。

I think as we do that, there's still tremendous growth in the less mature warehouses, and we see year-over-year continued growth. So I think that gives us a lot of confidence that while we make those enhancements that Ron mentioned, we still have significant opportunity with the vast majority of our warehouses to continue to grow and to -- for them to look and to mature like higher sales warehouses today.

我認為，當我們這樣做時，不太成熟的倉庫仍將實現巨大的成長，並且我們將看到逐年持續的成長。因此，我認為這給了我們很大的信心，雖然我們做出了羅恩提到的那些改進，但我們的絕大多數倉庫仍然有很大的機會繼續增長，並使它們看起來和成熟得像今天的高銷售額倉庫一樣。

Scott Ciccarelli, Truist.

斯科特·西卡雷利（Scott Ciccarelli），Truist。

Appreciate the time. I think you guys have increased your EBIT margin on a year-over-year basis now by eight or maybe nine quarters in a row, however, slight. Even though we've had a pretty funky macro environment, tariffs obviously being the latest piece of that. Is there any reason we would see that trend change over the next few quarters? Because it does seem like it's a bit of a conscious decision, not just brand on this.

珍惜時間。我認為你們的息稅前利潤率已經連續八個或九個季度同比增長，儘管幅度很小。儘管我們的宏觀環境相當不穩定，但關稅顯然是最新受到的影響。有什麼理由我們會在接下來的幾季看到這種趨勢改變嗎？因為這確實看起來像是一個有意識的決定，而不僅僅是品牌的決定。

Scott, yes, thanks for the question. I would say, overall, I know I mentioned this last quarter as well when we talked about the gross margin rate that we really are probably less focused than you might think on the individual quarters. We're more really focused on how we manage the business for the long term. And so you are going to see, I think, individual fluctuations quarter-by-quarter as we make decisions to invest in the business at certain times to grow the company.

斯科特，是的，謝謝你的提問。我想說，總的來說，我知道我在上個季度也提到了這一點，當時我們談到毛利率，但我們對各個季度的關注度可能沒有你想像的那麼高。我們更專注於如何長期管理業務。因此，我認為，當我們決定在特定時間對業務進行投資以發展公司時，您將會看到每個季度的個別波動。

And certainly, at other times like we saw in this quarter, of course, with gross margin rate in particular, we saw some real benefits in fresh productivity and lower spoilage and also some of the benefits of deflation in certain commodities.

當然，在其他時候，例如我們在本季度看到的那樣，當然，特別是毛利率，我們看到了新生產力和較低損耗方面的一些實際好處，以及某些商品通貨緊縮帶來的一些好處。

I think it's fair to look at our model over the longer term. I wouldn't particularly pick a number of quarters, but I think over the longer term, looking at generally how we've been able to grow the business and grow profitability. And I think our philosophy overall is, as I know you've heard probably my predecessor, Richard, say this many times, is that our goal is to continue finding ways to drive value for our members, lowering our prices consistently and doing that through our global buying, doing that for in-country production.

我認為從長遠角度來看我們的模型是公平的。我不會特別選擇幾個季度，但我認為從長遠來看，總體上看我們如何能夠發展業務並提高盈利能力。我認為我們的整體理念是，正如我所知，你們可能已經聽過我的前任理查德多次說過的那樣，我們的目標是繼續尋找為我們的會員創造價值的方法，持續降低我們的價格，並通過我們的全球採購和國內生產來實現這一點。

Kirkland Signature growth, as Ron mentioned earlier, and even some of the newer opportunities like e-commerce growth and getting more profitable in e-commerce and building the retail media business. But in all cases, our philosophy is how do we take 90% of that value and give it back to the member to drive top line. And we do think over time, we can still be increasing our margin all bit as part of that plan.

正如羅恩之前提到的，柯克蘭簽名成長，甚至一些較新的機遇，如電子商務成長、在電子商務中獲得更多利潤以及建立零售媒體業務。但在所有情況下，我們的理念是如何將其中的 90% 的價值返還給會員，以推動營收成長。我們確實認為，隨著時間的推移，作為該計劃的一部分，我們仍然可以提高我們的利潤率。

But that's our overall philosophy. So we wouldn't particularly guide to -- well, we don't guide at all as you know, we wouldn't guide to thinking about an individual quarterly cadence, but that's more philosophical, how we think about growing the company.

但這就是我們的整體理念。因此，我們不會特別指導 - 好吧，正如你所知，我們根本不會指導，我們不會指導思考單一季度的節奏，但這更具哲學性，我們如何思考公司的發展。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Gary, I wanted to follow up on your LIFO comment. Clearly, a lot of your peers do inventory accounting, which is likely going to drive margins maybe in the opposite direction in the next quarter, which you for your LIFO estimate about the other kind of $40 million, $50 million of LIFO charge in Q4. Am I reading that correctly, you're suggesting a moderation in the LIFO impact in Q4 and in the coming quarters. How should we compare that to in the 2022 period where you had more of a full 12-month impact of LIFO headwind? And how does today's environment differ from then?

加里，我想跟進你的後進先出評論。顯然，許多同業都進行庫存核算，這很可能會推動下一季的利潤率出現相反的方向，而根據您的後進先出法估計，第四季度的後進先出費用約為 4,000 萬美元、5,000 萬美元。我的理解是否正確？您建議在第四季和未來幾季中減輕後進先出法的影響。我們應該如何將其與 2022 年期間進行比較，當時您受到的後進先出法逆風的影響長達 12 個月？當今的環境與當時有何不同？

Sure. I'll maybe break the question into a couple of parts because I think it's probably helpful just to explain how I hate to get sort of too technical on the accounting side, but just at least give a brief explanation of how we follow rules in calculating our LIFO charge.

當然。我可能會把問題分成幾個部分，因為我認為解釋我為什麼不喜歡在會計方面過於技術化可能會有所幫助，但至少要簡單解釋一下我們如何遵循規則來計算後進先出費用。

So essentially, and you may recall, the first two quarters of this year, we were seeing slight deflation in nonfood. So we actually had a credit to our LIFO charge for the first two quarters, largely because Foods and Sundries and Fresh were generally sort of fairly stable and sort of low inflation, which continues to be true, and nonfoods being deflationary.

因此，從本質上講，您可能還記得，今年前兩個季度，非食品價格出現了輕微的通貨緊縮。因此，我們實際上對前兩個季度的後進先出法費用進行了貸記，主要是因為食品和雜貨以及生鮮產品總體上相當穩定，通貨膨脹率較低（這種情況仍然如此），而非食品產品則處於通貨緊縮狀態。

In the third quarter, we saw nonfood start to become slightly inflationary. And so because of the way our LIFO calculation works, we're essentially estimating for the full year, what the LIFO charge will be. So we're saying, what will our inventory net landing cost of an item times the number of items that we have in inventory at the end of the year, how will that cost compare to the cost at the start of the year.

在第三季度，我們看到非食品價格開始出現輕微通膨。因此，由於我們的後進先出法計算方式，我們基本上可以估算全年的後進先出費用是多少。因此，我們的問題是，我們庫存中某件商品的淨到岸成本乘以年底庫存商品的數量，與年初的成本相比如何。

And what we do is we sort of calculate what we estimate that will be for the end of the year. And then we take the proportionate amount of the number of quarters. So if you think about the third quarter, we saw higher inflation and as we were calculating out our point estimate for the end of the year based on that calculation, it's about $145 million, call it, for the full year based on the current inflation rate that we're seeing.

我們所做的就是計算一下我們估計的年底的銷售額是多少。然後我們取與季度數量相應的比例。因此，如果您考慮第三季度，我們看到通貨膨脹率上升，並且當我們根據該計算結果計算出年底的點估計值時，根據我們看到的當前通貨膨脹率，全年的通貨膨脹率約為 1.45 億美元。

So we have to take 3 quarters or -- not quite 3 quarters, 9, 13, so 9 periods out of 13 periods in the year-to-date catch-up in the quarter alone. So the $130 million charge isn't a charge for the quarter, it's really a true-up for the whole of the year for our estimate of inflation. And because we'll have full 13 of that charge in the fourth quarter, if inflation stays the same, that's where the $40 million to $50 million incremental charge comes in, in the fourth quarter.

因此，我們必須選取 3 個季度，或 — — 不完全是 3 個季度，而是 9 個、13 個，也就是說，僅在本季度就需要對年初至今的 13 個期間中的 9 個期間進行追趕。因此，1.3 億美元的費用並不是本季的費用，而是我們根據通貨膨脹估計的全年費用。由於我們將在第四季度支付全部 13% 的費用，如果通貨膨脹保持不變，那麼第四季度的增量費用將達到 4,000 萬至 5,000 萬美元。

So really, all of that is getting us to the same data that we're looking at today, which is saying we believe there is inflation in our system because of the higher cost in nonfood. The inflation rate has turned slightly positive on nonfood we're estimating based on current inflation rates that we see, the charge for the year will be $145 million. We've had to catch that up in the first three quarters. So it's a $130 million charge in the first three quarters that we show in Q3, and then there'll be an incremental $40 million to $50 million charge in Q4.

所以實際上，所有這些都讓我們得到了今天看到的相同數據，這表明我們認為由於非食品成本較高，我們的系統存在通貨膨脹。非食品類商品的通貨膨脹率已略微轉為正值，根據我們看到的當前通貨膨脹率，我們估計今年的費用將達到 1.45 億美元。我們必須在前三個季度趕上這一目標。因此，我們在第三季顯示的前三個季度的費用為 1.3 億美元，然後在第四季度將增加 4,000 萬至 5,000 萬美元的費用。

That $40 million to $50 million estimate is really just based on what our current inflation rate is. So if that inflation rate stays the same, if the tariff situation doesn't really change materially, that's our best estimate of what that outcome would be for the year. If we were to see higher tariffs, which led to higher cost of goods or lower tariffs and lower cost of goods, that could move that number up or down. And we'd have to true it up for the whole year in the fourth quarter because it's an estimate of the inventory value at the end of the year.

4000萬到5000萬美元的估算實際上只是基於我們目前的通貨膨脹率。因此，如果通膨率保持不變，如果關稅情況沒有實質變化，這就是我們對今年結果的最佳估計。如果關稅提高，導致商品成本提高，或關稅降低，商品成本降低，那麼這個數字可能會上升或下降。我們必須在第四季度對全年進行校正，因為這是對年底庫存價值的估計。

So I'm sorry if that was a bit long winded, but I was trying to make sure I I'm giving you kind of how the math works because it could feel a bit misleading that we're saying there was $130 million of inflation during the quarter, but it's really a true-up for the first three quarters of the year.

所以，如果說得有點冗長，我很抱歉，但我想確保我能給你大致的數學計算方法，因為我們說本季的通貨膨脹率為 1.3 億美元，這可能有點誤導，但這實際上是今年前三個季度的真實情況。

And then I would say, in general, that still means that inflation is below where it would have been back in the post-COVID period. Our inventory levels are anywhere between $12 billion, $13 billion, and so if you think of a charge of $145 million of LIFO charge, that's really only 1% to 1.5% of inflation overall with our LIFO calculation. So it's still relatively low overall inflation, but it certainly is a change in trajectory from what we were seeing in the first two quarters.

然後我想說，總的來說，這仍然意味著通貨膨脹率低於新冠疫情後的水平。我們的庫存水準在 120 億美元到 130 億美元之間，因此，如果您考慮收取 1.45 億美元的後進先出費用，那麼按照我們的後進先出計算，這實際上只佔整體通貨膨脹的 1% 到 1.5%。因此，整體通膨率仍然相對較低，但與前兩個季度相比，趨勢肯定有所變化。

That's very helpful. Just a quick follow-up. Does that -- some of that bleed into the first half of next year as well?

這非常有幫助。只是一個快速的跟進。這是否也會影響明年上半年？

It really depends on what happens with inflation going forward. So it wouldn't -- we take the new level of inflation at the end of the fiscal year and then our LIFO forecast for 2026 would be based on whether we think inventory -- the amount of inventory and the net landed cost of the product will increase in that year.

這實際上取決於未來通貨膨脹的情況。所以不會——我們會在財政年度末採用新的通貨膨脹水平，然後我們對 2026 年的後進先出預測將基於我們是否認為庫存——庫存數量和產品的淨到岸成本將在那一年增加。

So it really depends on -- there wouldn't be a carryover from current inflation into 2026. But if inflation was to rise again, that could create a higher LIFO charge in '26 or a lower LIFO charge if tariffs were reduced.

所以這實際上取決於——當前通膨的影響是否會延續到 2026 年。但如果通貨膨脹再次上升，可能導致 26 年的後進先出費用更高，或者如果關稅降低，則後進先出費用更低。

Sorry, just to clarify, the LIFO charge, the $12 billion to $13 billion is for US inventory because we're still on the retail method for our -- most of our international countries. So it's really based on our US business that the LIFO charge is incurred.

抱歉，我只是想澄清一下，後進先出法的費用，120 億到 130 億美元是用於美國庫存的，因為我們在大多數國際國家仍然採用零售方式。因此，後進先出費用的產生實際上是基於我們的美國業務。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

Just one quick clarification and then a follow-up on digital. On the inflation in grocery last quarter, you said it was slightly positive. Was that around 0 1%? Is that the sort of range we're talking about?

只需簡單澄清一下，然後跟進數字問題。關於上個季度食品雜貨的通貨膨脹，您說它略微呈正值。那大約是 0.1% 嗎？這就是我們談論的範圍嗎？

Yes, it would be in that range, maybe slight -- just slightly higher than that, Greg, but you're in the right ballpark, low single digits, for sure. And again, very similar to last quarter.

是的，它會在這個範圍內，可能稍微高一點，格雷格，但你的估計是正確的，肯定是低個位數。這與上一季的情況非常相似。

In grocery, it's a bit like it's been for the year to date. There are some items that are inflationary within grocery. So while egg prices have come down, as we mentioned earlier on within the year, they're still inflationary compared to what we would have seen in eggs last year.

在食品雜貨方面，情況有點像今年迄今為止的情況。食品雜貨中有些商品是通貨膨脹的。因此，儘管雞蛋價格已經下降，正如我們今年早些時候提到的那樣，但與去年的雞蛋價格相比，仍然處於通膨狀態。

Things like pulp are still inflationary as well within grocery, but then you've got butter, flour and cheese and some of the dairy items that have turned deflationary. So there's quite a bit of moving parts in there, but it really hasn't changed that materially since the earlier part of the year overall.

在食品雜貨中，紙漿等商品仍處於通貨膨脹狀態，但奶油、麵粉、起司和一些乳製品已進入通貨緊縮狀態。因此，其中存在相當多的活動部件，但自今年年初以來，總體而言，它並沒有發生實質性的改變。

And what I'd love to do is a little deeper on digital, just given the double mid-teens growth. Could you just level set us now on what percentage of the business is digital, and particularly that Costco Logistics, up 31%. And what percentage of e-commerce is now done through Costco Logistics?

考慮到 15 倍左右的成長速度，我希望對數位化進行更深入的研究。您能否告訴我們現在業務中數位化的比例是多少，特別是 Costco Logistics，成長了 31%。現在有多少比例的電子商務是透過 Costco Logistics 完成的？

Yes. On the first part of the question, it depends on the definition you use. So if you just do the sort of math on our business and how we define digital, which, as a reminder, doesn't include the delivery solutions that we offer through Instacart. It doesn't include our travel business where most of it would be online.

是的。關於問題的第一部分，這取決於您使用的定義。因此，如果你只是對我們的業務以及我們如何定義數位化進行一些計算，提醒一下，這並不包括我們透過 Instacart 提供的交付解決方案。這還不包括我們的旅遊業務，因為大部分的業務都是在線上進行。

So there's a number of elements that I think others might include in the sort of e-commerce business that we wouldn't. So on the straight math on how we define it, it would be about 8% of our business. If we included some of the components that others would include, it probably takes it to slightly north of 10% and then if you would take gas out of our total sales, which I know, obviously, there isn't any commerce element to gas, it's around the 12% of total sales that we generate today, Greg.

所以我認為其他人可能會在電子商務業務中加入一些我們不會加入的元素。因此，根據我們的定義，它大約占我們業務的 8%。如果我們把其他人會包括的一些組成部分也包括進去，那麼它的比例可能會略高於 10%，然後如果你把天然氣從我們的總銷售額中剔除，我知道，天然氣顯然沒有任何商業元素，它大約占我們今天產生的總銷售額的 12%，格雷格。

Costco logistics, this is Ron. It's about 20% to 25% of our total deliveries for Costco Logistics but it is about 80% to 85% of our big and bulky. We don't run -- we make our buyers make decisions of what to put through that network and what not to put through it. And so they look for the best cost delivery source. And so we know that big and bulky patio furniture, television, safe, those kind of things, all but the super specialty stuff we run through Costco Logistics. So a big chunk of that business is going through the network of big and bulky.

Costco物流，我是Ron。這大約占我們 Costco Logistics 總配送量的 20% 到 25%，但占我們大件和笨重物品配送量的 80% 到 85%。我們不會運作——我們讓買家決定哪些東西可以透過該網路傳輸，哪些東西不會透過該網路傳輸。因此他們尋找最具成本的交付來源。因此，我們知道，大而笨重的露台家具、電視、保險箱等物品，除了超級特殊物品外，我們都透過 Costco Logistics 進行運輸。因此，很大一部分的業務是透過龐大而笨重的網路進行。

Is there any members that haven't used your digital yet in some way, shape or form? Or is it still only half the people that really use it?

是否有任何成員尚未以某種方式、形式使用您的數位資訊？還是只有一半的人真正使用它？

Yes. It's over half of has downloaded the app for sure, but there's still plenty of opportunity for growth in our mine. We still see it as an area where we'd expect to outpace our overall growth. And as we continue to improve the member experience with enhancements every quarter, Greg around, whether it's the inventory available on the app or improving the search functionality, improving the way in which we communicate with members, as I talked about earlier on the call.

是的。肯定有超過一半的人下載了該應用程序，但我們的礦井仍有很大的增長機會。我們仍然認為這是一個有望超過我們整體成長的領域。正如我之前在電話會議上提到的那樣，我們每個季度都會不斷改進會員體驗，無論是應用程式上的庫存，還是改進搜尋功能，改進我們與會員溝通的方式，格雷格都會這樣做。

We believe all of those things are going to drive more digital engagement. We think tied to even some of the comments that Ron was making about speed of checkout, where members use their digital wallet and have their payment card integrated within the wallet. It significantly increases the speed of checkout through the check lane in the warehouse as well. So we still think there's plenty of opportunity to keep driving higher penetration of digital engagement with our members and we think it's got a runway to continue to grow in the future.

我們相信，所有這些都將推動更多的數位參與。我們認為這甚至與羅恩關於結帳速度的一些評論有關，會員可以使用他們的數位錢包並將他們的支付卡整合在錢包中。它還顯著提高了倉庫結帳通道的結帳速度。因此，我們仍然認為，我們有足夠的機會繼續提高與會員的數位互動滲透率，並且我們認為它在未來還有繼續成長的空間。

Great quarter, and thanks for the detail.

非常棒的一個季度，感謝您提供的詳細資訊。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Ron, you called out some technology efforts at the fund end as an opportunity. Could we double click on that a little bit? And then with regards to the extended hours of operation at the gas stations themselves, have you thought about testing that within the clubs.

羅恩，您提到基金端的一些技術努力是一個機會。我們可以雙擊一下嗎？然後關於加油站本身的延長營業時間，您是否考慮在俱樂部內進行測試。

Sure. The first question, yes, as Gary said, we found that digital really enhances the speed of checkout. And so we are really working hard on the digital membership card usage as well.

當然。第一個問題，是的，正如加里所說，我們發現數位化確實提高了結帳速度。因此，我們也在努力推廣數位會員卡的使用。

We've also engaged in some Scan and Go done by Costco kind of tests that we're doing out there that have been extremely successful of moving people through the lines and expediting the transactions. We've seen some very, very early results have been very positive and great adoption from our members see in that as well.

我們也參與了 Costco 進行的一些類似「掃描即走」的測試，這些測試在引導顧客排隊和加快交易速度方面非常成功。我們已經看到了一些非常非常積極的早期成果，我們的成員也對此表示了高度認可。

So we're just looking at the whole overall -- our operations team is really focused on the front end, and we know there's many benefits to that part of the Costco experience of moving people through much better. So it really is using the digital enhancements that we have available today, and we think we'll see some good things going through there.

因此，我們只是著眼於整體——我們的營運團隊真正專注於前端，並且我們知道 Costco 體驗的這一部分可以讓人們更好地體驗，從而帶來許多好處。因此，它確實利用了我們今天所擁有的數位增強技術，並且我們認為我們會看到一些好的結果。

And yes, we continue to look at the hours of the operation as well. Gas has been very accretive to the scale growth in our sales in the gas business. So we continue to look at the operations side of things as well, the warehouse hours.

是的，我們也持續關注營運時間。天然氣對我們天然氣業務的銷售規模成長起了很大的促進作用。因此，我們也會繼續關注營運方面的問題，即倉庫營業時間。

John Heinbockel, Guggenheim Securities.

古根漢證券公司的約翰·海因博克爾。

A quick one for Gary, one for Ron. For Gary, I know you got a depot opening in Florida soon. Can you remind us on the supply chain side, distribution, transportation, what's the opportunity there to continue to lower cost from where we are now?

給加里 (Gary) 和羅恩 (Ron) 各一個。對加里來說，我知道你很快就會在佛羅裡達州開設一個倉庫。您能否提醒我們，在供應鏈、分銷和運輸方面，有哪些機會可以繼續降低目前的成本？

And then Ron, have you made any changes with regard to tariffs on how you think about receipts demand planning over the next, I don't know, six months and how you flow that in how -- it's harder maybe for you to chase inventory, but how do you attack that, if at all?

然後羅恩，關於關稅，你對未來六個月的收據需求計劃有什麼看法，以及你如何處理這些變化——對你來說，追逐庫存可能會更困難，但你該如何解決這個問題呢？

Thanks, John. On the depot, I think that it's certainly interesting being relatively new to the company to see really how efficiently we operate our depot network because I think you may be familiar with, we generally are not really holding inventory in any of the depots, we're moving products straight through.

謝謝，約翰。關於倉庫，我認為作為一個公司的新人，看到我們倉庫網路的營運效率確實很有趣，因為我想你可能很熟悉，我們通常不會在任何倉庫中存放庫存，而是直接透過倉庫運送產品。

So I think it ties a little bit to your point of as we grow in scale, how do we make sure we optimize the network to be even more efficient just because of the scale of operations that we have now. And we know that when we look at our most productive warehouses and highest volume areas, we see incremental leverage that's created in our overall financial model.

所以我認為這與您的觀點有點相關，隨著我們規模的擴大，我們如何確保優化網絡，使其更加高效，因為我們現在擁有營運規模。我們知道，當我們審視我們生產效率最高的倉庫和交易量最高的區域時，我們會看到在我們的整體財務模型中產生的增量槓桿。

So I don't think there'll be anything we call out as being a change in strategy, but certainly continuing to invest capital in places where it makes sense to optimize the network for depots, we think can help continue to improve our efficiency.

因此，我認為我們不會做出任何所謂的策略改變，但肯定會繼續在有意義的地方投資，以優化倉庫網絡，我們認為這有助於繼續提高我們的效率。

And then I think the second part of it would probably be more in e-commerce. As we're growing that business, we have built out the Costco Logistics network and invested in especially on the west side of the country, I would say, when we acquired Innovel, there was a strong presence in the East, less presence in the West, and so we built out that network.

然後我認為第二部分可能更多地涉及電子商務。隨著業務的成長，我們建立了 Costco 物流網絡，並特別在西部進行了投資，我想說，當我們收購 Innovel 時，它在東部的影響力很大，而在西部的影響力較小，所以我們建立了這個網絡。

And I think it's part of how we keep showing improvement quarter-over-quarter in the other gross margin line, where e-commerce continues to improve. Part of that is really leveraging those investments to drive more scale and more efficiency in our e-commerce operations. That's probably the bigger area where you see it in our results quarter-to-quarter.

我認為這是我們在其他毛利率方面逐季持續改善的部分原因，其中電子商務持續改善。其中一部分實際上是利用這些投資來推動我們的電子商務營運規模更大、效率更高。這可能是您在我們季度業績中看到的更大的領域。

And the question on strategic planning of future buying, yes, we -- our buyers are extensively going through short-term, midterm and long-term strategies as far as buying goes. As you know, the continuous changing environment out there has presented a lot of opportunities for that group to stay on top of this.

關於未來採購策略規劃的問題，是的，我們的買家正在廣泛研究採購方面的短期、中期和長期策略。如您所知，不斷變化的外部環境為該團隊保持領先地位提供了許多機會。

And we're having to make some decisions based on the current information that we know today. As you can imagine, with our volume and the size of our company, our commitments are six to eight months out for supply with a lot of our suppliers. And in doing that, we're empowering our buyers to make decisions now based on the importance of the item.

我們必須根據今天掌握的最新資訊做出一些決定。你可以想像，以我們的數量和公司規模，我們對許多供應商的供貨承諾是六到八個月。透過這樣做，我們讓買家能夠根據商品的重要性做出決定。

And is it something that we can replace with something domestically here? Or is it something that we need to go ahead and move on quickly and bring in prior to any future tariff increases? So they have a strategic plan out there. They're looking at different areas. We went through a lot of this exercise during the COVID days when you couldn't get goods out of China for a different reason, that's the shipping backups that we have there.

我們能用國內的東西來代替它嗎？或者這是我們需要盡快推進並在未來關稅上調之前引入的措施？所以他們有一個戰略計劃。他們正在關注不同的領域。在新冠疫情期間，由於各種原因，你無法將貨物從中國運出，所以我們進行了很多這樣的練習，這就是我們在那裡的運輸備份。

And I think our -- and I know our buying team executed great results during those periods of being very nimble and going out and finding new places to bring value and quality to our members.

我認為我們的—我知道我們的採購團隊在那些時期取得了巨大的成果，他們非常靈活，不斷尋找新的地方為我們的會員帶來價值和品質。

So, we're going to remain nimble. We're going to make good decisions. And the nice part is we do have some non-US business that we can work closely with if we do get caught with something at a higher tariff rate that we don't feel would be something good for our members here in the US, we can work with the other regions to move goods out there as well.

所以，我們將保持靈活。我們將做出正確的決定。好的方面是，我們確實有一些非美國企業可以與我們密切合作，如果我們發現某些產品徵收較高的關稅，而我們認為這對我們在美國這裡的會員不利，我們也可以與其他地區合作，將貨物運出那裡。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So two quick ones for me. So just going back to the core and core margin improvement. Gary, do you expect some of the positive drivers you saw during the quarter to continue near term? And then second, just on tariffs, just given maybe there's some hope out there, some of these tariffs will be rolled back. If we do see that, would you expect your vendors to reduce some of the tariff-induced price increases?

所以對我來說有兩個簡單的問題。因此，我們只需回到核心和核心利潤率的提高。加里，您是否預計本季看到的一些積極驅動因素會在短期內持續下去？其次，關於關稅，考慮到可能還有一些希望，部分關稅將會取消。如果確實出現這種情況，您是否希望您的供應商降低一些因關稅而導致的價格上漲？

Yes. Thanks, Rupesh. On the core gross margin, I would say some of those were fairly unique to the quarter in the sense that the adjustment that we saw around some of the deflation in some of the ingredients that I talked around, around butter and eggs and dairy. And I think as you know, we continue to look for ways to invest in the member to drive top line growth in our sales.

是的。謝謝，魯佩什。關於核心毛利率，我想說其中一些是本季獨有的，因為我們看到的調整與我剛才談到的一些成分（黃油、雞蛋和乳製品）的通貨緊縮有關。我想，正如您所知，我們會繼續尋找投資會員的方式，以推動銷售額的成長。

So I think again versus sort of maybe talking about what might happen in the next few quarters, I think of it really sort of reflecting what I shared earlier in the call, where how can we continue to invest those dollars to drive more value for the member, drive top line growth in the company.

因此，我再次思考，與其談論未來幾季可能發生的事情，不如說它確實反映了我在電話會議早些時候分享的內容，即我們如何繼續投資這些資金，為會員創造更多價值，推動公司營收成長。

I do think that we've been able to be somewhat nimble in that if there are continued impacts on inflation in nonfoods. Obviously, we could see some impact there that where we're giving back to the member essentially to try and hold on some of the increases there and the benefit that we've had on things like fresh in particular, where you look at the productivity improvements and spoilage improvements. Obviously, those are the things that can potentially fund our investments in other areas to ensure that we're delivering for value -- more value for the member.

我確實認為，如果非食品通膨繼續受到衝擊，我們能夠採取一定的靈活措施。顯然，我們可以看到一些影響，我們回饋給會員，主要是試圖保持一些成長，以及我們在諸如新鮮事物等方面獲得的好處，你可以看到生產力的提高和損耗的改善。顯然，這些都可能為我們在其他領域的投資提供資金，以確保我們為會員提供更多價值。

So I think we look at it more on the longer term versus the short-term benefits, but we'll continue to look for ways to invest to drive top line growth in the business.

因此，我認為我們更多地考慮的是長期利益而不是短期利益，但我們會繼續尋找投資方式來推動業務的收入成長。

And then I think from a tariff rollback, it's kind of really difficult to predict. Obviously, we're operating in really a dynamic environment, and we're staying agile. I think all of our suppliers are staying agile. And really, the focus is on how do we react to the moment and make sure that we're there for our members in managing price of the products and continuing to find the most relevant items to the members. So it's a little bit difficult to predict what might happen around the corner.

然後我認為從關稅回滾來看，這真的很難預測。顯然，我們確實在一個充滿活力的環境中運營，並且我們保持敏捷。我認為我們所有的供應商都保持敏捷。實際上，重點在於我們如何應對當前局勢，確保我們能夠為會員管理產品價格，並繼續為會員找到最相關的商品。因此，預測接下來會發生什麼有點困難。

But I think, as Ron mentioned earlier, we believe we're because of our limited SKU counts and the expertise of our buyers and that long-term commitment to our suppliers that we have, we believe there's opportunity for us to continue to widen our value versus the market as we adapt to the changing environment.

但我認為，正如羅恩之前提到的，我們相信，由於我們的 SKU 數量有限、買家的專業知識以及我們對供應商的長期承諾，我們相信，隨著我們適應不斷變化的環境，我們有機會繼續擴大我們相對於市場的價值。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Just wanted to try and see if we can understand your stance on inventory planning here. You made the comment that raising prices is the last resort, which is clearly consistent with Costco's pricing philosophy. But as we look out into the back half of this year, can you give us a sense of how much price that might not be able to mitigate that might end up having to be passed on and how that could impact your units, particularly on the discretionary side of the business? How you might be planning those? And then I guess also with respect to inventory, are you seeing an environment that is supporting an elevated level of opportunistic buys in this dynamic environment?

只是想嘗試看看我們是否能理解您對庫存計劃的立場。您說漲價是最後手段，這顯然與Costco的定價理念一致。但是，當我們展望今年下半年時，您能否告訴我們，可能無法緩解的價格最終可能會轉嫁多少，以及這將如何影響您的部門，特別是在業務的可自由支配方面？您如何規劃這些？然後我想就庫存而言，您是否看到了一種支持在這種動態環境中增加機會性購買的環境？

Sure. Thanks, Kelly. I think as I mentioned a moment ago, it's just such a dynamic environment right now that really the focus that we've had in our buying teams is really staying agile to manage the situation. I think I mentioned on the prepared comments, a lot of the focus the team has right now is as we look at the impact of tariffs, where are the places we can work with our suppliers to find ways to be offsetting some of the impact of those where are places where we could potentially be sourcing with them from different countries, if that's practical to minimize the impact. And in some cases, we're also looking at, I think, a benefit of being a limited SKU count model is we can look at rotating into different items and finding different assortment that makes more sense for the members.

當然。謝謝，凱利。我想，正如我剛才提到的，現在的環境非常動態，我們採購團隊真正關注的重點是保持靈活性以應對情況。我想我在準備好的評論中提到過，團隊現在關注的重點是，當我們研究關稅的影響時，我們可以在哪些地方與我們的供應商合作，找到方法來抵消這些影響，我們可以在哪些地方與他們一起從不同的國家採購，如果可行的話，將影響降到最低。在某些情況下，我們還在考慮，我認為，有限 SKU 數量模型的一個好處是，我們可以考慮輪換不同的商品，並找到對會員更有意義的不同商品組合。

So I think to answer your question, it's probably it's difficult to say in general terms, because it really depends on the individual items and looking at how do we make sure we're delivering the best value for the member and delivering the right items that will really resonate with them and drive the volume that we allow us to keep those prices very low and really kind of doing it item by item.

所以我認為要回答你的問題，可能很難用一般術語來回答，因為這實際上取決於單個商品，並著眼於如何確保為會員提供最佳價值，提供真正能引起他們共鳴的正確商品，推動銷量，這樣我們才能將價格保持在非常低的水平，並且實際上是逐件進行。

I'll give you a couple of examples that might be helpful as we looked at what happened with fresh, for example, during the last quarter. We saw inflation as a result of tariffs because we import certain fresh items from Central and South America.

我將舉幾個可能有幫助的例子，例如，讓我們來看看上個季度新鮮事物發生的情況。由於我們從中美洲和南美洲進口某些新鮮產品，因此關稅導致了通貨膨脹。

So on pineapples and bananas, for example, because they are key staple items to the member, and we felt it was important to -- to really eliminate the impact there for the member by working with our suppliers and by us finding efficiencies and accepting that there may be a margin impact, we essentially held the price on those to make sure that we're protecting the member.

以鳳梨和香蕉為例，因為它們是會員的主要主食，我們認為重要的是——透過與供應商合作、提高效率並接受可能對利潤的影響，真正消除對會員的影響，我們基本上保持這些產品的價格，以確保我們保護會員。

When we looked at -- we also source flowers from Central and South America. We looked at that item and decided that while we were able to offset some of the tariffs through similar activity that we did increase some price there because we felt that that was something that the member would be able to absorb and it was more of a discretionary item there.

當我們看到—我們也從中美洲和南美洲採購鮮花。我們研究了該項目並決定，雖然我們能夠透過類似的活動抵消部分關稅，但我們確實提高了那裡的一些價格，因為我們認為這是成員國能夠吸收的東西，而且它在那裡更像是一個可自由支配的項目。

If I look at the nonfood examples, we're starting to look now because of the potential impact of tariffs is where are there places where there are items that are produced in the US where we might have opportunities to lean in more to some of those items to deliver great value. It might be live goods, mattresses and pillows I mentioned, I think, in the prepared comments on the call, even US outdoor furniture. Some of these areas where we think there could be opportunities to really deliver value for the member when there are maybe some places where that value might not be there because of the impact of tariffs.

如果我看一下非食品的例子，由於關稅的潛在影響，我們現在開始關注哪些地方有在美國生產的商品，我們可能有機會更多地依靠其中一些商品來提供巨大的價值。我認為，它可能是我在電話會議的準備好的評論中提到的活體商品、床墊和枕頭，甚至是美國戶外家具。我們認為，在某些領域，可能有機會真正為成員國創造價值，但在某些領域，由於關稅的影響，這種價值可能無法實現。

Health and beauty would be another good example, I think, in nutritional items that have grown really strongly for us, and we see strong continued appetite for those items for member, so looking to really see whether opportunities to buy great items at great quality and value for our members there as well.

我認為，健康和美容是另一個很好的例子，營養品對我們來說成長非常強勁，而且我們看到會員對這些產品的需求持續強勁，因此我們真正希望看到是否有機會為我們的會員購買優質、超值的優質產品。

I was curious if I could just follow up with a question on the firm partnership and the thought process there. Clearly, Costco has maybe a more defined set of payment options for members than typical retailers. So, just curious if you tested this and how -- what you expect to get out of this? Is it just more support for kind of the big and bulky purchases? Just any thoughts there.

我很好奇我是否可以繼續問一個關於公司合作關係和思考過程的問題。顯然，Costco 為會員提供的付款方式可能比典型的零售商更明確。所以，我只是好奇您是否測試過這個以及如何測試——您希望從中得到什麼？這是否只是對大宗和大件物品的購買提供更多支持？只是任何想法而已。

Yes, it's very much as you described, Kelly. We saw that -- actually, we saw partly because with a firm has a white label product, if you like, where it's offering service to members that there were some Costco members that were already using a firm as a solution for a part of purchasing certain products at Costco, while not coming through our ecosystem and not getting the full value from Costco with the exclusive pricing that we can offer to members on the affirmed product when it's through our through our website and through our digital solutions.

是的，正如你所描述的，凱利。我們看到——實際上，我們看到部分原因是因為一家公司有白標產品，如果你願意的話，它為會員提供服務，一些 Costco 會員已經在使用一家公司作為在 Costco 購買某些產品的部分解決方案，而不通過我們的生態系統，也沒有從 Costco 獲得全部價值，當通過我們的網站和我們的數字解決方案向我們購買獨家產品時，我們可以確認我們的數字解決方案。

And as we looked at the growth that we're seeing, which has been very strong in many of those big and bulky and large purchase items, we recognize there are some members that want to be able to structure those payments over a period of time. And we believe it's an opportunity for us to be able to deliver more value for the member by having exclusive pricing there while also giving them more options in the way in which they can buy the product.

當我們看到許多大型、笨重和大型購買物品的成長非常強勁時，我們意識到有些會員希望能夠在一段時間內安排這些付款。我們相信，這是一個機會，讓我們能夠透過獨家定價為會員提供更多價值，同時也為他們提供更多購買產品的方式選擇。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

The numbers really do speak for themselves when it comes to membership growth. But we wondered if there was anything to note just given that it's been several months since the price increase in terms of any kind of member response. And internationally, have you seen any kind of impact from Costco being a US brand?

當談到會員成長時，數字確實說明了一切。但我們想知道，鑑於價格上漲已有幾個月了，從會員的反應來看，是否有任何值得注意的地方。那麼在國際上，您是否看到 Costco 作為美國品牌帶來的影響？

Yes. Thanks, Kate. Overall, on membership, I'd say we're very pleased with the metrics. We tend to look at it across renewal rates, continued sign-up activity overall and then is the membership count and the income growing. And when we look at those 3 metrics, we're pleased with the overall direction that we're seeing in all of those metrics.

是的。謝謝，凱特。整體而言，就會員人數而言，我想說我們對這些指標非常滿意。我們傾向於從續訂率、整體持續註冊活動以及會員數量和收入成長等方面來看待它。當我們查看這三個指標時，我們對所有這些指標所看到的整體方向感到滿意。

It's a little bit early in the renewal calculation still to have a really good feel for any impact from the membership fee increase that we'd just be starting to see some of that into the number now, but nothing that we'd flag as material in the numbers that we're seeing in renewal rate.

現在進行續約計算還為時過早，我們無法真正感受到會員費上漲帶來的影響，我們現在才剛開始看到部分影響，但在我們看到的續約率數字中，我們還沒有將其標記為實質性影響。

I think as we shared before, we really haven't heard a lot of member feedback. I think the fact we waited seven years to increase the fee when we typically would do it in 5. And so there was a level of understanding it may be coming and then also holding on many prices around the hot dog and the rotisserie chicken at times when inflation was higher as well.

我想正如我們之前所分享的，我們確實沒有聽到很多會員的回饋。我認為事實上我們等了七年才提高費用，而通常我們會在五年內提高費用。因此，人們在一定程度上理解這種現象可能會發生，在通貨膨脹率較高的時候，熱狗和烤雞等商品的價格也會維持在一定水準。

So nothing in general, I would call out there. And overall, then in terms of the international business, to your question, I would say that we -- our members are very vocal in sharing feedback. And I think there is -- we certainly hear some feedback from members that they wish the relationship was better today between the countries. But in terms of sales growth, as you saw in our published numbers, we continue to have really strong sales growth in Canada and international.

所以總的來說沒什麼好說的。總體而言，就國際業務而言，對於您的問題，我想說，我們的成員非常樂意分享回饋。我認為，我們確實聽到一些成員的回饋，他們希望今天兩國之間的關係能更好。但就銷售成長而言，正如您在我們公佈的數據中看到的那樣，我們在加拿大和國際上的銷售成長仍然非常強勁。

In fact, I was just looking this morning, all of our international countries had positive comp growth during the quarter as well. So there's really nothing that we call out other than I think there's definitely a recognition that there's tension at the moment between the relationships.

事實上，我今天早上就注意到，我們所有的國際國家在本季也都實現了正成長。因此，我們其實沒有什麼好說的，只是我認為大家肯定意識到目前雙方關係之間存在著緊張關係。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I guess a question on the renewal rates, and I know you flagged that they would be coming in a little bit because of the nature of the past sign up. How long do you think this persists? When do you think it may stabilize? And then any theories as to why these digital members renew at a lower rate? Do you have any strategies to address that? Is it just the nature of the member or the new customers that are signing up? Just curious your thoughts on that.

我想問一下續訂率的問題，我知道您提到過，由於過去註冊的性質，續訂率會稍微提高一些。您認為這種情況會持續多久？您認為什麼時候會穩定下來？那麼，有什麼理論可以解釋為什麼這些數位會員的續約率較低嗎？您有什麼策略來解決這個問題嗎？這只是會員的性質還是註冊的新客戶？只是好奇你對此的想法。

Yes. Thanks, Peter. I'd say overall, we expect it's likely to continue for a while. You may recall, last quarter, it bumped up by 20 basis points this quarter, it bumped down by 30 basis points. And so you kind of have this lag of periods of time where we've got these digital promotions that we're doing that are coming into the into the calculation.

是的。謝謝，彼得。我想說，總的來說，我們預計這種情況可能會持續一段時間。您可能還記得，上個季度，它上升了 20 個基點，而本季度，它下降了 30 個基點。因此，我們進行的數位促銷活動在計算過程中會存在一段時間的延遲。

And there are some members that are taking advantage of a unique promotion there, and there are also a younger an average younger age of member in that group as well. So we tend to see they renew at a slightly lower rate overall within digital. So I think this is something that we'd expect to see a period of time to come because of those factors.

並且有一些會員正在利用那裡的獨特促銷活動，而該群組中的會員平均年齡也比較年輕。因此，我們傾向於看到數位領域整體的更新率略低。因此我認為，由於這些因素，我們預計這種情況會在未來一段時間內發生。

And then you add to that, that there wasn't really any impact from this in this quarter, but we do have Asian warehouses that open that have a large number of members per warehouse can be 4 to 5 times the average that we see in the US per warehouse and some of that is really in the first year just traveling long distances to come and see the warehouse for the first time. And then we do see a lower renewal rate on those warehouses, and the denominator is big. So it does have an impact there as well. So I do think you should expect that to continue for the foreseeable future.

然後你還要補充一點，雖然本季度實際上並沒有受到任何影響，但我們在亞洲開設的倉庫確實擁有大量會員，每個倉庫的會員數量可能是美國平均水平的 4 到 5 倍，其中一些人實際上是在第一年長途跋涉來第一次參觀倉庫。然後我們確實看到這些倉庫的更新率較低，而且分母很大。所以它確實也在那裡產生了影響。因此我確實認為你應該預期這種情況在可預見的未來會持續下去。

I think to the second part of your question that we do see it as an opportunity, especially with the digital members that as we see more members start to sign up digitally, getting them into the warehouse, engaging with them more through more relevant and personalized communication there's an opportunity to move those members of the loyalty curve and renewal rates more significantly.

我認為對於你問題的第二部分，我們確實將其視為一個機會，特別是對於數位會員而言，隨著我們看到越來越多的會員開始以數位方式註冊，讓他們進入倉庫，透過更相關和個性化的溝通與他們進行更多互動，有機會更顯著地提高這些會員的忠誠度曲線和續訂率。

Part of that in truth is also just a maturity in general, when we look at our younger members they generally renew at a slightly lower rate. And so it's not a surprise to us that that's the case, but we think there's an opportunity for us to improve that renewal rate by continuing to engage with them more effectively digitally and making sure we bring them into the warehouse.

事實上，部分原因也只是普遍的成熟度，當我們看到年輕會員時，他們續約的速度通常略低。因此，這種情況對我們來說並不奇怪，但我們認為，透過繼續以數位方式更有效地與他們互動並確保將他們帶入倉庫，我們有機會提高續約率。

And ladies and gentlemen, this will conclude our question-and-answer session and today's call. We thank you for your participation, and you may now disconnect.

女士們、先生們，我們的問答環節和今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。