好市多 (COST) 2026 Q3 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's third-quarter 2026 earnings call.

各位女士、先生，感謝您稍候。我是 Abby，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加好市多（Costco Wholesale Corporation）2026 會計年度第三季財報電話會議。

(Operator Instructions)

(接線員指示)

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

謝謝。接下來我想將會議交給財務長 Gary Millerchip。您可以開始了。

Good afternoon, everyone, and thank you for joining us for Costco's third-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.

各位下午好，感謝各位參加好市多 2026 會計年度第三季財報電話會議。我想先提醒各位，本次討論將包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。

These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

這些陳述涉及風險與不確定性，可能導致實際事件、結果及／或績效與該等陳述所示者出現重大差異。相關風險與不確定性包括但不限於今日電話會議中所提及者，以及公司不時於公開聲明與向美國證券交易委員會（SEC）提交之報告中所揭露的其他風險。

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

前瞻性陳述僅反映其作成當日之情況，除法律要求外，公司不承擔更新該等陳述之義務。可比銷售額，以及剔除汽油價格與外匯變動影響之可比銷售額，係作為補充資訊之用，並非依 GAAP 呈列之淨銷售額的替代指標。

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.

在我們深入財務結果之前，我很高興地表示 Ron Vachris 今天再次與我一同參與本次電話會議。接下來我將把時間交給 Ron，請他先做一些開場說明。

Thank you, Gary. Good afternoon, everybody and thank you for joining us today. I'll make a few comments on current events and provide a brief update on our strategic priorities before turning the call back over to Gary. Against the backdrop of ongoing macro uncertainty, our focus is providing quality goods and services at the lowest possible price continues to resonate strongly with our members.

謝謝你，Gary。各位下午好，感謝各位今天加入我們。在把電話會議交回給 Gary 之前，我會就近期情勢做幾點說明，並簡要更新我們的策略重點。在宏觀環境持續不確定的背景下，我們專注於以盡可能最低的價格提供高品質商品與服務，這一點持續在會員間引起強烈共鳴。

Nowhere has this been more apparent in the third quarter than our gas business, as events in the Middle East have had a significant impact on product supply and gas prices. Our focus, as always, is to be there for our members by staying in stock and offering the best value.

第三季最能體現這點的，莫過於我們的加油站業務；中東事件對產品供應與油價造成了顯著影響。我們一如既往的重點，是確保供貨充足並提供最佳價值，陪伴並服務我們的會員。

The result was record-breaking volumes. All three, four-week fiscal periods of the quarter set successive all-time company volume sales records, with the final five weeks of the quarter becoming our top five volume weeks ever.

結果是創紀錄的銷售量。本季三個、每四週為一期的會計期間，連續刷新公司歷史最高銷售量紀錄；而本季最後五週更成為我們史上銷售量最高的五個單週。

Our gas team performed exceptionally well to manage this unprecedented demand, which requires multiple daily gas deliveries to many locations. The high consumer price sensitivity, which fueled these record volumes also drove many members to use our gas stations for the very first time in the third quarter.

我們的加油站團隊表現極為出色，成功應對這前所未有的需求；這也意味著許多據點每天需要多次配送燃油。消費者對價格的高度敏感推動了這些創紀錄的銷售量，也促使許多會員在第三季首次使用我們的加油站。

We believe this will drive even greater loyalty with these members in the future as members who use our gas stations typically spend more with us in the warehouse. We are closely monitoring the longer-term inflationary impacts of higher oil prices as well as the future impacts of tariffs. Our buyers continue to demonstrate their ability to adapt and are using their significant experience and expertise to try to reduce the impacts on prices for our members.

我們相信，這將在未來進一步提升這些會員的忠誠度，因為使用我們加油站的會員通常在賣場的消費也會更高。我們正密切關注油價上升對長期通膨的影響，以及未來關稅可能帶來的影響。我們的採購團隊持續展現其調適能力，並運用其豐富經驗與專業，努力降低對會員價格的衝擊。

Our goal is to be the first to lower prices and the last to raise them, and Gary will share some examples later in the call where we lowered prices this quarter. We're also able to bring greater value to our members through many exciting new Kirkland Signature items in the third quarter.

我們的目標是率先降價、最後才漲價；Gary 稍後也會在電話會議中分享本季我們降價的一些例子。第三季我們也透過多項令人振奮的 Kirkland Signature 新品，為會員帶來更高的價值。

On the topic of tariffs, we started submitting our refund claims for the IEEPA tariffs. We are doing this through the process set up by the US Customs and Border Protection. These submissions will go in over what may be the next few months and based on what other claimants have experienced, we should start receiving refunds on approved claims on a rolling basis over the following two to three months.

談到關稅，我們已開始就 IEEPA 關稅提交退稅申請。我們是透過美國海關與邊境保護局（US Customs and Border Protection）所建立的流程辦理。這些申請可能會在接下來幾個月陸續提交；依其他申請人的經驗，我們應可在之後兩到三個月內，按核准進度陸續收到退稅款。

As we've mentioned before, our plan is to return to our members in some form the portion of tariffs that were passed on to them. How much we return and when depends on a variety of factors, including how much refund money we receive and when it arrives, as well as developments in the lawsuit filed against the company regarding the return process.

如同我們先前提到的，我們的計畫是以某種形式把先前轉嫁給會員的那部分關稅返還給會員。返還的金額與時間點取決於多項因素，包括我們能收到多少退稅款、何時入帳，以及針對返還流程而對公司提起之訴訟的進展。

Turning to progress with growth priorities, our real estate and operations team continue to focus on increasing our pipeline of new warehouses both domestically and internationally as we target 30-plus net new openings per year in the coming years.

接著談成長重點的進展，我們的不動產與營運團隊持續專注於提升國內與國際新倉庫的開發儲備量（pipeline），目標是在未來幾年每年淨新增開店 30 家以上。

In the quarter, we opened four net new warehouses, including three in the US and one additional Canadian business center. Those openings brought our total warehouse count to 928 worldwide. We currently expect to have 26 net new openings in fiscal year '26, down two buildings from the prior call, with those two buildings now set to open in fiscal year '27.

本季我們淨新增開設 4 家倉庫賣場，其中美國 3 家，另新增 1 家加拿大商業中心（business center）。上述開店使我們全球倉庫總數達到 928 家。目前我們預期 2026 會計年度將淨新增開設 26 家，較上次電話會議少 2 家；這 2 家現已改為於 2027 會計年度開幕。

So far this year, we've also completed two relocations with one more planned in Q4 as we continue to relocate select high-volume warehouses to larger locations with more parking and expanded gas stations to provide a better member experience and drives more volumes in these warehouses.

截至今年目前為止，我們也已完成 2 次搬遷，並計畫在第四季再完成 1 次；我們持續將部分高銷量倉庫搬遷至更大據點，提供更多停車位並擴建加油站，以帶來更佳的會員體驗，並推動這些倉庫的銷售量進一步提升。

In digital, we're making meaningful strides to deliver a more seamless and convenient experience for our members across the warehouse and online. As a result of our investments in technology and the commitment from our employees to use this technology to deliver a great member experience, we're seeing a significant improvement in the speed of checkout.

在數位領域，我們正取得實質進展，致力於在賣場與線上為會員提供更無縫且更便利的體驗。由於我們在科技上的投資，以及員工承諾運用這些科技來提供優質會員體驗，我們看到結帳速度有顯著改善。

The enhancements we have made include improvements to the mobile wallet, the introduction of digital membership card quick access on the Costco app and the rollout of our shopping cart pre-scan tool internationally. The Pay Station pilot I spoke about last quarter has also been successful, and we are now incorporating this technology into our new warehouse openings and high-volume buildings.

我們所做的強化措施包括：改善行動錢包、在 Costco App 推出數位會員卡快速存取，以及在國際市場推廣購物車預掃描工具。我在上季提到的 Pay Station 試點也已取得成功，我們目前正把這項技術納入新開倉庫與高銷量據點。

We're also enhancing the e-commerce experience for members and recently rolled out same-day delivery services in Spain and France. Same-day delivery, powered by our third-party partners has become a highly effective way to deliver more convenience to our members.

我們也在強化會員的電商體驗，並近期在西班牙與法國推出當日送達服務。由第三方合作夥伴支援的當日送達，已成為為會員提供更多便利性的一種非常有效的方式。

Average same-day delivery time in the US is now less than 45 minutes and the average member satisfaction rating is 4.8 out of 5. This part of our business is growing at an even faster rate than our digital business overall and is a strong driver of loyalty as it is often our highest spending members who are using the service.

美國當日送達的平均配送時間目前已低於 45 分鐘，會員平均滿意度評分為 5 分滿分中的 4.8 分。這部分業務的成長速度甚至快於我們整體數位業務，且是忠誠度的重要推動力，因為使用該服務的往往是我們消費金額最高的會員。

Finally, as we learn more about how consumers are embracing AI in their shopping habits, we're working with the leading AI companies to improve the visibility of our values to current and potential future Costco members. We believe AI is changing how consumers research products and has the potential to be a significant opportunity for Costco given our pricing authority and our focus on quality.

最後，隨著我們更了解消費者如何在購物習慣中採用 AI，我們正與領先的 AI 公司合作，以提升我們價值主張在現有及潛在未來 Costco 會員中的可見度。我們相信 AI 正在改變消費者研究產品的方式；鑑於我們的定價影響力以及對品質的專注，AI 對 Costco 而言可能是一項重要機會。

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

接下來我把時間交回給 Gary，請他說明本季的業績結果；我也會在問答環節再回到線上，回答一些問題。

Thanks, Ron. In today's press release, we reported operating results for the third quarter of fiscal year 2026 for 12 weeks ending May 10. 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，Ron。在今天的新聞稿中，我們公布了截至5月10日、為期12週的2026會計年度第三季營運結果。如同往常，我們已在投資人網站的「活動與簡報」(Events and Presentations) 區域發布投影片簡報，提供補充資訊以支持今天的新聞稿內容。

Net income for the third quarter came in at $2.192 billion or $4.93 per diluted share, up 15% from $1.903 billion or $4.28 per diluted share last year. Net sales for the third quarter were $69.15 billion, an increase of 11.6% from $61.96 billion in Q3 2025.

第三季淨利為21.92億美元，或稀釋後每股盈餘4.93美元，較去年19.03億美元或稀釋後每股盈餘4.28美元成長15%。第三季淨銷售額為691.5億美元，較2025會計年度第三季的619.6億美元增加11.6%。

Comparable sales were up 9.8% and 6.6% adjusted for gas price inflation and FX. Excluding gas sales entirely and adjusting for the impact of foreign exchange, comparable sales were also up 6.6%. Digitally enabled comparable sales were up 21.5% and 20.8% adjusting for FX. Our segment breakout of comparable sales is disclosed in both our earnings release and the supplemental slide deck.

同店銷售成長9.8%；若調整汽油價格通膨與外匯影響，則成長6.6%。若完全排除汽油銷售並調整外匯影響，同店銷售亦成長6.6%。數位帶動的同店銷售成長21.5%；若調整外匯影響，則成長20.8%。我們按部門拆分的同店銷售資訊，已在財報新聞稿與補充投影片簡報中揭露。

In terms of the Q3 comp sales metrics, FX positively impacted sales by approximately 1%, while gas price inflation positively impacted sales by approximately 2.2%. Traffic or shopping frequency increased 2.4% worldwide. Our average transaction or ticket was up 7.3% worldwide and 4.2% excluding gas price inflation and changes in FX.

就第三季同店銷售指標而言，外匯對銷售帶來約1%的正面影響，而汽油價格通膨對銷售帶來約2.2%的正面影響。全球來客數或購物頻率增加2.4%。全球平均每筆交易金額（客單價）上升7.3%；若排除汽油價格通膨與外匯變動，則上升4.2%。

Moving down the income statement to membership fee income. We reported membership fee income of $1.373 billion, an increase of $133 million or 10.7% year over year. Adjusting for FX, the increase was 9.9%. The September 2024 US and Canada membership fee increase accounted for a little more than one quarter of membership income growth. 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 upgrades to executive memberships.

接著往下看損益表中的會員費收入。我們的會員費收入為13.73億美元，年增1.33億美元或10.7%。若調整外匯影響，增幅為9.9%。2024年9月美國與加拿大的會員費調漲，貢獻了會員費收入成長的略多於四分之一。若排除會員費調漲與外匯影響，會員費收入年增7%。此成長主要來自會員基礎持續擴大，以及升級為高階會員（Executive Membership）的增加。

At Q3 end, we had 41.2 million paid executive memberships, up 9.6% versus last year. This quarter, we launched our executive member program in China and have seen strong early adoption in the market. We ended the quarter with 82.9 million total paid members, up 4.1% versus last year, and 148.5 million cardholders, up 4% year over year.

截至第三季末，我們的付費高階會員數為4,120萬，較去年增加9.6%。本季我們在中國推出高階會員方案，並在市場上看到強勁的早期採用。本季結束時，付費會員總數為8,290萬，較去年增加4.1%；持卡人數為1.485億，年增4%。

In terms of renewal rates at Q3 end, our US and Canada renewal rate was 92.2%, up 10 basis points from last quarter, and the worldwide rate came in at 89.7% unchanged from last quarter. As previously shared, members who sign up online on average renew at a slightly lower rate than warehouse sign-ups, and as this population has grown as a percentage of our total base, this creates some downward pressure on the overall renewal rate.

就第三季末的續約率而言，美國與加拿大續約率為92.2%，較上季提高10個基點；全球續約率為89.7%，與上季持平。如先前所分享，線上加入的會員平均續約率略低於在賣場加入的會員；隨著此族群占我們總會員基礎的比例提高，對整體續約率造成一些下行壓力。

In Q3, it was pleasing to see that our focus on increasing the renewal rates of these members through targeted digital communications and retention strategies more than offset the negative impact from this mixed change in our membership base.

在第三季，我們很高興看到，透過針對性的數位溝通與留存策略，提升這些會員續約率的努力，已足以抵銷會員結構變化帶來的負面影響。

Turning to gross margin, our reported rate was lower year over year by 21 basis points, coming in at 11.04% compared to 11.25% last year. Excluding gas inflation, the gross margin rate was higher by 1 basis point. Core was lower by 46 basis points and lower by 29 basis points excluding gas inflation.

接著看毛利率，我們的公告毛利率年減21個基點，為11.04%，去年為11.25%。若排除汽油通膨影響，毛利率則年增1個基點。核心業務毛利率下降46個基點；若排除汽油通膨，則下降29個基點。

In terms of core margins on their own sales, our core on core margins were lower by 9 basis points. This decrease was due to slightly lower margins in fresh and food and sundries, where we invested in lower prices for our members on several everyday items such as eggs and beef.

就核心商品自身銷售的核心毛利而言，我們的 core-on-core 毛利率下降9個基點。此下降主要因生鮮、食品與雜貨等品類毛利略低，我們在若干日常商品（如雞蛋與牛肉）上為會員投資於更低價格。

Transportation costs were also a headwind in the quarter due to higher gas prices. The significant difference between reported core margins and core-on-core margins was primarily due to mix changes as we saw gas, e-commerce and pharmacy sales grow at a faster pace than core merchandising sales.

由於汽油價格較高，運輸成本在本季亦形成逆風。公告的核心毛利與 core-on-core 毛利之間的顯著差異，主要來自組合變化：汽油、電商與藥局銷售成長速度快於核心商品銷售。

Ancillary and other businesses gross margin was higher by 9 basis points and 14 basis points excluding gas inflation. This was driven by higher sales penetration in e-commerce and pharmacy, partially offset by a lower gross margin rate in gas.

附屬及其他業務的毛利率提高9個基點；若排除汽油通膨，則提高14個基點。此主要由電商與藥局的銷售滲透率提升所帶動，但部分被汽油業務較低的毛利率所抵銷。

LIFO positively impacted the rate by 14 basis points, both with and without gas inflation. We had a $44 million LIFO charge in Q3 this year compared to a $130 million charge in Q3 last year. This quarter's gross margin rate benefited 2 basis points from lapping the catch-up accrual in Q3 last year for the increased employee vacation days included in our March 2025 employee agreement.

LIFO 對毛利率帶來14個基點的正面影響，不論是否納入汽油通膨皆然。今年第三季我們的 LIFO 費用為4,400萬美元，去年第三季為1.30億美元。本季毛利率亦因去年第三季針對2025年3月員工協議中增加的員工休假天數所做的一次性追補提列（catch-up accrual）在本季不再發生，而受惠2個基點。

Moving on to SG&A, our reported SG&A rate was lower or better year over year by 20 basis points, coming in at 8.96% compared to last year's 9.16%. Excluding gas inflation, SG&A was lower or better by 2 basis points year over year.

接著看銷售、一般及行政費用（SG&A），我們的公告 SG&A 率年減（表現較佳）20個基點，為8.96%，去年為9.16%。若排除汽油通膨影響，SG&A 年減（表現較佳）2個基點。

The operations component of SG&A was lower or better by 12 basis points, but worse or higher by 3 basis points, excluding the impact of gas inflation, as underlying improvements in productivity were offset by higher healthcare costs. Central was lower or better by 3 basis points and lower by 1 basis point, excluding the impact of gas inflation.

SG&A 中的營運項目下降（表現較佳）12個基點；但若排除汽油通膨影響，則上升（表現較差）3個基點，因生產力的基礎改善被較高的醫療保健成本所抵銷。總部費用下降（表現較佳）3個基點；若排除汽油通膨影響，則下降1個基點。

Equity compensation was flat and higher or worse by 1 basis point excluding gas. This quarter, SG&A also benefited 5 basis points from lapping the catch-up accrual in Q3 last year for higher vacation days in our 2025 employee agreement.

股權薪酬費用持平；若排除汽油影響，則上升（表現較差）1個基點。本季 SG&A 亦因去年第三季針對2025年員工協議中較高休假天數所做的一次性追補提列在本季不再發生，而受惠5個基點。

Below the operating income line, interest expense was $32 million compared to the $35 million last year. Interest income was $130 million versus $95 million last year, driven by higher cash balances and FX and other was a $25 million benefit versus a $10 million loss last year, largely due to changes in FX. In terms of income taxes, our tax rate in Q3 was 25.4% compared to 26.2% in Q3 last year.

在營業利益以下，利息費用為3,200萬美元，去年為3,500萬美元。利息收入為1.30億美元，去年為9,500萬美元，主要受較高現金餘額所帶動；外匯及其他為2,500萬美元收益，去年為1,000萬美元損失，主要由外匯變動所致。就所得稅而言，我們第三季有效稅率為25.4%，去年第三季為26.2%。

Turning now to some key items of note in the quarter. Capital expenditure in Q3 was $1.41 billion. We estimate CapEx for the full year will be approximately $6.5 billion as we continue to invest in building a larger pipeline of new warehouses, remodeling our existing warehouses to drive continued growth in high-volume buildings, expanding our depot network to support operational efficiency and enhancing the member digital experience.

接下來談本季幾項值得注意的重點。第三季資本支出為14.1億美元。我們估計全年資本支出約為65億美元，因我們持續投資於建立更大的新賣場開店儲備（pipeline）、改裝既有賣場以推動高銷量店的持續成長、擴張物流倉儲（depot）網路以支持營運效率，以及強化會員的數位體驗。

In terms of merchandising highlights, as Ron mentioned in his opening comments, gas prices had a major impact on the quarter with our members allocating a greater proportion of their total spend to gas. At the same time, we saw very robust comp sales results excluding gas as our combination of merchandising quality, value and newness continued to resonate with members.

就商品銷售亮點而言，如Ron在開場所提到，汽油價格對本季造成重大影響，會員將其總支出中更高比例分配至汽油。同時，若排除汽油，我們看到非常強勁的同店銷售表現，因我們在商品品質、價值與新品帶來的組合持續引起會員共鳴。

Fresh comparable sales were up high single-digits in the quarter, led by meat and bakery. In meat, we saw strength in both premium cuts of beef and lower cost proteins such as ground beef and poultry. In bakery, we continue to see success with the launch of exciting new items, including a variety of seasonal pastries and cookies.

本季新鮮品類的可比銷售額年增高個位數，主要由肉類與烘焙帶動。在肉類方面，我們看到高端牛肉部位以及較低成本蛋白（如絞牛肉與家禽）皆表現強勁。在烘焙方面，我們持續透過推出令人期待的新商品取得成功，包括多款季節性糕點與餅乾。

Non-foods comp sales were up high single-digits in Q3. Top performing departments were gold and jewelry, small electrics, tires, home furnishings, majors and health and beauty. Self-care and wellness items performed extremely well during the quarter, including fragrances and hair and skin products in the health and beauty and small appliances departments.

第三季非食品類可比銷售額年增高個位數。表現最佳的部門包括黃金與珠寶、小型電器、輪胎、家居擺設、大型家電以及健康與美容。本季自我照護與健康相關商品表現極佳，包括健康與美容部門及小家電部門中的香氛、髮品與護膚產品。

We also saw members willing to splurge on higher value self-care items where the quality and value is compelling. For example, we experienced almost 50% sales growth in saunas and massage chairs during the quarter.

我們也看到會員願意在品質與價值具吸引力時，對更高價值的自我照護商品多花一些。例如，本季三溫暖設備與按摩椅的銷售成長接近50%。

In food and sundries, comp sales grew mid-single-digits, led by packaged foods and candy. While egg price deflation was a headwind to sales, this was partially offset by significant growth in other items such as protein snacks and protein bars.

在食品與雜貨類，可比銷售額年增中個位數，主要由包裝食品與糖果帶動。雖然雞蛋價格通縮對銷售造成逆風，但其他品項（如高蛋白零食與蛋白棒）的顯著成長部分抵銷了影響。

Kirkland Signature is also driving growth in food and sundries. We continue to innovate with new KS items, offering savings of at least 15% to 20% to the national brand equivalent with equal or better quality. Q3 launches included our KS Energy Drink, KS Ultrafiltered Milk, KS Sea Salt Popcorn and KS Oven Roasted Chicken Dog Food.

Kirkland Signature 也在帶動食品與雜貨類的成長。我們持續以新的 KS 商品進行創新，提供相較同等全國品牌至少15%至20%的節省，且品質相當或更佳。第三季推出的商品包括 KS 能量飲、KS 超濾牛奶、KS 海鹽爆米花，以及 KS 烤箱烘烤雞肉狗糧。

Our goal is to be the first to lower prices where we see opportunities to do so. And a few examples this quarter included KS Crispy Wings from $16.99 to $14.99, KS Milk Chocolate Almonds from $19.99 to $18.99, KS Golf Balls from $32.99 to $29.99. And KS king-size sheets from $89.99 to $79.99.

我們的目標是在看到機會時，率先降價。本季的幾個例子包括：KS 酥脆雞翅由16.99美元降至14.99美元、KS 牛奶巧克力杏仁由19.99美元降至18.99美元、KS 高爾夫球由32.99美元降至29.99美元，以及 KS 特大號床單由89.99美元降至79.99美元。

In ancillary businesses, comp sales were up mid-20s. Pharmacy led the way and saw significant market share gains in the quarter. In addition to our experienced pharmacists taking great care of our members, a number of factors are contributing to this growth.

在附屬業務方面，可比銷售額年增約20%多。藥局業務領先，並在本季取得顯著的市占率提升。除了我們經驗豐富的藥師為會員提供優質照護外，還有多項因素共同推動了這項成長。

These include increased GLP-1 demand and inclusion of Wegovy and Ozempic in our member prescription program, great value on pet medications, acceptance of Medicare D over-the-counter flex cards and expansion of our mail order and specialty pharmacy offerings. Gas comps were positive high 20s, driven by the price per gallon increase year-over-year as well as an acceleration in volumes.

這些因素包括：GLP-1 需求增加、Wegovy 與 Ozempic 納入會員處方計畫、寵物用藥具備高性價比、接受 Medicare D 的非處方彈性卡，以及擴大我們的郵寄配藥與專科藥局服務。加油站可比銷售額年增高20%多，主要由每加侖價格年增以及銷量加速成長所帶動。

Turning now to inflation. Overall, inflation increased slightly in Q3, largely because of higher gas prices. This was offset by lower inflation in food and sundries and fresh, primarily due to deflation in produce, eggs and dairy.

接著談通膨。整體而言，第三季通膨略有上升，主要因為油價較高。但食品與雜貨以及新鮮品類的通膨較低抵銷了部分影響，主要是因為蔬果、雞蛋與乳製品出現通縮。

Inflation increased slightly in non-foods and we are anticipating further inflation in a number of non-food categories as higher resin costs start to flow into cost of goods. As always, our buyers are working hard to mitigate the impact of cost increases. The supply chain is generally stable and our merchants feel good about our inventory position heading into the summer.

非食品類通膨略有上升，我們預期隨著樹脂成本上升開始反映在銷貨成本中，若干非食品品類將出現進一步通膨。一如既往，我們的採購團隊正努力降低成本上升的影響。供應鏈整體穩定，我們的商品團隊對於進入夏季前的庫存水位感到安心。

We have relatively low inventory exposure to shipping issues stemming from the situation in the Middle East, but we continue to monitor the situation closely. In digital, we saw strong member engagement in Q3 with site and app traffic up 37%. Pharmacy, gold and jewelry, home furnishings, tires, special events, housewares and majors all grew double-digits year over year.

我們因中東局勢所引發的航運問題之庫存曝險相對較低，但仍持續密切關注情勢。在數位方面，第三季會員互動強勁，網站與App流量年增37%。藥局、黃金與珠寶、家居擺設、輪胎、特別活動、家用品以及大型家電等，年增皆達雙位數。

Delivering a more personalized experience for our members is a key focus, and we continue to make progress in this area. In Q3, our personalized product recommendation carousels delivered conversion rates 3 times better than our typical conversion rates and contributed just under $0.5 billion of e-commerce sales.

為會員提供更個人化的體驗是我們的重點之一，我們在此領域持續取得進展。第三季，我們的個人化商品推薦輪播帶來的轉換率是一般轉換率的3倍，並貢獻了略低於5億美元的電商銷售額。

As Ron shared earlier on the call, with consumers increasingly using AI to research products and services, we believe this has the potential to be a significant sales opportunity for Costco. We're now leveraging AI to enhance our product pages online, which in turn is increasing our relevance with the large language models. While the volume of traffic generated from AI search is still low, we saw triple-digit growth in Q3 and this activity has the highest conversion rate of all traffic coming to our site.

如同 Ron 先前在電話會議中分享的，隨著消費者愈來愈常使用 AI 來研究產品與服務，我們認為這對 Costco 可能是一個重大的銷售機會。我們目前正運用 AI 強化線上商品頁面，進而提升我們在大型語言模型中的相關性。雖然由 AI 搜尋帶來的流量目前仍不高，但第三季我們看到三位數成長，而且這類流量的轉換率是所有導入本站流量中最高的。

Finally, as we accelerate our digital capabilities, we are also broadening our reach in retail media. Q3 marked the launch of a new collaboration with Google Commerce Media and YouTube. Launching this partnership will make it easier for brands and agencies to collaborate with Costco Retail Media and is a significant milestone on our journey toward increasing our share of retail media revenue.

最後，隨著我們加速數位能力的建置，我們也在擴大零售媒體的觸及範圍。第三季推出了與 Google Commerce Media 及 YouTube 的全新合作。啟動這項合作將使品牌與代理商更容易與 Costco 零售媒體合作，並且是我們提升零售媒體營收占比旅程中的重要里程碑。

That concludes our prepared remarks. In terms of upcoming releases, we will announce our May sales results for the four weeks ending Sunday, May 31 on Wednesday, June 3 after market close. We will now open the line up for questions.

以上為我們事先準備的發言。關於接下來的發布，我們將於6月3日（週三）收盤後，公布截至5月31日（週日）止四週的5月銷售結果。現在我們將開放提問。

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

謝謝。我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Good evening. Thank you so much for taking my question, recognizing and fully understanding you do not provide guidance. But given that new membership growth is a critical driver of your overall same-store sales growth as these new customers ramp their usage of the warehouses, and this metric has slowed to 4.1%, which is the lowest level in some time. Should we keep our expectations around your same-store sales growth outlook for at least the near term pretty modest, especially when you consider that you will be lapping some of the changes to the club hours in the coming weeks. Thank you so much.

晚安。非常感謝讓我提問，我理解並完全明白你們不提供財測指引。不過，鑑於新會員成長是你們整體同店銷售成長的關鍵驅動因素，因為這些新客戶會逐步提高對賣場的使用頻率，而這項指標已放緩至4.1%，為一段時間以來的最低水準。那麼，至少在短期內，我們是否應將你們同店銷售成長的展望預期維持在相對保守的水準，尤其考量到未來幾週你們將面臨會所營業時間調整的基期效應？非常感謝。

Hi, Michael. Thanks for the question. I guess I'll cover that in a couple of different parts. I think, first of all, maybe taking a step back on the main part of your question around membership and what we're seeing there in terms of growth. Overall, we were pleased with the results in the quarter. As I think you heard us say in the prepared remarks, when we look at membership growth, if you back out the fee increase and foreign exchange, we were up 7% overall.

嗨，Michael。謝謝你的問題。我想我會從幾個不同面向來回答。首先，先退一步回到你問題的核心，也就是會員成長以及我們在成長方面所看到的情況。整體而言，我們對本季的結果感到滿意。如同你在我們事先準備的發言中聽到的，當我們看會員成長時，若排除會費調漲與匯率因素，整體年增為7%。

A big part of that was due to the continued engagement we see with executive members growing, and that was up over 9% during the quarter. And so maybe that's the first point to tie to your comment around sales. As you perhaps know, when we see members who are more executive level, they generally spend more with us and visit more frequently. That's a really positive dynamic in terms of impact and potential for future health and growth in terms of membership spending.

其中很大一部分來自我們看到的高階會員（Executive）持續提升的參與度，本季年增超過9%。因此，這也許是第一個可以連結到你對銷售評論的重點。如你可能知道，當我們看到更多高階會員時，他們通常在我們這裡的消費更高、到店頻率也更高。這在會員消費對未來健康度與成長潛力的影響上，是非常正向的動態。

And then as you mentioned, we saw paid membership growth up just over 4%. So those two together were what combined to create the 7% growth in the membership rate. We were also pleased to see that the renewal rate is sort of normalized, if you like, now as we started to now see the mix maturing of digital members coming into the membership renewal rate and as we start to implement the benefits of, or see the benefits, I should say, of more targeted marketing and retention strategies driving a leveling out, if you like, of that membership renewal rate. And our goal, of course, is to continue to improve that rate as we execute more of those communication and targeting marketing efforts with our members.

然後如您所提到的，我們看到付費會員成長略高於4%。因此，這兩項合併起來，促成了會員費率7%的成長。我們也很高興看到續約率現在某種程度上已趨於正常化；隨著數位會員的組合逐漸成熟並納入會員續約率的結構中，以及我們開始落實更精準的行銷與留存策略、並開始看到其效益（應該說），續約率也因此出現某種程度的趨平。當然，我們的目標是持續改善該比率，因為我們會對會員執行更多這類溝通與精準行銷的工作。

As you mentioned, we have seen some slowing in the year over year membership growth in recent quarters. We attribute that to a number of factors. One would be that we've been opening or we haven't been opening new warehouses in major new markets. So if you think about some of the growth we've had in prior years in Asia, in particular, when we opened new warehouses in Japan.

如您所提到的，近幾季我們看到會員年增成長有所放緩。我們將其歸因於多項因素。其中之一是，我們一直在主要的新市場沒有開設、或說並未開設新的倉儲門市。因此，如果您回想我們前幾年在亞洲的部分成長，特別是當我們在日本開設新的倉儲門市時。

And in China as an example, we tend to see an outsized growth in membership, but often the renewal rate on those members is much lower because we have a big element of new consumers coming into membership to really explore the experience and have a look at what we offer and often coming from a much longer distance and further away from the warehouse.

例如在中國，我們往往會看到會員數出現超常的成長，但這些會員的續約率通常會低很多，因為有很大一部分是新消費者加入會員，主要是為了探索體驗、看看我們提供什麼；而且他們往往來自距離倉儲門市更遠的地方、路程更長。

So we haven't seen a major new opening in the new international market for a while, which definitely has an impact and we are cycling some stronger growth from sign-ups from a year ago as well. So we think the sort of the 4% to 5% is a more normal rate of growth when you don't have the benefit of a large increase linked to some kind of special event like COVID or a new market entry.

因此，我們已經有一段時間沒有在新的國際市場看到重大的新店開幕，這確實會帶來影響；同時，我們也在與一年前較強的入會成長基期進行比較。所以我們認為，在沒有像COVID或新市場進入這類特殊事件所帶來的大幅增量紅利時，約4%到5%算是較正常的成長率。

But overall, I'd say with the renewal rate leveling out and with the year over year growth that we're seeing in new member sign-ups, we feel good about the health of membership and we think there's a lot of opportunity for continued growth in the future as well.

但整體而言，我會說，隨著續約率趨於平穩，以及我們看到新會員註冊的年增成長，我們對會員制度的健康狀況感到樂觀；我們也認為未來仍有很多持續成長的機會。

And just as it relates to the same-store sales growth given that is a critical pipeline, especially as you lap some of the big outsized drivers over the last few years. Thank you.

另外，關於同店銷售成長，鑑於這是一條關鍵的管道，尤其是在您逐步跨越過去幾年那些超常驅動因素的基期之後。謝謝。

Yeah, I mean, I think in general, I would say, as you mentioned, we don't give guidance on what we expect future trends to look like. We do expect to continue to grow our market share as we deliver great value for members and continue to provide great quality items.

是的，我的意思是，我想一般來說，如您所提到的，我們不提供對未來趨勢的指引。我們確實預期會持續提升市占率，因為我們為會員提供極佳的價值，並持續提供高品質的商品。

I would say in broad terms, what we're seeing at the moment is just a continuation, I should say, of the trends that we've seen in really the last year or so. Members being very willing and having the capacity to spend, but have very high expectations around quality, value and newness and value proposition seems to be resonating really well in that regard.

我會說，就大方向而言，我們目前看到的只是延續——應該說——我們在過去一年左右所看到的趨勢。會員非常願意、也有能力消費，但對品質、價值與新鮮感有非常高的期待；而我們的價值主張在這方面似乎引起了很好的共鳴。

As we've been cycling some fairly major gift card programs and gold sales is now being cycled year over year. And yet, as you look at the recent results that we've seen in our sales, we continue to comp excluding gas in that 6% to 7% range, and we haven't really seen any variation from that performance as you look at membership spend and membership growth over the last year or so.

隨著我們在比較一些相當大型的禮品卡方案，以及黃金銷售現在也開始進入年對年的比較。然而，從我們近期的銷售結果來看，扣除汽油後的同店銷售仍維持在6%到7%的區間；而且回顧過去一年左右的會員消費與會員成長，我們並未真正看到這項表現有任何變化。

Thank you very much and good luck.

非常感謝，祝你們好運。

Thanks, Michael.

謝謝，Michael。

Simeon Gutman, Morgan Stanley.

Morgan Stanley 的 Simeon Gutman。

Good afternoon. This is Pedro Gil on for Simeon. Thank you for taking our question. I would like to ask you first about the core-on-core margin, which was down 9 basis points as you're lapping against some of the very strong gains that started four quarters ago, more or less.

午安。我是代 Simeon 提問的 Pedro Gil。謝謝你們回答我們的問題。我想先問核心對核心毛利率（core-on-core margin），在你們與大約四個季度前開始的一些非常強勁的改善相比之下，該指標下滑了9個基點。

Should we recognize this as a sign that you're taking strategically a more aggressive value posture to gain share and capitalize on some of the trends from the consumer out there? And are you seeing something similar from the competition?

我們是否應將此視為一個訊號，表示你們在策略上採取了更積極的價值定位，以提升市占並把握消費者端的一些趨勢？你們是否也看到競爭對手有類似的情況？

Thanks for the question. I would probably take a step back as we've shared before on gross margin when we talk about the rate year over year. We look at it overall and look at the quarter and the focus for us is really on the gross margin rate ex-gas inflation or deflation. And during the quarter, we saw a 1 basis point improvement in the results.

謝謝你的問題。我可能會先退一步，回到我們之前分享過的毛利率觀點：當我們談年對年的變動幅度時，我們會從整體來看、以季度為單位來看；而我們真正關注的是扣除汽油通膨或通縮影響後的毛利率。在本季度，我們看到該結果改善了1個基點。

If you recall, and you mentioned a moment ago, we're actually cycling two years' worth of, I think, the highest growth we've seen in gross margin rate in fiscal year 2025 and 2024 in Q3 in particular. But as we shared previously, while we provide the detailed breakdown of our gross margin rate, we really do tend to focus on that measure of gross margin overall excluding gas inflation or deflation because we tend to manage the business more holistically than looking at one individual component of the gross margin.

如果你還記得——你剛剛也提到——我們其實正在比較兩年的基期；我認為在2025與2024會計年度，特別是第三季，我們看到毛利率成長幅度是最高的。但如我們先前所分享的，雖然我們會提供毛利率的詳細拆解，我們確實更傾向聚焦在扣除汽油通膨或通縮後的整體毛利率，因為我們管理業務時通常更偏向整體性，而不是只看毛利率中的單一構成項目。

With that being said, there were a lot of moving parts during the current quarter. First of all, we had higher top-line growth overall, but that came with a significant shift in the composition of sales, so we had higher sales in gas and added to e-commerce and pharmacy that did create a fairly significant shift in the mix, so that has an impact on the core rate overall.

話雖如此，本季度有很多變動因素。首先，我們整體營收成長更高，但銷售組成也出現顯著變化；我們在汽油、電商與藥局的銷售更高，確實造成相當明顯的組合移轉，因此會影響整體的核心比率。

In terms of core-on-core, we knew we were cycling in the quarter a fairly large LIFO charge from last year. So we saw it as an opportunity recognizing that members were dealing with higher gas prices to really invest in increasing value for the member, partly through the widening of our value in gas in the market to drive volume growth and more gallons and traffic to our gas stations, but also in everyday prices as I mentioned in prepared remarks with eggs and meat in particular really keeping the value very strong for our members.

因此，我們所做的大多數價格投資，主要是因為我們真的希望確保為會員提供極佳的價值；而在我們有機會投入、以推動營收成長，同時仍能維持毛利率的情況下，我們就會尋找並把握這些機會。

So we saw the opportunity to do that because of the benefits that we were cycling from the prior year and we felt that was the right thing to do to continue to drive top-line growth in the business and deliver value for our members. I would say in general to the final part of your question, we tend to be (inaudible) competitor.

So really the majority of the price investments that we're making are because we really want to ensure that we're delivering that great value for our members and where we have the opportunities to invest to drive top-line growth while continuing to sustain our gross margins, then we look for the opportunity to do that.

Okay, great. That's helpful. And as a follow-up, if I could ask you about the composition of your comp between traffic and ticket. The ticket component is particularly meaningful. If you could parse out for us how much of that is same SKU comparable pricing versus mix versus larger baskets, that would be very helpful.

好的，很棒。這很有幫助。另外追問一下，我想請教同店銷售（comp）的構成，在來客數（traffic）與客單價（ticket）之間的拆分。其中客單價的部分特別重要。如果你們能幫我們拆解一下，這其中有多少來自相同SKU的可比價格變動、多少來自組合（mix）、以及多少來自更大的購物籃（larger baskets），那會非常有幫助。

Yes, it's really a combination of all of the above. We're seeing an increased number of items in the basket. We're seeing some inflation in the basket, but remember for us, part of the inflation is moving items to higher, bigger size items or better quality items, a higher value. So we don't tend to parse out the individual elements, but it would be a combination of both.

是的，這確實是以上各項因素的綜合。我們看到購物籃中的品項數量增加。我們也看到購物籃中有一些通膨，但請記得，對我們而言，通膨的一部分是把商品轉向更高階、更大規格或更好品質的品項，也就是更高價值。因此我們通常不會把各個單一元素拆開來看，但會是兩者的組合。

Okay, great. Thank you.

好的，很棒。謝謝。

Christopher Horvers, JPMorgan.

JPMorgan 的 Christopher Horvers。

Thanks. Good evening, guys. So I wanted to pick up the pricing thread you mentioned in prepared remarks, running prices lower ahead of expected cost declines. One of your peers talked about sort of eating some tariffs, maybe passing through the price earlier even though they had pre-tariff inventory. So my big question is, is there a change in the rationality of the overall market or is this simply just something opportunistic in a moment in time given the backdrop that we're sitting in?

謝謝。各位晚上好。我想延續你們在事先準備的發言中提到的定價脈絡：在預期成本下降之前先把價格調低。你們的一位同業談到某種程度上吸收部分關稅，可能即使手上有關稅前的庫存，也會更早把價格調整反映出去。所以我最大的問題是：整體市場的理性程度是否正在改變？還是這只是基於我們目前所處背景下、某個時間點的機會性作法？

I think, Chris, I'd answer the question a couple of ways and Ron may want to add some color commentary as well. I think maybe taking a step back and talking about the competitive landscape, we think of the market as being very rational currently.

Chris，我想我會從幾個角度回答這個問題，Ron 也可能想補充一些說明。我想也許先退一步談談競爭環境，我們認為目前市場非常理性。

We tend to be our own biggest competitor with our goal being always to maintain that pricing authority and to be there for our members. And as I mentioned a moment ago, because of the impact of higher gas prices, we felt it was important to continue to deliver more value for our members.

我們往往把自己視為最大的競爭對手，我們的目標始終是維持定價主導權，並為會員提供服務。而且如我剛才提到的，由於汽油價格上漲的影響，我們認為持續為會員提供更多價值很重要。

Really, maybe the broader comment I would make too is around as you think about the impact on gross margin for us, I think I've shared this in a couple of prior quarters when we were seeing higher core-on-core margin improvements.

我想我還可以做一個更廣泛的評論，關於你在思考對我們毛利率的影響時——我在前幾個季度、當我們看到核心對核心毛利率改善較高時，曾分享過這點。

The rate for us will fluctuate quarter to quarter. We really would encourage you not to get too fixated on one individual quarter or one element of gross margin. We tend to manage it more holistically and look at how can we keep investing and driving value and driving top-line for our members. This quarter, as I mentioned, we invested more in some everyday items like beef and eggs because we have the opportunity to do that with the LIFO charge that we're cycling and we were also able to widen our gaps in gas.

對我們而言，這個比率會隨季度而波動。我們真的會鼓勵你不要過度聚焦在單一季度或毛利率的某一個元素上。我們傾向以更整體的方式管理，並著眼於如何持續投資、創造價值，並為會員帶動營收成長。本季如我所提到的，我們在一些日常商品（例如牛肉和雞蛋）上加大投資，因為我們有機會在正在回轉的 LIFO 費用影響下這麼做，同時我們也能擴大油品的價差。

But overall, when we look at the trajectory of our gross margin rate over the last sort of 12 to 24 months, generally it's been stable and I'm talking about the gross margin rate ex-gas inflation or deflation, it's generally been stable, a slight improvement sort of in the mid-single-digit range and really our Q3 result was very much in line with that trajectory and we have the opportunity to be have that capacity to be able to invest more in value for our members as we were seeing the impact for them on gas prices.

但整體而言，當我們回顧過去大約 12 到 24 個月毛利率的走勢，一般來說是穩定的——我指的是扣除油品通膨或通縮影響後的毛利率——整體大致穩定，略有改善，大約在中個位數的幅度；而我們第三季的結果也非常符合這樣的軌跡。當會員受到油價影響時，我們也有能力、也有空間進一步投資，為會員提供更多價值。

And this is Ron. And to add to what Gary said, the moves that we've made on pricing were strategic, not reactionary. I mean, these are things that we will see. One of your examples was you saw some inventory that we had during higher tariffs. Now we're getting the lower-priced goods in. We may go down earlier in those to get into those lower-priced goods quicker.

我是 Ron。補充 Gary 的說法，我們在定價上的調整是策略性的，而不是被動反應。我的意思是，這些都是我們會觀察到的事情。你舉的其中一個例子是，你看到我們在較高關稅期間所持有的一些庫存。現在我們正在進到較低價格的商品。我們可能會在那些品項上更早降價，以便更快切換到那些較低成本的商品。

We're down quick on eggs when that commodity started dropping. So we just use this as a lever. We've always talked longstandingly that we're the first to come down and the last to go up. And this period was a good example of that is getting into lower cost goods where we can and lowering prices for our members.

當雞蛋這個大宗商品開始下跌時，我們很快就降價了。所以我們只是把這當作一個槓桿來運用。我們長期以來一直說，我們是第一個降價、最後一個漲價的。而這段期間就是很好的例子：在可行之處更快切換到較低成本的商品，並為會員降低價格。

That makes sense. And then as a follow-up, historically, we've thought about a total comp of 4 to 5 to start to see core leverage on SG&A. You did something like a 9, I think, because FX helps. But you actually delevered 3 basis points. So is there something changing there? You mentioned healthcare costs to what extent maybe freight impacted that flow through and any commentary about how we should think about the future? Thanks very much.

了解。接著追問一下，過去我們認為總同店成長（total comp）達到 4 到 5 左右，才會開始看到 SG&A 的核心槓桿。你們這季大概做到 9，我想是因為匯率（FX）有幫助。但你們實際上卻去槓桿了 3 個基點。所以這裡有什麼在改變嗎？你們提到醫療保健成本，運費在其中的影響程度如何？以及對於未來我們應該如何看待，有沒有任何評論？非常感謝。

Yeah, just briefly on SG&A, I wouldn't say anything is really changing our view of that. If you look at the key components in operations, we were probably about mid-single-digit leverage in core operations, but with the healthcare cost increases and a couple of small one-time items, they more than offset that impact. And then in Central, we also had a couple of legal settlements and reserves that would have impacted the Central numbers as well.

是的，簡單談一下 SG&A，我不會說有任何事情真正改變了我們對此的看法。如果你看營運端的關鍵組成，我們在核心營運上大概有中個位數的槓桿，但醫療保健成本上升以及幾個小型的一次性項目，已經超過並抵銷了那個影響。另外在總部（Central），我們也有幾筆法律和解與提列準備金，這也會影響總部的數字。

So, of course, there's always the possibility that these items can occur unexpectedly each quarter, but outside of those, we would have seen a reasonable amount of leverage during the quarter and more consistent with that idea of mid-single-digit comps delivering some level of leverage. To your point, it would be excluding gas, of course. We typically don't see the same level of leverage on gas, but on the core operations, that's what we'd expect to see.

所以當然，每一季這些項目都有可能意外發生；但若排除這些，我們本季本來會看到相當合理的槓桿程度，也更符合「中個位數同店成長可帶來一定槓桿」的概念。如你所說，當然要排除油品。我們通常不會在油品上看到同樣程度的槓桿，但在核心營運上，這就是我們預期會看到的。

Makes sense. Thanks very much.

了解。非常感謝。

Oliver Chen, TD Cowen.

TD Cowen 的 Oliver Chen。

Hi, Ron and Gary. Gary, as we think about retail media, your business model is quite different with the SKU efficiency from other players. What are the parameters and/or guardrails you're thinking of in balancing the member satisfaction against the big opportunity and it sounds like you're at a nice turning point with that opportunity.

嗨，Ron 和 Gary。Gary，當我們思考零售媒體時，你們的商業模式因 SKU 效率而與其他業者很不一樣。在平衡會員滿意度與這個巨大機會時，你們在思考哪些參數和／或護欄？聽起來你們正處在一個很好的轉折點。

Also, Ron, as you continue to push for innovation and being your own best enemy against great multi-year performance, are there trade-offs in terms of expenditures? Or not really, it's very capital light in terms of improving the checkout and automation as well as implementing AI to further make customers happier yet using technology and distribution and speed. Thank you.

另外，Ron，當你持續推動創新、在多年優異表現下仍把自己當作最大的對手時，在支出方面是否存在取捨？或者其實沒有，因為在改善結帳與自動化、以及導入 AI 以進一步讓顧客更滿意（同時運用科技、配送與速度）方面，資本需求其實很輕？謝謝。

Thanks, Oliver. On the retail media question, I think for us it's fairly simple and the member always comes first. So it's one of the reasons why our focus with retail media first and foremost was to build more of the personalization capabilities to be able to deliver more relevant messaging to members that help improve the experience to save our members time and money.

謝謝你，Oliver。關於零售媒體的問題，我想對我們來說相當簡單：會員永遠是第一位。所以我們在零售媒體上的首要重點之一，是建立更多個人化能力，能向會員傳遞更相關的訊息，幫助改善體驗，為會員節省時間與金錢。

And as we're starting to implement those capabilities, we were also parallel introducing some media activity on third-party sites to really build the capability and to show our CPG partners what was possible with Costco and retail media. As we're now sort of scaling up those personalization capabilities, we'll continue to look at retail media through that lens.

而當我們開始導入這些能力時，我們也同步在第三方網站上引入一些媒體活動，真正建立能力，並向我們的 CPG 夥伴展示在 Costco 與零售媒體結合下可以做到什麼。隨著我們現在逐步擴大這些個人化能力，我們也會持續用這個角度來看待零售媒體。

So how does retail media help us deliver more value, more relevant experiences for our members and how can our CPG partners participate in that to deliver a better investment, a better return on their marketing spend. So as we are introducing more of those capabilities, we would expect retail media to ramp up and increase the value we generate there, but it would definitely be through the lens of the member experience and member value. And of course, everything we do, 80% to 90% of that value is reinvested in the member to deliver more value for them and better pricing so we can drive top-line sales.

那麼，零售媒體如何幫助我們為會員提供更多價值、更相關的體驗？我們的 CPG 合作夥伴又如何參與其中，以帶來更好的投資、讓其行銷支出獲得更佳回報。因此，隨著我們導入更多這些能力，我們預期零售媒體將逐步加速成長並提升我們在這方面所創造的價值，但一定會以會員體驗與會員價值為核心視角。當然，我們所做的一切，其中 80% 到 90% 的價值都會再投資回會員身上，為他們提供更多價值與更好的價格，從而帶動營收成長。

And again, on my question about the technology spend, I would consider it capital light from what we're seeing. We're seeing great returns on the investments. Gary spoke about the sales that we're leveraging on e-commerce. Yes, there's a cost of that AI, but it's being offset by greater sales and great leverage that we're seeing there as well.

再回到我關於科技支出的問題，從我們目前看到的情況，我會認為這是偏「輕資本」的。我們看到投資帶來很好的回報。Gary 談到我們在電商上所槓桿帶動的銷售。是的，AI 有其成本，但也被更高的銷售與我們在那裡看到的良好營運槓桿所抵消。

In the operations side of things, the technology we're using on the front end has been very accretive to higher productivity. I think his points on the SG&A leverage is a good reflection of the benefits we're seeing with shorter lines, faster throughput for our members, and in turn, lowering our payrolls in these areas as well. So we see it not as any heavy lift for us in capital at this point.

在營運端，我們在前端使用的技術對提升生產力非常有增益。我認為他對 SG&A 槓桿的觀點，很好地反映了我們所看到的效益：排隊更短、會員結帳與動線吞吐更快，進而也降低了這些區域的人事成本。所以目前我們不認為這會對資本支出造成任何沉重負擔。

Best regards. Thank you.

此致敬禮。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Hey Ron, hey Gary, so about $45 in cash per share on the balance sheet, can you zoom out, help us think about capital allocation, including plans for a special dividend and also how you may look to deploy future tariff refunds?

嗨 Ron、嗨 Gary，資產負債表上每股約 45 美元的現金，你們能否拉高一點視角，幫我們思考資本配置，包括特別股利的規劃，以及你們可能如何運用未來的關稅退稅？

Sure. Thanks, Chuck. On the capital and sort of financial strategy, really very consistent in our mind. Our number one priority, of course, is to keep investing in the business to drive growth. And you heard me share in the prepared remarks, we're really focused on accelerating new warehouses, remodeling warehouses where we have the opportunity to really expand capacity and support continued growth, particularly in those capital constrained sorry, those capacity constrained locations, expanding the depot network.

當然。謝謝你，Chuck。在資本與整體財務策略方面，我們的想法其實一直非常一致。我們的第一優先順序，當然是持續投資於業務以推動成長。你也聽到我在事先準備的發言中提到，我們非常專注於加速新倉庫的開設、在有機會的地方翻新倉庫以真正擴充產能並支持持續成長，特別是在那些資本受限——抱歉，是產能受限的地點，以及擴大配送中心網路。

We're also doing some investments in manufacturing capabilities where they can support KS growth, things like expanding hotdog capacity and coffee roasting, some of these areas. And then, of course, digital member engagement and investing in technology capabilities there to enhance the member experience.

我們也在製造能力上做一些投資，只要能支持 Kirkland Signature（KS）的成長，例如擴增熱狗產能、咖啡烘焙等這些領域。另外，當然也包括數位會員互動，以及在相關技術能力上的投資，以提升會員體驗。

As we make those investments, as that being the top priority, we're also growing the regular dividend over time, as and we continue to buy back stock at a level that avoids dilution from the executive stock grants that we issue each year.

在進行這些投資、並將其作為最高優先事項的同時，我們也會隨時間提高例行股利，並且持續回購股票，回購規模以避免我們每年發放的高階主管股票獎酬所造成的稀釋為目標。

We are in a position, as you mentioned, where we continue to generate excess cash beyond those priorities and we believe that at our current valuation, special dividend is typically the most effective way to return excess cash without giving up the flexibility to keep investing in growth where we see opportunities to do that. Our cash balances continue to grow and we'll obviously evaluate what we think is the appropriate timing and approach to deal with that situation.

如你所提到的，我們目前的狀況是：在上述優先事項之外，我們仍持續產生超額現金；而我們認為，以目前的估值水準來看，特別股利通常是回饋超額現金最有效的方式，且不會犧牲我們在看到成長機會時持續投資的彈性。我們的現金餘額持續增加，我們也會持續評估我們認為處理這種情況的適當時點與方式。

Last time we did a special dividend, the stock price was materially lower than it is today. So to be at a similar yield, I should say, our cash would need to be at a higher level than it was with the last special dividend. But we'll continue to review those options with our board, but no plan to share at the present time, but obviously we'll keep investors posted as we continue to evaluate.

上一次我們發放特別股利時，股價明顯低於現在。因此，如果要達到類似的殖利率——我應該說——我們的現金水位需要高於上一次發放特別股利時的水準。不過我們會持續與董事會檢視這些選項；目前沒有可對外分享的計畫，但我們在持續評估的同時，當然也會讓投資人掌握最新進展。

Okay, great, fair enough. And then just on real estate, you talked about I think relocating three stores this quarter or maybe this year. Can you just help us think about the opportunity set and just remind us what the threshold from a sales volume you typically do when you want to relocate a club?

好的，很好，可以理解。另外關於不動產，你提到我想是本季或今年有三家店要搬遷。你能否幫我們思考一下機會集合，並提醒我們通常在什麼樣的銷售量門檻下，你們會想要搬遷一家賣場？

It's really based on the existing facility and we have some that are earlier price club locations in the Northeast that were smaller facilities with 500 parks that when they hit a threshold of the average volume of the warehouse that we're seeing in the US. It is triggering time that we see opportunities to grow the sales in that market. So it's hard to say there's any $1 amount around the world that we use to trigger that. It truly is the size of the business and the size of the facility and how we're servicing our members in the gas stations, parking lots and the traffic inside the warehouse. So it is a moving target as we see.

這其實主要取決於既有設施本身。我們在美國東北部有一些較早期的 Price Club 據點，設施較小、停車位大約 500 個；當它們達到我們在美國所看到的倉庫平均銷售量的某個門檻時，便會觸發我們認為有機會在該市場提升銷售的時點。因此很難說我們有一個用於觸發搬遷的固定金額門檻。確實沒有一個我們在全球通用的「某個美元金額」來觸發這件事。真正的判斷依據是業務規模、設施規模，以及我們如何在加油站、停車場與倉庫內部的動線與人流中服務會員。所以如你所見，這是一個會隨情況變動的目標。

Great. Thanks, guys.

很好。謝謝各位。

Thank you.

謝謝。

Thanks, Chuck.

謝謝你，Chuck。

Scott Ciccarelli, Truist.

Scott Ciccarelli，Truist。

Hi, guys. Thanks for the time. It seems like two of your biggest competitors worldwide, but certainly in the US, Walmart and Amazon continue to ratchet up the competitive bar, if you will, in delivery speeds. Given that fact and the potential increase in agentic commerce, it seems like delivery capabilities and speed will become even more important over time. So do you think Costco will ultimately need to build out your own 1P delivery infrastructure? Do you think you can fully rely on third-party partners to compete in that kind of environment? Thanks.

嗨，各位。謝謝撥冗。看起來你們在全球、尤其是在美國的兩個最大競爭對手——Walmart 和 Amazon——持續把配送速度的競爭門檻越拉越高。考量到這點，以及代理式商務（agentic commerce）可能增加，配送能力與速度似乎會隨時間變得更重要。所以你們認為 Costco 最終是否需要建立自有的 1P 配送基礎設施？你們覺得在那樣的環境下，完全依賴第三方合作夥伴就能競爭嗎？謝謝。

I think that we will continue to look at that. As you know a few years back in 2020, we went ahead and made an acquisition to get into the big and bulky delivery because we felt that there was a significant opportunity in shortening the delivery times there. That has been very productive for the company and we deliver a great example as far as that goes.

我認為我們會持續評估這件事。如你所知，幾年前在 2020 年，我們進行了一項收購以切入大型與笨重商品的配送，因為我們認為在縮短那一類配送時間方面有顯著機會。那對公司而言非常有成效，我們在這方面的配送表現也提供了一個很好的例子。

Currently now on our same-day delivery process, we have very good third-party partners that are, as I spoke to in the opening comments are high satisfaction of our members and we're averaging 45 minutes or less should a member require something to be delivered that quickly. So at the current time, we're happy with the partners that we have. We continue to evaluate that and look at how we can improve delivery times across the network and across the world. So that will continue to be reviewed if we need to get further vertically integrated in that business.

目前在我們的當日配送流程上，我們有非常好的第三方合作夥伴；正如我在開場評論中提到的，會員滿意度很高，而且如果會員需要那麼快送達，我們平均可在 45 分鐘或更短時間內完成配送。因此就目前而言，我們對現有合作夥伴感到滿意。我們會持續評估並思考如何在整個網路、以及全球範圍內改善配送時間。所以我們也會持續檢視，是否需要在這項業務上進一步做垂直整合。

Understood. Thank you.

了解。謝謝。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

Hi, thank you for taking that question. I have a lot on traffic, understanding there was a lot of calendar shift in Q3. But it looks like traffic was kind of below the historical trend, at least for the first part of Q3 and then started growing into April. Can you help us understand, one, how much of the April acceleration was benefiting from the gas inflation and driving more traffic into stores?

嗨，謝謝讓我提問。我有不少問題想問關於來客數（traffic），我理解第三季有不少日曆因素的移動。但看起來來客數在第三季前半段似乎低於歷史趨勢，然後到了 4 月開始加速成長。你能否幫我們理解：第一，4 月的加速有多少是受惠於汽油通膨，進而帶動更多人流進店？

And two, is there a structural way to further improve traffic, especially given a lot of your stores may already be at capacity, so you may not physically be able to attract more traffic growth from here? Thank you.

第二，是否有結構性的方式可以進一步提升來客數？特別是考量到你們許多門市可能已經滿載，因此從這裡開始你們在實體上可能無法再吸引更多來客成長？謝謝。

Sure, yes, thanks for the question. On traffic, I would say it's important to, I think, in our minds, take a step back and look at the last 12 months or so because we have seen a mix change over time. If you think back a year or so ago, we were sort of flat to slightly negative on basket size and we've seen an increase in basket and traffic, we were probably up mid-single-digits. And what we've seen is a continuation of the same overall comp trend that we were seeing then, but we've seen as we cycled some of those lower average basket size, we've seen basket sizes increase and we've seen traffic continue to grow up a couple of 2% roughly.

當然，好的，謝謝你的提問。關於來客數，我會說我認為重要的是，在我們的思考中先退一步，回頭看看過去大約12個月，因為我們看到組合隨時間有所變化。如果你回想大約一年前，我們的客單量大致持平到略為下滑，而我們看到客單與來客數都有所增加，當時我們可能是中個位數成長。而我們看到的是，整體同店趨勢延續了當時的走勢，但隨著我們跨過一些較低的平均客單期，客單量上升，同時來客數也持續成長，大約增加了2%，約略如此。

I think on average if you look at recent monthly results compared to that 5%, so still growing healthily but definitely a little bit lower than it was and sort of a normalization if you like over two years of those two numbers looking more close together. I think it's a little bit difficult to look at individual months and try and piece too much together from those.

我認為若以近期每月結果來看，相較於那個5%的水準，仍然是健康成長，但確實比之前略低一些；如果你願意這麼說，這是兩年期間兩個數字逐漸更接近的一種正常化。我覺得要看單月數據並試圖從中拼湊出太多結論，會有點困難。

I do think there's a lot of work that we've done over recent quarters to create more opportunity for members to visit more frequently, whether it was the extended hours for our gas stations before the recent growth in gas that we've seen with higher prices, the extended operating hours in our warehouses that we launched just under a year ago as well, the work that Ron mentioned earlier around remodeling and expanding warehouses to create more capacity, whether it's the parking lots or the gas stations with more capacity there as well.

我確實認為，近幾季我們做了很多工作，為會員創造更常來訪的機會：不論是我們加油站延長營業時間（在近期油價上漲、帶動加油業務成長之前就已如此）、我們也在不到一年前推出倉儲門市延長營業時間；以及Ron先前提到的翻新與擴建倉儲門市以提升容量的工作，不論是停車場，或是加油站增加容量等。

So I think there's a lot of focus to make sure that we maintain that trajectory in traffic, but I do think there's going to be puts and takes in individual months just because of some of the different dynamics as you mentioned around members changing behavior. And I think at the period you were talking about as an example, we definitely had a period of time where members were stocking up on items as they were concerned about the impacts of what tariffs might mean on costs and I think you see some of that showing up in the individual month-to-month data. Overall, we feel good about the traffic growth that we're seeing when we look at it on a two-year basis and on an individual-year basis as well.

所以我認為我們非常聚焦在確保來客數維持這樣的軌跡，但我也認為單月之間會有一些此消彼長，因為如你所提到，會員行為改變等不同動態因素會影響。而以你提到的那段期間作為例子，我們確實有一段時間會員在囤貨，因為他們擔心關稅對成本可能帶來的影響，我想你會在月與月之間的數據中看到部分反映。整體而言，當我們以兩年基礎、以及單一年基礎來看目前看到的來客成長，我們感覺良好。

To add to what Gary is saying, as he spoke about in our capital expenditures, acquisitions of adjacent properties to our warehouses, expanding parking lots, the technology throughput is also a key driver of traffic. If we can get members processed through much quicker, we're turning parking spaces much faster, that is resulting in better traffic in those high-volume warehouses.

補充Gary所說的，正如他在資本支出中提到的，我們收購倉儲門市周邊的相鄰土地、擴建停車場；此外，科技帶來的通行效率（throughput）也是推動來客數的關鍵驅動因素。如果我們能讓會員更快完成結帳與通行，我們就能更快周轉停車位，這會讓那些高量門市的來客表現更好。

And then we strategically look at infill locations, we've proven that when we open a building in an existing market, our build back in the existing buildings when we relieve the pressure comes very nicely and so we see great build back of traffic in those warehouses that are relieved of the volume as we infill strategically around the world.

另外，我們也會策略性地評估填補型（infill）據點；我們已證明，當我們在既有市場再開一棟新店時，既有門市在壓力被釋放後，回補（build back）表現非常好，因此當我們在全球策略性地進行infill時，我們看到那些因分流而減壓的倉儲門市，來客回補非常亮眼。

Maybe just mention too, you asked about gas, just to confirm, you didn't say this, but wanted to make sure I clarified, gas traffic isn't included in our traffic number. I would say that generally speaking, a little less than half of our members are visiting the warehouse when they visit the gas station. I wouldn't say we've seen a dramatic change when you look at our results in the third quarter around traffic overall as a result of that. We think that's partly because a lot of members are increasing their frequency of visiting the gas station to top up in between what would have normally been the gap between getting the tank to empty because of the concern about what might the gas price be tomorrow.

也許再補充一下，你問到加油；我想確認並澄清一下，你雖然沒有這麼說，但我想確保說清楚：加油站的來客不包含在我們的來客數指標裡。一般來說，大約不到一半的會員在去加油站時也會順道進倉儲門市。我不會說我們在第三季的整體來客結果中，因為這件事而看到戲劇性的變化。我們認為部分原因是，許多會員因為擔心明天油價會是多少，會提高去加油站補油的頻率，在原本可能等到油箱見底的間隔期間中間就先去加油。

But we do think over time, it's a great way to build loyalty. When we look at our members that are engaged in gas with us, they are generally visiting more frequently overall, they're spending more with us overall, and they're also renewing at a higher rate. So we do think it's a good healthy barometer of long-term growth for the business as we continue to drive engagement in gas.

但我們確實認為，長期來看這是建立忠誠度的很棒方式。當我們看那些有使用我們加油服務的會員，他們整體來訪頻率通常更高、整體在我們這裡的消費也更多，而且續會率也更高。因此，隨著我們持續推動加油業務的參與度，我們確實認為這是衡量公司長期成長的一個良好且健康的指標。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Peter Benedict, Baird.

Peter Benedict，Baird。

Hi, guys. Thanks for taking the question. I know we're going to get the May numbers next week, but just curious if you comment on any behavioral changes or changes in trend that maybe you've seen thus far. It's obviously dynamic environment out there, so we're really kind of attuned to that. And as related to that, maybe a bigger picture question around GLP-1s. You talked about that in the prepared remarks. I'm curious how it's influencing either any category performance that you've got or maybe how you're thinking about leaning into different categories as you think over the next several months and years. Thanks so much.

嗨，各位。謝謝讓我提問。我知道我們下週會拿到5月的數字，但想請教你們是否能評論一下，到目前為止你們是否看到任何行為上的改變或趨勢的變化。外部環境顯然很動態，所以我們非常關注這點。另外，可能是一個更宏觀的問題，關於GLP-1。你們在事先準備的發言中提到了這點。我想了解它如何影響你們任何品類的表現，或是你們在接下來幾個月與幾年，如何思考在不同品類上加大投入（lean into）。非常感謝。

Thanks, Peter. As you mentioned, we will release sales next week, so I won't get into any sort of short-term trends, but I'll maybe just bridge back to a couple of comments I made earlier is, we're generally really not seeing any major change in members' behavior. I certainly well, I'll caveat that with gas, of course. Gas prices are very much on members' minds and they've had a major impact on our overall growth in gas and have also, for sure become a bigger percentage of a member's total spend in the month because of the higher prices of gas that are in the market today.

謝謝你，Peter。如你所提到，我們會在下週公布銷售數據，所以我不會談任何短期趨勢；但我可以回扣我先前提到的幾點：整體而言，我們並沒有看到會員行為有任何重大改變。當然，我要補充一點：加油除外。油價確實是會員非常在意的事情，對我們加油業務的整體成長有重大影響；而且由於目前市場油價較高，加油也確實成為會員每月總支出中更大的一個占比。

We've widened our gaps in terms of price to make sure we're there for our members, but we know that's something that's very high on our members' minds. But in terms of core merchandising, really very consistent. I think that quality, value and newness are extremely important and that's the things that our buyers are focused on every day and we continue to see that combination of items that offer everyday great value are doing really well, and items that are bringing newness and excitement are doing really well.

我們擴大了我們在價格上的差距，以確保我們能支持會員，但我們知道這是會員非常掛心的議題。但就核心商品採購而言，真的非常一致。我認為品質、價值與新鮮感（newness）極其重要，而這也是我們採購團隊每天專注的事情；我們持續看到：能提供日常超值的商品表現非常好，而能帶來新鮮感與興奮感的商品也表現非常好。

A couple of examples of that, and it's across all three of our non-Foods and (inaudible) and Fresh, I would say. In non-foods, the everyday shows up in tires and majors and Health and Beauty where we have great value for our members that they can take advantage of every day. And on the excitement side, finding new gold items for members to take advantage of, special events, I mentioned some of the self-care items that we're selling in Health and Beauty and small appliances, they're really the areas where I see members taking advantage of some opportunities to treat themselves at great values.

舉幾個例子，這涵蓋我們三大類別：非食品、（聽不清）以及生鮮，我會這麼說。在非食品方面，「日常」體現在輪胎、大型家電，以及健康與美容等品類，我們為會員提供很棒的價值，讓他們每天都能受惠。而在「驚喜／興奮感」方面，像是為會員找到新的黃金商品讓他們把握、各種特別活動；我也提到一些我們在健康與美容以及小家電中販售的自我照護商品，這些確實是我看到會員把握機會、以很好的價值犒賞自己的領域。

But similar things in fresh as well with premium meat still doing extremely well because of the value and quality that we offer, but unit growth extremely strong in ground beef and poultry as well with the everyday value that we're offering.

不過在生鮮方面也有類似情況，高端肉品因為我們提供的價值與品質仍然表現非常強勁；同時，因為我們提供的日常超值，絞牛肉與家禽的單位成長也非常強。

I think in terms of GLP1s, the biggest thing we're seeing of course, is that the value that we're offering in Pharmacy is really helping members to take advantage of those drugs in a very cost-effective way. I think I called out in our prepared remarks, one of the things that we're seeing in food and sundries where we're really leaning in is kind of anything protein right now is doing extremely well.

我想就 GLP1 而言，我們看到最大的重點當然是：我們在藥局提供的價值，確實在幫助會員以非常具成本效益的方式使用這些藥物。我想我在事先準備的發言中也提到，我們在食品與雜貨用品上真正加大投入的一個方向是：目前幾乎所有蛋白質相關品類都表現非常好。

So protein snacks, protein bars, beef sticks, we launched our own Kirkland Signature beef stick that's doing tremendous volume and offering tremendous value to our members. So that's an example of an area where we're really leaning into those items because of what we're seeing with our members and the value and quality they're looking for.

像是蛋白質零食、蛋白棒、牛肉條；我們推出了自有的 Kirkland Signature 牛肉條，銷量非常驚人，也為會員提供了極高的價值。這就是一個例子，說明我們正因應會員的需求，以及他們對價值與品質的期待，而更積極投入這些商品。

And on the merchandising front, I've had an opportunity this last quarter to meet with several of the larger CPGs with Sarah, our head merchant. And I got to tell you that they're making some nice pivots based on the needs of the GLP customer. And Gary mentioned proteins. We just launched a Kirkland Signature ultra-filtered protein milk in our dairy that has just taken off Extremely strong, things with fiber, magnesium. So I think our buyers are right on top of the halo effect of GLPs and the needs of the members.

另外在商品採購方面，上個季度我有機會和我們的首席採購 Sarah 一起，與幾家較大型的民生消費品（CPG）公司會面。我必須說，他們正根據 GLP 客群的需求做出一些很不錯的調整。Gary 提到蛋白質。我們剛在乳製品部門推出 Kirkland Signature 超濾高蛋白牛奶，成長非常快、表現極強；還有含纖維、鎂等相關產品也很強。所以我認為我們的採購團隊非常掌握 GLP 所帶來的「光環效應」以及會員的需求。

And I'm quite impressed with what I'm seeing from the CPGs, the rather big ones, and how they're pivoting to the future potential opportunities there. So there is quite a potential opportunity, and I feel we're on the front side of that.

我對這些大型 CPG 公司的表現印象很深刻，以及他們如何轉向未來潛在的機會。因此確實存在相當大的機會，而我覺得我們正站在這個趨勢的前端。

That's good to hear. Thanks so much.

很高興聽到這些。非常感謝。

Thanks, Peter.

謝謝你，Peter。

Rupesh Parikh, Oppenheimer.

接下來是 Oppenheimer 的 Rupesh Parikh。

Good afternoon. Thanks for taking my questions. Just going back to your commentary on AI search, I was just curious if you're seeing any benefits in any particular categories or services in terms of the traffic and conversion?

下午好。謝謝讓我提問。回到你們對 AI 搜尋的評論，我想請教你們是否在某些特定品類或服務上，看到了流量與轉換率方面的好處？

I think it's pretty broad spread, Rupesh. As we mentioned earlier, it's still very early days for us, but as we've started to work on updating our product pages to ensure that they're reflecting and translating through those large language models to allow our value and our quality is showing up, as you can imagine with the commitment we have to being great value for our members and with the commitment to quality, so member reviews and feedback generally on the products that we're selling is relatively positive compared to alternatives, those generally resonate well with those large language models.

我認為分布相當廣泛，Rupesh。如同我們先前提到的，對我們而言仍是非常早期的階段；但隨著我們開始更新商品頁面，確保它們能在大型語言模型中被正確呈現與轉譯，讓我們的價值與品質能被看見——你可以想像，基於我們對會員提供高性價比的承諾，以及對品質的承諾，會員對我們所售商品的評論與回饋，相較於替代選項通常更為正面，而這些內容一般也能在大型語言模型中產生良好共鳴。

And so I would say, it's kind of when our members are searching for those items, we're showing up more consistently and have plans to ensure that we show up more consistently in the future. And we think it's an opportunity as we continue to evolve our strategy there to ensure that we're getting at least our fair share of that activity as members change behavior.

因此我會說，當會員搜尋這些商品時，我們出現的穩定性更高；而且我們也有計畫，確保未來能更一致地被呈現。我們認為，隨著會員行為改變，我們持續演進相關策略，將是一個機會，確保我們至少能取得應有份額的活動量。

Good example categories would be like appliances. We've got a good value on appliances, a very good everyday value, but our real big value is in an all-in pricing that our prices include delivery, installation, haul away regular search didn't show all that value.

一個很好的例子品類是家電。我們的家電有很好的價值、非常好的日常超值；但我們真正的大價值在於「全包式定價」——我們的價格包含配送、安裝與舊機回收搬運，而一般的搜尋並不會把這些價值完整呈現出來。

Now with these large language models, they're able to look at the entire value such as tires that installations included, road hazards included, nitrogen included. So we feel we're very bullish on this AI search and the strength it's going to bring to telling the whole Costco story about the true value of what we offer.

現在有了這些大型語言模型，它們能夠看見整體價值，例如輪胎包含安裝、包含道路危害保障、包含氮氣等。因此我們對這種 AI 搜尋非常看好，也看好它在講述 Costco 完整故事方面的力量——也就是我們所提供的真正價值。

Great. And then my follow-up question, just on the fuel business, you guys have seen a significant increase in volumes. How do you think about opportunities to increase throughput and what may be going forward as maybe more of a permanent increase in your fuel volumes related to recent changes in behavior?

很好。接著我的追問是關於燃油業務：你們的銷量出現顯著增加。你們如何看待提升加油站吞吐量的機會？以及未來是否可能因近期行為改變，而使燃油銷量出現更偏「永久性」的提升？

Yes, it's a little bit difficult to predict obviously what's going to happen with gas prices. I think we believe that by widening our gaps and delivering more value for our members, I mentioned it a little bit earlier on the call, we see over time members that engage with us in gas are generally visiting more frequently, shopping more, buying more and also renewing at a higher rate. So we think the fact that we've got more members visiting our gas stations more consistently and even as Ron mentioned in some of his prepared remarks, we're seeing some members that have been members for some time that are using the gas stations for the first time, we think that's also an encouraging sign for a long-term loyalty.

是的，這確實有點難以預測，因為很難判斷油價接下來會怎麼走。我想我們相信，透過拉大價差並為會員提供更多價值——我在電話會議稍早也提到——長期來看，與我們在加油業務互動的會員通常會更常來訪、購物更多、購買更多，而且續會率也更高。因此我們認為，更多會員更穩定地到我們加油站加油；甚至如 Ron 在部分事先準備的發言中提到，我們也看到一些已經入會一段時間的會員第一次開始使用加油站服務——我們認為這也是長期忠誠度的一個令人鼓舞的訊號。

So I think on gas itself, it's a little bit more difficult to predict because often what we find is when gas prices are higher, members are willing to either travel a little bit further or recognize that it might take them a little bit longer to fill up because of how busy our gas pumps are, so we can see that change over time based on how prices change on gas, but we believe that members engaging with gas with us is a great reminder and reinforcement of the overall value that we offer and is likely to drive long-term loyalty based on what we've seen historically with members that buy gas from us versus those that don't.

所以我想就加油本身而言，確實更難預測，因為我們常看到：當油價較高時，會員願意多開一點路，或接受因為我們加油島很忙而需要花更久時間加油；因此隨著油價變動，這種情況會隨時間改變。

Great, thank you.

很好，謝謝。

Thank you, Rupesh.

謝謝你，Rupesh。

Greg Melich, Evercore ISI.

接下來是 Evercore ISI 的 Greg Melich。

I'd love to unpack a little bit more on disinflation and inflation. Is it still running roughly 1% across the box, Gary? Is that a fair estimate because you said there were some good guys and some bad guys in the quarter?

我想再更深入拆解一下通縮與通膨。Gary，整體賣場的通膨率仍大約在 1% 左右嗎？這樣估算合理嗎？因為你提到本季有一些「好」的品項，也有一些「壞」的品項。

Yes, it was a little bit higher in the quarter, Greg. So sort of low to mid-single-digits is what we've kind of shared in the past. But really most of the increase, if not all the increase in the inflation rate, we include gas in that number and gas was for sure, as you might imagine, the largest part of the inflation.

是的，Greg，本季略高一些。所以大致上是我們過去分享過的那種低到中個位數的水準。但通膨率上升的大部分——如果不是全部——我們把汽油也納入該數字，而汽油毫無疑問是通膨中占比最大的部分，這點你也可以想像。

If I break it down a little bit more for you between some of the categories and items, I mentioned in prepared remarks, fresh and food and sundries were a bit lower during the quarter. That was largely on the back of produce, eggs and dairy all being deflationary. We are still seeing inflation in beef, deli and areas like candy. So there's definitely puts and takes in food and sundries, but the net impact was slight reduction in fresh and food and sundries during the quarter.

如果我再替你更細分到一些品類與品項：我在事先準備的發言中提到，本季生鮮以及食品與雜貨用品的通膨較低。這主要是因為蔬果、雞蛋與乳製品都呈現通縮。我們仍看到牛肉、熟食部門，以及糖果等領域有通膨。因此食品與雜貨用品確實有消有長，但淨影響是本季生鮮與食品雜貨用品略為下降。

Non-foods was a little bit higher during the quarter. Some of that was really as we're seeing higher cost of memory chips in computers having an impact on the sort of cost of items in majors. Now, we took the opportunity to buy forward some items there to try and mitigate and minimize the impact for our members, but that's definitely something that we're seeing in the cost of the items.

非食品本季略高一些。其中一部分原因是：我們看到電腦用記憶體晶片成本上升，影響到大型家電/主要品類（majors）中部分商品的成本。目前我們也把握機會提前採購一些品項，試圖為會員緩解並降低影響，但這確實是我們在商品成本上看到的現象。

And then the second area in non-foods that we see, particularly if oil prices remain at elevated levels is likely to see some increases in items that have sort of plastic component or polyester or cotton because of the impact of higher resin costs.

接著我們在非食品品類看到的第二個領域是，特別是如果油價仍維持在高檔，可能會看到一些含有塑膠成分或聚酯纖維或棉的商品出現一些漲價，因為樹脂成本上升的影響。

Got it. And then maybe a follow-up on gas. You said you widened your price gaps in gasoline. Did the penny profit slip as part of that or was it basically just as everybody took prices up, you guys took it up less?

了解。那再追問一下汽油。你提到你們拉大了汽油的價差。這當中每加侖的利潤（penny profit）有因此下滑嗎？還是基本上是大家都把價格往上調時，你們調得比較少？

Our profit was a little bit higher year over year, but as a rate of sales obviously was significantly lower.

我們的利潤年比年略高一些，但以銷售額占比來看，顯然顯著較低。

Got it. Thanks and good luck.

了解。謝謝，祝順利。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Hey guys, maybe Ron, two related questions. What does the club pipeline look, and I know it's multi-year, club pipeline look like in Europe and Asia, let's say over the next three years, right? And where is there the sort of the greatest backlog of clubs coming?

各位好，Ron，可能有兩個相關問題。你們的賣場（club）開店管線是什麼樣子？我知道這是多年期的，那在歐洲與亞洲，假設未來三年，開店管線看起來如何？以及哪裡的賣場積壓（backlog）最多、即將開出的賣場最多？

And then secondly, when you think about capacity in Canada, right, where you've got some very high AUVs, I know you've been adding clubs, what does the capacity dynamic look like in that country?

第二，談到加拿大的產能，你們那邊的單店年營收（AUV）很高，我知道你們一直在增加賣場，那在那個國家產能的動態看起來如何？

Okay, in Canada, yes, we have a lot of upside potential. We've got some clubs, we've got the next three to five years charted out, and so we see consistent strong growth in Canada for at least the next five years, and then we'll have to come back and evaluate where we're going.

好，在加拿大，是的，我們有很大的上行潛力。我們有一些賣場，未來三到五年的規劃也都排好了，因此我們預期加拿大至少在未來五年會有持續強勁的成長，之後我們再回頭評估下一步要往哪裡走。

In Asia, great opportunities remain in China, in Korea and in Japan. Taiwan, we do see opportunity for a few more locations in that region, but we think primarily those other three big countries have the greatest potential for us as well.

在亞洲，中國、韓國與日本仍有很好的機會。台灣方面，我們也看到在該區域再開幾個據點的機會，但我們認為主要還是那三個大國對我們而言具有最大的潛力。

Europe, we're still very young in France, and we see that coming. Spain has got the shorter leeway that we see, significant growth in Spain over the next three years as well. And the UK has been very strong for us the last three years. So I think we see some very good things coming in the UK as well. So we see very strong international expansion over the next 5 to 10 years, and those countries would probably be the leaders outside of North America.

歐洲方面，我們在法國仍非常年輕，我們看到那邊的成長正在到來。西班牙的能見度較短，但我們也看到未來三年西班牙將有顯著成長。英國過去三年對我們來說一直非常強勁。所以我認為英國接下來也會有一些很好的發展。總體而言，我們看到未來5到10年國際擴張非常強勁，而這些國家大概會是北美以外的領先市場。

Okay. Thank you.

好的。謝謝。

Chris Nardone, Bank of America.

Chris Nardone，美國銀行。

Great. Thank you, guys. So on the executive membership strength, relative to recent trends, are you seeing more customers trade up from gold into executive or is the recent strength more driven by new customers choosing the higher tier membership? And then just as a related follow-up with the spike in gas prices, are you seeing new membership acquisition improve as you move through the spring season?

很好。謝謝各位。關於高階會員（Executive）成長力道，相較於近期趨勢，你們看到更多客戶從金星（Gold）升級到高階會員嗎？還是近期的強勁表現更多是由新客戶一開始就選擇較高等級的會員所帶動？另外，作為相關追問，隨著油價飆升，你們在春季期間是否看到新會員招募有所改善？

Thanks for the questions, Chris. On the executive membership, it's a combination of both. So we're definitely seeing an increase in membership upgrades from Gold membership, but we're also seeing a higher penetration of new members signing up for executive membership with the extra benefits that we offered, particularly the extended opening hours and the $10 per month on Instacart if you spend over a certain level.

謝謝你的問題，Chris。關於高階會員，兩者都有。我們確實看到從金星會員升級的人數增加，同時也看到新會員選擇高階會員的滲透率更高，因為我們提供了額外的福利，特別是延長營業時間，以及在 Instacart 上若消費達到一定門檻可享每月10美元的優惠。

Sorry, what was the second part of the question?

抱歉，第二個問題是什麼？

I don't know if we could attribute to any individual factor, but we're certainly seeing year over year growth in new member sign-ups as I mentioned earlier on the call. So we're pleased with that momentum and obviously, we were cycling some higher growth last year as well as I've referred to. So we're encouraged by the growth that we're seeing there. I wouldn't necessarily say we would attribute it to any one individual factor, but definitely seeing continued growth in new member sign-ups year over year.

我不確定我們能把它歸因於任何單一因素，但如同我先前在電話會議中提到的，我們確實看到新會員註冊年比年成長。所以我們對這股動能感到滿意；而且如我也提過的，我們去年本來就有較高的成長基期。因此我們對目前看到的成長感到鼓舞。我不會說我們會把它歸因於某一個單一因素，但確實看到新會員註冊持續年比年成長。

Okay, and then just the China executive rollout, how's that going relative to your expectations? And if you could just remind us where you could still roll out this program in some of your other international markets over time?

好的，那再問一下中國高階會員的推行進度，和你們的預期相比如何？另外也請你們提醒一下，隨著時間推進，你們在其他國際市場還有哪些地方可以推出這個方案？

Yeah, overall, we've been very pleased. I think it's ahead of our expectations in China. We obviously launched with high expectations, believing it would be a great value for our members, but we've seen a higher level of activity than we'd initially have expected. I would say today with China, we have executive membership in most of our markets where we have a sort of a level of warehouses over the sort of the seven number that we have in China.

是的，整體而言我們非常滿意。我認為在中國的表現超出我們的預期。我們推出時當然抱持很高的期待，相信這會為會員帶來很高的價值，但我們看到的活躍度比一開始預期的更高。我想就目前而言，在中國，我們在大多數市場都已提供高階會員——也就是在中國我們有大約七家倉儲店（warehouse）的那些市場。

There are some individual countries where we wouldn't have executive membership today. And certainly over time, if we grow that presence, that may make sense. But I think at the moment, we feel like we've got executive membership in the markets where it makes sense.

有一些個別國家目前還沒有高階會員。當然，隨著時間推進，如果我們在那些地方擴大布局，推出可能就有其合理性。但我認為就目前來看，我們覺得在適合的市場上，我們已經提供了高階會員。

Thank you.

謝謝。

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

各位女士先生，問答環節以及今天的電話會議到此結束。感謝各位的參與，現在可以掛線。