好市多 (COST) 2025 Q4 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's fourth quarter fiscal '25 earnings call. (Operator Instructions)

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 25 財年第四季財報電話會議。（操作員指示）

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

謝謝你。現在我想將會議交給財務長 Gary Millerchip 先生。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Costco's fourth 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 年第四季財報電話會議。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. 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 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僅作為補充信息，不能替代按照 GAAP 呈現的淨銷售額。

Before we dive into our financial results, I'm delighted to say that Ron Vachris is once again joining me for today's call. I'll now hand over to Ron for some opening comments.

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) 再次參加今天的電話會議。現在我將把時間交給羅恩來發表一些開場白。

Thank you, Gary. Good afternoon, everyone, and thank you for joining us today. As we wrap up fiscal year 2025, I'll make a few brief comments on some of the highlights.

謝謝你，加里。大家下午好，感謝大家今天的參與。在 2025 財年即將結束之際，我將對一些亮點做些簡短的評論。

In the fourth quarter, we opened 10 new warehouses, including a relocation in Canada, our 20th warehouse in Korea, our second warehouse in Sweden, and five net new locations in the US. For the fiscal year, we opened 27 new warehouses, including 3 relocations for a total of 24 net new buildings. This brings our total warehouse count to 914 worldwide.

第四季度，我們開設了 10 個新倉庫，其中包括在加拿大搬遷的倉庫、在韓國開設的第 20 個倉庫、在瑞典開設的第 2 個倉庫，以及在美國開設的 5 個新倉庫。在本財政年度，我們開設了 27 個新倉庫，其中包括 3 個搬遷倉庫，總共淨增 24 棟建築。這使得我們在全球的倉庫總數達到 914 個。

We plan to open another 35 warehouses in fiscal year '26, of which 5 are relocations. We continue to see significant opportunities for expansion both domestically and internationally across the markets where we currently operate.

我們計劃在 26 財年再開設 35 個倉庫，其中 5 個是搬遷倉庫。我們繼續看到，在我們目前營運的市場中，國內和國際都有巨大的擴張機會。

Gary will go into details about the quarter results, but a few highlights for the fiscal year. Net sales came in just under $270 billion, an increase of over 8% versus last year, and e-commerce sales exceeded $19.6 billion, increasing over 15%. And we had a record year for gas volumes which benefited from longer gas station hours, new gas stations, and expansions of existing gas stations as well.

加里將詳細介紹本季的業績，以及本財年的一些亮點。淨銷售額略低於 2,700 億美元，比去年成長超過 8%，電子商務銷售額超過 196 億美元，成長超過 15%。今年我們的汽油銷售量創下了歷史新高，這得益於加油站營業時間的延長、新加油站的建設以及現有加油站的擴建。

We also recently celebrated a few milestones, including the 40th anniversary of our $1.50 hotdog and soda combo. Fittingly, we've just completed the rollout of Coca-Cola, the original soda partner from the 1985 inception of the iconic combo to all food courts worldwide.

我們最近也慶祝了一些里程碑，包括 1.50 美元熱狗和汽水組合推出 40 週年。恰好的是，我們剛完成了可口可樂的推廣，可口可樂是自 1985 年標誌性組合問世以來最初的汽水合作夥伴，並在全球所有美食廣場推出。

Our private label Kirkland Signature reached its 30th year anniversary this year. Kirkland Signature sales penetration continues to increase, bringing even more high-quality value to our members, while offsetting potentially inflationary impacts from tariffs.

我們的自有品牌 Kirkland Signature 今年迎來了 30 週年。Kirkland Signature 的銷售滲透率持續提高，為我們的會員帶來更多優質價值，同時抵銷關稅可能帶來的通膨影響。

As mentioned last quarter, we are continuing to look at opportunities to move more KS product sourcing into the countries and regions where the items are sold, and this is helping to lower cost as well as reduce emissions from transporting goods around the world.

正如上個季度所提到的，我們將繼續尋找機會將更多的 KS 產品採購轉移到產品銷售的國家和地區，這有助於降低成本並減少全球貨物運輸的排放。

To increase value and convenience for our members, on June 30, we added executive member exclusive operating hours in the mornings, an additional hour on Saturday evenings for all members in our US warehouses. We estimate these incremental hours have added about 1% to weekly US sales since implementation. This has been very well received by our members.

為了增加會員的價值和便利，6 月 30 日，我們在美國倉庫為所有會員增加了早上的行政會員專屬營業時間，並在周六晚上增加了一小時的營業時間。我們估計，自實施以來，這些增加的工時已使美國每週的銷售額增加了約 1%。這受到了我們會員的熱烈歡迎。

In addition to the early opening hours for executive members, we also introduced a $10 credit per month on Instacart purchases greater than $150. Since announcing these new executive benefits, we've seen the meaningful increase in upgrades from Gold Star members to Executive membership.

除了為執行會員提供提前營業時間外，我們還為 Instacart 購買超過 150 美元的商品提供每月 10 美元的信用額度。自從宣布這些新的行政福利以來，我們看到從金星會員升級到行政會員的人數顯著增加。

Another way we are improving the member experience is through the rollout of enhanced checkout technology in all US warehouses. This is speeding up the checkout process by allowing our employees to scan small and medium sized transactions while the member is still in line. So upon reaching the cashier, nothing has to be removed from the cart, only payment is needed.

我們改善會員體驗的另一種方式是在美國所有倉庫推出增強結帳技術。這加快了結帳流程，因為我們的員工可以在會員排隊時掃描中小型交易。因此，到達收銀台時，無需從購物車中取出任何東西，只需付款即可。

We also continue to make progress with our technology roadmap for digital and e-commerce. Enhancements this quarter included using data augmentation to improve search effectiveness, adding passwordless sign in to our mobile app, and creating a waiting room for high velocity items such as Pokémon cards.

我們也在數位和電子商務技術路線圖方面不斷取得進展。本季度的改進包括使用數據增強來提高搜尋效率、在我們的行動應用程式中添加無密碼登入以及為 Pokémon 卡等高速物品創建等候室。

These waiting rooms reduce the traffic from box, increase the opportunity for members to purchase high demand items while improving the speed and the stability of the site during peak traffic periods.

這些等候室減少了來自箱子的流量，增加了會員購買高需求物品的機會，同時提高了高峰流量期間網站的速度和穩定性。

Reflecting on fiscal year 2025 overall, our merchandizing and operations team did a fantastic job delivering strong financial results while also investing in our employees and improving value and convenience for our members.

回顧整個 2025 財年，我們的商品銷售和營運團隊表現出色，取得了強勁的財務業績，同時也投資於我們的員工，並為我們的會員提高價值和便利性。

Our merchants adjusted their plans to mitigate tariff impacts and source items that our members need while delivering the lowest price at the best value. Our operators quickly and efficiently adapted to pay raises in March of '24, July of '24, and again, March of '25, that brought our average hourly US wage to over $31 per hour.

我們的商家調整了計劃，以減輕關稅影響並購買會員所需的商品，同時以最低的價格提供最優惠的價格。我們的操作員迅速且有效地適應了 2024 年 3 月、2024 年 7 月以及 2025 年 3 月的加薪，這使我們的美國平均小時工資達到每小時 31 美元以上。

And most recently to the expansion of our operating hours. Their focus on efficiency and improving productivity allowed us to absorb these significant investments with minimal impact to our SG&A rate.

最近我們又延長了營業時間。他們注重效率和提高生產力，這使我們能夠吸收這些重大投資，同時對我們的銷售、一般和行政費用率的影響最小。

As we look ahead to fiscal year 2026, despite the current macroeconomic uncertainty, we remain confident in our ability to grow market share by continuing to deliver exciting high-quality items at the best value for our members.

展望 2026 財年，儘管當前宏觀經濟存在不確定性，但我們仍然有信心透過繼續為會員提供最物有所值的令人興奮的高品質產品來擴大市場份額。

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

說完這些，我將把話題交還給加里來討論本季的業績，然後我會在問答環節回答一些問題。

Thanks, Ron. In today's press release, we reported operating results for the fourth quarter of fiscal year '25, the 16 weeks ended August 31. As usual, we've published a slide deck under Events and Presentations on our investor website with supplemental information to support today's press release.

謝謝，羅恩。在今天的新聞稿中，我們報告了 25 財年第四季（截至 8 月 31 日的 16 週）的營運表現。像往常一樣，我們在投資者網站的「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。

Net income for the fourth quarter came in at $2.61 billion or $5.87 per diluted share, up 11% from $2.35 billion or $5.29 per diluted share in the fourth quarter last year. Last year's results included a non-recurring tax benefit of $63 million or $0.14 per diluted share.

第四季淨收入為 26.1 億美元，即每股攤薄收益 5.87 美元，較去年同期的 23.5 億美元或每股攤薄收益 5.29 美元增長 11%。去年的業績包括 6,300 萬美元或每股 0.14 美元的非經常性稅收優惠。

Excluding this tax item, net income and earnings per diluted share both grew 14%. Net sales for the fourth quarter were $84.43 billion, an increase of 8% from $78.18 billion in the fourth quarter last year.

除去此項稅項，淨收入和每股稀釋收益均成長了14%。第四季淨銷售額為 844.3 億美元，較去年同期的 781.8 億美元成長 8%。

Comparable sales were 5.7% or 6.4% adjusted for gas deflation and FX. E-commerce comparable sales were 13.6% or 13.5% adjusted for FX. Our segment breakout of comparable sales is disclosed in both our earnings release and the supplemental slide deck.

可比銷售額為 5.7% 或 6.4%（根據天然氣通貨緊縮和外匯調整）。電子商務可比銷售額成長 13.6%，經外匯調整後成長 13.5%。我們的可比較銷售額的細分情況在我們的收益報告和補充幻燈片中均有揭露。

In terms of Q4 comp sales metrics, FX positively impacted sales by approximately 0.2%, while gas price deflation negatively impacted sales by approximately 0.9%. Traffic or shopping frequency increased 3.7% worldwide.

就第四季的銷售指標而言，外匯對銷售額產生了約 0.2% 的正面影響，而汽油價格通貨緊縮對銷售額產生了約 0.9% 的負面影響。全球客流量或購物頻率增加了3.7%。

Our average transaction or ticket was up 1.9% worldwide. This includes the impacts from gas deflation and FX. Adjusted for those items, ticket would have been up 2.6% worldwide.

我們在全球範圍內的平均交易量或票數上漲了 1.9%。這包括天然氣通貨緊縮和外匯的影響。經過這些因素的調整，全球票價將上漲 2.6%。

Moving down the income statement to membership fee income. We reported membership fee income of $1.72 billion, an increase of $212 million or 14% year-over-year. Adjusting for FX, the increase was 13.6%.

將損益表向下移至會員費收入。我們報告的會員費收入為 17.2 億美元，年增 2.12 億美元，增幅為 14%。經外匯調整後，增幅為 13.6%。

Last September's US and Canada membership fee increase accounted for a little less than half of the membership fee income growth in the quarter. Excluding the membership fee increase and FX, membership income grew 7% year-over-year. This was driven by continued growth in our membership base and increased upgrades from Gold Star to Executive membership.

去年9月美國和加拿大的會員費成長佔該季度會員費收入成長的一半以下。除去會員費上漲和外匯影響，會員收入年增7%。這是由於我們的會員基礎不斷增長以及從金星會員到行政會員的升級增加所致。

At Q4 end, we have 38.7 million paid Executive memberships, up 9.3% versus last year. Executive members represented 47.7% of paid members and 74.2% of worldwide sales. As Ron mentioned earlier, we have recently seen a lift in upgrades in the US after we announced our Executive member exclusive hours and other benefits.

截至第四季末，我們擁有 3,870 萬付費高階主管會員，比去年成長 9.3%。執行會員佔付費會員的 47.7%，佔全球銷售額的 74.2%。正如羅恩之前提到的，在我們宣布了行政會員專屬時間和其他福利後，我們最近看到美國的升級量有所提升。

New member signups continue to be strong, and we ended the fiscal year with 81 million total paid members, up 6.3% versus last year, and 145.2 million cardholders, up 6.1% year-over-year.

新會員註冊量持續強勁，本財年結束時，我們的付費會員總數為 8,100 萬，比去年增長 6.3%，持卡人總數為 1.452 億，比去年增長 6.1%。

In terms of renewal rates at Q4 end, our US and Canada renewal rate was 92.3%, and the worldwide rate came in at 89.8%. The decline in renewal rates was largely attributable to a higher number of online sign-ups entering the renewal rate, and this quarter included a large Groupon campaign in December 2023 entering the calculation.

從第四季末的續約率來看，我們在美國和加拿大的續約率為 92.3%，全球的續約率為 89.8%。續訂率的下降主要是因為進入續訂率的線上註冊數量增加，並且本季將 2023 年 12 月的大型 Groupon 活動納入了計算。

Overall, we view the growth in online signups as a net positive, as they are helping to grow our overall membership base and membership revenue and are also introducing younger members to Costco. Almost half of our new member sign-ups are now under the age of 40.

總體而言，我們認為線上註冊人數的成長是件好事，因為它們有助於擴大我們的整體會員基礎和會員收入，同時也為 Costco 引入了更年輕的會員。目前，我們新註冊的會員中幾乎有一半年齡在 40 歲以下。

As we've previously shared, new online members renew at a slightly lower rate on average, and they have grown as a percentage of our sign-ups over recent years. We would therefore expect to continue to see a small decline in our renewal rate as this change in membership mix gets fully reflected in our renewal rate calculation.

正如我們之前所分享的，新線上會員的平均續約率略低，而且近年來，新線上會員在我們註冊會員中所佔的比例有所增長。因此，我們預計續訂率將繼續小幅下降，因為會員結構的變化已充分反映在我們的續訂率計算中。

That being said, through a focus on auto renewal and targeted digital communications, our goal is to improve the renewal rate for this cohort of new members in the future.

話雖如此，透過專注於自動續訂和有針對性的數位通信，我們的目標是提高未來這群新會員的續約率。

Turning to gross margin, our reported rate in the fourth quarter was higher year-over-year by 13 basis points, coming in at 11.13% compared to 11% last year. Gross margin was up 3 basis points excluding gas deflation. Coal was higher by 30 basis points, and higher by 22 basis points without gas deflation.

談到毛利率，我們第四季報告的毛利率比去年同期高出 13 個基點，達到 11.13%，而去年為 11%。扣除天然氣通貨緊縮因素後，毛利率上升了 3 個基點。煤炭價格上漲了 30 個基點，如果不考慮天然氣通貨緊縮的影響，煤炭價格上漲了 22 個基點。

In terms of core margins on their own sales, our core-on-core margins were higher by 29 basis points. This increase was broad based with Fresh, Foods and Sundries and Non-Foods all up year-over-year.

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 29 個基點。這一增長是廣泛的，生鮮商品、食品和雜貨以及非食品均同比增長。

Supply chain improvements and an increase in KS penetration benefited margins in all categories, while Fresh further benefited from lower spoilage and labor efficiencies.

供應鏈的改善和 KS 滲透率的提高使所有類別的利潤率都受益，而新鮮產品則進一步受益於較低的損耗和勞動效率。

Ancillary and other businesses' gross margin was lower by 11 basis points and 13 basis points without gas deflation. Gas was the main driver of the decrease.

輔助業務和其他業務的毛利率下降了 11 個基點，如果不考慮天然氣通貨緊縮，則下降了 13 個基點。天然氣是導致產量下降的主要原因。

LIFO negatively impacted the gross margin rate by 6 basis points. We had a $43 million LIFO charge in Q4 this year compared to an $8 million credit in Q4 last year. This charge was essentially in line with the estimate we provided last quarter as overall inflation remained consistent with Q3.

後進先出法對毛利率產生了 6 個基點的負面影響。今年第四季我們的後進先出費用為 4,300 萬美元，而去年第四季的貸項為 800 萬美元。由於整體通膨率與第三季保持一致，這筆費用與我們上個季度提供的估計基本一致。

Moving on to SG&A, our reported SG&A rate in the fourth quarter was higher or worse year-over-year by 17 basis points, coming in at 9.21% compared to last year's 9.04%. SG&A was higher or worse by 9 basis points adjusted for gas deflation.

談到銷售、一般及行政費用，我們報告的第四季度銷售、一般及行政費用率同比上升或下降了 17 個基點，達到 9.21%，而去年同期為 9.04%。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 9 個基點。

The operations component of SG&A was higher or worse by 15 basis points and 8 basis points without gas deflation. This increase was partly due to our investment in employee wages.

在沒有天然氣通貨緊縮的情況下，銷售、一般及行政費用的營運部分分別高出或下降了 15 個基點和 8 個基點。這一成長部分歸功於我們對員工薪資的投資。

As noted last quarter, the incremental year-over-year impact from this year's March employee agreement was mid-single-digit basis points, and the off-cycle wage increase in July 2024, which affected the year-over-year rate comparison for the first 10 weeks of Q4 was mid to high single-digit basis points.

正如上個季度所指出的，今年 3 月員工協議的增量同比影響為中等個位數基點，而 2024 年 7 月的非週期性工資增長對第四季度前 10 週的同比費率比較產生了中等至高個位數基點的影響。

An increase in general liability charges and reserves also negatively impacted SG&A this quarter by approximately 5 basis points. To partially offset these headwinds, our operators continue to do a great job, leveraging strong top-line sales and improving labor productivity.

一般責任費用和準備金的增加也對本季銷售、一般和行政費用產生了約 5 個基點的負面影響。為了部分抵消這些不利因素，我們的營運商繼續出色地完成工作，利用強勁的銷售額並提高勞動生產力。

Notably, following the change in warehouse hours on June 30, our operators were able to minimize any impact of the SG&A rate. Below the operating income line, interest expense was $46 million versus $49 million last year, and interest income was $169 million versus $138 million last year.

值得注意的是，自 6 月 30 日倉庫營業時間發生變化以來，我們的操作員能夠最大限度地減少銷售、一般和行政費用率的影響。在營業收入線以下，利息支出為 4,600 萬美元，而去年為 4,900 萬美元；利息收入為 1.69 億美元，而去年為 1.38 億美元。

FX and other was a $46 million gain in Q4 this year versus an $18 million loss last year. In terms of income taxes, our Q4 tax rate was 25.6% compared to 24.4% last year. As a reminder, last year's tax rate included a non-recurring benefit of $63 million related to a transfer pricing settlement and true ups of tax reserves.

今年第四季度，外匯及其他業務獲利 4,600 萬美元，而去年同期則虧損 1,800 萬美元。在所得稅方面，我們第四季的稅率為 25.6%，而去年同期為 24.4%。提醒一下，去年的稅率包括與轉讓定價結算和稅收儲備金增值相關的 6,300 萬美元的非經常性收益。

Turning now to some key items of note in the quarter. Capital expenditure in Q4 was approximately $1.97 billion, and for the full year it was a little under $5.5 billion. We made some additional investments in Q4 to support accelerated warehouse growth, including the 35 planned openings in fiscal year 2026 that Ron mentioned earlier.

現在來談談本季值得注意的一些關鍵事項。第四季的資本支出約為 19.7 億美元，全年資本支出略低於 55 億美元。我們在第四季進行了一些額外投資，以支持倉庫加速成長，包括 Ron 先前提到的 2026 財年計畫開設的 35 個倉庫。

Additionally, we increased our pace of spend on remodels to ensure that we continue to offer our members a best-in-class experience across all of our warehouses. Land purchases for future depot expansions and investments in our manufacturing facilities for expanded hot dog production and the new coffee roasting facility also contributed to the increased spend.

此外，我們加快了改造支出的步伐，以確保我們繼續為會員在所有倉庫提供一流的體驗。為未來倉庫擴建而購買的土地以及為擴大熱狗生產而對製造設施和新的咖啡烘焙設施的投資也導致了支出的增加。

A few fun sales facts as we wrap up our fiscal year. While our members love the treasure hunt items that they find in our warehouses and online, our everyday value items are also extremely important to them, especially in times of economic uncertainty.

在我們結束財政年度之際，有一些有趣的銷售事實。雖然我們的會員喜歡在我們的倉庫和網路上找到的尋寶物品，但我們的日常價值物品對他們來說也極為重要，特別是在經濟不確定時期。

There are no better examples of this than our hotdog combo, rotisserie chicken and KS bath tissue. And in fiscal year 2025, we sold over 245 million hotdog combos, over 157 million rotisserie chickens, and enough bath tissue to reach the moon and back over 200 times.

沒有比我們的熱狗組合、烤雞和 KS 浴巾更好的例子了。在 2025 財年，我們售出了超過 2.45 億份熱狗套餐、超過 1.57 億隻烤雞，以及足夠往返月球 200 多次的衛生紙。

Now taking a look at core merchandising sales in the quarter. Fresh sales were up high single digits, led by double-digit growth in meat. We continue to see strong unit growth across the department due to the quality and value we offer on both premium and lower-cost proteins. Wagyu and Grated performed well in the quarter, and lower-cost proteins like poultry, pork and ground beef also saw very strong unit growth

現在來看看本季的核心商品銷售情況。新鮮食品銷售額實現了高個位數成長，其中肉類銷售額實現了兩位數成長。由於我們提供的優質和低成本蛋白質的品質和價值，我們繼續看到整個部門的單位強勁成長。和牛和碎牛肉在本季度表現良好，而家禽、豬肉和碎牛肉等低成本蛋白質也實現了非常強勁的銷售成長

Non-Food 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 members even as they remain very choiceful in their spending on discretionary items.

非食品類商品的銷售額成長了個位數。我們的買家繼續出色地尋找物超所值的新穎、令人興奮的商品，這些商品引起了會員的共鳴，即使會員在非必需品的支出上仍然非常挑剔。

In the quarter, gold and jewelry, gift cards, majors, toys and men's apparel, were all up double digits. While gold was less of a year-over-year tailwind than earlier in the year, as we have now started to lap sales from a year ago, it continues to perform well.

本季度，黃金和珠寶、禮品卡、主要商品、玩具和男士服裝均有兩位數成長。儘管黃金的同比順風勢不如今年早些時候那麼明顯，但由於我們現在已經開始超過去年同期的銷量，因此黃金仍然表現良好。

Strength in gift cards was driven by Disney, Uber and DoorDash, and majors were up high teens with consumer electronics leading the way. We also added a number of new high-quality national brand partnerships across a broad range of Non-Food categories, including Fabletics, True Classic, Aura and La-Z-Boy.

禮品卡的強勁成長得益於迪士尼、Uber 和 DoorDash 的推動，主要商品的銷售也出現了大幅上漲，消費性電子產品的銷售也一路領先。我們還在廣泛的非食品類別中增加了許多新的高品質國家品牌合作夥伴關係，包括 Fabletics、True Classic、Aura 和 La-Z-Boy。

Food and Sundries had mid to high single-digit comps with Cola and candy showing the strongest results. New Kirkland Signature offerings allow us to continue to deliver greater value to members and our high-quality alternatives to some tariff-impacted goods.

食品和雜貨的銷售額與去年同期相比增長了中高個位數，其中可樂和糖果的銷售額最為可觀。新的 Kirkland Signature 產品使我們能夠繼續為會員提供更大的價值，並為某些受關稅影響的商品提供高品質的替代品。

KS items typically offer members 15% to 20% value compared to national brand alternative with equal or better quality. In Q4, we launched over 30 new KS items, including grass fed beef sticks, organic extra firm tofu, and various apparel items in addition to our latest food court offering, the combo calzone.

與品質相同或更好的國家品牌產品相比，KS 產品通常為會員提供 15% 至 20% 的價值。在第四季度，我們推出了 30 多種新的 KS 產品，包括草飼牛肉條、有機特硬豆腐和各種服裝，以及我們最新的美食廣場產品組合餡餅。

Within ancillary businesses, pharmacy, optical and hearing aids all had strong quarters. And while gas volumes were positive low single digits in the quarter, gas comps were negative mid to high single digits due to a lower average price per gallon.

在輔助業務中，藥局、眼鏡和助聽器均表現強勁。儘管本季汽油銷售量為正低個位數，但由於每加侖平均價格較低，汽油銷售額為負中高個位數。

Turning to inflation. Overall, inflation remained in the low to mid-single-digit range. Fresh and Food and Sundries were relatively similar to last quarter, with higher inflation in key commodities like beef, coffee, sugar and corn partially offset by lower inflation in produce, eggs, butter and cocoa.

談到通貨膨脹。整體而言，通膨率仍維持在低至中個位數範圍內。新鮮食品和雜貨的價格與上一季基本相似，牛肉、咖啡、糖和玉米等主要商品的通膨率上升，但農產品、雞蛋、黃油和可可的通膨率下降部分抵消了這一影響。

In Non-Food, we saw inflation return for the second consecutive quarter, primarily driven by imported items. This inflation drove the $43 million LIFO charge for the quarter, which is calculated by comparing the net landing cost of inventory at the beginning of the fiscal year with a net landing cost of inventory on hand at the end of the fiscal year.

在非食品領域，我們看到通貨膨脹連續第二季回升，主要受進口商品的推動。通貨膨脹導致本季產生了 4,300 萬美元的後進先出費用，該費用是透過比較財年初的庫存淨到岸成本與財年末庫存淨到岸成本計算得出的。

We continue to work closely with our suppliers to find ways to mitigate the impact of tariffs, including moving the country of production where it makes sense and consolidating our buying efforts globally to lower the cost of goods across all our markets.

我們繼續與供應商密切合作，尋找減輕關稅影響的方法，包括將生產國遷移到合理的國家，並整合全球採購力度，以降低所有市場的商品成本。

Additionally, we are changing item assortment where appropriate. This includes leaning into KS items and increasing domestically sourced goods. Examples include an increased emphasis on items in health and beauty, live goods, tires and mattresses.

此外，我們也會在適當的情況下改變商品組合。這包括傾向於 KS 產品和增加國內採購的商品。例如，更重視健康和美容、生活用品、輪胎和床墊等商品。

We believe our expertise in buying and the flexibility afforded by our limited SKU can give us greater agility to navigate the current environment and minimize the impact of tariffs. Our ultimate goal is to increase our member values compared to the market. From a supply chain perspective, we haven't seen any major changes since last quarter. Overall, supply remains relatively stable with no notable issues.

我們相信，我們在採購方面的專業知識以及有限 SKU 所提供的靈活性可以讓我們更靈活地應對當前環境並最大限度地減少關稅的影響。我們的最終目標是提高我們的會員價值相對於市場的價值。從供應鏈的角度來看，自上個季度以來我們沒有看到任何重大變化。整體而言，供應保持相對穩定，沒有明顯問題。

Looking ahead to the holiday season, our merchants feel good about our inventory position. And while the product mix will look a little different from years past, we will have a strong assortment of high-quality items that bring meaningful value, seasonal themes and exciting newness to our members.

展望假期，我們的商家對我們的庫存狀況感到滿意。雖然產品組合與過去幾年略有不同，但我們將擁有一系列高品質產品，為我們的會員帶來有意義的價值、季節性主題和令人興奮的新鮮感。

Turning now to digital. E-commerce site traffic was up 27%, and sales were led by gold and jewelry, housewares, apparel, tires, sporting goods, majors, small electrics, lawn and garden and domestics, all of which grew double digits year-over-year.

現在轉向數位化。電子商務網站流量增加了 27%，銷售額主要來自黃金和珠寶、家庭用品、服裝、輪胎、體育用品、大型電器、小型電器、草坪和花園以及家庭用品，這些產品的銷售額均比去年同期實現了兩位數的增長。

We continue to grow share in big and bulky items sold online, powered by our investments 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 members and resulted in a 13% increase in items delivered in the quarter.

由於我們對 Costco Logistics 的投資，我們在網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拖運舊物品在內的送貨體驗的結合，在會員中引起了極大的共鳴，導致本季度交付的物品數量增加了 13%。

Q4 fiscal year '25 marked the 15th consecutive quarter of improved member experience scores on Costco Logistics deliveries. A key focus of our digital strategy is to deliver a seamless experience and more personalized and relevant communications to our members. This is a multiyear journey.

2025 財年第四季是 Costco 物流配送會員體驗評分連續第 15 季提升。我們的數位策略的一個重點是為我們的會員提供無縫體驗和更個人化和相關的溝通。這是一段多年的旅程。

And as we complete the foundation elements of our plan, we are able to launch new experiences for members. For example, during the fourth quarter, we launched more relevant messaging on the costco.com homepage, highlighting different offers depending on the individual's membership type and co-brand credit card status.

隨著我們完成計劃的基礎要素，我們能夠為會員推出新的體驗。例如，在第四季度，我們在 costco.com 主頁上推出了更多相關信息，根據個人會員類型和聯名信用卡狀態突出顯示不同的優惠。

Executive members are showing information about executive benefits, while Gold Star members are encouraged to upgrade their membership, and non-members are showing information about becoming members.

行政會員顯示的是行政福利訊息，金星會員則被鼓勵升級會員資格，非會員則顯示成為會員的資訊。

Co-brand card holders will be showing offers associated with ongoing spend campaigns, while non-card holders will be showing acquisition offers. These digital capabilities are also a key enabler for retail media as they allow us to target specific ads that deliver greater value for both members and suppliers while always honoring the premise choices of our members.

聯名卡持有者將顯示與正在進行的消費活動相關的優惠，而非聯名卡持有者將顯示收購優惠。這些數位功能也是零售媒體的關鍵推動因素，因為它們使我們能夠針對特定的廣告，為會員和供應商帶來更大的價值，同時始終尊重會員的前提選擇。

As an example, we recently executed a series of targeted MVM amplification campaigns with Kimberly Clark on third-party websites. This resulted in a strong return on ad spend of 14:1 and drove a 22% increase in traffic to the product detail pages, and a 45% increase in digital sales of the promoted items.

例如，我們最近與金佰利在第三方網站上進行了一系列針對性的 MVM 擴大活動。這帶來了 14:1 的強勁廣告支出回報率，並推動產品詳情頁面流量增加 22%，促銷商品的數位銷售額增加 45%。

As we continue to execute our digital and technology road map, we are excited about the opportunities this creates to further enhance the member experience and drive top line sales.

隨著我們繼續執行數位和技術路線圖，我們對由此創造的機會感到非常興奮，這將進一步提升會員體驗並推動營收成長。

Finally, in terms of upcoming releases, we will announce our September sales results for the five weeks ending Sunday, October 5, on Wednesday, October 8, after market close. Based on feedback received from investors, starting with our September sales release, we'll be changing our e-commerce comparable sales metric to now report digitally enabled comparable sales.

最後，就即將發布的產品而言，我們將在 10 月 8 日星期三收盤後公佈截至 10 月 5 日星期日的五週的 9 月份銷售業績。根據從投資者收到的回饋，從 9 月的銷售報告開始，我們將改變電子商務可比較銷售額指標，現在報告數位化可比銷售額。

This measure will incorporate all sales that originated online, including our same-day delivery service fulfilled by Instacart, Uber Eats and DoorDash, Costco Travel, Business Center delivery and a few other smaller direct to member businesses.

這項措施將涵蓋所有源自網路的銷售，包括由 Instacart、Uber Eats 和 DoorDash、Costco Travel、商務中心配送和其他一些較小的直接面向會員的企業提供的當日送達服務。

We believe this change aligns our reporting more closely with how our retail peers disclose this metric. For fiscal year 2025, our digitally enabled sales totaled more than $27 billion. That concludes our prepared remarks, and we'll now open the line for questions.

我們相信，這項變更使我們的報告與零售同業揭露此指標的方式更加一致。2025 財年，我們的數位化銷售額總計超過 270 億美元。我們的準備好的演講到此結束，現在我們將開始回答問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

Thanks. Good evening. So my question has to do with the extended member hours. To what extent do you think that your member is actually aware of these extended hours. Was the June 30 the soft launch and you've made a harder launch as you came into the fall? And how do you think about that 1% comp lift in terms of it becoming much larger? Thanks very much.

謝謝。晚安.所以我的問題與延長會員時間有關。您認為您的會員實際上在多大程度上了解這些延長的工作時間。6 月 30 日是試運行嗎？進入秋季後你們的啟動就變得更加艱難了？您如何看待這 1% 的提升會變得更大？非常感謝。

Well, I think the -- this is Ron. I think the communication, we have done a good job informing our members, both with signing at the warehouse, along with e-mails to our executive members. So we saw -- we really based that success based on the traffic we saw when we initially began these additional hours.

嗯，我認為－－這是榮恩。我認為，我們在溝通方面做得很好，通知了我們的成員，包括在倉庫簽名，以及向我們的執行成員發送電子郵件。所以我們看到——我們確實根據最初開始這些額外時間時看到的流量來判斷成功。

The 1% is after we've analyzed the business compared to the prior months and to see how much we picked up both on the additional Saturday night hour along with the early morning hours as well. So we feel that the word is out there.

1% 是我們在與前幾個月相比對業務進行分析後得出的，目的是看看我們在周六晚上和凌晨的額外時段分別獲得了多少收入。所以我們覺得這個字就在那裡。

We feel that we continue to communicate the Executive member benefits as we continue to add to that suite of services that they get and that is inclusive of the hour that they get as well.

我們認為，我們會繼續傳達執行會員的福利，因為我們會繼續增加他們所獲得的服務套件，並且其中也包括他們所獲得的時間。

Chris, I think as well, just to completely agree with Ron's comments, it's one of those things that, obviously, it's a little bit difficult to predict exactly how the change flows through in terms of impact of member shopping behavior.

克里斯，我也認為，完全同意羅恩的評論，顯然，就會員購物行為的影響而言，很難準確預測這種變化將如何發生。

To Ron's point, we did a lot of communication. When we made changes before around -- so some of our warehouses had longer hours before, it probably took a little bit longer than the first month or so for the full impact to show through in terms of member shopping behavior.

正如羅恩所說，我們進行了很多溝通。當我們之前做出改變時——我們的一些倉庫之前的營業時間更長，可能需要比第一個月更長的時間才能在會員購物行為方面充分體現出來。

But with that being said, I think because this was a national launch, we did get more visibility and more social media exposure to it as well. So I think we've been pleased with the response we've seen, but there's certainly probably more time to unfold to see exactly how it plays out.

但話雖如此，我認為因為這是全國性的發布，我們確實獲得了更多的知名度和更多的社交媒體曝光率。所以我認為我們對所看到的反應感到滿意，但肯定還需要更多時間才能確切了解其結果。

Thanks very much.

非常感謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good evening. Thank you so much for taking my question. You mentioned that you would expect your renewal rate to continue to fall as some of the digital sign-ups attrit out of the base. How far do you expect to see the membership rate decline?

晚安.非常感謝您回答我的問題。您提到，由於部分數位註冊用戶的流失，您預計續訂率將持續下降。您預計會員率會下降多少？

If we walk back in the pre-COVID in 2019, Costco regularly had a renewal rate, a worldwide renewal rate in the mid to high 80% range. Is it realistic for it to go back to that? And if it did, what actions would Costco take to stabilize or improve that? How is this all going to impact the financial performance? Thank you very much.

如果我們回顧 2019 年新冠疫情之前的情況，Costco 的續約率，全球續約率通常都在 80% 左右。回到那個狀態現實嗎？如果確實如此，Costco 會採取什麼措施來穩定或改善這種情況？這一切將如何影響財務表現？非常感謝。

Yeah, thanks, Michael. I appreciate the question. I think we take a little bit of a broader step back on the membership metrics because to your point, we certainly look at the renewal rate, and it's an important measure for us, and I'll talk a little bit more about how we view the opportunity to improve that metric over time as well.

是的，謝謝，邁克爾。我很感謝你提出這個問題。我認為我們在會員指標上採取了更廣泛的措施，因為正如您所說，我們當然會關注續訂率，這對我們來說是一個重要的衡量標準，我還會再多談一下我們如何看待隨著時間的推移改善該指標的機會。

But I do think when we look at our overall metrics in membership, we were pleased with how the quarter played out. I think you heard us say in the prepared remarks that we're seeing a continued increase in sign-ups and that's also reflecting a growing number of younger members flowing into the base as well.

但我確實認為，當我們審視會員的整體指標時，我們對本季的表現感到滿意。我想您在準備好的發言中聽到我們說過，我們看到註冊人數持續增加，這也反映出越來越多的年輕成員湧入基地。

We saw an acceleration in upgrades, particularly towards the end of the quarter after we announced the extended hours and the Instacart $10 benefit per month, if you spend $150 on the basket.

我們看到了升級的加速，特別是在本季度末，我們宣布延長營業時間，如果您在購物車上花費 150 美元，Instacart 每月可獲得 10 美元的福利。

We also saw overall household growth grow by greater than 6% and Executive members up by over 9% because of the acceleration in upgrades. And then on our membership fee income, actually, our membership fee income was a little bit ahead of where we had budgeted at the start of the year.

我們也看到，由於升級速度加快，整體家庭數量增加了 6% 以上，行政成員數量增加了 9% 以上。至於我們的會員費收入，實際上，我們的會員費收入比我們年初預算的水平要高一點。

So looking at sort of the overall impact of the membership fee increase and the way that members were behaving overall, we're actually ahead of where we are budgeted based on everything we knew at that point.

因此，從會員費上漲的整體影響以及會員的整體行為方式來看，根據我們當時所了解的一切，我們實際上已經超出了預算。

So I think it's important just to take that bigger picture step back because overall, we think the membership base, the renewal rate is very strong overall and the results that we're seeing in growth in our overall membership engagement is also very strong.

因此，我認為重要的是回顧一下更大的圖景，因為總體而言，我們認為會員基礎、續約率總體上非常強勁，而且我們在整體會員參與度成長方面看到的結果也非常強勁。

Now with all that being said, as I mentioned a moment ago, we do view the membership renewal rate is an important measure, and we've analyzed it very closely, as you might imagine, because it's something that we take pride in the overall level of membership renewal that we see.

綜上所述，正如我剛才提到的，我們確實認為會員續訂率是一個重要指標，而且正如您可能想像的那樣，我們對它進行了非常仔細的分析，因為這是我們為所看到的會員續訂總體水平感到自豪的事情。

When we analyze it, it really is essentially the vast majority of it is attributable to this higher number of online sign-ups. And if you look at what's happened really since COVID, we've seen in the last three or four years a significant growth in the number of members and the proportion of members that are signing up online.

當我們分析它時，實際上這基本上絕大部分歸因於線上註冊數量的增加。如果你看看自新冠疫情以來發生的情況，我們會發現在過去的三、四年裡，會員數量和線上註冊的會員比例都有了顯著的增長。

And that's bringing in newer members. It's helping to grow everything I just mentioned around membership fee income and overall membership base, but they do renew at a slightly lower rate. And as you think about how our membership renewal rate works and how it lags the effect of some of those changes. We're really sort of flowing through the impact of that into a sort of changing mix, if you like, of the overall base.

這也帶來了新成員的加入。它有助於增加我剛才提到的會員費收入和整體會員基礎，但續約率確實略低。並且您可以思考我們的會員續約率如何運作以及它如何落後於其中一些變化的影響。我們實際上是在將其影響轉化為一種變化的組合，如果你願意的話，可以將其轉化為整體基礎的變化。

So I mentioned in my prepared comments, we do think we'll see a few more quarters of a similar type of impact that we saw in this quarter with the 40 basis point decline. But that being said, as we learn more about how to engage with those newer digital members, we're really investing in the opportunities to improve the auto renewal with that member group, increase the amount of digital communication and more relevant communication for those members who joined Costco starting online rather than starting in the warehouse.

因此，我在準備好的評論中提到，我們確實認為，我們將在未來幾季看到與本季類似的影響，即 40 個基點的下降。但話雖如此，隨著我們更多地了解如何與這些新的數位會員互動，我們確實在投資機會，以改善與該會員群的自動續訂，增加數位通訊量，並為那些從網路上而不是從倉庫開始加入 Costco 的會員提供更相關的通訊。

So we have to think about how we can help really get them to experience more of the great value that we offer in a broader relationship. So we think there's opportunities to improve that measure. But overall, we like where we are with the membership metrics in total because of the overall growth it's driving in our membership income.

因此，我們必須思考如何才能真正幫助他們體驗到我們在更廣泛的關係中所提供的更多巨大價值。因此我們認為有機會改善這項措施。但總體而言，我們對目前的會員指標整體情況感到滿意，因為它推動了我們的會員收入整體成長。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Afternoon. Can we dive into your core-on-core margins a little bit up 29 basis points year-over-year, how that spans across categories? And then more broadly, curious any notable observations on price increases you've taken recently? And I guess what unit velocity you're observing in those product categories?

下午。我們能否深入了解您的核心利潤率，與去年同期相比上漲了 29 個基點，這在各個類別中如何體現？然後更廣泛地說，您最近對價格上漲有什麼值得注意的觀察嗎？我猜您在這些產品類別中觀察到的單位速度是多少？

And then just last question, just on the holiday. You called out how the product mix might be different than years past. Can we just double click on that comment? I guess, what might be different in terms of -- particularly in the general merchandise part of the business? Thanks.

最後一個問題，關於假期。您指出了產品組合可能與過去幾年有何不同。我們可以雙擊該評論嗎？我想，在業務方面，特別是在日用百貨部分，可能會有什麼不同？謝謝。

Yeah, sure. Thanks for the question, Chuck. I'll cover the first couple of parts around margin and tariffs, and then Ron can talk a little bit more about assortment for the holidays. On the gross margin rate, so yeah, I talked a little bit about it in the prepared comments. But overall, I think our focus was on the gross margin rate overall grew by 3 basis points, excluding gas.

是的，當然。謝謝你的提問，查克。我將介紹有關利潤和關稅的前幾個部分，然後羅恩可以再多談一些關於假期商品分類的問題。關於毛利率，是的，我在準備好的評論中談了一點。但總體而言，我認為我們的重點是毛利率整體成長了 3 個基點（不包括天然氣）。

And when we think about the job our buyers did a merged to navigate tariffs and make sure we're still delivering tremendous value for our members, then we feel that was a really good outcome, and we were pleased with the way in which the team was able to manage staying true to who we are as a company and delivering value while also being able to deliver an overall slight improvement in the gross margin rate.

當我們想到我們的買家在合併過程中所做的工作，以控制關稅並確保我們仍然為我們的會員提供巨大的價值時，我們覺得這是一個非常好的結果，我們對團隊能夠堅持我們作為一家公司的本質並提供價值的方式感到滿意，同時也能夠整體上略微提高毛利率。

The core-on-core margin was definitely the strength area. That was, as I mentioned earlier, a fairly widespread across all three of our main categories, so Fresh, Food and Sundry and Non-Food saw a slight improvement in the core-on-core margin.

核心對核心的邊際絕對是優勢領域。正如我之前提到的，這在我們三個主要類別中都相當普遍，因此新鮮、食品和雜貨以及非食品的核心利潤率略有提高。

But it was really in our merchants and operators focusing on how can we offset some of the impacts that we're seeing in the business through tariffs. So a lot of the improvement came from supply chain efficiency, with improvements by the operators in our depots and also gas prices helping us there as well.

但我們的商家和經營者真正關注的是如何透過關稅來抵消我們在業務中看到的一些影響。因此，許多改進來自於供應鏈效率，我們倉庫營運商的改進以及天然氣價格也為我們提供了幫助。

We also saw some mix benefits with Kirkland Signature penetration improving. And then similar to last quarter, in Fresh, in particular, the team did a great job of reducing spoilage or shrink as some retailers call it and improving our labor efficiency in the Fresh departments.

我們也看到了 Kirkland Signature 滲透率提高帶來的一些混合效益。與上一季類似，特別是在生鮮部門，團隊在減少損耗或萎縮（一些零售商稱之為損耗）和提高生鮮部門勞動效率方面做得非常出色。

So those were all, I think, tailwinds in the quarter that helped us offset some of the headwinds that we saw in gas margins in particular during the quarter and also the impact that we saw on the LIFO charge with the higher inflation in the back half of the year.

因此，我認為，這些都是本季的順風因素，幫助我們抵銷了本季天然氣利潤率遇到的一些不利因素，以及下半年通貨膨脹率上升對後進先出法費用的影響。

I think in terms of thinking about it for the future, I would say, really, we tend not to focus on individual quarters because our goal obviously is to manage the business for a long time -- long term, I should say, and manage the business holistically.

我認為，從未來的角度來看，我們實際上傾向於不關注個別方面，因為我們的目標顯然是長期管理業務——應該說是長期管理，並且全面管理業務。

And so I think it's probably more relevant to look at the performance over a number of years and how we've been able to continue to grow the business and seen a slight improvement in gross margin.

因此，我認為，回顧多年來的業績以及我們如何能夠繼續發展業務並略微提高毛利率可能更為有意義。

And really, we look at the quarter, and as I mentioned earlier, how we're able to balance the impact of tariffs and supporting our members while also maintaining a steady gross margin rate as well. I'll maybe let Ron talk a little bit about the assortment and what we're seeing there with some of the changes.

實際上，我們關注的是本季度，正如我之前提到的，我們如何能夠平衡關稅的影響和支持我們的會員，同時保持穩定的毛利率。我可能會讓羅恩稍微談談產品分類以及我們所看到的一些變化。

Thank you, Gary. And exactly, it's not going to be a marked change in what you'll see in a Costco. Our buyers, when we were booking for this holiday season, really had to evaluate all the discretionary items, the toys and the trim and the decorations and those kind of things.

謝謝你，加里。確切地說，這與你在 Costco 看到的景像不會有顯著的變化。當我們為這個假期預訂時，我們的買家確實必須評估所有可自由支配的物品，玩具、裝飾物、裝飾品和諸如此類的東西。

And made decisions based on the necessities and what they felt they needed to be in Christmas trees. But we skin that. We really send down that whole category and we then down a lot of the additional seasonal areas as well.

並根據必需品和他們認為聖誕樹上需要的東西做出決定。但我們會剝掉它的皮。我們確實將整個類別降低了，然後我們也將許多額外的季節性區域降低了。

What that provided us was the opportunity to bring in categories that we don't traditionally carry during that time of year. And so we're seeing some of that already. And when we're bringing in backyard sheds in the fall, which are doing very, very well for us, but we never have the ability to do that due to space constraints.

這為我們提供了機會，可以引入我們傳統上在一年中的那個時候不會推出的類別。我們已經看到了一些這樣的情況。當我們在秋天把後院的棚子搬進來時，這對我們來說非常好，但由於空間限制，我們從來沒有能力這樣做。

We're bringing in saunas for your garage or your home who are also performing very well, high-ticket goods that are very relevant to the time of year, but not reflective of the traditional Costco set you'll see.

我們為您的車庫或您的家引進了桑拿設備，這些桑拿設備也表現得非常好，是與一年中的這個時候非常相關的高價商品，但並不反映您將看到的傳統 Costco 套裝。

You'll see some more furniture in the warehouses that we normally didn't do any furniture at that time of the year, but it says great opportunities for top line sales.

您會在倉庫中看到更多家具，而我們通常在每年的那個時候不會做任何家具，但這對頂級銷售來說是一個絕佳的機會。

So I feel really good about the way the buyers have pivoted on the discretionary items and said, okay, how can we still be relevant in the time of year, but with some new categories that we had not done before due to space limitations. So I still see it as a very exciting holiday season with some new goods that we haven't carried in prior years.

因此，我對買家轉向非必需品的方式感到非常滿意，並說，好吧，我們如何才能在一年中的這個時候仍然保持相關性，但要有一些由於空間限製而我們以前沒有做過的新類別。因此我仍然認為這是一個非常令人興奮的假期，我們將推出一些前幾年沒有推出的新商品。

Great. Thank you.

偉大的。謝謝。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Great, thank you. I wanted to follow up on the membership fee side, where you -- I think Gary mentioned it's 7% growth, excluding the price increase and FX. How sustainable do you think that trend is going to be especially in the US and Canada, where you're opening some of the fill-in stores in markets where the penetration may already be fairly high. So is there a risk of the membership fee income growth slowing down from here? Thank you.

太好了，謝謝。我想跟進會員費方面的問題，我記得加里提到過，會員費增加了 7%，不包括價格上漲和外匯。您認為這種趨勢的可持續性如何，尤其是在美國和加拿大，在這些市場中，您開設的一些填補性商店的滲透率可能已經相當高。那麼，會員費收入成長是否有放緩的風險？謝謝。

Yeah, thanks for the question. We still remain very about the opportunities for continued growth in the membership base. We're obviously opening new warehouses every year, and Ron talked about that earlier in terms of the opportunity that creates to create a broader coverage of the geographies that we're operating in and driving new membership engagement.

是的，謝謝你的提問。我們仍然非常重視會員基礎持續成長的機會。我們顯然每年都會開設新的倉庫，羅恩之前談到了這一點，因為這將創造機會，擴大我們營運的地域覆蓋範圍，並推動新會員的參與。

The positive and opportunity side of the comments we made earlier about membership renewal rate with that younger generation of members now also experiencing Costco. We think creates continued opportunity to drive new member engagement in a broader range of the potential member base than we've historically seen prior to COVID.

我們先前對會員續約率的評論具有積極和機會的一面，年輕一代的會員現在也在體驗 Costco。我們認為，這將創造持續的機會，推動新會員參與更廣泛的潛在會員群體中，這是新冠疫情之前前所未有的。

If we look at the maturity of our warehouses and some of the warehouses that have been opened in recent years, particularly in some of our international markets, generally speaking, we see continued growth in the number of members in those locations as those businesses and those warehouses mature over time as well.

如果我們看看我們倉庫的成熟度以及近年來開設的一些倉庫，特別是在我們的一些國際市場，一般來說，隨著這些業務和倉庫的成熟，我們會看到這些地方的會員數量持續增長。

And of course, we're adding new member benefits all the time with the extended opening hours that Ron mentioned in the earlier comments and the Instacart benefits and the 5% gas rewards on the credit card that we mentioned a couple of quarters ago. So we generally don't talk about sort of future projections, but I think we feel very positive about the opportunity to continue to grow the membership base.

當然，我們一直在增加新的會員福利，包括 Ron 在先前的評論中提到的延長營業時間，以及我們幾個季度前提到的 Instacart 福利和信用卡 5% 的汽油獎勵。因此，我們通常不會談論未來的預測，但我認為我們對繼續擴大會員基礎的機會感到非常樂觀。

Thank you very much.

非常感謝。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Hi, thank you. This is Sherman on for Scott. Kind of a piggyback on the membership question, with growing 6% in the quarter, is it possible that we're seeing the delayed benefits of people affected by the membership sharing like crackdowns? And can we see an acceleration from here?

你好，謝謝。這是謝爾曼代替斯科特上場。會員問題有點像搭便車，本季成長了 6%，我們是否有可能看到受到會員共享打擊影響的人們延遲獲得利益？我們能從這裡看到加速嗎？

And outside of the existing memberships, are you seeing the new executive membership benefits driving a more favorable mix for new incoming members?

除了現有的會員資格之外，您是否認為新的行政會員福利會為新會員帶來更有利的組合？

Yeah. I think to the first part of the question, there's nothing we would see in the data that would say there's anything sort of happening relative to the change you referred to. And again, that was something that we found certainly during COVID, there was some change in behavior.

是的。我認為對於問題的第一部分，我們在數據中看不到任何內容表明與你提到的變化相關的任何事情正在發生。再次強調，我們在 COVID 期間確實發現了這一點，而人們的行為確實發生​​了一些變化。

And as we introduced the communication around the entry to the warehouse that helped sort of make sure that our members were able to renew and update their memberships in an appropriate way, and that's been something that's really been flowing through now for some considerable time.

當我們引入倉庫入口周圍的溝通時，這有助於確保我們的會員能夠以適當的方式更新和更新他們的會員資格，而這已經持續了相當長一段時間了。

So I wouldn't say there's anything that we'd point to in the volume of member sign-ups that we're seeing that we would believe is related to that particular activity that you mentioned.

因此，我不會說我們所看到的會員註冊量與您所提到的特定活動有任何關聯。

I think we have been really encouraged and pleased with the member reaction to the continued value that we're adding to the membership, the extended opening hours and the Instacart benefits that we referenced earlier.

我認為，會員對我們持續增加的會員價值、延長的營業時間以及我們之前提到的 Instacart 福利的反應讓我們感到非常鼓舞和高興。

And certainly, with the growth that we've seen in the Executive membership profile. Typically, what we see over time is those members are more engaged and they shop more frequently. And our goal is always to demonstrate more value for the member and encourage them to keep upgrading and getting more value from the membership from the Costco membership.

當然，我們看到高階主管會員人數不斷增加。通常，隨著時間的推移，我們看到這些會員的參與度更高，購物頻率也更高。我們的目標始終是向會員展示更多價值，並鼓勵他們不斷升級並從 Costco 會員資格中獲得更多價值。

So in that regard, I think we're encouraged by the -- what we're seeing, and it was part of the goal that we had when we introduced those benefits.

因此，在這方面，我認為我們對所看到的情況感到鼓舞，這也是我們在推出這些福利時所設定的目標之一。

All right, thank you so much. It's very helpful.

好的，非常感謝。這非常有幫助。

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

Hey, Ron. Hey, Gary. My question is on e-commerce and specifically grocery. So there was this announcement from Amazon in the quarter around increased fulfillment capabilities. Can you talk about if you've seen a spike in your Instacart driven traffic since then? I know you've added some benefits, so maybe it's hard to parse it out.

嘿，羅恩。嘿，加里。我的問題是關於電子商務，特別是雜貨。因此，亞馬遜在本季發布了有關提高履行能力的公告。您能否談談自那時起，您是否看到 Instacart 驅動的流量出現激增？我知道您添加了一些好處，所以可能很難分析。

And then can I ask if Costco has what you think is an optimal capability to meet with what is increasing online grocery demand? Thanks.

然後我可以問一下，您認為 Costco 是否具備滿足日益增長的線上雜貨需求的最佳能力嗎？謝謝。

Yeah, Simeon, like you said, it's very tough to tell. The Instacart and Uber business continues to really do a very good business for us. It continues to grow at a good rate. And so we have seen the additional Executive membership benefit be accretive to that, has definitely helped it out quite a bit. We're very aware of new competition into this space, and we continue to watch that very closely.

是的，西緬，就像你說的，這很難說。Instacart 和 Uber 業務確實繼續為我們帶來非常好的業績。它繼續以良好的速度增長。因此，我們看到額外的行政會員福利對此有所增加，這無疑有很大幫助。我們非常清楚這個領域的新競爭，我們將繼續密切關注。

It comes down to the Costco items that are being delivered as well, too, which is a big driver from the consumer out there is that they want the goods that we have at their home. It may be a different way to deliver to them as opposed to coming into the warehouse.

這也歸結於 Costco 商品的配送，這是來自消費者的一大驅動力，因為他們希望我們能把商品送到他們家。與進入倉庫相比，向他們交付的方式可能有所不同。

But there still is a desire to the Fresh Foods, which is a big driver for us in the Food and Sundry business that we have out there. So very aware of it. We're very happy with the growth of the business there. And we are seeing some strong growth at the back half of the year, and it's hard to tell exactly where that's coming from.

但人們對新鮮食品仍有需求，這對我們開展食品和雜貨業務來說是一大推動力。我對此非常清楚。我們對那裡的業務成長感到非常高興。我們看到今年下半年出現了一些強勁的成長，但很難確切地說出這種成長來自哪裡。

And Simeon, you may have heard me mentioned at the end of the prepared remarks that we are going to include now those sales in our definition of e-commerce-enabled and digitally enabled sales. So going forward from next monthly sales, you'll see those -- you won't see those numbers called out, but those numbers will be included within our overall growth in e-commerce and digital.

西緬，你可能已經聽到我在準備好的發言結束時提到，我們現在要將這些銷售納入我們對電子商務和數位銷售的定義中。因此，從下個月的銷售額開始，您將看到這些 - 您不會看到這些數字被叫出來，但這些數字將包含在我們的電子商務和數位領域的整體成長中。

Yeah, thank you.

是的，謝謝。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Oh guys, thanks for taking the question. It kind of on the unit growth, the 30% for this year, 20% in the US, just curious the sustainability of that pace of growth? How long do you think you can kind of sustain that level of growth here? And where do you think you can get the international unit growth to over the next few years?

哦，夥計們，謝謝你們回答這個問題。這與單位成長率有關，今年為 30%，美國為 20%，只是好奇這種成長速度是否可持續？您認為這種成長水準能維持多久？您認為未來幾年國際單位的成長速度能達到什麼程度？

And kind of related to that, maybe a sense for what the CapEx plan is for next year. I apologize if we missed that. But curious kind of what the spend plan is for next year in terms of total CapEx. Thank you.

與此相關的是，也許可以了解明年的資本支出計畫。如果我們錯過了這一點，我深感抱歉。但令人好奇的是，就總資本支出而言，明年的支出計畫是什麼。謝謝。

As far as the future growth, I'll touch on that part. Yes, we do see some runway. We've made an investment in our real estate group to make sure that we're looking at all the opportunities as our geographical footprint continues to broaden around the world.

至於未來的成長，我會談及這部分。是的，我們確實看到了一些跑道。我們對我們的房地產集團進行了投資，以確保隨著我們的地理足跡不斷擴展到世界各地，我們能夠抓住所有機會。

We want to make sure that we are indeed looking at these opportunities. And for a few reasons, we feel very good. The right opportunities have come both in existing markets to increase capacity and where we feel we can better serve those markets. And we continue to still find in North America and internationally, opportunities in new markets where we're doing very well.

我們希望確保我們確實在關注這些機會。由於一些原因，我們感覺非常好。現有的市場中存在著增加產能的正確機會，我們認為我們可以更好地服務這些市場。我們仍在北美和國際上尋找新市場的機會，我們在這方面做得非常好。

So we do see some runway as far as this 30 warehouses opening a year. We don't strive for a number. I mean, we're not going to make any bad decisions on opening warehouses to get to any set number, so it could ebb and flow. And in some of the international countries, it takes a little bit longer.

因此，我們確實看到了每年開設 30 個倉庫的一些潛力。我們不追求一個數字。我的意思是，我們不會在開設倉庫方面做出任何錯誤的決定以達到任何設定的數字，所以它可能會起伏不定。而在一些國際國家，這需要更長的時間。

So you'll see some swings back and forth year-to-year when things come to fruition. Some projects could take us three years internationally, where we have things that can turn much quicker in North America.

因此，當事情取得成果時，你會看到逐年出現一些波動。在國際上，有些項目可能需要三年時間才能完成，但在北美，我們的進度會快得多。

So overall, I think we do some feel some good runway out in front of us as far as growth goes. We have people ready to expand the company and our operators have done a very good job dealing with the cannibalization we've dealt with in the existing markets we're in.

所以總的來說，我認為就成長而言，我們確實感覺到我們面前有一些良好的發展空間。我們已準備好擴大公司規模，我們的營運商在處理現有市場中的競爭問題方面做得非常出色。

And then maybe to answer the question on capital expenditure. I'll just maybe take a step back on that as well and provide a bit more context on what we saw in fiscal year '25 and how we think about '26 as well for you.

然後也許可以回答有關資本支出的問題。我可能也會回顧這一點，並為您提供更多關於我們在 25 財年看到的情況以及我們對 26 財年的看法的背景資訊。

So I think generally, when you look back at capital adventure for us over the last few years, we've seen it grow when you look at the compounded growth rate over the years, it's generally growing in line with sales. And we did see in 2025, when you look at the total capital expenditure for the year, we grew capital expenditure at a fast pace than sales for the first time, actually for a while for us.

因此，我認為總體而言，當你回顧過去幾年我們的資本冒險時，我們會看到它正在成長，當你看多年來的複合成長率時，它通常與銷售額同步成長。我們確實看到，在 2025 年，當你查看全年的總資本支出時，我們首次發現資本支出的成長速度快於銷售額的成長速度，實際上這種情況對我們來說已經有一段時間了。

And that was really for the areas that we mentioned earlier in the prepared remarks around the number of warehouses that we're looking to open in 2026, the remodel work that we're doing, the preparing the depots for the expansion in warehouse sales, and also e-commerce and also some manufacturing opportunities to improve the value in Kirkland Signature.

這實際上涉及我們先前在準備好的評論中提到的領域，包括我們希望在 2026 年開設的倉庫數量、我們正在進行的改造工作、為擴大倉庫銷售而進行的倉庫準備工作，以及電子商務和一些製造機會，以提高 Kirkland Signature 的價值。

And I would say, as we think about future growth in 2026, those areas we think are opportunities for us looking forward as well. We've already talked about the warehouse growth, but we do think with remodels, the opportunity to keep expanding our capacity in our warehouses, especially as the average warehouse now in the US and some of our more mature markets is around 20 years old.

我想說，當我們思考 2026 年的未來成長時，我們認為這些領域也是我們展望的機會。我們已經討論過倉庫的成長，但我們確實認為，透過改造，我們有機會繼續擴大倉庫的容量，特別是因為目前美國和一些更成熟的市場中的倉庫平均已有 20 年左右的歷史。

There's an opportunity for us to refresh and to support continued best-in-class service in those warehouses. We think there's continued opportunities in manufacturing to support further growth in Kirkland Signature.

我們有機會更新這些倉庫並繼續提供一流的服務。我們認為製造業仍有機會支持 Kirkland Signature 的進一步成長。

And we didn't really talk about it in prepared comments, but technology is also an opportunity for us to be able to deliver more better member experiences and if the growth in e-commerce and member engagement.

我們在準備好的評論中並沒有真正談論它，但技術也是我們提供更好的會員體驗以及電子商務和會員參與度成長的機會。

So overall, we think those will continue to be good opportunities for growth. We feel confident the returns on the investments that we'll make will be very strong as well. So we'd expect 2026 to have capital expenditure that would grow over 2025 and probably a little bit higher than sales again for the same reasons in '26 or '25.

因此總體而言，我們認為這些將繼續是良好的成長機會。我們相信，我們所做的投資回報也將非常豐厚。因此，我們預計 2026 年的資本支出將比 2025 年有所增長，並且可能由於 26 年或 25 年的相同原因再次略高於銷售額。

We typically actually give the CapEx number, I think, in our Q1 release. So we'll give you a specific number in Q1 as we do every year, but I would expect it to be a growth again for the reasons I just mentioned.

我認為，我們通常會在第一季的發布中給出資本支出數字。因此，我們會像每年一樣在第一季給出一個具體的數字，但我預計它會再次成長，原因如上所述。

Greg Melich, Evercore.

格雷格·梅利奇，Evercore。

I think a couple of questions. I do want to circle back on inflation. Gary, I think you mentioned it was low single digits, maybe 2%-ish last quarter. and now it's low to mid-singles. Can you just describe is it Non-Food driving all that acceleration and sort of frame it magnitude-wise?

我想問幾個問題。我確實想重新討論通貨膨脹問題。加里，我想你提到上個季度的成長率是低個位數，大概是 2% 左右。而現在則是低到中等個位數。您能否描述一下非食品是否推動了所有這些加速並從量級上對其進行概括？

Sure, yeah, thanks for the question. Yeah, I think last quarter, actually, we said overall low to mid-single digits, and we really kind of said the same. This quarter, the change was really in Q3. Q4 has generally been consistent with Q3.

當然，是的，謝謝你的提問。是的，我認為上個季度，實際上，我們說的是整體低到中等個位數，我們確實說了同樣的話。本季度，變化確實發生在第三季度。Q4 與 Q3 基本一致。

And as we look at it and break it down by category, Fresh and Food and Sundries are relatively consistent quarter-over-quarter in that sort of low to mid-single-digit range. There are lots of sort of puts and takes in there.

當我們按類別細分時，我們發現生鮮食品和雜貨的環比增長相對穩定，處於低到中等個位數的範圍內。其中有很多種投入和產出。

When you look at individual departments, we certainly see meat and deli largely because of meat and candy will be more inflationary, whereas departments like produce and liquor would be either lower inflation or decelerating inflation or even deflation in certain items.

當你觀察各個部門時，我們肯定會看到肉類和熟食（主要是因為肉類和糖果）的通膨率會更高，而農產品和酒類等部門的通膨率要么較低，要么會減緩通脹，甚至某些商品會出現通貨緊縮。

And then on the commodities front, we see acceleration in inflation currently in commodities like beef and coffee, sugar and corn. But then also, that's partially offset by we're seeing some deceleration in produce, in particular in barriers and avocados and the eggs and butter and cocoa are also slower inflation, too.

在大宗商品方面，我們看到牛肉、咖啡、糖和玉米等大宗商品的通膨正在加速。但同時，我們看到農產品價格有所放緩，特別是柵欄、酪梨、雞蛋、黃油和可可的通膨也放緩，這在一定程度上抵消了這一影響。

So there's lots of puts and takes in those Food and Sundries and Fresh departments. The change in Q3 really was in Non-Foods. But again, I would say it's really low single-digit inflation overall within Non-Foods, but real change there was it was been deflationary for 12 months or so.

因此，食品、雜貨和生鮮部門有許多投入和產出。第三季的變化確實發生在非食品領域。但我還是要說，非食品業的整體通膨率確實很低，只有個位數，但真正的變化是，該行業已經經歷了大約 12 個月的通貨緊縮。

So that's kind of what drive -- what drove I should say the change in Q3 and the reason that we updated our LIFO estimates because we saw -- we've seen continued inflation in Food and Fresh, but that was being offset by Non-Food. And now with some inflation in Non-Food, that's kind of changed the overall picture. But it's still in that low to mid-single digit overall, I would say.

所以這就是推動因素——我應該說是推動了第三季度的變化，也是我們更新後進先出估計的原因，因為我們看到——食品和生鮮產品持續通膨，但被非食品所抵消。現在非食品類商品出現了通貨膨脹，整體情況發生了改變。但我想說，總體而言，它仍然處於低到中等個位數的水平。

Got it. And my follow-up is we've just seen a lot of the credit card companies, add perks and race fees on their cards. I'm just sort of curious what trends you're seeing there in terms of penetration and any thought of ways to maybe enhance the member value on that front.

知道了。我的後續問題是，我們剛剛看到很多信用卡公司在他們的信用卡上增加了額外福利和比賽費用。我只是有點好奇您在滲透率方面看到了什麼趨勢，以及是否有想過在這方面提高會員價值的方法。

Yeah. Well, for our credit card, it's an incredibly successful program for us, and we deliver a lot of incremental value to our members through the credit card with the rewards that we offer and some of the additional benefits around travel as well.

是的。嗯，對於我們的信用卡來說，這是一個非常成功的計劃，我們透過信用卡為會員提供了許多增量價值，包括我們提供的獎勵以及一些與旅行相關的額外福利。

We did recently make some changes to our credit card recognizing that we felt there was an opportunity to accelerate the value and also to continue to grow that program. And so we added an incremental benefit where the member can now receive 5% rewards on gas.

我們最近確實對我們的信用卡做了一些改變，因為我們認為有機會加速其價值並繼續發展該計劃。因此，我們增加了一項增量福利，會員現在可以獲得 5% 的汽油獎勵。

We also updated and modernized the card itself as well. And we've been pleased so far with the reaction from members and the continued growth in that program.

我們也對卡片本身進行了更新和現代化改造。到目前為止，我們對會員的反應和該計劃的持續發展感到非常滿意。

That's great. Thanks and good luck.

那太棒了。謝謝，祝你好運。

Thank you.

謝謝。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Yeah, hi everyone, good afternoon. I wanted to follow up on tariffs and the outlook for the gross margin around that. I'm curious as to how you're thinking about the impact of tariffs over the next few quarters as it seems like there are retailers that are going to be taking more price? Is that something that you think you're going to be doing as well?

是的，大家好，下午好。我想跟進關稅以及相關毛利率的前景。我很好奇，您如何看待未來幾季關稅的影響，因為似乎有些零售商會提高價格？您認為您也會這麼做嗎？

How you're thinking about the elasticity associated with that, and I'm curious in terms of your competitive positioning? Do you plan to be offensive around this? Is it something that could have some incremental margin pressure in the coming quarters? Just any color around that would be great. Thank you.

您如何看待與此相關的彈性？我對您的競爭定位感到好奇？你打算就此採取攻擊行動嗎？這是否會對未來幾季的利潤率造成一定壓力？周圍的任何顏色都很棒。謝謝。

Yeah, thanks for the question, Ed. I think overall, first thing to say, of course, is that the environment with tariffs does still remain fluid. There could still be changes that we have to address as the picture unfolds.

是的，謝謝你的提問，艾德。我認為總的來說，首先要說的是，關稅環境仍然不穩定。隨著情況的展開，我們可能仍需要應對一些變化。

But with the tariffs that we've seen and we're sort of managing, if you like, as things stand today, our teams, I think, have done a fantastic job in navigating what's been a very fluid and changing environment.

但就我們所看到的關稅以及我們正在管理的情況而言，就目前的情況而言，我認為我們的團隊在應對非常不穩定和變化的環境方面做得非常出色。

And I think that the benefit of us of having buyers who have really been in the business for many years and understand the business well that are managing with a limited SKU count that will have a low number of items per buyer so they really understand the individual items that we're buying and the way those products are costed and constructed.

我認為，我們的優勢在於擁有真正從事該行業多年、非常了解業務的買家，他們通過有限的 SKU 數量進行管理，每個買家只購買少量商品，因此他們真正了解我們購買的單個商品以及這些產品的成本核算和構造方式。

And we can also, as Rob mentioned earlier, we have the flexibility to change items where we believe if we don't see that the value would be there with the impact of tariffs that we can move our assortment to items that really will deliver that value that our members have come to expect.

而且，正如羅布之前提到的，我們還可以靈活地改變我們認為的商品，如果我們認為關稅的影響不會帶來價值，那麼我們可以將我們的商品組合轉移到真正能夠實現我們的會員所期望的價值的商品上。

I think we've also have the benefit of being a global retailer, so with 30% of our business being international, it gives us the opportunity to work with our suppliers in offsetting some of these things by buying globally and also still supporting 30% of our sales through our warehouse that are international, still are less impacted by some of those issues that we're working through.

我認為，作為一家全球零售商，我們也擁有優勢，我們的 30% 業務來自國際市場，這使我們有機會與供應商合作，透過全球採購來抵消其中的一些影響，同時仍然透過我們的國際倉庫支持 30% 的銷售，並且仍然較少受到我們正在解決的一些問題的影響。

And we've taken really a multipronged approach to it. There isn't a single answer of how we've managed tariffs. Part of it is that we have absorb cost ourselves and charged ourselves to offset those costs to protect the member by improving efficiency and lowering waste and spoilage and those kind of things.

我們確實採取了多管齊下的方法來解決這個問題。關於我們如何管理關稅，並沒有一個單一的答案。部分原因是我們自己承擔成本，並收取費用來抵銷這些成本，透過提高效率、減少浪費和損壞等來保護會員。

We've also worked with suppliers defined offsets and efficiencies and that includes buying more globally. And there are examples there where we've been able to save 30% to 40% on the cost of items by consolidating to a smaller number of buyers and bringing a small number of suppliers and bringing the cost down because of the volume that we can consolidate there.

我們還與供應商合作確定了補償和效率，其中包括在全球範圍內購買更多產品。有一些例子表明，透過整合較少數量的買家和較少數量的供應商，我們可以節省 30% 到 40% 的商品成本，並且由於我們可以在那裡整合數量而降低成本。

We've also looked at sourcing from different countries and local production. And you may recall last quarter, we talked about with KS Laundry Detergent. We were able to save 40% in Asia by moving production for the items that we're producing for those markets to be in the region.

我們也研究了來自不同國家的採購和本地生產。您可能還記得上個季度我們討論過 KS 洗衣液。透過將我們為亞洲市場生產的產品的生產轉移到亞洲地區，我們節省了 40% 的成本。

And we've rotated items, as Ron referred to earlier. So I think from what we know today, we feel like there wasn't like a cliff for us. The impact was managed gradually by our teams doing all the things that we've mentioned, and we largely feel like we've worked through the strategies that we needed to mitigate what we see in front of us today.

正如羅恩之前提到的，我們已經輪換了物品。所以我認為，從我們今天所了解的情況來看，我們感覺對我們來說並沒有懸崖。我們的團隊透過採取我們提到的所有措施逐步控制了影響，並且我們基本上感覺到我們已經制定了必要的策略來減輕我們今天所看到的影響。

So we feel like we know the teams have done a very good job to position us to make sure we have the right assortment at the right value and deliver even greater value for our members. The sort of caveat of everything I just said, of course, is that there may be changes still to come that we have to manage, and that's something that we'll have to be agile, if that's the case.

因此，我們覺得我們知道團隊已經做得非常好了，他們確保我們以正確的價值提供正確的產品組合，並為我們的會員提供更大的價值。當然，我剛才所說的一切都需要注意，未來可能還會有一些變化需要我們去應對，如果情況確實如此，我們就必須保持敏捷。

What I would add to what Gary said and I agree with everything he said, we are taking a very offensive approach to this, where we're going to do everything we can to mitigate tariff impacts. And last effect would be we pass on price.

我想補充的是加里所說的，我同意他所說的一切，我們對此採取了非常積極的態度，我們將盡一切努力減輕關稅的影響。最後的效果就是我們轉嫁價格。

And if we do that, we're going to be the last one to go up and always the first one to go down and any opportunities we have out there. So it is all hands are on deck and we addressed this like we would any commodity increase. And we use the different tools we have to try and mitigate any price increase for any reason.

如果我們這樣做，我們將是最後一個上升的人，也是第一個下降的人，並且抓住我們擁有的任何機會。因此，我們全員參與，像處理任何商品漲價一樣處理這個問題。我們會使用各種不同的工具來嘗試緩解任何原因導致的價格上漲。

Thank you.

謝謝。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Hi Ron and Gary, thanks for taking our questions. Just wanted to ask about membership growth and total membership households that continues to increase in that 6% to 7% range year-over-year. Just two questions about that. One, is the right way to think about the components of that more like a low single-digit figure in the US and high single-digit internationally?

你好，Ron 和 Gary，謝謝你們回答我們的問題。我只是想問會員增長情況和會員家庭總數，它們同比繼續增長 6% 到 7%。關於這一點，我只有兩個問題。首先，正確思考其組成部分的方式是否更像是美國為低個位數，而國際為高個位數？

And then as you think about the long-term US potential for household membership. What do you think or estimate that Costco has today in terms of percentage of US households that are members? And how high do you think you can take that for time?

然後，當您考慮美國家庭成員的長期潛力時。您認為或估計 Costco 目前在美國家庭中的會員比例是多少？您認為您能將這個時間延長到多久？

Yeah, thanks, Kelly. I think it maybe comes back to a couple of the comments that I made earlier. We look at the growth that we've seen. And certainly, it's a good reflection, I think, of the focus of all of our team here to say, how do we start every day thinking of how can we deliver more value for our members and how do we show that the membership decision is the best decision that our members have made because of the value that they get from the membership with Costco.

是的，謝謝，凱利。我想這可能又回到了我之前提出的一些評論。我們看到了我們所看到的成長。當然，我認為這很好地反映了我們整個團隊的關注點，即我們如何開始每一天，思考如何為我們的會員提供更多價值，以及如何證明會員決定是我們會員做出的最佳決定，因為他們從 Costco 的會員資格中獲得的價值。

And really, our focus tends to be, I think, a little bit less on the way you phrased the question and more on how do we make sure that's always at the center of everything we do and continues to create new opportunities to grow our membership base.

實際上，我認為，我們的重點往往不是您提出問題的方式，而是如何確保這始終是我們所做的一切的核心，並繼續創造新的機會來擴大我們的會員基礎。

And I think because of the focus there and some of the things that we talked about on the call about how the team is navigating tariffs to make sure we stay true to that delivering the best value for the member as we're adding more membership benefits like the extended hours as we continue to open new warehouses and start to reach new member geographies.

我認為，由於重點在那裡，以及我們在電話會議上談到的一些事情，即團隊如何駕馭關稅，以確保我們堅持為會員提供最佳價值，因為我們正在增加更多的會員福利，例如延長營業時間，因為我們將繼續開設新的倉庫並開始覆蓋新的會員地區。

But also as the maturity of those warehouses, as you know, we don't advertise as a company. And so we believe that word of mouth and our existing members extolling the value they see from their membership is how we grow our base.

但隨著這些倉庫的成熟，如您所知，我們不會以公司的身份做廣告。因此，我們相信，口耳相傳和現有會員對他們從會員資格中看到的價值的讚美是我們擴大基礎的方式。

So there's an organic growth to our business because we're really focusing on ensuring how we deliver that continued value. So we still think there's opportunity to continue to grow that base. It would certainly be true that there's an opportunity in international markets to -- and we typically when we open in international markets, we see a larger number of membership new in those markets because there's less awareness of Costco. And typically, there's less sort of surrounding warehouses that could be impacted.

因此，我們的業務實現了有機成長，因為我們真正專注於確保如何提供持續的價值。因此我們仍然認為有機會繼續擴大這個基礎。國際市場確實有機會——通常，當我們在國際市場開業時，我們會看到這些市場的新會員數量增加，因為人們對 Costco 的認知度較低。通常情況下，周圍的倉庫受到的影響較小。

But on the other side of that, what we tend to see with warehouse in the US where we open and we're drilling end markets, we see tremendously quick growth in sales in those areas because it -- and not only in the new warehouses, but we replace the sales in the effective warehouses because we're freeing up the capacity for those members to shop more frequently in the warehouse as well.

但另一方面，我們在美國開設倉庫並開拓終端市場時，經常會看到這些地區的銷售額出現驚人的快速增長，因為這不僅是在新倉庫，而且我們取代了現有倉庫的銷售額，因為我們正在釋放容量，讓會員可以更頻繁地在倉庫購物。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon. Thanks for taking my question. So maybe a housekeeping question to start. So just on the incremental hours P&L impact. It sounds like it's going well. Good sales lift and you're seeing Gold upgraded Executive members. As you look towards this fiscal year, do you expect it to be a net benefit, the benefits versus some of the expenses with the increase in employee hours?

午安.感謝您回答我的問題。因此也許可以先問一個常規問題。因此，這僅對增量工時損益產生影響。聽起來一切進展順利。銷售業績良好提升，您會看到金牌會員升級為執行會員。展望本財政年度，您是否預期這將是一項淨收益，即收益與員工工作時間增加所帶來的部分費用之比？

Yeah, I think it's fair to say that, Rupesh. I mean just kind of resummarizing what we talked about earlier. As Ron mentioned, we've seen a positive impact in terms of overall sales in the US warehouses from the extended hours and our operators have done a great job managing the impact from an SG&A perspective.

是的，我認為這麼說很公平，魯佩什。我的意思是重新總結一下我們之前討論的內容。正如羅恩所提到的，延長營業時間對美國倉庫的整體銷售額產生了積極影響，而且我們的操作員在管理銷售、一般和行政費用方面做得很好。

So we have the typical sort of headwinds from the employee agreement that we need to manage and leverage our sales, but we wouldn't be calling out any sort of major headwind from the SG&A perspective based on what a great job our operators have done to manage the impact.

因此，我們在員工協議方面面臨典型的阻力，我們需要管理和利用我們的銷售額，但從銷售、一般和行政管理角度來看，我們不會指出任何重大阻力，因為我們的營運商在管理影響力方面做得非常出色。

Great. And then maybe just my follow-up question. I know Gary and alternative revenue streams. You guys have talked about successful media campaigns earlier this year. So just curious on any new efforts on the alternative revenue stream as we look towards the upcoming year.

偉大的。然後也許只是我的後續問題。我了解加里和其他收入來源。你們今年早些時候談到了成功的媒體宣傳活動。因此，我們很好奇，在展望來年時，我們會在替代收入來源上做出什麼新的努力。

Yeah. It's -- I mean, it's still very much in the early stages. When we talk about alternative revenue for us, I think it's broader than media for sure. The question earlier that was asked around financial services and credit card, we think that's continued strength in our business and an opportunity to continue to grow.

是的。我的意思是，它仍然處於早期階段。當我們談論替代收入時，我認為它肯定比媒體更廣泛。先前關於金融服務和信用卡的問題，我們認為這是我們業務的持續優勢和繼續成長的機會。

We launched the buy now pay later product with the firm earlier in the year, which is doing well. We have a tremendously successful travel business that delivers significant value for members and have strong growth in our overall model in delivering value for member and top line growth in the company as well.

我們在今年稍早與該公司合作推出了「先買後付」產品，該產品表現良好。我們的旅遊業務非常成功，為會員帶來了巨大的價值，我們的整體模式在為會員創造價值和實現公司收入成長方面也實現了強勁成長。

And media then is another component of that. And I think our journey with media is that we're sort of on a two-pronged journey, I would say. One is to build out the capabilities so that we can deliver more personalized relevant messaging to our members, and that includes a unified single data platform where we stitch all of our information and data together, and then build out the tools that allow us to deliver more relevant messaging at scale to our members.

媒體是其中的另一個組成部分。我認為，我們與媒體的合作歷程可以說是一條雙管齊下的旅程。一是建立能力，以便我們能夠向我們的會員提供更加個性化的相關信息，其中包括一個統一的單一數據平台，我們將所有信息和數據整合在一起，然後構建工具，使我們能夠向我們的會員大規模地提供更加相關的信息。

And as we're doing that, which is also really important to media, we're really kind of proving out the concept with our suppliers at the value of media within Costco. And that's why we shared the example as we sort of want to make sure that we're demonstrating how we can create future value as we build those capabilities, and that will be a continuation over the next 12 months or so, and we'll certainly share more updates as we continue to make progress on that journey.

當我們這樣做時，這對媒體來說也非常重要，我們實際上是在向我們的供應商證明 Costco 內部媒體的價值這個概念。這就是我們分享這個例子的原因，因為我們希望確保我們展示瞭如何在構建這些能力的同時創造未來價值，並且這將是未來 12 個月左右的延續，隨著我們在這一旅程中繼續取得進展，我們肯定會分享更多更新。

Great, thank you. Best of luck.

太好了，謝謝。祝你好運。

Thanks for --

感謝--

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hey guys. Two strategic questions for either one of you. Maybe Ron, when you think about the B2B opportunity, how do you think about that, the size of that, whether it's through business centers or online? Because I know when you do reloads, some of those become business centers, we're likely to see an acceleration in business centers?

嘿，大家好。你們兩個都可以問兩個策略性的問題。也許羅恩，當您考慮 B2B 機會時，您如何看待它，它的規模有多大，無論是透過商務中心還是在線？因為我知道當你重新加載時，其中一些會成為商業中心，我們可能會看到商業中心的加速發展？

And then secondly, when you think about markets where you -- it's just taken longer to get real estate. Is there an opportunity to use the balance sheet to acquire chunks of real estate, right, that you can then kind of develop over a period of time and maybe that speeds the process up a little bit?

其次，當你考慮市場時——獲得房地產需要更長的時間。是否有機會利用資產負債表來收購大量房地產，然後您可以在一段時間內進行開發，也許這會加快這個過程？

On the first question about business centers, yes, we think that there's some tremendous capacity, especially, we have now six in Canada, and we're going to continuously really grow much quicker rate in Canada and the business centers.

關於第一個問題，關於商務中心，是的，我們認為商務中心擁有巨大的容量，特別是我們現在在加拿大有六個商務中心，而且我們將在加拿大和商務中心持續以更快的速度成長。

The US that we see great opportunities both in new markets as well as when we relocate a building to a larger facility, the old warehouses serve a great purpose for us as far as becoming a business center because they have the right size and parking is not an issue at that level because we deliver about 60% of the goods from our trucks out there as well.

我們在美國看到了巨大的機遇，無論是在新市場還是當我們將一棟建築搬遷到更大的設施時，舊倉庫對於我們來說都是一個很好的用途，因為它們可以變成一個商業中心，因為它們大小合適，而且停車不是問題，因為我們的卡車也在那裡運送大約 60% 的貨物。

So we see a good runway for us, both US and Canada and potential in international markets for the business centers as well. So that is it.

因此，我們看到了良好的發展前景，無論是美國還是加拿大，商業中心在國際市場上也具有潛力。就是這樣。

As far as looking at the additional property that we need to, we did -- we will take that into account if we have got to get into the right market and then how we can create value for any outparcels or additional properties that are nearby us as that could open up opportunities for us to expand in the right place. So we are open to those opportunities as well.

至於我們需要的額外房產，我們確實會考慮這一點，如果我們必須進入正確的市場，那麼我們如何為我們附近的任何外圍地塊或額外房產創造價值，因為這可以為我們在正確的地方擴張創造機會。因此我們也對這些機會持開放態度。

Thank you.

謝謝。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great, good evening. Thanks very much for taking my question. Couple of follow-ups. First follow-up is you've talked about cannibalization to comps for the last couple of months. Do you expect that to be a headwind throughout 2026?

太好了，晚上好。非常感謝您回答我的問題。一些後續行動。首先要問的是，過去幾個月您一直在談論同類產品的蠶食問題。您預計這會成為整個 2026 年的阻力嗎？

And then just on some of the questions around the inflation outlook. On the Non-Food side, based on what you're seeing in the business, do you expect Non-Foods inflation kind of stay in this range for the next couple of quarters, especially trying to understand are we at some of the peak pressure? Or could it get a little bit higher from here? Thanks.

然後是關於通膨前景的一些問題。在非食品方面，根據您在業務中看到的情況，您是否預計非食品通膨在未來幾季內會保持在這個範圍內，特別是試圖了解我們是否處於一些峰值壓力？或者它能從現在開始再高一點嗎？謝謝。

Sure, yeah, and thanks for the questions. On cannibalization, it's really a reflection of our continued investment in filling warehouses to really make sure that we're continuing to grow our overall sales in those markets and relieve some of the pressure in some of our busier warehouses.

當然，是的，謝謝你的提問。關於蠶食，這實際上反映了我們對填充倉庫的持續投資，以確保我們繼續增加在這些市場的整體銷售額，並減輕一些較繁忙的倉庫的壓力。

And so I wouldn't see any reason why that would change dramatically in the future because that's a strategy that's working for us well in terms of continuing to grow our overall sales and grow our overall profitability in the markets in which we operate.

因此，我認為未來這種情況不會發生巨大變化，因為就繼續增加我們的整體銷售額和增加我們經營市場的整體獲利能力而言，這項策略對我們來說非常有效。

And then from an inflation point of view, I think as I mentioned earlier, we think that from everything we see today, on tariffs, we've been proactive in managing that. And so from everything that we're dealing with today, I think what you're hearing from us on inflation is how we see it at the moment.

然後從通貨膨脹的角度來看，我認為正如我之前提到的，我們認為從今天看到的所有關稅情況來看，我們一直在積極主動地管理這個問題。因此，從我們今天處理的所有問題來看，我認為您從我們這裡聽到的有關通貨膨脹的看法就是我們目前的看法。

But the dilemma as I mentioned earlier, is we can't really predict what might happen in the future around future tariffs or future pricing by other players in the market, if you like, and so -- or events. So that's -- it's obviously hard for us to predict. But I wouldn't say that we're seeing anything in our plans that would cause that to change significantly.

但正如我之前提到的，困境在於我們無法真正預測未來關稅或市場其他參與者的未來定價等事件。所以這顯然對我們來說很難預測。但我不會說我們的計劃中存在任何會導致這種情況發生重大改變的事情。

Okay, understood. Thanks very much.

好的，明白了。非常感謝。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Hi, Gary and Ron, on the digital road map, there's been a lot of customer-centric innovation you've done. What's low-hanging fruit ahead that you're most excited about? And then on Kirkland Signature, which is iconic, what's next is it just tweaks or is it a similar strategy?

你好，加里和羅恩，在數位路線圖上，你們做了很多以客戶為中心的創新。您最期待的未來成果是什麼？那麼對於標誌性的 Kirkland Signature 來說，下一步會進行什麼調整，還是採取類似的策略？

Some of the language in this call leaning into KS, that's probably a product of the environment. But was anything different about you'll continue to amplify that and maintain how great it is? Thanks a lot.

此呼籲中的一些語言傾向於 KS，這可能是環境的產物。但是，您是否會繼續擴大它並保持它的偉大，這有什麼不同嗎？多謝。

Yeah, thanks, Oliver. On the first part of your question, we've -- you're right. We spent a lot of time as a team focusing on how can we continue to invest in improving the digital experience and making it more convenient for members to shop and we've had some good progress in those areas.

是的，謝謝，奧利佛。關於您問題的第一部分，我們—您是對的。我們團隊花了很多時間專注於如何繼續投資改善數位體驗並使會員購物更加方便，我們在這些領域取得了一些良好的進展。

I think we continue to see opportunities to improve the member experience through the app and through the website and particularly in investing in capabilities that deliver more targeted and relevant personal messaging for members. That's definitely one of the highest priorities that we're focused on.

我認為我們繼續看到透過應用程式和網站改善會員體驗的機會，特別是投資於為會員提供更有針對性和更相關的個人資訊的功能。這絕對是我們關注的首要任務之一。

And you've heard us give a couple of examples of things that we're starting to do there, but we should certainly expect to see more of those opportunities going forward to drive whether it's visits into the warehouse or items in the basket or more engagement online with our members for e-commerce sales.

你們已經聽到我們給出了一些我們開始在那裡做的事情的例子，但我們當然應該期望看到更多這樣的機會，無論是訪問倉庫還是購物籃中的商品，還是與我們的會員進行更多的在線互動以進行電子商務銷售。

And then Kirkland Signature, I think just briefly on that, overall, our view on Kirkland Signature is that -- it's all about delivering quality, value and innovation for members. And if we see examples where there are gaps for our members, where we think there's items that we can deliver that value and quality that doesn't exist today, then we're -- that's what we're doing and how we're innovating and delivering new products for our members.

然後是 Kirkland Signature，我想簡單說一下，總的來說，我們對 Kirkland Signature 的看法是——它的全部內容都是為會員提供品質、價值和創新。如果我們看到一些例子，表明我們的會員在服務方面存在差距，我們認為我們可以提供目前尚不存在的價值和品質的產品，那麼我們——這就是我們正在做的事情，也是我們如何創新並為我們的會員提供新產品。

We don't have a specific target for Kirkland Signature. It really is about when does that value and that opportunity there with the member. And of course, we -- we love working with national brands as well to develop and grow those partnerships.

我們對 Kirkland Signature 沒有具體的目標。這其實關乎會員何時能獲得這種價值和機會。當然，我們也喜歡與國家品牌合作，發展和壯大這些合作關係。

But Kirkland Signature also provides a sort of healthy tension there to make sure that, that value and quality is there for our members. And so we'll continue to innovate and grow those items where we think we can deliver that value for the member.

但 Kirkland Signature 也提供了一種健康的張力，以確保我們的會員能夠獲得價值和品質。因此，我們將繼續創新並發展那些我們認為可以為會員帶來價值的項目。

And it's certainly over the last few years, has continued to grow in penetration because of the great work our teams have done in building out those items and delivering that value for the member.

毫無疑問，在過去幾年中，由於我們的團隊在開發這些產品和為會員提供價值方面所做的出色工作，它的滲透率一直在持續增長。

Thanks a lot, best regards. Maybe you should go to 24 hours, by the way.

非常感謝，謹致問候。順便說一句，也許你應該去 24 小時。

We'll take that into consideration.

我們會考慮這一點。

And ladies and gentlemen, that concludes our question-and-answer session, and today's call. We thank you -- excuse me, 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。我們感謝您—對不起，我們感謝您的參與，您現在可以斷開連接了。