好市多 (COST) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation first-quarter 2026 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫艾比，今天我將擔任你們的會議接線生。在此，我謹代表 Costco Wholesale Corporation 向大家歡迎參加 2026 年第一季財報電話會議。（操作說明）

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

謝謝。現在我謹將會議交給財務長加里‧米勒奇普。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Costco's first-quarter 2026 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.

各位下午好，感謝各位參加 Costco 2026 年第一季財報電話會議。首先我想提醒各位，這些討論將包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類聲明所指出的內容有重大差異。

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. 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.

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和不確定性，以及公司不時在公開聲明和提交給美國證券交易委員會的報告中確定的其他風險和不確定性。前瞻性聲明僅代表其發布之日的情況，除法律要求外，本公司不承擔更新這些聲明的義務。可比銷售額和不計入汽油價格和外匯變動影響的可比銷售額僅作為補充信息，不能替代按照公認會計原則列示的淨銷售額。

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.

在我們深入探討財務表現之前，我很高興地宣布，羅恩·瓦克里斯今天再次與我一起參加電話會議。現在我將把發言權交給羅恩，請他做一些開場白。

Thank you, Gary, and good afternoon, everyone. Thank you for joining us today. I'll start with a few brief comments on some of our key growth initiatives before turning it back to Gary to discuss the results of the quarter.

謝謝你，加里，大家下午好。感謝您今天蒞臨。我先簡單談談我們一些關鍵的成長舉措，然後再把發言權交還給 Gary，讓他討論本季的業績。

In Q1, we opened eight new warehouses, including a relocation in Canada, our third warehouse in France, four net new US locations, and two additional Canadian business centers. This brings our total warehouse count to 921 worldwide. We continue to see significant opportunities for future warehouse growth, both domestically and across the international markets and where we operate. While delays with a couple of our buildings in Spain resulted in us revising our planned net new openings for fiscal year '26 down to '28, we continue to plan for 30-plus net openings per year in future years.

第一季度，我們開設了八個新倉庫，包括加拿大的一個搬遷倉庫、我們在法國的第三個倉庫、四個美國新倉庫和兩個加拿大商業中心。這使我們在全球的倉庫總數達到 921 個。我們持續看到未來倉儲業務成長的巨大機遇，無論是在國內市場還是在我們營運所在的國際市場。雖然我們在西班牙的幾棟建築出現延誤，導致我們不得不將 2026 財年的計劃淨新增開業數量下調至 2028 財年，但我們仍計劃在未來幾年每年淨新增開業 30 棟以上。

We've increased the size of our real estate team to support this goal and without compromising on quality, we're being creative with real estate projects to further increase the potential for future growth. Recent examples of this include our new warehouse in Malus, France, where we converted an old Hypermart into a Costco warehouse, as well as two Canadian business centers that opened in the last month, both of which were refurbished home improvement warehouses. This approach broadens our options for market expansion and lowers the capital investment required.

為了實現這一目標，我們擴大了房地產團隊的規模，並且在不降低品質的前提下，我們正在房地產項目上發揮創造力，以進一步提高未來成長的潛力。最近的例子包括我們在法國馬呂斯新建的倉庫，我們將一家舊的大型超市改造成了 Costco 倉庫；以及上個月在加拿大開設的兩家商業中心，這兩家中心都是由翻新的家居建材倉庫改造而成的。這種方法拓寬了我們拓展市場的選擇範圍，並降低了所需的資本投資。

In addition to opening net new buildings, we will continue to relocate select high-volume warehouses to larger locations with more parking and expanded gas stations. By doing this, we're able to provide a better experience for our members and significantly accelerate sales growth in those markets.

除了新建建築物外，我們還將繼續將部分大容量倉庫搬遷到更大的地點，那裡有更多的停車位和擴建的加油站。透過這樣做，我們能夠為會員提供更好的體驗，並顯著加快這些市場的銷售成長。

In fiscal year '26, we have five relocations planned, including three in the US, and one each in Canada and Taiwan. The success of our new warehouse expansion has allowed us to consistently drive top line revenue well in excess of our comparable sales and gained significant market share.

在 2026 財年，我們計劃進行五次搬遷，其中三次在美國，一次在加拿大，一次在台灣。我們新倉庫擴建的成功使我們的營業收入持續遠超同店銷售額，並獲得了顯著的市場份額。

We continue to see improvements in the performance of our new buildings and a reduction in their time to maturity. With fiscal year '25 openings generating an annualized $192 million per warehouse of sales in the year of opening, that is up from $150 million for new warehouses opened just two years earlier.

我們不斷看到新建建築的性能有所提升，其成熟所需時間也在縮短。2025 財年新開業的倉庫在開業當年平均每年產生 1.92 億美元的銷售額，而兩年前新開業的倉庫的銷售額為 1.5 億美元。

Turning to digital. Our digital vision at Costco is to deliver a seamless experience that builds trust and loyalty with our members, both in warehouse and online. We aim to make the shopping at Costco easier, faster and more personal no matter where or how our members choose to shop. This isn't about technology for technology's sake, it's about using technology to strengthen the fundamentals that makes Costco who we are, increasing member loyalty, driving top line sales and improving efficiency in our operations so that we can bring goods to market at the lowest possible price. Progress has already begun and is delivering tangible results.

轉向數位化。Costco 的數位化願景是提供無縫體驗，從而在實體店和線上與會員建立信任和忠誠度。我們的目標是讓會員無論選擇在哪裡或以何種方式購物，都能在 Costco 享受更輕鬆、更快捷、更個人化的購物體驗。這不是為了技術而技術，而是為了利用技術來加強構成 Costco 的基本要素，提高會員忠誠度，推動銷售額成長，提高營運效率，從而以盡可能低的價格將商品推向市場。進展已經開始，並且取得了實際成果。

In the warehouse implementation of scanning memberships at entry, the Costco Digital Wallet and pre-scanning small- to medium-sized baskets is leading to better member experience and improve productivity.

在倉庫實施入口處掃描會員卡、Costco 數位錢包和預先掃描中小尺寸購物籃的做法，正在帶來更好的會員體驗並提高生產力。

The warehouses that are first to adopt this pre-scan technology have shown checkout speed improvements of up to 20%. And across our US warehouses overall, we achieved record levels of checkout productivity in the final weeks of the quarter.

率先採用這項預先掃描技術的倉庫，結帳速度提高了 20%。在本季的最後幾週，我們美國所有倉庫的結帳效率都達到了創紀錄的水平。

Online, we continue to make enhancements to improve the member experience on our site and app. As an example, this quarter, we launched new personalization capabilities that provide members with more relevant product recommendations based on their past for search history. The sales lift from this enhancement has been very positive.

在線上，我們不斷進行改進，以提升會員在我們網站和應用程式上的體驗。例如，本季我們推出了新的個人化功能，根據會員過去的搜尋歷史，為他們提供更相關的產品推薦。這項改進帶來的銷售成長非常顯著。

AI is also being interwoven into our business where we believe it can strengthen our model. Again, we're approaching it in a very Costco way, practical, member-focused and grounded in tangible business value. An early use case has involved integrating AI into our pharmacy inventory system. This system now compares prescription drug pricing across vendors and autonomously and predictively reorders inventory, improving our in-stocks to more than 98%. This change has played an important role in helping us achieve mid-teen growth in pharmacy scripts filled and has improved margins while lowering prices to our members.

人工智慧也正在融入我們的業務中，我們相信它可以加強我們的商業模式。我們再次強調，我們採取的是 Costco 一貫的務實做法，以會員為中心，注重實際的商業價值。早期應用案例之一是將人工智慧整合到我們的藥房庫存系統中。該系統現在可以比較不同供應商的處方藥價格，並自主預測性地重新訂購庫存，使我們的庫存率提高到 98% 以上。這項變更對我們實現藥房處方量十幾倍的成長起到了重要作用，提高了利潤率，同時降低了會員的價格。

We're now in the process of deploying AI tools in our gas business, which we expect will improve inventory management and drive incremental sales by ensuring we are always delivering the best value to our members. These are just a few of the use cases we're developing into our business as we speak.

我們目前正在天然氣業務中部署人工智慧工具，我們期望透過確保我們始終為會員提供最佳價值，來改善庫存管理並推動銷售成長。以上只是我們正在開發並應用於業務中的幾個用例。

While digital and technology will play an important role in our future, our people are what makes Costco special. I'd like to recognize the outstanding work done by our more than 340,000 employees around the world. Their commitment to our company and the Costco experience for our members is what drives our success. I'd like to thank our entire team for their outstanding work this year and especially now during our busiest season.

雖然數位化和技術將在我們的未來發揮重要作用，但真正讓 Costco 與眾不同的是我們的員工。我想稱讚我們全球超過34萬名員工的出色工作。他們對我們公司以及為會員提供 Costco 體驗的承諾，是我們成功的驅動力。我要感謝我們整個團隊今年，特別是現在這個最繁忙的季節裡，所做的傑出貢獻。

I also wanted to mention that our annual update to Costco's sustainability commitments was made available online earlier this month. This report provides a comprehensive review of the progress we are making towards our sustainability objectives, and I would encourage you to take a look.

我還想提一下，Costco 的年度永續發展承諾更新報告已於本月初在網路上發布。這份報告全面回顧了我們在實現永續發展目標方面的進展，我鼓勵大家仔細閱讀。

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 fill some questions.

接下來，我將把發言權交還給 Gary，讓他來討論本季的表現。在問答環節，我會再發言回答一些問題。

Thanks, Ron. In today's press release, we reported operating results for the first quarter of fiscal year 2026 for 12 weeks ended November 23. As usual, we published a slide deck under Events and Presentations on our investor website with supplemental information to support today's press release.

謝謝你，羅恩。在今天的新聞稿中，我們公佈了截至 2026 年 11 月 23 日的 12 週財年第一季的經營業績。像往常一樣，我們在投資者網站的“活動與演示”欄位下發布了幻燈片，其中包含補充信息，以支持今天的新聞稿。

Net income for the first quarter came in at $2.001 billion or $4.50 per diluted share, up from $1.798 billion or $4.04 per diluted share in the first quarter last year. This year's results include a tax benefit of $72 million or $0.16 per diluted share relating to stock-based compensation and last year's results include a tax benefit of $100 million or $0.22 per diluted share, also related to stock-based compensation. Excluding these discrete tax items, net income and earnings per diluted share, both grew 13.6%.

第一季淨利為 20.01 億美元，即每股攤薄收益 4.50 美元，高於去年第一季的 17.98 億美元，即每股攤薄收益 4.04 美元。今年的業績包括與股票選擇權相關的 7,200 萬美元或每股攤薄收益 0.16 美元的稅收優惠，去年的業績包括與股票選擇權相關的 1 億美元或每股攤薄收益 0.22 美元的稅收優惠。在剔除這些單獨的稅務項目後，淨收入和稀釋後每股收益均成長了 13.6%。

Net sales for the first quarter were $65.98 billion, an increase of 8.2% from $60.99 million in the first quarter last year. Comparable sales were 6.4%, both before and after adjusting for gas price deflation and FX. Excluding gas sales entirely and adjusting for the impact of foreign exchange, comparable sales were 7.1%. Digitally enabled comparable sales were 20.5%, both with and without adjusting for FX.

第一季淨銷售額為 659.8 億美元，比去年同期的 6,099 萬美元成長了 8.2%。同店銷售額為 6.4%，不論是否考慮汽油價格通貨緊縮和匯率因素。如果完全排除天然氣銷售，並調整外匯影響，可比銷售額為 7.1%。數位化帶來的可比較銷售額成長了 20.5%，無論是否考慮匯率因素。

Our segment breakout of comparable sales is disclosed in both our earnings release and the supplemental slide deck. In terms of Q1 comp sales metrics, FX positively impacted sales by approximately 0.1%, while gas price deflation negatively impacted sales by approximately 0.1%. Traffic or shopping frequency increased 3.1% worldwide and our average transaction or ticket was up 3.2% worldwide, both with and without the impacts of gas price deflation and FX.

我們的可比較銷售額細分數據已在獲利報告和補充幻燈片中揭露。就第一季同店銷售指標而言，外匯匯率對銷售額產生了約 0.1% 的正面影響，而汽油價格通貨緊縮對銷售額產生了約 0.1% 的負面影響。無論是否考慮汽油價格通貨緊縮和匯率的影響，全球交通或購物頻率均增加了 3.1%，平均交易或客單價增加了 3.2%。

Moving down the income statement and membership fee income. We reported membership fee income of $1.329 billion, an increase of $163 million or 14% year-over-year. Adjusting for FX, the increase was also 14%. Last September's US and Canada membership fee increase accounted for a little less than half of membership income growth. Excluding the membership fee increase and FX, membership income grew 7.3% year over year. This was driven by continued growth in our membership base and increased upgrades from GoldStar to executive membership.

繼續分析損益表和會員費收入。我們公佈的會員費收入為 13.29 億美元，比去年同期增加了 1.63 億美元，增幅達 14%。經匯率調整後，增幅也達到了 14%。去年九月美國和加拿大會員費的成長佔會員收入成長的近一半。剔除會員費上漲和匯率波動的影響，會員收入年增7.3%。這主要得益於會員數量的持續增長以及從金牌會員升級到高級會員的人數不斷增加。

At Q1 end, we had 39.7 million paid executive memberships, up 9.1% versus last year. We ended the quarter with 81.4 million total paid members, up 5.2% versus last year and 145.9 million cardholders, up 5.1% year over year.

截至第一季末，我們擁有 3,970 萬付費高級會員，比去年同期成長 9.1%。本季末，我們共有 8,140 萬付費會員，比去年同期成長 5.2%；持卡會員總數為 1.459 億，較去年同期成長 5.1%。

In terms of renewal rates, at Q1 end, our US and Canada renewal rate was 92.2%, and the worldwide rate came in at 89.7%, both down 10 basis points from last quarter. This slight decline was due to the factors we discussed last quarter and reflects new online members growing as a percentage of our total base and renewing at a slightly lower rate than warehouse sign-ups. The decline was less than anticipated due to some early success with targeted communications to expiring members. Our goal is to continue to improve renewal rates by improving engagement with members who signed up digitally. Although for the reasons previously shared, we may still see a slight decline in the overall renewal rate over the next few quarters.

就續約率而言，截至第一季末，我們在美國和加拿大的續約率為 92.2%，全球續約率為 89.7%，均比上一季下降了 10 個基點。這一小幅下滑是由於我們上個季度討論過的因素造成的，反映出新線上會員占我們總會員數的比例有所增長，但續訂率略低於倉庫註冊會員。由於早期針對即將到期會員的定向溝通取得了一些成功，因此下降幅度小於預期。我們的目標是透過提高與線上註冊會員的互動，不斷提高續訂率。儘管由於前面提到的原因，未來幾季整體續約率可能仍會略有下降。

Turning to gross margin. Our reported rate was higher year over year by 4 basis points, both with and without gas inflation, coming in at 11.32% compared to 11.28% last year.

接下來我們來看毛利率。我們報告的利率年增了 4 個基點，無論是否考慮天然氣通膨，都達到 11.32%，而去年為 11.28%。

Core was flat. In terms of core margins on their own sales, our core-on-core margins were higher by 30 basis points. This increase was broad-based with non-foods, foods and sundries and fresh all higher year-over-year. Supply chain improvements and an increase in KS penetration benefited margins as did additional marketing revenue. The improvement in core on core was offset by changes in mix and lapping higher income in our co-brand credit card program a year ago.

核心區域平坦。就其自身銷售的核心利潤率而言，我們的核心利潤率高出 30 個基點。這一增長是全面性的，非食品、食品雜貨和新鮮食品的價格均比去年同期上漲。供應鏈的改善和KS滲透率的提高，以及額外的行銷收入，都提高了利潤率。核心業務的改善被產品組合的變化以及一年前聯名信用卡計劃中更高的收入所抵消。

Ancillary and other businesses gross margin was higher by 7 basis points, primarily driven by pharmacy and hearing aids. LIFO negatively impacted the gross margin rate by 3 basis points. We had a $1.9 million LIFO credit in Q1 this year compared to a $19 million credit in Q1 last year.

輔助業務和其他業務的毛利率提高了 7 個基點，主要得益於藥局和助聽器業務的成長。後進先出法使毛利率下降了 3 個基點。今年第一季度，我們獲得了 190 萬美元的後進先出法 (LIFO) 信貸，而去年第一季則獲得了 1,900 萬美元的信貸。

Moving on to SG&A. Our reported SG&A rate was higher or worse year over year by 1 basis point, coming in at 9.6% compared to last year's 9.59%. The operations component of SG&A was higher or worse by 1 basis point. Our operators did a great job improving productivity and capturing efficiency benefits from the technology investments that Ron referenced earlier. These productivity improvements fully offset wage investments and the impact of extended operating hours and would have created positive leverage in the quarter had we not experienced higher healthcare costs.

接下來是銷售、一般及行政費用。我們報告的銷售、一般及行政費用率較去年同期上升或惡化了 1 個基點，達到 9.6%，而去年為 9.59%。銷售、一般及行政費用中的營運部分上漲或下跌了 1 個基點。我們的操作人員在提高生產力和利用 Ron 之前提到的技術投資實現效率效益方面做得非常出色。這些生產力提升完全抵消了薪資投資和延長營業時間的影響，如果不是因為醫療保健成本上升，這些提升本季本可以帶來正面的槓桿效應。

Central was lower or better by 3 basis points. This quarter's SG&A also included a charge relating to a tax assessment for prior years, which negatively impacted the rate by 4 basis points.

中心值比中心值低或高出 3 個基點。本季的銷售、一般及行政費用還包括與往年稅務評估相關的費用，這導致稅率下降了 4 個基點。

Below the operating income line, interest expense was $35 million versus $37 million last year. Interest income was $122 million versus $96 million last year, driven by higher cash balances and FX and other was a $33 million benefit versus a $51 million benefit last year due to lower FX gains.

在營業收入項下，利息支出為 3,500 萬美元，而去年為 3,700 萬美元。利息收入為 1.22 億美元，而去年同期為 9,600 萬美元，主要得益於現金餘額增加；外匯及其他收益為 3,300 萬美元，而去年同期為 5,100 萬美元，主要原因是外匯收益減少。

In terms of income taxes, our tax rate in Q1 was 22.5% compared to 22% in Q1 last year. As mentioned earlier, this year's rate benefited $72 million and last year's rate benefited $100 million from annual RSU vestings.

就所得稅而言，我們第一季的稅率為 22.5%，而去年第一季的稅率為 22%。如前所述，今年的利率使 7,200 萬美元受益，去年的利率使 1 億美元受益，這主要得益於年度 RSU 歸屬。

Turning now to some key items of note in the quarter. Capital expenditure in Q1 was approximately $1.53 billion. As shared last quarter, we are making additional investments to support a higher number of new warehouse openings increased warehouse remodels to drive continued growth in existing high-volume buildings, depot network expansion and digital. We estimate capital expenditure for the full year will be approximately $6.5 billion.

接下來我們來看本季的一些重點事項。第一季資本支出約15.3億美元。正如上個季度所分享的，我們正在進行額外的投資，以支持更多新倉庫的開設、更多倉庫改造，從而推動現有高容量建築的持續增長、倉庫網絡擴張和數位化。我們預計全年資本支出約為 65 億美元。

Before we take a closer look at core merchandising results for Q1, here are a few fun facts about the holiday selling season so far. Our US food court set a daily record on Halloween, selling 358,000 whole pizzas, an increase of 31% versus last year. Black Friday was a record-breaking day for our US e-commerce business, generating over $250 million in nonfood orders. Our US bakeries also set a record in the three days leading up to Thanksgiving selling 4.5 million pies. That's over 7,000 pies per warehouse over a three-day period.

在深入了解第一季核心商品銷售業績之前，先來看看目前為止假日銷售季的一些趣聞。我們的美國美食廣場在萬聖節當天創下了單日銷售記錄，售出了 358,000 個完整披薩，比去年增長了 31%。黑色星期五是我們美國電子商務業務創紀錄的一天，非食品訂單額超過 2.5 億美元。在感恩節前的三天裡，我們美國的烘焙店也創下了紀錄，賣出了 450 萬個派。這意味著三天內每個倉庫要儲存超過 7000 個派。

Turning to Q1 merchandising highlights. Our relentless focus on quality, value, and newness continued to deliver market share gains across virtually all departments. Fresh sales were up mid- to high-single digits, led by double-digit growth in meat. We saw strong growth in higher cost cuts of beef and even greater unit growth in lower-cost proteins like ground beef and poultry.

接下來是第一季商品銷售亮點。我們始終堅持品質、價值和創新，在幾乎所有部門都持續獲得市場份額的成長。新鮮食品銷售額實現了中高個位數成長，其中肉類銷售額實現了兩位數成長。我們看到高成本牛肉部位銷售強勁成長，而低成本蛋白質（如碎牛肉和家禽）的銷售成長更為顯著。

Bakery experienced high single-digit growth driven by the introduction of some great new items such as our holiday dessert bars and our Creme Brulee Bar Cake.

烘焙坊的業績實現了接近兩位數的成長，這主要得益於我們推出了一些很棒的新產品，例如我們的節日甜點棒和焦糖布丁棒蛋糕。

Non-foods have comp sales in the mid-single digits. Our buyers continue to do an excellent job finding new and exciting items at great value, while also adjusting our assortment to minimize the impact of tariffs. Golden jewelry, special events, health and beauty were all up double digits and major tires and small appliances also continued to outperform with high single-digit comps.

非食品類商品的同店銷售額成長率僅為個位數中段。我們的採購人員繼續出色地尋找物美價廉的新奇商品，同時調整我們的商品種類，以最大限度地減少關稅的影響。黃金首飾、特別活動、健康和美容產品均實現了兩位數的增長，大型輪胎和小家電也繼續表現出色，實現了接近兩位數的同比增幅。

We added a number of new national brand partnerships across a range of nonfood categories in Q1, including GAAP and alter gift cards, very broadly apparel, and upper deck trading cards. Food and sundries comp also grew mid-single digits, with candy and food showing the strongest results. Newness has been driving growth in this category as well with on-trend items such as Dubai Chocolate performing very well.

第一季度，我們在多個非食品類別中新增了多個全國性品牌合作夥伴關係，包括 GAAP 和 Alter 禮品卡、服裝（範圍很廣）以及 Upper Deck 交易卡。食品和日用品同業也實現了中等個位數的成長，其中糖果和食品的成長最為強勁。新品上市也推動了該品類的成長，像杜拜巧克力這樣的潮流產品表現非常出色。

Kirkland Signature continues to grow at a faster pace than overall sales with KS items typically offering 15% to 20% value compared to the national brand alternative with equal or better quality. In Q1, we launched approximately 45 new KS items, including dry facial daily clean towels, caramelized blueberry croissants and various apparel items in addition to our latest food court offering, the Caramel Brownie Sundae.

Kirkland Signature 的成長速度持續超過整體銷售速度，KS 商品通常比同等或更高品質的全國性品牌商品提供 15% 到 20% 的價值。第一季度，我們推出了約 45 款新的 KS 產品，包括乾式臉部日常清潔毛巾、焦糖藍莓羊角麵包和各種服裝，以及我們最新的美食廣場產品——焦糖布朗尼聖代。

As always, our goal is to be the first to lower prices where we see opportunities to do so. A few examples of lower prices this quarter include KS Chicken Pot Pie from $4.29 to $3.99 per pound; KS Bacon from $18.99 to $16.99 per packet; KS Whipped cream three-pack from $10.49 to $8.99 and KS Walnuts 3 pounds pack $14.49 to $12.99.

一如既往，我們的目標是在發現機會時率先降低價格。本季價格下降的一些例子包括：KS 雞肉餡餅從每磅 4.29 美元降至 3.99 美元；KS 培根從每包 18.99 美元降至 16.99 美元；KS 鮮奶油三包裝從 10.49 美元降至 8.99 美元；KS 核桃 3 磅裝從 14.49 美元降至 12.12.12.12.

In digital, site traffic in the quarter was up 24%, and app traffic was up 48%. Sales in non-foods were led by pharmacy, golden jewelry, tires, small electrics, apparel and majors, all of which grew double digits year over year. Our same-day delivery service offered in partnership with Instacart in the US and Uber Eats and DoorDash internationally, also performed extremely well, growing at a faster pace than our overall digital sales. Strong traffic and sales growth in digital were aided by continued web and app improvements as well as the introduction of more personalized member communications.

在數位領域，本季網站流量成長了 24%，應用程式流量成長了 48%。非食品類商品銷售額主要由藥品、黃金首飾、輪胎、小型電器、服裝和大型超市帶動，這些商品的銷售額均實現了兩位數的同比增長。我們與美國 Instacart 以及國際 Uber Eats 和 DoorDash 合作提供的當日送達服務也表現出色，其成長速度超過了我們整體的數位銷售成長速度。數位管道的強勁流量和銷售額成長得益於網站和應用程式的持續改進，以及更個人化的會員溝通方式的引入。

We continue to see many opportunities to enhance digital engagement with our members and look forward to sharing progress on future earnings calls. Within ancillary businesses, pharmacy, food court, hearing aids and optical departments all had strong quarters. Gas comps were low single digits. Gas prices remained slightly deflationary in the quarter, but this was offset by volume growth.

我們持續看到許多機會來加強與會員的數位化互動，並期待在未來的財報電話會議上分享進展。在配套業務方面，藥局、美食廣場、助聽器和眼鏡部門都表現強勁。天然氣價格指數僅為個位數。本季汽油價格略有下降，但銷售成長抵消了這一影響。

Costco Travel is another way in which we deliver unique membership value, and these services continue to resonate well with our members. Our member-only rates for vacation packages, hotels, cruises and rental cars often lead to hundreds or even thousands of dollars in savings in addition to the great service provided by our fantastic Costco travel agents. Costco Travel US set an all-time daily sales record on Cyber Monday before beating that record a day later on December 2. In all, we achieved over $100 million in gross bookings in the US through Costco Travel in the five days following Thanksgiving, up 12% from last year.

Costco Travel 是我們提供獨特會員價值的另一種方式，這些服務一直深受會員歡迎。除了我們優秀的 Costco 旅行社提供的優質服務外，我們會員專屬的度假套餐、飯店、郵輪和租車價格通常可以節省數百甚至數千美元。Costco Travel US 在網路星期一創下了單日銷售額的歷史新高，並在第二天，即 12 月 2 日，打破了這一紀錄。感恩節後的五天裡，我們透過 Costco Travel 在美國的總預訂超過 1 億美元，比去年增長了 12%。

Turning to inflation. Overall, inflation remained relatively consistent with recent quarters. Fresh and Food and sundries saw higher inflation in commodities such as beef, seafood and coffee, but this was offset by lower inflation in eggs, cheese, butter and produce. In non-foods, we saw low single-digit inflation for the third consecutive quarter, primarily driven by gold and imported goods. Our buyers continue to do a great job reducing the impact of tariffs for our members.

轉而討論通貨膨脹。總體而言，通膨率與近幾季相比保持相對穩定。新鮮食品和雜貨類商品中，牛肉、海鮮和咖啡等商品的通膨率較高，但雞蛋、起司、奶油和農產品的通膨率較低，抵消了這一漲幅。在非食品領域，我們看到通膨率連續第三個季度維持在個位數低位，這主要得益於黃金和進口商品的上漲。我們的採購人員繼續出色地降低了關稅對我們會員的影響。

The strategy is being deployed to achieve this include changing the country of production for some items, sourcing more items produced in the US, consolidating buying efforts globally to lower the cost of goods across all our markets, and leaning into Kirkland Signature, where we have more control over the supply chain.

為實現這一目標，我們正在採取的策略包括：改變某些商品的生產國家，採購更多美國生產的商品，在全球範圍內整合採購力量以降低所有市場的商品成本，以及加強對 Kirkland Signature 的投入，因為我們對 Kirkland Signature 的供應鏈擁有更大的控制權。

Additionally, we are changing our item assortment where appropriate. As discussed last quarter, while we have a robust and exciting holiday merchandise selection in our US warehouses, this represents a lower number of SKUs than in prior years. In replacement of some tariff-impacted items, our buyers have sourced a number of alternative great value items, including seasonal food, health and beauty and live goods. In many cases, these items are produced in the US and are largely unimpacted by tariffs. The supply chain has remained stable, and our merchants feel very good about our inventory position.

此外，我們也會在適當情況下調整商品種類。正如上個季度所討論的，雖然我們在美國倉庫中擁有豐富且令人興奮的節日商品選擇，但這代表的 SKU 數量比往年要少。為了取代一些受關稅影響的商品，我們的採購人員採購了許多物美價廉的替代商品，包括時令食品、保健美容產品和鮮活商品。在許多情況下，這些商品是在美國生產的，因此基本上不受關稅的影響。供應鏈保持穩定，我們的商家對庫存狀況非常滿意。

By optimizing our inventory flow and reducing some of the higher inventory levels we built up a year ago in the face of greater supply chain uncertainty at that time, we've been able to improve working capital and lower the labor required to manage inventory without impacting in stocks or sales.

透過優化庫存流動，並減少一年前因供應鏈不確定性增加而積累的一些較高庫存水平，我們得以改善營運資金，並降低管理庫存所需的勞動力，而不會影響庫存或銷售。

Finally, in terms of upcoming releases, we will announce our December sales results for the five weeks ending Sunday, January 4 and on Wednesday, January 7, after market close. That concludes our prepared remarks, and we'll now open the line up for questions.

最後，關於即將發布的產品，我們將於 1 月 4 日星期日和 1 月 7 日星期三收盤後公佈截至當日 12 月 4 日星期日的五週銷售業績。我們的發言稿到此結束，現在開始接受提問。

(Operator Instructions) Michael Lasser, UBS.

（操作說明）邁克爾·拉塞爾，瑞銀集團。

Good evening. Thank you so much on taking my questions. On one of the observations that the market has is under your tenure, Costco's had a greater willingness to move with speed, embrace technology in a different modes of retail and came a bit more than in the past. Is that a fair conclusion? And given the benefits of these actions that you're taking which is greater productivity and efficiency, would you be willing to continue to let the financial benefits fall to the bottom line? Or do you see a greater need to reinvest back in the business in areas like to continue to drive the talk, right?

晚安.非常感謝您回答我的問題。市場觀察到的一點是，在您的任期內，Costco 更願意快速行動，以不同的零售模式擁抱技術，並且比過去更加積極進取。這個結論公平嗎？鑑於您採取的這些措施帶來了更高的生產力和效率，您是否願意繼續讓經濟利益落到利潤的底線上？或者您認為更有必要將資金再投資於業務領域，例如繼續推動相關討論？

You're welcome, Michael. You know, technology and bringing the company along has been a focus for several years. We've had the spend -- a couple of years ago, we really focused on our fundamental base systems and our core systems behind the scenes that will allow us to build for the future. And so we're now coming to a fruition where we're starting to see the benefits of that hard work of all the backroom systems that we had to build that are now coming to light and coming to the front phase for our members.

不客氣，麥可。你知道，科技以及推動公司發展一直是過去幾年的重點。幾年前，我們投入了大量資金，真正專注於我們的基礎系統和幕後核心系統，這將使我們能夠面向未來進行建設。因此，我們現在正迎來成果，我們開始看到之前辛勤構建的所有後台系統所帶來的好處，這些系統現在正在顯現，並進入前台階段，為我們的成員帶來益處。

We feel that technology is going to be part of the peak part of our future. I think it's equally as important as all of our other initiatives that we have out there, but we will never succumb to not being the best price and driving prices down for our members. That's what Costco is known for, and that will always be our leading mantra.

我們認為科技將是我們未來發展中至關重要的一部分。我認為它和我們正在進行的所有其他舉措一樣重要，但我們絕不會屈服於無法提供最優價格並降低會員價格的局面。這就是 Costco 的特色，也永遠是我們的首要原則。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Hey, good evening, guys, So quick follow-up on the latter and then the full work question and then a second question. So as you think about results recently, they're strong in absolute standards. I think the market holds you to very high standards. Is there any concern that you see on the traffic side where there's more of an impetus to invest in price?

嘿，晚上好，各位。關於上一個問題，我有一個簡短的後續跟進，然後是關於整個工作的問題，最後還有一個問題。所以，從最近的成績來看，它們的絕對標準非常高。我認為市場對你的要求非常高。在交通方面，您是否看到任何可能導致價格上漲的因素？

And then secondly, it looks like executive members per week grew at an accelerated pace from 4Q to 1Q. How are you looking at that in terms of the overall benefit of extending the hours both in terms of the lift that you're seeing in sales? And is this also driving accelerated sign-up.

其次，從第四季到第一季度，每週的高階主管成員數量似乎以更快的速度成長。從整體來看，延長營業時間對銷售額的提升效果如何？您如何看待這項舉措？這是否也推動了註冊量的加速成長？

Yeah. Thanks for the questions, Chris. First of all, I guess, on your point around sales and overall sort of membership growth in the business, I think from our perspective, we look at it very much over the last really 6 to 12 months. And when we look at the sort of trends and step back from what we're seeing with the member, there's a lot of consistency, actually.

是的。謝謝你的提問，克里斯。首先，關於您提到的銷售額和整體會員成長情況，我認為從我們的角度來看，我們主要關注的是過去 6 到 12 個月的情況。當我們觀察各種趨勢，並從我們所看到的會員情況退後一步，就會發現實際上有很多一致性。

Overall, I think we've shared in the last couple of quarters. When we talk about what members are looking for, they're looking for value and for quality and for newness. And I think we've done a great job, our buyers and operators have done a great job of bringing that to our members.

總的來說，我認為我們在過去幾個季度裡取得了一些共同成就。當我們談到會員想要什麼時，他們追求的是價值、品質和新穎性。我認為我們做得非常出色，我們的採購員和運營商在為我們的會員帶來這些方面做得非常出色。

And when you look at month by month, there's definitely been some lumpiness in the individual monthly sales results that we posted. But a lot of that has been to do with whether it was uncertainty around tariffs one month to another or port strike that we have to cycle. And if you sort of take a step back and look at the last seven months that we've reported in the last two quarters, our average sales have been around that 6.5% growth. We had 6.4% comps adjusted for [cap] and FX in Q4. We had 6.4% Q1 this quarter.

如果按月來看，我們公佈的每月銷售業績確實存在一些波動。但很多時候，這都與關稅的不確定性或港口罷工有關，我們必須應對這些波動。如果你回顧過去七個月以及我們在過去兩個季度公佈的業績，你會發現我們的平均銷售額成長率約為 6.5%。第四季度，經資本和匯率調整後，同店銷售額成長了 6.4%。本季第一季成長率為6.4%。

And actually, if you look at every individual month, there was only two months in that last seven months that were outside of the range of 6% to 7%. So I think sometimes there's a bit of fixation on individual month or one particular point of data. But actually, when we look at what we're seeing with the overall sort of patterns of how members are shopping and how they're behaving, we've seen a very sort of consistent pattern and a consistency in the results.

事實上，如果你查看每個月，在過去的七個月中，只有兩個月的成長率不在 6% 到 7% 的範圍內。所以我覺得有時候人們會過度關注某個月份或是某個特定的數據點。但實際上，當我們觀察會員購物方式和行為方式的整體模式時，我們發現了一個非常一致的模式，結果也具有一致性。

So our goal is to really continue to make sure we're delivering on that value, quality and newness and ensure that we continue to see that that growth in membership accounts in their frequency of visiting and in the items that they're putting in the basket.

因此，我們的目標是繼續確保我們能夠提供價值、品質和創新，並確保會員帳戶數量、訪問頻率以及他們放入購物籃的商品數量持續增長。

And generally, when you look across whether it's nonfood, food and sundries and fresh we've seen consistency in performance and growing market share in those areas. So we'll continue to focus on making sure we're delivering on that value but feel good about the overall sort of consistency in the results that we've been seeing.

總的來說，無論是非食品、食品雜貨或生鮮產品，我們都看到了業績的穩定性和市場份額的成長。因此，我們將繼續專注於確保我們實現這一價值，但對我們目前所看到的整體結果的穩定性感到滿意。

I think from a -- I think the second part of your question maybe was around executive membership. And yes, I think we've been very pleased with the membership response to the extended operating hours. And also, you may remember, we added $10 per month as an extra benefit for executive members who shop on Instacart. The extended opening hours that we did was certainly a major benefit for our executive members having an extra hour in the morning on most days to shop the warehouse. But we also added an extra hour on a Saturday evening for all of our members.

我認為——我認為你問題的第二部分可能與執行委員會成員資格有關。是的，我認為我們對會員們對延長營業時間的回饋非常滿意。另外，您可能還記得，我們​​每月額外獎勵 10 美元給在 Instacart 購物的高級會員。我們延長營業時間的做法無疑為我們的高階主管會員帶來了極大的好處，他們大多數日子裡早上都能多出一個小時來倉庫購物。但我們也為所有會員在周六晚上額外增加了一個小時。

And if you think about the earlier hours, it often extends the total shopping members in the (inaudible). So it spreads out the traffic, if you like, to make the experience better for all our members. So we felt very positive about the change that we've seen. It's certainly been well received by members. We've seen a really nice uptick in executive upgrades to your point.

而且，考慮到更早的時段，通常會增加購物會員的總數。（聽不清楚）這樣一來，它就能分散流量，進而改善所有會員的體驗。所以，我們對所看到的改變感到非常欣慰。會員對此反應很好。正如您所說，我們看到高階主管職位升級的數量確實出現了顯著增長。

And it gets hard to track the spend uplift because of the further away from the change you go, it's more difficult to sort of parse the differences that are happening in the impact on sales. But we still think that sort of 1% lift was a reasonable kind of view of what we think the impact was.

而且，由於距離變化發生的時間越遠，就越難分析對銷售的影響差異，因此也很難追蹤支出成長。但我們仍然認為，1% 的增幅是對我們認為的影響的合理看法。

And of course, as I mentioned earlier, you see sort of different puts and takes that I would sort of -- if I look at our overall sort of sales trends, I think I look at it as it's probably offset some of that cycling of gift cards and gold that we were expecting at this time of year. And we've been able to maintain that overall sales growth even with those impacts.

當然，正如我之前提到的，你會看到一些不同的買賣，如果我看一下我們整體的銷售趨勢，我認為它可能抵消了我們預期在這個時期出現的禮品卡和黃金的周期性波動。即使受到這些影響，我們仍然能夠維持整體銷售成長。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, guys. My question is on warehouse openings in the US, I think we're going to get to the highest number, something like 20 years next year. So do you do anything different from a membership perspective? I know we're lapping some of the short-term promotions that you did on membership. Is there anything you do different as you approach next year?

各位早安。我的問題是關於美國倉庫的開設數量，我認為明年我們將達到最高值，大約是20年來的最高值。那麼，從會員的角度來看，你們的做法有什麼不同嗎？我知道我們正在超越你們之前在會員方面推出的一些短期促銷活動。展望明年，您有什麼不同的做法嗎？

No, I don't think so. Next year's openings will be a good mix of some infills in established markets, and we still have some opportunities in some new markets. And so several of the infill locations don't result in a whole lot of sign-ups, but really drive a lot of top line sales because it really addresses the frequency aspect of things.

不，我不這麼認為。明年新開的樓盤將兼具成熟市場的填充式開發和新興市場的機會。因此，一些填充位置雖然沒有帶來很多註冊用戶，但卻真正推動了大量的銷售額，因為它真正解決了消費頻率的問題。

And then the new markets that we've done several of those this year, and we have a few more slated for next year of markets that we may have been a little reluctant to go into, we've got much greater confidence at this point and we'll garner a much better new sign-up approach in those markets as well. So a lot of -- continuing on what we've done before, but some different type of scenarios as we move forward in the US.

然後，我們今年已經開拓了幾個新市場，明年還計劃開拓一些我們之前可能不太願意進入的市場，但現在我們更有信心了，我們也會在這些市場中採取更好的新用戶註冊策略。所以很多事情——延續我們以前所做的工作，但隨著我們在美國的發展，也會出現一些不同的情況。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

On the technology side, it's been really exciting. As we think about retail media, are plenty of companies that really want to work with you deeply on digital advertising. Would love your thoughts there. And also as you approach the marketplace in a customer-centric way, you love to have your thoughts on that development. And finally, AI and gas.

在技​​術方面，情況真的令人興奮。當我們思考零售媒體時，會發現有很多公司非常希望與您在數位廣告方面進行深入合作。很想聽聽你的看法。而且，當你以客戶為中心的方式進入市場時，你也喜歡對市場發展發表自己的看法。最後，人工智慧和天然氣。

AI has so many applications across the customer experience as well as employees and inventory management. What's on your road map for how that will innovate your business going forward?

人工智慧在客戶體驗、員工管理和庫存管理等方面都有廣泛的應用。你們未來的發展規劃是什麼，將如何運用這些創新來推動業務發展？

Thanks for the question, Oliver. Yes, I'll take the retail media question first. Yes, we talked about retail media a few times now on the calls, and I definitely believe that it's a meaningful opportunity for us. I always like to start the conversation on retail media though to remind everybody that we have a pretty large alternative profit business that many other retailers would define that way today. And I called out a couple of them on the call today outside of financial services.

謝謝你的提問，奧利佛。好的，我先回答零售媒體方面的問題。是的，我們在電話會議上已經多次討論過零售媒體，我堅信這對我們來說是一個意義重大的機會。不過，我總是喜歡在零售媒體領域發起討論，提醒大家我們擁有一個相當大的另類獲利業務，而許多其他零售商今天也會這樣定義這個業務。今天在電話會議上，除了金融服務業之外，我還點名批評了其中幾位。

We have a large travel business. We have a traditional sort of media revenue business that we generate meaningful dollars today. And both of those were actually travel and the sort of marketing and media revenue were tailwinds to our business in the quarter. So there's there's a number of strengths that we have today in that space that are part of our model that I think showed through in the ability to keep investing in the member and still expanding our operating margins during the quarter.

我們擁有龐大的旅遊業務。我們擁有傳統的媒體收入業務，目前能夠創造可觀的收入。而這兩項收入其實都來自旅遊，行銷和媒體收入也為我們本季的業務帶來了助力。因此，我們目前在該領域擁有許多優勢，這些優勢是我們模式的一部分，我認為這些優勢體現在我們能夠繼續投資於會員，並在本季度繼續擴大我們的營運利潤率。

That being said, we think of retail media is a slightly different opportunity from those because it really is about tapping into that marketing spend that many of our suppliers are investing in other places to drive their marketing awareness and drive return on ad spend. We are in the early innings. I would still say of retail media. We've been building out, as Ron alluded to earlier, the sort of data and tech platform that allows us to execute personalization at scale.

也就是說，我們認為零售媒體與其他媒體略有不同，因為它真正關乎利用許多供應商在其他地方投入的行銷支出，以提高他們的市場知名度並提高廣告支出回報率。我們現在還處於比賽初期。我仍然要說的是零售媒體。正如 Ron 之前提到的那樣，我們一直在建立一種數據和技術平台，使我們能夠大規模地執行個人化服務。

And I think for us, the first priority with personalization is to deliver a better member experience is to deliver more targeted relevant messaging so we drive more items in the basket, more visits to the warehouse, more visits online. And as you do those things, it just creates an even more compelling value proposition for our media partners while we're building and executing on that capability, we've been introducing some media activity on third-party sites. So I think of that as being -- you may have seen, you have the Costco Auto program that will run on digital TV, and we've done some targeted MVM amplification campaigns with some of our partners that have been very successful as well. We also recently launched advertising on our gas pumps as a new channel for us as well around new media opportunities.

我認為對我們來說，個性化的首要任務是提供更好的會員體驗，提供更有針對性的相關信息，從而促使顧客在購物車中放入更多商品，更多地到訪倉庫，更多地訪問線上平台。隨著我們不斷推動這些工作，這為我們的媒體合作夥伴創造了更具吸引力的價值主張。在建構和實施這項能力的同時，我們也在第三方網站上進行了一些媒體活動。所以我覺得這就像——你可能已經看到了，Costco Auto 節目將在數位電視上播出，而且我們也與一些合作夥伴開展了一些有針對性的 MVM 推廣活動，這些活動也非常成功。最近，我們還在加油泵上投放了廣告，這是我們利用新媒體機會拓展業務的新管道。

So I think the headlines would be, we're seeing some early success, but it's still very much an opportunity in the future on the road map for us. And a bit like Ron mentioned earlier, all of our focus is on how do we drive more value for the member. So as you might expect, the vast majority of the value (inaudible) here will reinvest in the member to drive down prices and value and increase sales. And we actually think that's a real advantage with the national brand partners that we work with on media because they know that we're committed to really driving the flywheel and driving growth in their overall business.

所以我認為新聞標題應該是：我們看到了一些初步成功，但這仍然是我們未來發展路線圖上的重要機會。正如 Ron 之前提到的那樣，我們所有的關注點都在於如何為會員創造更多價值。因此，正如你所預料的那樣，這裡的大部分價值（聽不清楚）將再投資於會員，以降低價格和價值並增加銷售。我們認為這對我們在媒體方面合作的全國品牌合作夥伴來說是一個真正的優勢，因為他們知道我們致力於真正推動飛輪效應，並推動他們整體業務的成長。

And on the AI front, we're extremely excited about what the future holds for us. I mean we see many opportunities that are really business-driven and tangible -- have great tangible business value for us and you look at things like our procurement system as we are a global retailer and we buy from around the world as well as supply chain, what it can do there. And just the tools that we've seen that this has improved our employees' work abilities and their skill sets as well as they do their day-to-day work. So we see a lot of value. We're very excited about the journey.

在人工智慧領域，我們對未來的發展前景感到無比興奮。我的意思是，我們看到了很多真正以業務為導向且切實可行的機會——對我們來說具有巨大的實際商業價值。例如，作為一家全球零售商，我們的採購系統以及供應鏈，都體現了這一點。我們看到，這些工具提升了員工的工作能力和技能，也提升了他們日常工作的表現。所以我們看到了很多價值。我們對這段旅程感到非常興奮。

We look at it in a two-phase approach that concurrently, we're going to be focusing on member-facing, how do we improve the experience for the member through AI and then business in basics, how do we continue to focus on the business basics. Our mantra is to bring goods to market at the lowest possible price. And we think AI has a great asset to that, and it really can help us become a much better merchant out there.

我們採用兩階段方法，同時，我們將專注於面向會員的方面，探討如何透過人工智慧改善會員體驗；同時，我們將專注於業務基礎方面，探討如何繼續專注於業務基礎。我們的宗旨是以盡可能低的價格將商品推向市場。我們認為人工智慧在這方面有著巨大的優勢，它確實可以幫助我們成為更優秀的商家。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

In your annual report, your sales waterfall chart is impressive. The class of '25, $192 million in sales versus $150 million in 2023. Can you help us think about the opportunity to continue to expand on this front and the steps you're taking to continue to improve productivity within the store?

你們年度報告中的銷售瀑布圖令人印象深刻。2025 年的銷售額為 1.92 億美元，而 2023 年的銷售額為 1.5 億美元。您能否幫助我們思考如何繼續拓展這方面的業務，以及您為持續提高門市生產力所採取的措施？

We see a good horizon on expansion. We continue to -- the creativity, I mentioned just a couple of examples of things that we're doing differently. We've got a project in Los Angeles, where we're working with some developers that there's some affordable housing going above Costco, just north of LAX. That project will open up in 2027. And that would be a market that we could -- it's Baldwin Hills where it's called.

我們看到了良好的擴張前景。我們繼續——創造力，我剛才只是舉了幾個我們正在嘗試不同做法的例子。我們在洛杉磯有一個項目，我們正在與一些開發商合作，在洛杉磯國際機場 (LAX) 北面的 Costco 樓上建造一些經濟適用房。該計畫將於2027年啟動。那將是一個我們可以開拓的市場——它被稱為鮑德溫山。

That would be a market we would never be able to go to and find 25 acres to build a Costco. It just wouldn't happen. So we're finding creative ways to get closer to our members and to relieve some pressure from some of our highest volume locations.

那將是一個我們永遠無法進入並找到 25 英畝土地來建造 Costco 的市場。這根本不可能發生。因此，我們正在尋找創意的方法來拉近與會員的距離，並緩解一些客流量最大的門市的壓力。

And again, like I said, we continue to see some opportunities in markets that we would have questioned in the past due to maybe some competition is there, but we feel much stronger going in and attacking these markets. So like I said in the early opening remarks, good runway for 30-plus locations as we look forward for the next few years, for sure, and a good combination of both type of openings. And international still presents some very good strengths for us. In our recent Sweden opening our second location in Sweden, our third in France, and we've got quite a few in Asia that are upcoming as well. So we feel really strong about our future expansion.

再次重申，就像我之前說的，我們繼續在一些市場中看到機會，這些市場在過去我們可能會因為競爭而有所質疑，但我們感覺現在更有信心進入並開拓這些市場。正如我在開場白中所說，展望未來幾年，我們有充足的時間開設 30 多家分店，而且兩種類型的開業方式都能很好地結合起來。國際市場仍然為我們帶來了一些非常好的優勢。我們最近在瑞典開設了第二家分店，在法國開設了第三家分店，在亞洲也有不少分店即將開幕。因此，我們對未來的擴張充滿信心。

And Chuck, I think on the point on the growth per warehouse, I think Ron's final point there is a really important one around the balance that we're able to get. So we find with many of the US and Canada warehouses where we're filling in, we can accelerate the sales very quickly because Costco is known, we're sort of filling capacity where maybe there's some very busy warehouses around.

查克，關於每個倉庫的成長這一點，我認為羅恩的最後一點非常重要，那就是我們能夠實現的平衡。因此，我們發現，在我們填補的許多美國和加拿大倉庫的空缺時，我們可以非常迅速地加快銷售，因為 Costco 的知名度很高，我們某種程度上是在填補一些非常​​繁忙的倉庫的產能。

So it really helps the economic model we're getting returns from the quick acceleration in sales growth. And then in the international markets or places where we have less penetration of warehouses, it really drives a significant increase in new member (inaudible).

因此，銷售成長的快速加速確實對經濟模式有所幫助，我們從中獲得了回報。而在國際市場或倉庫滲透率較低的地區，這確實能顯著增加新會員數。（聽不清楚）

So it's nice to have a balance between those two. The returns look a little bit different in how you get there, but they both generate strong return on investment in different ways, and they create a nice balance in the business overall as we grow.

所以在這兩者之間保持平衡是件好事。雖然實現回報的方式略有不同，但它們都能以不同的方式產生強勁的投資回報，並且隨著我們業務的成長，它們在整體上創造了良好的平衡。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

The renewal -- the renewal rate softness sounded better than what you expected. Could you maybe talk to some of the things you did to try and offset the softness from the more digital numbers?

續約情況－續約利率的寬鬆程度比您預期的要好。您能否談談您採取了哪些措施來抵消數位化數位帶來的柔和感？

Sure. Yes, you're exactly right. When we talked about the membership renewal rate last quarter, we shared that as a result of this change in mix around us adding more new digitally engaged members or signing up digitally to become a Costco member. What we've always seen with that group is that they're generally a bit younger. And generally speaking, they renew at a slightly lower rate.

當然。是的，你說得完全正確。上個季度我們談到會員續費率時，我們提到，由於我們周圍的市場結構發生了變化，更多的新會員積極參與數位化活動，或透過數位化方式註冊成為 Costco 會員。我們一直以來都發現，這個群體中的年輕人普遍比較年輕。一般來說，它們的續約率略低。

That's always been true, but there's a bigger number of them now coming into the base. So as they flow into the math model, it was -- it's impacting the overall renewal rate. And so I think you may have heard us talk last quarter, we said we think of while that's sort of a mathematical fact, we think there are opportunities for us to be able to change that outcome by delivering more targeted and relevant communication to those members that are have signed up digitally and are reaching that point in maturity where they're considering whether to renew or not to renew their membership with us.

這種情況一直存在，但現在進入基地的人數更多了。因此，當它們流入數學模型時，就會影響整體續約率。所以，我想你們可能在上個季度聽我們說過，雖然這在某種程度上是一個數學事實，但我們認為我們有機會通過向那些已經通過數字方式註冊並正在考慮是否續訂會員資格的成熟會員提供更有針對性和相關性的溝通來改變這一結果。

And so our membership team is really focused on delivering targeted relevant messaging to engage those members to ensure they continue to see the value of the membership and really helping them see why there's significant value for them to continue to be members. And what you saw in this quarter was really some of the early work the team has done to engage those members and improve the renewal rate. And obviously, it's early days.

因此，我們的會員團隊非常注重向會員提供有針對性的相關信息，以確保他們繼續看到會員資格的價值，並真正幫助他們了解為什麼繼續成為會員對他們來說意義重大。本季你所看到的，實際上是團隊為吸引會員和提高續費率所做的一些早期工作。顯然，現在下結論還為時過早。

So we want to make sure that we can continue to build that momentum. But it's been encouraging to see the impact of those changes. And we were expecting, based on purely flowing through the sort of the renewal rate that we've seen before to see a slightly higher decline in the quarter, and we were able to offset a part of that with the changes that we made in communicating with members.

所以我們希望確保能夠繼續保持這種勢頭。但令人鼓舞的是，這些變化帶來了正面的影響。我們原本預計，根據以往的續訂率來看，本季續訂率會略有下降，但我們透過與會員溝通方式的改變，抵銷了部分影響。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I want to ask about digital. Maybe if there's any metrics you guys can share with the success you're having, maybe the -- how many -- what percentage of the membership that's engaging with you digitally now versus before? I don't think I may have missed it, but any stats around Costco Logistics. How you're doing with delivery there.

我想問一些關於數位科技的問題。如果你們能分享一些衡量成功程度的指標，例如現在有多少會員透過數位化方式與你們互動，以及與之前相比，有多少百分比的會員參與其中？我可能沒有錯過什麼，但有沒有關於 Costco 物流的統計數據？你們那邊的送貨情況如何？

Sure. Thanks for the question, Peter. Yes, we haven't typically talked about the percentage of members that are engaging with digitally. It does continue to grow, as you might imagine, as we're continuing to make enhancements to the website to the app and really as we're delivering more relevancy to members through those channels. And so we are continuing to see growth.

當然。謝謝你的提問，彼得。是的，我們通常不會討論參與數位化活動的會員比例。正如您所想，隨著我們不斷改進網站和應用程序，並透過這些管道為會員提供更多相關內容，它確實在持續成長。因此，我們持續看到成長。

We did share in the prepared remarks that traffic was up 24% during the quarter on the website, and it was up even higher than that in the 40% plus range on the app during the quarter. So we continue to be pleased with the momentum that we're seeing in digital engagement with our members.

我們在事先準備好的發言稿中提到，本季網站流量增加了 24%，而應用程式流量的成長幅度更大，在本季增加了 40% 以上。因此，我們對目前會員數位化參與度的良好勢頭感到滿意。

And our expectation would be that digital sales, as we define it, would continue to grow at a faster pace over the longer term than our average sales overall as more members engage digitally, and we're able to use some of those targeted personalized communication tools to really help members see the relevancy of all the offers that we have online, but also to use those channels to help drive higher engagement into the warehouse as well and really creating a seamless experience across the channels.

我們預計，按照我們的定義，數位銷售額在長期內將繼續以比整體平均銷售額更快的速度增長，因為越來越多的會員參與到數位化活動中來，我們能夠利用一些有針對性的個人化溝通工具，真正幫助會員了解我們所有線上優惠的相關性，同時也利用這些管道來幫助提高會員到實體店的參與度，真正創造跨渠道的無縫體驗。

Very excited about what we have coming in the app. I mean more engagement, more locking in the brick-and-mortar business with the virtual digital business as well. And as we continue to roll out enhancements we've got pay ahead for the pharmacy coming. We've got ordering cakes and deli trays online coming. So many of the things that we've heard from our members that could be a little bit clunky are now moving to a digital state, and we're seeing great adoption right out of the chute.

我們對即將推出的應用程式功能感到非常興奮。我的意思是，要加強互動，將實體業務與虛擬數位業務更好地結合。隨著我們不斷推出改善措施，藥局預付費功能也即將上線。我們將推出線上訂購蛋糕和熟食拼盤的服務。我們從會員那裡聽到的許多可能有點笨拙的事情現在正在向數位化狀態轉變，而且我們看到數位轉型一推出就獲得了很好的反響。

So we continue to -- we see some upside to the continued growth and the digital value of having the app and using the digital membership card, the Costco wallet. Those things have all got a very nice road map in the next 12 months and we see that number is going to hopefully continue to outpace the growth of the warehouse.

因此，我們繼續——我們看到了持續成長的一些好處，以及擁有該應用程式和使用數位會員卡（Costco錢包）的數位價值。這些項目在未來 12 個月內都有非常明確的發展規​​劃，我們希望這個數字能持續超越倉庫的成長速度。

John Heinbockel, Guggenheim.

約翰海因博克爾，古根漢美術館。

Two real estate questions. A lot of opportunity internationally. What does the pipeline look like, both in some of your European countries and Asia? I know it takes a while. And then secondly, you mentioned remodels, which I don't think you haven't talked about too much.

兩個關於房地產的問題。國際上有很多機會。在你們的一些歐洲國家和亞洲國家，管道建設的現況如何？我知道這需要一段時間。其次，你提到了房屋改造，我覺得你在這方面談得不多。

What is the remodel philosophy in the US? How many do you do? What's the extent of that. What's the lift. I don't know how impactful that is.

美國的房屋改造理念是什麼？你做多少？其程度如何？電梯是什麼？我不知道這會產生多大影響。

Do you want to -- I can start. Good runway internationally. We see some good growth in Europe, especially in Spain and the UK. We have got a lot of good things going on there, and we see that those two countries will be ramping up. We continue to see very, very good strength in Asia and so that market, we see the next five years, and we think that those projects do -- like you mentioned, do take a little bit longer, but they're going to start coming to fruition.

你想嗎？我可以先開始。國際上跑道狀況良好。我們看到歐洲市場出現了一些良好的成長，尤其是在西班牙和英國。我們在那裡有很多好事正在發生，我們看到這兩個國家將會加速發展。我們繼續看到亞洲市場非常強勁的成長勢頭，因此，我們展望未來五年，我們認為這些項目——就像你提到的那樣——確實需要更長的時間，但它們終將開始取得成果。

So we'll see a good balance. We've been about 50-50, half of the expansion in the US and half outside of the US And now we're seeing even more opportunities in Canada and North America and Mexico. So a good balance, about half of the 30 should be outside the US we see in the next five years.

所以我們會看到好的平衡。我們一直以來都是美國和美國以外地區各佔一半的擴張計劃。現在，我們在加拿大、北美和墨西哥看到了更多的機會。因此，為了維持良好的平衡，未來五年內，30個國家中大約有一半應該位於美國以外。

Expansions and relocations, we normally do about five to six relocations a year. The uplift is dramatic. When we do these, we normally are moving a building that is underserving the market and goes into a larger facility, better parking. If we have a gas station, expanded gas or we add gas to it and a wide variety of uptake to extreme 50%, 60% increases when you add a gas station and really add a lot of parking to a 20% uplift to a building that had everything just got into a better facility.

擴張和搬遷，我們通常每年進行五到六次搬遷。提升幅度非常顯著。我們這樣做的時候，通常是將一個無法滿足市場需求的建築物搬遷到更大的設施中，並配備更好的停車位。如果我們有加油站，擴大加油站或增加加油設施，那麼加油量可能會大幅成長，增幅可達 50% 或 60%。此外，如果增加加油站並增加大量停車位，加油量可能會提升 20%，使原本設施完善的建築煥然一新。

So we strategically look at that. And then we are continuously investing in our current warehouses too, to make sure that we're updating the fresh foods areas. We're bringing the new ancillary businesses in there. So it's a process we go through every year of planning ahead, and we look out several years and a good combination of all three new locations, relocations and taking care of the existing buildings that we're doing business in as well.

所以我們會從戰略角度來考慮這個問題。同時，我們也持續投資於我們現有的倉庫，以確保我們能夠更新生鮮食品區。我們正在把新的配套業務引入那裡。因此，我們每年都會進行規劃，展望未來幾年，並努力將三個新地點、搬遷以及維護我們目前開展業務的現有建築物結合起來。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Good afternoon, thanks for taking my questions. I just want to go back to the comments on SG&A leverage. So it sounds like this quarter, higher health care costs prevented your team from leveraging costs. So just curious about the dynamics there. And then as you think about productivity, just how do you think about the runway there? It sounds like it could continue for a few more quarters.

下午好，謝謝您回答我的問題。我只想回到之前關於銷售、一般及行政費用槓桿的評論。聽起來，本季醫療保健成本上升阻礙了你們團隊利用成本優勢。所以就很好奇那裡的情況。那麼，在思考生產力時，你會如何看待其中的緩衝期呢？聽起來這種情況可能還會持續幾個季度。

Yeah. Thanks for the question, Rupesh. Yes, you've summarized it pretty well, actually, from how we looked at the quarter. If I just take a step back, there were kind of four main sort of headwinds or investments, if you like, that we had during the quarter when you think about the impact on the warehouses. The first, of course, is the investments that we make through our employee agreement each year.

是的。謝謝你的提問，Rupesh。是的，你總結得相當不錯，實際上，這反映了我們對本季的分析。如果我退後一步來看，本季我們遇到了四大主要阻力或投資，這些阻力或投資會對倉庫產生影響。首先，當然是我們每年透過員工協議進行的投資。

So that was the March '25 agreement. And that on an incremental basis, we're sort of mid-single digits headwind that the team had to kind of overcome in improving productivity. The second was, of course, the extended operating hours that we implemented in June.

這就是 3 月 25 日達成的協議。從長遠來看，我們面臨個位數的阻力，團隊必須克服這種阻力才能提高生產力。第二項措施當然是我們六月實施的延長營業時間。

And then you mentioned it that we had higher health care costs in the quarter. We've generally seen, of course, healthcare cost increasing. This was perhaps the first quarter where we've seen healthcare costs grow at a faster pace than our sales. So we saw a little bit of a headwind overall from health care costs in the quarter.

然後您提到，我們本季的醫療保健成本較高。當然，我們總體上已經看到醫療保健成本不斷上漲。這或許是我們有生以來第一個醫療保健成本成長速度超過銷售額成長速度的季度。因此，本季醫療保健成本總體上帶來了一些不利影響。

And then we also had the 4 basis point impact from the tax charge that relates back to multiple years ago that we took during the quarter as well. So overall, we were 1 basis point negative on productivity. If we have not had the sort of sales and use tax charge that we had during the quarter. And without the health care cost, we'd have been sort of mid-single digit also positive leverage during the quarter without those sort of factors.

此外，本季我們也計入了多年前產生的稅項支出，這帶來了 4 個基點的影響。所以總體而言，我們的生產力下降了 1 個基點。如果我們沒有像本季那樣產生大量的銷售和使用稅費用。如果沒有醫療成本，我們本季的槓桿率也會達到中等個位數，沒有這些因素的影響。

Now I would say, as you look forward, we're still going to have, of course, the continued investment that we've already implemented around wages. So we have to continue to support those costs. We've implemented the extended opening hours. We think the operators done a great job of absorbing that, as you've seen in the last couple of quarters, the healthcare costs, that's something we're taking action to make sure that we're comfortable with the trends that we're seeing. But of course, there's possibilities those costs could continue to be higher in the future.

展望未來，我們當然還會繼續增加對薪資的投資，就像我們已經實施的那樣。所以我們必須繼續承擔這些費用。我們已實施延長營業時間。我們認為營運商在應對醫療保健成本方面做得很好，正如您在過去幾季所看到的，我們正在採取行動，以確保我們對目前看到的趨勢感到滿意。當然，這些成本未來也有可能繼續上漲。

We wouldn't expect to have the sort of the 4 basis point impact that we had from tax.

我們預計不會像稅收那樣產生 4 個基點的影響。

So when -- I think when you take all those things and look at it going forward, we've historically said that we need to get to about mid-single-digit sales to be able to leverage SG&A. And I think with the work the team has done to offset extended operating hours, the work the team has done to offset the employee agreement.

所以——我認為，當你把所有這些因素考慮進去，展望未來時，我們過去一直認為，我們需要達到個位數的中段銷售額才能利用銷售、一般及行政費用。我認為，團隊為彌補延長的工作時間所做的工作，以及團隊為彌補員工協議所做的努力，都彌補了工作上的不足。

I think we're in that kind of ballpark. And actually in the first quarter, have we not have had the adjustment for sales tax, I think we'd have actually seen some leverage during the quarter. So I think that's the way to sort of think about it overall.

我認為我們差不多就在這個範圍內。事實上，如果不是因為第一季進行了銷售稅調整，我認為我們本可以在該季度看到一些槓桿效應。所以我覺得這大概就是看待這個問題的整體思路。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Gary, I think you mentioned that inflation was running similar. I just wanted to make sure I got the numbers right. It was up low single digits in general merchandise. Was food inflationary or not in the quarter? And how do you see that trending?

加里，我記得你之前提到通貨膨脹的情況也差不多。我只是想確認一下數字是否正確。一般商品價格只上漲了個位數。本季食品價格是否上漲？你覺得這種趨勢會如何發展？

Yeah. Food and fresh -- food and sundries and fresh, Greg, would have been slightly inflation. So low single -- low- to mid-single digits. No real change really from last quarter. The are quite a few puts and takes in there, as I mentioned in the prepared comments that you've got a few of the commodities that would be inflationary right now when you look at items like beef and seafood and coffee, but then you've got produce, which is deflationary currently, and there are other items like eggs and cheese, which are still inflationary year over year, but a lower inflation than they were earlier in the year.

是的。食品和新鮮食品——食品、雜貨和新鮮食品，格雷格，可能會​​略微通貨膨脹。所以是低個位數——低個位數到中個位數。與上季相比，並沒有實質的變化。這裡面有很多買賣交易，正如我在準備好的評論中提到的，有些商品目前會出現通貨膨脹，比如牛肉、海鮮和咖啡，但有些農產品目前會出現通縮，還有一些商品，比如雞蛋和奶酪，雖然同比仍然會上漲，但比今年早些時候的漲幅要低。

So you've got kind of puts and takes that are offsetting each other, which really essentially sort of leveled it all out at the same level as it was for the last couple of quarters.

所以，現在買賣雙方都在相互抵消，這實際上使一切恢復到了過去幾季的水平。

It -- would it be fair to say that most of the ticket growth in comp was driven by inflation?

可以說，大部分免費門票的成長是由通貨膨脹推動的嗎？

I think there'll be a combination of both in there. We have -- and I remember for us, there's -- inflation for us the way we measure it would be -- it could be the members buying a bigger pack size or it could be the members buying an upgraded item of new electronic or appliance.

我認為裡面會兼具這兩種元素。我們有——我記得對我們來說，有——通貨膨脹，我們衡量通貨膨脹的方式是——可能是會員購買更大包裝的產品，也可能是會員購買升級版的新電子產品或家用電器。

So I think you kind of have to look at it, there's sort of probably -- or there is a combination of some level of natural inflation on like-for-like items, some level of inflation of members buying bigger pack sizes and increasing -- moving to the newer model, if you like, and then some level of unit growth as well in there.

所以我覺得你應該仔細看看，這可能既有同類商品自然價格上漲的因素，也有會員購買更大包裝規格商品價格上漲的因素，以及向新模式轉變的因素，還有單位數量的增長。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to dig into total paid members. You've had remarkable growth over the last few years. Model's obviously resonated. And 5% this quarter is still very good. But it has slowed a little over the last few quarters.

我想深入了解付費會員總數。過去幾年，你取得了顯著的進步。該模型顯然引起了共鳴。本季5%的成長率仍然非常不錯。但近幾季以來，成長速度已放緩。

I was wondering if you could just maybe discuss what you're seeing there. Is that more so in the US. And then have you seen any stabilization in that? I think the math would kind of suggest that maybe exit rate lower than 5.2%. So just thoughts there.

我想問您是否可以談談您在那裡看到的情況。這種情況在美國更為普遍嗎？那麼，你看到這種情況有任何穩定下來的跡象嗎？我認為數學計算結果表明，退出率可能低於 5.2%。只是一些想法而已。

Yeah. Thanks, Ed. Yeah, membership, as you mentioned, in general, we've been really pleased with the results that we've seen in the quarter with the new members and the younger population that we're recruiting, the acceleration in upgrades and overall growth that you mentioned just over 5% and [in exact, 9%]. So we're pleased with the results that we've seen overall.

是的。謝謝，埃德。是的，正如你所提到的，會員方面，整體而言，我們對本季新會員和年輕會員的招募情況非常滿意，升級速度加快，整體成長率也如你所說略高於5%。[準確來說是 9%]。所以我們對目前所取得的整體結果感到滿意。

I think your point is accurate that if you look at the year-over-year growth, it has slowed a little bit from where it's been over the last couple of years. And I think some of that sort of starting to cycle some strong growth in the last year or so. But we still feel really good about the health of the membership growth.

我認為你的觀點是正確的，如果從同比來看，增速確實比過去幾年有所放緩。我認為，在過去一年左右的時間裡，其中一些領域開始出現強勁的成長週期。但我們對會員成長的健康狀況仍然感到非常滿意。

And we think there's a lot of continued opportunities to maintain that growth in the future. I know Ron mentioned a few of them in one of the questions we answered earlier, but with partly with the existing warehouses that we're -- I think we're in a good position where every year, we've been opening 20 to 30 warehouses and we can see the maturity curve of the increase in the number of members that sign up as warehouses mature.

我們認為未來仍有許多機會維持這種成長勢頭。我知道 Ron 在我們之前回答的一個問題中提到過其中一些，但部分原因是由於我們現有的倉庫——我認為我們處於一個有利的位置，每年我們都會開設 20 到 30 個倉庫，我們可以看到隨著倉庫的成熟，註冊會員數量的增長曲線。

We're obviously opening new warehouses each year. And in particular, to your point, in international, we tend to see a much higher number of new member sign-ups and as that mix continues to blend out to sort of closer to 50-50 between international and the US. We do think with the actions that we're taking, as I mentioned also earlier on the call around improving renewal rates, there's an opportunity to help that trend as well.

我們顯然每年都在開設新的倉庫。尤其正如您所說，在國際方面，我們往往會看到更多的新會員註冊，而且隨著這種組合不斷融合，國際會員和美國會員的比例會越來越接近 50:50。我們認為，正如我之前在電話會議上提到的，我們正在採取的提高續約率的措施，也有助於推動這一趨勢。

And then we're committed to continuing to improve the value of the membership. We've made obviously some major changes recently with the extended opening hours and the Instacart benefits and 5% gas on the credit card, but we'll continue to look for ways to add greater membership value. So I think it's accurate to say that it's a little bit slower than it has been, but we feel good about the momentum and the opportunity to continue to grow.

然後，我們致力於不斷提升會員價值。最近我們顯然做出了一些重大改變，例如延長營業時間、推出 Instacart 優惠以及信用卡加油可享 5% 折扣，但我們將繼續尋找增加會員價值的方法。所以我覺得可以準確地說，雖然增速比以前慢了一些，但我們對目前的勢頭和繼續增長的機會感到滿意。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Hi, thank you for taking my question. So on the non-food side of things, I think your comp is now in the mid-single-digit percentage range. Can you just update us on when you expect to end that, the tough comps from the gift card sales? And does that timing coincide with the tax refunds or the incremental ones that consumers are going to get especially middle to higher income consumers early next year, will you start to see some more outsized benefit in that category?

您好，感謝您回答我的問題。所以，在非食品方面的收入，我認為你的薪酬現在處於個位數百分比的中等水平。您能否告知我們預計何時結束禮品卡銷售帶來的高額折扣？那麼，這一時間點是否與消費者（尤其是中高收入消費者）明年年初將獲得的退稅或額外補貼相吻合？您是否會看到該類別消費者獲得更大幅度的利益？

Yeah. I think, overall, obviously, we generally don't provide sort of comments on forward looking, what we would expect. I think what we would say around nonfoods is that the team's done a great job of continuing to deliver exciting items at great value and quality. And we see while we have -- I think your comment is accurate that the growth year-over-year has come down to low double digits into that mid-single-digit range. And I think you've heard us mention before and you referenced it, that some of that really is starting to cycle the impact of gold being sold in warehouse and online and also some of the gift card programs that we had last year.

是的。我認為，總的來說，顯然，我們通常不會對未來展望或我們的預期發表評論。我認為，在非食品領域，團隊做得非常出色，他們不斷推出物美價廉、品質優良的優質產品。我們看到，雖然——我認為你的評論很準確——同比增速已經從兩位數低點降至個位數中位數。我想你們之前也聽我們提到過，你們也提到過，其中一些確實開始對黃金在倉庫和網上銷售的影響產生影響，還有我們去年推出的一些禮品卡計劃。

But overall, we still see good market share gains in really pretty much all of the nonfood categories.

但總體而言，我們仍然看到幾乎所有非食品類別都獲得了良好的市場份額成長。

And we saw -- you may have heard us mention in the prepared comments that gold and jewelry, special events, health and beauty were all double digits. We also saw high single-digit growth in majors, in tires and small appliances. And I didn't mention apparel during the call earlier, but that's also showing really strong improvement in in sales momentum and comp growth as well. So I think our perspective on nonfood is that we think our teams are doing a really good job in delivering great value for the member. And we think we have a clear path to continue to grow our market share in nonfood by continuing to deliver on that promise to our members.

我們看到——您可能已經聽到我們在事先準備好的評論中提到過——黃金和珠寶、特殊活動、健康和美容等行業的銷售額都達到了兩位數。我們也看到大型服裝、輪胎和小家電產業實現了接近兩位數的成長。我之前在電話會議中沒有提到服裝業務，但它的銷售動能和同店銷售成長也表現出非常強勁的改善。所以，我認為我們對非食品領域的看法是，我們認為我們的團隊在為會員提供巨大價值方面做得非常出色。我們認為，透過繼續履行對會員的承諾，我們有明確的途徑繼續擴大我們在非食品領域的市場份額。

And that's really where our focus is.

而這才是我們真正關注的重點。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

Good afternoon, guys. Thanks for coming. I guess, another question on warehouse expansion. What are your latest thoughts around long-term warehouse potential, both in the US and in total. And then second, I think all of the lower price examples you gave were Kirkland products. So are most of your heaviest price investments on your private brand products.

下午好，各位。謝謝光臨。我想，關於倉庫擴建還有另一個問題。您最近對美國乃至全球的長期倉儲潛力有何看法？其次，我認為你舉的所有低價例子都是 Kirkland 的產品。所以，你們的價格投資大多花在自有品牌產品上了。

Yeah. On the first part of the question, Scott, I think Ron briefly alluded to it earlier as well, we tend to look at 5 to 10 years out in terms of our real estate plans, and we would still see a really good road map for 30-plus warehouses a year is the goal that we have at least achieving 30 new warehouses a year is the goal that we set for ourselves.

是的。關於問題的第一部分，Scott，我想Ron之前也簡要地提到過，我們在製定房地產計劃時往往會考慮未來5到10年，我們仍然認為每年至少新建30個倉庫是一個非常好的路線圖，這是我們給自己設定的目標。

And when we look at that 5- to 10-year plan, we see opportunities for growth in all the markets and geographies that we're operating in today. So generally speaking, we're expecting around half, maybe slightly over half to be in the US and then just around half just slightly under half to be in the rest of the markets that we operate in.

當我們審視未來 5 到 10 年的計劃時，我們看到在我們目前運營的所有市場和地區都存在成長機會。總的來說，我們預計大約一半，也許略多於一半會在美國，然後大約一半，略低於一半會在我們經營的其他市場。

So think of that being Canada, Mexico, Europe, Asia, Australia, across those different markets. And I wouldn't say it's one specific geography, it's really fairly well spread across those markets to continue to build our presence in each of those different geographies.

所以你可以把它想像成加拿大、墨西哥、歐洲、亞洲、澳大利亞，涵蓋這些不同的市場。我不會說它局限於某個特定的地區，它實際上在這些市場中分佈得相當均勻，以便繼續在每個不同的地區建立我們的影響力。

On the second part of your question around Kirkland Signature. I think it's more a reflection of we tend to have, obviously, a very strong understanding of the costs involved in those items, and we want to be always the first to lower prices for our members and the last to increase them. And so buyers in our category managers who look at those items, whenever we see an opportunity either to work with our partners or to find ways to buy more effectively. We want to be looking for those opportunities. So in most of those cases, that's really working very closely with our suppliers to look at what we're seeing in the cost base and working creatively to either increase buying globally so that we can improve our economies of scale or looking at ways to operate more efficiently without ever compromising on the quality of the item.

關於您問題的第二部分，涉及 Kirkland Signature。我認為這更反映了我們對這些商品的成本有著非常深刻的了解，我們希望始終是第一個為會員降低價格，最後一個提高價格的。因此，我們品類經理中的採購員會注意這些商品，每當我們看到與合作夥伴合作的機會，或尋找更有效的採購方式時，我們都會考慮。我們希望尋找這樣的機會。因此，在大多數情況下，我們確實需要與供應商密切合作，研究成本基礎，並創造性地增加全球採購，以提高規模經濟效益，或尋找提高營運效率的方法，同時絕不降低產品品質。

And those would be all great examples of where our teams really looked and found opportunities to bring down the price and increase the value for our members.

這些都是我們團隊真正尋找並發現降低價格、提高會員價值的機會的絕佳例子。

David Bellinger, Mizuho.

David Bellinger，瑞穗銀行。

Regarding the personalization efforts, those seems to be working pretty well early on. How much further does that have to roll out? Is it hitting every member at this point and any specific examples you can share on the conversion or the bills uplift that some of these personalization changes are helping with today?

就個人化措施而言，目前看來效果相當不錯。這項計劃還需要推進多久？目前是否所有會員都受到了影響？能否分享一些具體的例子，說明這些個人化變更目前在轉換率或帳單改善方面所扮演的角色？

Yeah, we have been pleased, as you heard Ron mentioned in the comments around the progress that we made on personalization, where we really are now starting to use our membership data look for ways, how can we really make the experience better for the member? How do we improve the convenience for them, how do we help them see the most relevant messages that help them get to the best value from Costco? I still think there's plenty of road map and opportunity for us to continue to improve.

是的，我們很高興，正如你從 Ron 的評論中聽到的，我們在個人化方面取得了進展，我們現在真的開始利用我們的會員資料來尋找方法，如何才能真正改善會員的體驗？我們如何提升他們的便利性，如何幫助他們看到最相關的資訊，從而幫助他們在 Costco 獲得最大價值？我仍然認為我們有很多可以繼續改進的路線圖和機會。

First of all, we're relatively early on the journey. So we're learning what do our members really like, where are the places we can fine-tune and improve those communications and the places in which they show up. I still think there are a number of elements on our road map where we still see parts of the experience that our members have that we can make that personalization, more relevant, whether that's the items and the order in which they see on things like the MVM or whether it's the way in which we deliver e-mail communication to our members. So we still see a really strong runway to continue to improve.

首先，我們才剛踏上這段旅程的早期階段。所以我們正在了解我們的會員真正喜歡什麼，我們可以在哪些方面進行微調和改進溝通，以及他們經常出現在哪裡。我仍然認為，在我們的路線圖中，有很多方面我們可以改善會員體驗，使其更加個人化、更具相關性，無論是會員在 MVM 等平台上看到的商品及其順序，還是我們向會員發送電子郵件的方式。因此，我們仍然看到持續改善的強勁前景。

We don't really talk about metrics. I think our focus is much more on how we're driving overall member experience and top line sales. So some of these things are intended to improve the way the members are able to engage in our warehouses or the way they're able to buy online. So we tend to look at it more. Is it driving an improvement in member engagement?

我們其實不太談指標。我認為我們更應該關注的是如何提升整體會員體驗和提高銷售額。因此，其中一些措施旨在改善會員在我們倉庫的購物體驗或線上購物體驗。所以我們往往會更關注它。它是否提高了會員參與度？

And is that helping drive our digital sales, which we continue to expect to grow at a faster pace overall than our warehouse business. And is it driving more member engagement overall. And we've been really pleased with the results so far in that journey.

這是否有助於推動我們的數位銷售？我們預計數位銷售的整體成長速度將繼續超過我們的倉儲業務。它是否能提升整體會員參與度？到目前為止，我們對這段旅程的成果非常滿意。

Kelly Bania, BMO.

Kelly Bania，BMO。

I was hoping to go back to the topic of renewal rates a little bit. I know you don't prefer to guide or forecast, but I think you did say, Gary, we might see still a decline in the renewal rate in the next few quarters. So I was just wondering if that's a little bit of conservatism because it sounds like you are having some success on mitigating that dynamic. Just wondering if you could comment on that. But also if you were to pull out that cohort of the younger members would the membership rates be improving, excluding that? Or can you share any of a deeper dive on that renewal rate dynamic?

我原本想稍微再談談續約率這個話題。我知道你不喜歡做預測或指引，但我想你確實說過，加里，未來幾季續約率可能還會下降。所以我想知道這算不算有點保守，因為聽起來你們在緩解這種情況方面取得了一些成功。想問您是否可以對此發表一下看法。但是，如果剔除這部分年輕會員，會員率是否會提高呢？或者您能否更深入分析一下續約率的動態變化？

Sure. Yes, really the -- Kelly, the impact that we've been talking about really is attributable to this phenomena that I've mentioned on the call earlier around as we add in, and it sounds like you fully understand the sort of concept of what's happening with the membership base overall. But as we've brought more of these digitally sign up members who are generally younger that just they do renew a lower rate.

當然。是的，凱利，我們一直在討論的影響實際上歸因於我之前在電話會議上提到的這種現象，隨著我們不斷增加，聽起來你完全理解會員基礎整體上正在發生的事情。但是，隨著我們吸引了更多透過數位註冊的會員（他們通常比較年輕），他們的續約價格會更低。

So really, the impact that we've talked about the last few quarters on renewal rate is a function of those members moving into the renewal rate overall. So that really is what's driving the -- what has driven the slight decline that we've seen over recent quarters.

所以，我們過去幾季討論的續約率的影響，其實是取決於會員整體的續約率。所以，這才是導致我們最近幾季看到的輕微下滑的真正原因。

To your point, our goal obviously is to arrest that decline as quickly as possible. And certainly, we're encouraged by what we saw this last quarter with the improvements that we made through the more targeted and relevant communication to members who we know have signed up through that channel. So we're very encouraged by what we've seen so far.

正如您所說，我們的目標顯然是盡快阻止這種下滑趨勢。當然，我們對上個季度的進步感到鼓舞，我們透過更有針對性和更相關的溝通方式，向透過該管道註冊的會員進行了改進。所以，我們對目前所看到的一切都感到非常鼓舞。

Our goal is to stop that decline and to reverse that decline as quickly as we possibly can as we're only one quarter into the change that we made. We wanted to flag that, of course, there's still work to be done there. And we are still at a lower renewal rate on digital sign-ups than we are on warehouse sign-ups. And so our expectation of ourselves is to close that gap as quickly as possible, but we want to be transparent in all that we share that there's still work for us to do. And there is a possibility the next couple of quarters could still show a slight decline because of the factors that I've mentioned in prior calls.

我們的目標是阻止這種下滑趨勢，並儘快扭轉這種下滑趨勢，因為我們所做的改變才進行了四分之一。我們想指出，當然，這方面還有很多工作要做。而且，我們的線上註冊續約率仍然低於實體店註冊續約率。因此，我們對自己期望盡快縮小這一差距，但我們也想坦誠地告訴大家，我們還有很多工作要做。由於我在之前的電話會議中提到的一些因素，未來幾季仍有可能出現小幅下滑。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

Good evening. Thanks for the question. Just curious if you could talk about the cadence of comps you saw through November and then into December. And how that's informing how the consumer is holding up heading into the holiday from your vantage point? And then are you seeing any trade down or divergence in performance by customer cohort that is changing how you guys are buying?

晚安.謝謝你的提問。我只是好奇您能否談談您在11月到12月期間看到的比賽節奏。從你的角度來看，這會如何影響消費者在假期前的消費狀況？那麼，你們是否觀察到任何因客戶群不同而導致的消費降級或業績差異，從而改變了你們的購買方式？

Yeah, I think -- thanks for the question. I think we don't obviously get into talking about specifically our current quarter because we report our sales on a monthly basis. But overall, I would say we're seeing relative consistency in how our members are shopping. I mentioned it earlier that we have seen month-to-month some, I call it, bumpiness, if you like, in the sales, but most of that's been attributable to whether it's cycling, port strikes or consumer uncertainty, one month with tariffs and then the sales come back the next month.

是的，我想——謝謝你的提問。我認為我們顯然不會具體討論我們當前的季度情況，因為我們是按月報告銷售情況的。但總的來說，我認為我們的會員購物方式相對穩定。我之前提到過，我們看到銷售額每月都會出現一些波動，我稱之為波動，但大部分波動是由於週期性因素、港口罷工或消費者的不確定性造成的，例如這個月受到關稅影響，然後下個月銷售額就會回升。

And if we look at the last six months or so, outside of the two things that I mentioned around, we've seen continued strong growth in nonfoods and market share gains, but we have seen a deceleration in nonfood. And I think that that's really been offset when you look at the total comps by the benefit we've seen from extended operating hours.

如果我們回顧過去六個月左右的時間，除了我剛才提到的兩件事之外，我們看到非食品領域持續強勁增長，市場份額也隨之擴大，但非食品領域的增長速度有所放緩。我認為，從整體比較數據來看，延長營業時間的好處已經抵消了上述不利影響。

But net-net, really in that sort of 6.5% range when you look at the last two quarters over the last seven months, really, outside of a couple of months being one slightly above and one slightly below that 6% to 7% growth range. And those months are right next to each other.

但總的來說，如果你看過去七個月的最後兩個季度，實際成長率確實在 6.5% 左右，只有幾個月略高於 6% 到 7% 的成長範圍，一個月略低於這個範圍。而且這兩個月緊挨著。

So when you average out the two, they came in at 6.5% as well. We've been really in that consistent range. So nothing that we'd call out that we're seeing is a change other than the two factors I just mentioned in terms of member behavior and the way in which we believe our value is resonating with them.

所以，將兩者取平均值，結果也是 6.5%。我們一直都保持在這個穩定的範圍內。所以，除了我剛才提到的會員行為以及我們認為我們的價值與他們產生共鳴的兩個因素之外，我們沒有看到任何其他變化。

And ladies and gentlemen, that concludes 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。