好市多 (COST) 2026 Q4 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 fourth-quarter fiscal year 2026 conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫[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會計年度第四季財報電話會議。（接線員指示）

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

謝謝。接下來我想把電話會議交給財務長 Gary Millerchip 先生。您可以開始了。

Good afternoon, everyone, and thank you for joining us for Costco’s fourth quarter 2026 earnings call.

各位下午好，感謝各位參加好市多2026年第四季財報電話會議。

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.

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》所定義的前瞻性陳述。這些陳述涉及風險與不確定性，可能導致實際事件、結果及／或表現與該等陳述所示者存在重大差異。

The risks and uncertainties include, but are not limited to, those outlined in today’s call, as well as other risks identified from time to time in the company’s public statements and reports filed with the SEC. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update these statements except as required by law.

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，以及公司不時在公開聲明與向美國證券交易委員會（SEC）提交之報告中所識別的其他風險。前瞻性陳述僅截至其作成之日有效，除法律要求外，公司不承諾更新該等陳述。

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

同店銷售額，以及剔除汽油價格與外匯變動影響的同店銷售額，旨在提供補充資訊，並非依照美國一般公認會計原則（GAAP）呈列之淨銷售額的替代指標。

Joining me for today’s call is our CEO, Ron Vachris. Before we dive into our financial results, I’ll hand over to Ron for some opening comments.

今天與我一同參與電話會議的還有我們的執行長 Ron Vachris。在我們深入財務結果之前，我先把時間交給 Ron 做一些開場說明。

Thank you, Gary, and good afternoon, everyone. Thank you for joining us today. As we wrap up fiscal year 2026, I’ll share a few highlights from the year before turning the call back over to Gary.

謝謝你，Gary，各位下午好。感謝各位今天加入我們。在我們結束2026會計年度之際，我會先分享幾項年度重點，之後再把電話會議交回給 Gary。

In the fourth quarter, we opened 12 warehouses, including a relocation in Taiwan, 10 new US buildings, and our 43rd warehouse in Mexico. For the fiscal year, we opened 28 new warehouses, including 3 relocations for a total of 25 net new buildings. This brings our warehouse count to 939 worldwide.

在第四季，我們新開了12家倉儲店，其中包括台灣的一次搬遷、10家美國新店，以及我們在墨西哥的第43家倉儲店。就整個會計年度而言，我們新開了28家倉儲店，其中包含3次搬遷，淨新增建物共25家。這使我們全球倉儲店總數達到939家。

Our current plan is to open another 33 warehouses in fiscal year 2027, of which 5 are relocations, as we build towards our goal of opening 30 net new warehouses per year. We continue to see significant opportunities for new warehouses growth, including new US markets such as Buffalo, New York and Lawrence, Kansas; infills in our more mature US markets; as well as international markets in which we operate.

我們目前的計畫是在2027會計年度再開設33家倉儲店，其中5家為搬遷店，朝向每年淨新增30家倉儲店的目標邁進。我們仍看到倉儲店成長的重大機會，包括美國的新市場（如紐約州水牛城與堪薩斯州勞倫斯）、在較成熟的美國市場進行加密佈點，以及我們所營運的國際市場。

We’re confident in the return on investment in all the buildings that we open, with new markets bringing more new members and infills driving many fewer new signups, but a much quicker maturity curve for sales and profitability. For fiscal year 2027, we are planning to open four buildings in Europe, five in Canada and one in Mexico and have a strong pipeline of new warehouses planned for Asia, Australia and other international markets in fiscal year 2028.

我們對所有新開店的投資報酬率都很有信心；新市場能帶來更多新會員，而加密佈點雖帶來的新申辦數明顯較少，但銷售與獲利的成熟曲線更快。在2027會計年度，我們計畫在歐洲開設4家、加拿大5家、墨西哥1家；並且在2028會計年度，於亞洲、澳洲及其他國際市場規劃了強勁的新店儲備管線。

Our business performed exceptionally well across all operating channels this year, including our warehouses, ancillary businesses and digital platforms. We delivered top-line sales growth of over 10% and expanded our market share by deepening member loyalty and capturing a larger share of wallet.

今年我們的業務在所有營運通路表現都非常出色，包括倉儲店、附屬業務與數位平台。我們實現了超過10%的營收成長，並透過深化會員忠誠度、提高會員錢包占比來擴大市占率。

This success was anchored by our agile item-driven model. Our buyers stayed ahead of member trends, quickly adjusting our assortment to offer high quality, relevant products at the lowest prices. This strong performance was spread across a wide range of departments, including meat, bakery, major electronics, and health and beauty aids.

這項成功以我們靈活的「商品驅動」模式為基礎。我們的採購團隊緊跟會員趨勢，迅速調整商品組合，以最低價格提供高品質且切合需求的產品。這樣的強勁表現涵蓋多個部門，包括肉品、烘焙、大型電子產品，以及健康與美容用品。

Our ancillary businesses also performed very well across the board with Gas, Pharmacy and Travel leading the way, all growing at a faster pace than our overall growth rate. Our Gas business has had a record year driven by members seeking value and Costco’s top-tier gasoline in the face of rising prices.

我們的附屬業務整體也表現非常亮眼，其中以加油站、藥局與旅遊業務領先，三者成長速度皆快於公司整體成長率。在價格上漲的環境下，會員追求更高性價比，加上好市多頂級汽油的吸引力，使我們的加油站業務創下歷史最佳年度表現。

In fiscal year 2026, we saw the penetration of US member households that purchase gas reach an all-time high. During the fiscal year, we estimate we saved our members over $3.2 billion versus the average price at the pump in markets where we operate. We also expanded 26 existing US gas stations during this year at our highest volume locations to increase throughput and improve the overall member experience.

在2026會計年度，美國會員家庭購買汽油的滲透率達到歷史新高。在本會計年度內，我們估計相較於我們營運市場的加油站平均油價，為會員節省了超過32億美元。我們也在今年於美國26座既有加油站（位於我們交易量最高的據點）進行擴建，以提升通行量並改善整體會員體驗。

In Pharmacy, sales grew nearly 20% as we continue to expanding our digital capabilities. We increased member value and convenience through our GLP-1 and fertility programs, as well as digital options like RX mobile Pay Ahead and pickup lockers.

在藥局方面，隨著我們持續擴展數位能力，銷售額成長接近20%。我們透過GLP-1與生育（fertility）方案，以及如RX行動「預先付款」（Pay Ahead）與取藥置物櫃等數位選項，提升會員價值與便利性。

Many US buildings are now achieving RX Pay Ahead penetrations of more than one-third of prescriptions, saving both members' and our employees' valuable time. These programs led to double-digit script growth for the year and that are more than offset the headwinds from lower prices as a result of Medicare maximum fair price changes.

目前許多美國門市的RX Pay Ahead滲透率已超過處方箋的三分之一，為會員與員工節省了寶貴時間。這些方案帶動本年度處方量（script）呈現雙位數成長，且足以抵銷因聯邦醫療保險（Medicare）最高公平價格（maximum fair price）調整所造成的降價逆風。

This quarter, we are excited to announce a new partnership with SCAN Health Systems to develop Medicare Advantage benefits that will help members get more value for their healthcare.

本季，我們很高興宣布與SCAN Health Systems建立新的合作夥伴關係，共同開發聯邦醫療保險優勢計畫（Medicare Advantage）的福利，協助會員在醫療照護上獲得更高價值。

Our Costco Travel business continues to add exciting new packages and worldwide destinations. Vacation packages, cruises, and car rentals all grew double digits during the year as our great values continue to resonate with our members.

我們的Costco Travel旅遊業務持續新增令人期待的新套裝行程與全球目的地。在本年度，度假套裝、郵輪與租車業務皆呈現雙位數成長，顯示我們的高性價比持續獲得會員認同。

During fiscal year '26, Costco sent over 750,000 members on cruises, an increase of 16%. One of those members booked a 154-night cruise on Regent Seven Seas at a cost of over $218,000. This member will receive an $8,800 shop card as they conclude their cruise.

在2026會計年度，好市多送出超過75萬名會員搭乘郵輪，成長16%。其中一位會員預訂了Regent Seven Seas的154晚郵輪行程，費用超過21.8萬美元。該會員在完成航程後將獲得8,800美元的購物卡（shop card）。

We continue to make progress on digital in fiscal year '26. Digitally enabled sales, which include third-party delivery, exceeded $33 billion and was an increase of more than 20%.

在2026會計年度，我們在數位化方面持續取得進展。數位賦能銷售（包含第三方外送）超過330億美元，增幅超過20%。

Over the last few weeks, we have further expanded the ways in which our members can engage with us online with the announcement that our Uber Eats partnership is growing from 17 states to the entire US, as well as expansion of DoorDash partnership to include the US. These partnerships will complement the successful long-term partnership that we’ve had with Instacart in the US and Canada.

在過去幾週，我們進一步擴大會員可在線上與我們互動的方式：我們宣布與Uber Eats的合作將從17個州擴展至全美，同時也擴大與DoorDash的合作，將美國納入合作範圍。這些合作將與我們在美國與加拿大長期且成功的Instacart合作相互補強。

Members using these new marketplaces are significantly younger than our overall member base. Average delivery times across all three platforms are under an hour, bringing increased convenience in addition to our great values. We’ve observed that these sales through these channels are mostly incremental, with limited impact on our core warehouse grocery business.

使用這些新平台的會員年齡顯著低於我們整體會員基礎。三個平台的平均配送時間皆在一小時以內，在提供高性價比之外也帶來更高便利性。我們觀察到，透過這些通路產生的銷售多屬增量，對我們核心倉儲店雜貨業務的影響有限。

Our Membership continues to be the most important item we sell, and the additional benefits we introduced for executive members last year continue to resonate well. Executive member penetration reached an all-time high in fiscal year '26. Renewal rates showed improvements again this quarter, with the increasing executive penetration likely to help improve those rates in the future.

會員制度仍是我們最重要的「商品」，而我們去年為行政會員（Executive members）新增的額外福利持續獲得良好回響。在2026會計年度，行政會員滲透率達到歷史新高。本季續約率再次改善，而行政會員滲透率的提升可望在未來進一步推升續約率。

Growth in new member sign-ups through digital channels and younger members also continued. Looking over a longer time horizon, our member base under 40 has grown nearly 60% since COVID, increasing our total penetration of members under 40 to more than a quarter of our total base. While these younger members start out spending a little less with us, over time, they grow into higher spending members.

透過數位通路的新會員註冊成長，以及年輕會員的增加也持續進行。從較長期的時間軸來看，自 COVID 以來，我們 40 歲以下的會員基礎已成長近 60%，使 40 歲以下會員在我們整體會員基礎中的滲透率提升至超過四分之一。雖然這些較年輕的會員起初在我們這裡的消費略低，但隨著時間推移，他們會成長為更高消費的會員。

Finally, I’ll touch briefly on tariff refunds, and Gary will share more details later in the call. As shared in our earnings release, we received some initial tariff refunds in the fourth quarter, and we reinvested some of these dollars to give value back to our members. This was predominantly through price reductions on a number of items in the second half of the quarter, including everyday items in produce, meat, and beverages, and some non-food items such as home furnishings and hardware.

最後，我將簡要談一下關稅退稅，Gary 會在稍後的電話會議中分享更多細節。如我們的財報新聞稿所述，我們在第四季收到部分初步的關稅退稅，並將其中部分資金再投資，以回饋會員更多價值。這主要透過在本季後半段對多項商品降價來實現，包括生鮮蔬果、肉品與飲料等日常用品，以及部分非食品品項，例如家居用品與五金。

Reflecting back on the year, I want to thank all of our employees worldwide and congratulate them on another great year. As a management team, we continue to be incredibly proud of our 355,000 employees worldwide and the culture that they help foster. Their dedication to following our code of ethics, doing what’s right, and taking care of our members are the driving force for the consistency of our financial results.

回顧這一年，我要感謝我們全球所有員工，並恭喜大家再度締造精彩的一年。作為管理團隊，我們持續為全球 355,000 名員工以及他們所共同形塑的企業文化感到無比自豪。他們致力於遵循我們的道德規範、做正確的事並照顧會員，正是我們財務成果能夠保持一致性的驅動力量。

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

接下來，我把時間交回給 Gary，請他說明本季的財務結果；我會在問答環節再回來，回答一些問題。

Thanks, Ron. In today’s press release, we reported operating results for the fourth quarter of fiscal year 2026, the 16 weeks ended August 30. 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 2026 會計年度第四季的營運結果，本季為截至 8 月 30 日止的 16 週。如同往常，我們在投資人網站的「活動與簡報」(Events and Presentations) 區域發布了投影片簡報，提供補充資訊以支援今天的新聞稿內容。

Net income for the fourth quarter came in at $2.998 billion, or $6.75 per diluted share. This year’s results include a non-recurring benefit of $0.15 per diluted share from IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds in increased member values. Excluding this non-recurring benefit, net income and EPS were up 12.3% and 12.4% respectively from $2.61 billion, or $5.87 per diluted share last year.

第四季淨利為 29.98 億美元，稀釋後每股盈餘為 6.75 美元。本年度的結果包含一項非經常性利益：本季收到的 IEEPA 關稅退稅帶來稀釋後每股 0.15 美元的貢獻，扣除將部分退稅再投資以提升會員價值的影響。若排除這項非經常性利益，淨利與每股盈餘分別較去年 26.10 億美元（稀釋後每股 5.87 美元）成長 12.3% 與 12.4%。

On the topic of tariff refunds, we received $184 million in the fourth quarter, which was made up of $174 million in refunds and $10 million in interest. This amount represents a little more than one-third of the total refunds expected. In the first quarter of fiscal year 2027, we have already received a similar amount of refunds as we did in Q4, and we intend to continue reinvesting the majority of the dollars we receive in increased member values.

關於關稅退稅，我們在第四季收到 1.84 億美元，其中包含 1.74 億美元退稅與 1,000 萬美元利息。此金額約略超過預期退稅總額的三分之一。在 2027 會計年度第一季，我們已收到與第四季相近金額的退稅；我們也打算持續將所收到資金中的大部分再投資，以提升會員價值。

As tariff refunds and tariff refund reinvestments are non-recurring items that will continue to impact our financial results in fiscal year 2027, we plan to provide a similar level of information about the net impact on future quarterly earnings calls.

由於關稅退稅及關稅退稅再投資屬於非經常性項目，且將在 2027 會計年度持續影響我們的財務結果，我們計畫在未來各季的財報電話會議中，提供同等程度的資訊，說明其對淨影響。

Net sales for the fourth quarter were $93.87 billion, an increase of 11.2% from $84.43 billion in Q4 2025. Comparable sales were up 9.4% and 6.7% adjusted for gas price inflation and FX. Excluding Gas sales entirely and adjusting for the impact of foreign exchange, comparable sales were also up 6.7%.

第四季淨銷售額為 938.7 億美元，較 2025 年第四季的 844.3 億美元成長 11.2%。同店銷售成長 9.4%；若調整汽油價格通膨與匯率（FX）影響後，成長 6.7%。若完全排除汽油銷售並調整外匯影響後，同店銷售亦成長 6.7%。

Digitally enabled comparable sales were up 19.5% and 19.8% adjusted for FX. Our segment breakout of comparable sales is disclosed in both our earnings release and the supplemental slide deck.

數位帶動的同店銷售成長 19.5%；若調整匯率影響後，成長 19.8%。我們按部門區分的同店銷售拆分資訊，已在財報新聞稿與補充投影片簡報中揭露。

In terms of Q4 comp sales metrics, FX negatively impacted sales by approximately 0.3%, while gas price inflation positively impacted sales by approximately 3%. Traffic or shopping frequency increased 3.3% worldwide. Our average transaction or ticket was up 5.9% worldwide and 3.3%, excluding gas price inflation and changes in FX.

就第四季同店銷售的指標而言，匯率對銷售約造成 0.3% 的負面影響，而汽油價格通膨對銷售約帶來 3% 的正面影響。全球來客數或購物頻率增加 3.3%。全球平均交易金額（客單價）成長 5.9%；若排除汽油價格通膨與匯率變動，則成長 3.3%。

Moving down the income statement to membership fee income. We reported membership fee income of $1.849 billion, an increase of $125 million or 7.3% year over year. Adjusting for FX, the increase was 7.7%. The September 2024 US and Canada membership fee increase accounted for less than 1% of fee growth. And as a reminder, Q4 marks the last quarter in which we will see a year-over-year benefit from the membership fee increase.

接著往下看損益表中的會員費收入。我們的會員費收入為 18.49 億美元，年增 1.25 億美元（或 7.3%）。若調整匯率影響，增幅為 7.7%。2024 年 9 月美國與加拿大的會員費調漲，對會員費成長的貢獻不到 1%。並提醒各位，第四季是我們最後一個能在年對年比較中看到會員費調漲帶來正向效益的季度。

Excluding the membership fee increase in FX, membership income grew 6.8% year over year. This was driven by higher executive membership penetration and base membership growth. At Q4 end, we had 42.3 million paid executive members, up 9.4% versus last year. We ended the quarter with 84.1 million total paid members, up 3.8% versus last year; and 150.4 million cardholders, up 3.6% year over year.

若排除會員費調漲與匯率影響，會員收入年增 6.8%。主要由更高的高階會員（Executive）滲透率與基本會員數成長所帶動。截至第四季末，我們的付費高階會員為 4,230 萬名，較去年成長 9.4%。本季結束時，付費會員總數為 8,410 萬名，較去年成長 3.8%；持卡人數為 1.504 億人，年增 3.6%。

In terms of renewal rates at Q4 end, our US and Canada renewal rate was 92.3%, up 10 basis points from last quarter, and the worldwide rate came in at 89.8%, also up 10 basis points. It was pleasing to see the improvement in overall renewal rates this quarter as we continue to make progress with our targeted digital communications and retention strategies. As Ron mentioned earlier, in the longer term, we would also expect higher executive membership penetration to lead to a further improvement in renewal rates as executive members generally renew at a higher rate than Gold Star members.

就第四季末的續約率而言，美國與加拿大的續約率為 92.3%，較上季提高 10 個基點；全球續約率為 89.8%，同樣提高 10 個基點。本季整體續約率的改善令人欣慰，因為我們持續在目標式數位溝通與留存策略上取得進展。如 Ron 先前提到，從長期來看，我們也預期更高的高階會員滲透率將進一步提升續約率，因為高階會員的續約率通常高於 Gold Star 會員。

Turning now to gross margin. Our reported gross margin rate was lower year over year by 11 basis points, coming in at 11.02% compared to 11.13% last year. Excluding gas inflation, the gross margin rate was higher by 20 basis points. Core on core was lower by 32 basis points and lower by nine basis points excluding gas inflation.

接著談毛利率。我們揭露的毛利率年對年下降 11 個基點，為 11.02%，去年為 11.13%。若排除汽油通膨影響，毛利率則提高 20 個基點。核心對核心（core on core）下降 32 個基點；若排除汽油通膨影響，則下降 9 個基點。

In terms of core margins on their own sales, our core-on-core margins were higher by 18 basis points, excluding the impact of tariff refunds and tariff refund reinvestments. The increase in core-on-core margins was broad-based, with fresh, non-foods, and food and sundries all higher year over year.

就核心品類自身銷售的核心毛利而言，若排除關稅退稅與關稅退稅再投資的影響，我們的核心對核心毛利提高 18 個基點。核心對核心毛利的提升相當全面，生鮮、非食品，以及食品與雜貨（food and sundries）皆較去年提高。

Supply chain efficiencies drove margin improvement across all categories. Fresh also benefited from higher labor productivity in meat, bakery and deli. And non-foods benefited from strong sell-through rates and a shift in sales mix as higher margin departments outperformed in the quarter. The difference between reported core margins and core-on-core margins was primarily due to mixed changes as we saw Gas, E-commerce, and Pharmacy sales grow at a faster rate than core merchandise sales.

供應鏈效率提升帶動各品類的毛利改善。生鮮亦受惠於肉品、烘焙與熟食部門更高的勞動生產力。非食品則受惠於強勁的售罄率，以及本季高毛利部門表現優於其他部門所帶來的銷售組合轉變。揭露的核心毛利與核心對核心毛利之間的差異，主要來自組合變動，因為我們看到汽油、電商與藥局銷售的成長速度快於核心商品銷售。

Ancillary and other businesses gross margin was higher by 23 basis points and 32 basis points excluding gas inflation. This was driven by the higher sales penetration in E-commerce, Pharmacy, and Gas that I referenced a moment ago.

附屬及其他業務的毛利率提高了23個基點；若排除汽油通膨影響，則提高了32個基點。這主要是由於我剛才提到的電子商務、藥局與加油站的銷售滲透率提高所帶動。

LIFO negatively impacted the rate by 11 basis points and 12 basis points without gas inflation. We had a $152 million LIFO charge in Q4 this year compared to a $43 million charge in Q4 last year. Higher memory costs in consumer electronics and inflation on items directly affected by the ongoing conflict in the Middle East, such as gas, motor oil, and resins, were the biggest drivers.

LIFO使該比率受到11個基點的負面影響；若不含汽油通膨，則為12個基點。今年第四季我們認列1.52億美元的LIFO費用，而去年第四季為4,300萬美元。消費性電子產品的記憶體成本上升，以及受中東持續衝突直接影響的品項通膨（如汽油、機油與樹脂），是最大的驅動因素。

As a reminder, LIFO is calculated by comparing the cost of inventory on hand at the beginning of the fiscal year to the cost of inventory on hand at the end of the year. The magnitude of the LIFO charge in the quarter was much larger than the inflation rate in the quarter as a result of the need to true up LIFO for the full fiscal year in our fourth quarter.

提醒一下，LIFO是透過比較會計年度期初的期末存貨成本與年度期末的期末存貨成本來計算。由於我們需要在第四季對整個會計年度的LIFO進行調整（true up），因此本季LIFO費用的幅度遠大於本季的通膨率。

Lastly, as the IEEPA tariff refunds and the partial reinvestment of those refunds is a non-recurring item, we have shown the net impact separately within the other line of our gross margin matrix. This net benefit was 9 basis points both with and without gas inflation. As this was a non-recurring item, this impact is excluded from the core gross margin results.

最後，由於IEEPA關稅退稅及對該等退稅的部分再投資屬於一次性項目，我們已在毛利矩陣的「其他」項下單獨揭露其淨影響。此淨效益在包含與不包含汽油通膨的情況下皆為9個基點。由於這是一次性項目，因此該影響已自核心毛利結果中排除。

Moving on to SG&A. Our reported SG&A rate was lower or better year over year by 27 basis points, coming in at 8.94% compared to last year’s 9.21%. Excluding gas inflation, SG&A was lower or better by two basis points.

接著談SG&A。我們揭露的SG&A率年對年下降（或改善）27個基點，為8.94%，相較去年為9.21%。若排除汽油通膨，SG&A下降（或改善）2個基點。

The operations component of SG&A was lower or better by 22 basis points and flat excluding the impact of gas inflation. Central was lower or better by 5 basis points and lower by 2 basis points, excluding the impact of gas inflation.

SG&A中的營運（operations）組成部分下降（或改善）22個基點；若排除汽油通膨影響則持平。總部（central）下降（或改善）5個基點；若排除汽油通膨影響則下降2個基點。

Below the operating income line, interest expense was $44 million versus $45 million last year. Interest income was $209 million versus $169 million last year, driven by higher cash balances and $10 million of interest received related to tariff refunds. And FX and other was a $44 million benefit versus a $46 million benefit last year. In terms of income taxes, our tax rate in Q4 was 25.2% compared to 25.6% in Q4 last year.

在營業利益線以下，利息費用為4,400萬美元，去年為4,500萬美元。利息收入為2.09億美元，去年為1.69億美元，主要受較高現金餘額以及與關稅退稅相關所收取的1,000萬美元利息所帶動。外匯及其他為4,400萬美元的利益，去年為4,600萬美元的利益。就所得稅而言，我們第四季的稅率為25.2%，去年第四季為25.6%。

Turning now to some key items of note in the quarter. Capital expenditure was $2.21 billion in Q4 and $6.4 billion for the full year. For fiscal year 2027, we are planning approximately $7.5 billion in capital expenditure.

接下來談本季幾個值得注意的重點項目。第四季資本支出為22.1億美元，全年為64億美元。在2027會計年度，我們規劃約75億美元的資本支出。

This increase is predominantly due to a growth in the pipeline of new warehouses as we target a run rate of 30 net new openings a year and the continuation of outside spend on our supply chain, which will set us up to efficiently support future warehouse and E-commerce sales growth. Beyond fiscal year 2027, we would expect to see a slowing in the rate of capital expenditure growth following three years of outsized growth that began in fiscal year 2025.

此增幅主要來自新倉庫開發管線的成長（我們目標為每年淨新增開店30家）以及供應鏈外部支出的持續投入，這將使我們能有效率地支援未來倉庫與電子商務銷售成長。在2027會計年度之後，隨著自2025會計年度開始、連續三年的超常成長告一段落，我們預期資本支出成長率將放緩。

Turning now to some merchandising highlights. Through a relentless focus on value, quality, and newness, we delivered consistently strong comparable sales growth in Q4. Non-foods comp sales were up mid- to high-single digits. Top-performing departments were gold and jewelry, home furnishings, housewares, small electrics, and health and beauty.

接著談一些商品（merchandising）亮點。透過對價值、品質與新品的持續專注，我們在第四季交出一貫強勁的同店銷售成長。非食品同店銷售成長達中到高個位數。表現最佳的部門包括黃金與珠寶、家居家具、家用器皿、小型電器，以及健康與美容。

Our success in health and beauty is a great example of our buyers identifying global trends and sourcing new items that resonate strongly with our members. Some of the best performing items this quarter included K-beauty products such as collagen face masks and lotions from a number of top Korean vendors.

我們在健康與美容的成功，是採購團隊辨識全球趨勢並引進能強烈引起會員共鳴新品的絕佳例子。本季表現最好的部分商品包括K-beauty產品，例如來自多家頂尖韓國供應商的膠原蛋白面膜與乳液。

Fresh comparable sales were up mid-single digits, led by bakery and meat. Growth in bakery reflects our success in adding new and indulgent items at great value for our members. An example of this is our in-house pastries, which grew by over 100% in the quarter. In meat, our commitment to great quality and value fueled continued growth in both lower cost proteins, such as poultry and ground beef, as well as premium items such as USDA Prime beef and Wagyu.

生鮮同店銷售成長達中個位數，主要由烘焙與肉品帶動。烘焙的成長反映我們成功以極具價值的價格為會員增加新品與更具享受感的商品。例如我們自製糕點，本季成長超過100%。在肉品方面，我們對高品質與高價值的承諾，帶動較低成本蛋白（如家禽與絞牛肉）以及高端品項（如USDA Prime牛肉與和牛）持續成長。

Now, before moving on from the Fresh departments, I did want to address the speculation that’s been blowing up our social media feeds and confirm that the rumors are true. For a limited time, the Food Court churro will be returning to all our US locations starting this month.

在離開生鮮部門之前，我確實想回應近期在我們社群媒體上引發熱議的揣測，並確認傳聞屬實。在限定期間內，美國所有門市的美食廣場吉拿棒（churro）將自本月起回歸。

Food and sundries comp sales grew low- to mid-single digits, led by packaged foods, sundries, and frozen foods. We continue to see a shift in member shopping habits towards healthier packaged foods and protein items such as meat snacks, sardines, canned tuna and chicken, as well as high-fiber options such as edamame and granola snacks, all experienced strong growth.

食品與雜貨同店銷售成長為低到中個位數，主要由包裝食品、雜貨與冷凍食品帶動。我們持續看到會員購物習慣轉向更健康的包裝食品與蛋白質品項，例如肉類零食、沙丁魚、鮪魚罐頭與雞肉罐頭；以及高纖選項如毛豆與燕麥穀物零食，皆呈現強勁成長。

Kirkland Signature items play an important role in how we deliver greater value for our members, offering savings of at least 15% to 20% compared to the national brand equivalent with equal or better quality. Q4 launches included our KS Japanese Matcha Green Tea Powder, KS 1 oz Silver Bars, KS Pretzel sandwiches, and KS Ultra-Filtered 2% Milk.

Kirkland Signature商品在我們為會員提供更高價值方面扮演重要角色；在品質相同或更佳的前提下，相較同等的全國性品牌，提供至少15%到20%的節省。第四季推出的新品包括KS日本抹茶綠茶粉、KS 1盎司銀條、KS 椒鹽脆餅三明治，以及KS 超濾2%牛奶。

Our goal is to be the first to lower prices where we see opportunities to do so, and the following are examples of price reductions that we implemented during the quarter: KS Walnuts from $13.79 to $9.99, KS Colombian Whole Bean Coffee from $21.99 to $19.99, KS Dry Facial Towel from $19.99 to $18.99, and KS Coarse Black Pepper from $6.99 to $5.99.

我們的目標是在看到機會時，率先降價；以下是本季我們實施的降價例子：KS核桃由13.79美元降至9.99美元、KS哥倫比亞全豆咖啡由21.99美元降至19.99美元、KS乾式洗臉巾由19.99美元降至18.99美元，以及KS粗粒黑胡椒由6.99美元降至5.99美元。

In ancillary businesses, comp sales continue to be extremely strong, up high 20s during the quarter. As Ron shared earlier, Gas, Pharmacy, and Travel led the way, and are all great examples of how we grow share of wallet and deliver increased value from a Costco Membership. Gas comps were positive mid-30s, driven by the price per gallon increase year over year and record Gas volumes.

在附屬業務方面，同店銷售持續非常強勁，本季成長達高20%區間。如Ron先前分享，加油站、藥局與旅遊業務領先帶動，這些都是我們如何提升會員錢包占比並透過Costco會員資格提供更多價值的絕佳例子。加油站同店銷售成長為中30%區間，主要由每加侖價格年對年上升以及創紀錄的加油量所帶動。

Turning to inflation. Overall, inflation during Q4 remained in the low single digits. As I mentioned when discussing LIFO earlier, we did see an increase in non-foods inflation during the quarter, predominantly due to memory costs in consumer electronics, gas, and petroleum-based items. Inflation in food and sundries and fresh was largely consistent with prior quarters, as inflation in meat was offset by deflation in eggs and dairy.

接著談通膨。整體而言，第四季通膨仍維持在低個位數。如我先前在討論LIFO時提到，本季我們確實看到非食品通膨上升，主要來自消費性電子產品的記憶體成本、汽油以及石油基產品。食品與雜貨以及生鮮的通膨大致與前幾季一致，因為肉品通膨被雞蛋與乳製品的通縮所抵銷。

In the supply chain, while our traffic teams are working through some minor shipping disruptions due to recent typhoons in Asia and Panama Canal delays due to El Niño, product is flowing relatively smoothly, and our merchants feel good about our inventory position. We continue to watch freight costs closely due to higher fuel prices. So far, the impact has been manageable as incremental fuel surcharges have been largely offset by lower contracted shipping rates.

在供應鏈方面，雖然我們的運輸團隊正處理一些輕微的運輸中斷（原因包括近期亞洲颱風，以及受聖嬰現象影響的巴拿馬運河延誤），但整體貨物流動仍相對順暢，我們的採購團隊對庫存水位感到放心。由於燃料價格較高，我們持續密切關注運費成本。截至目前影響仍在可控範圍內，因為新增的燃油附加費多半已被較低的合約運價所抵銷。

In digital, total site and app traffic was up 30%. Breaking down our digitally enabled sales results, pharmacy, home furnishings, small electrics, hardware, housewares, domestics, and health and beauty were all top performers.

在數位端，網站與App的總流量成長30%。拆解我們數位賦能的銷售成果，藥局、家居擺設、小型電器、五金、家用品、家用紡織品，以及健康與美容皆為表現最突出的品類。

Some of you may have noticed that we recently made the decision to discontinue our extended marketplace offering, Costco Next. As our digital capabilities mature, we believe that integrating the most popular items and brands from Costco Next more seamlessly into the Costco App and website provides a better member experience and will increase sales. This change is not material to our results.

各位之中可能有人注意到，我們近期決定停止提供延伸型市集服務 Costco Next。隨著我們的數位能力日益成熟，我們相信，將 Costco Next 最受歡迎的商品與品牌更無縫地整合進 Costco App 與網站，能帶來更好的會員體驗並提升銷售。這項變動對我們的業績並不具重大影響。

During the quarter, we continued to accelerate personalization, including enhanced product placements and email communications. Our approach is resonating well with members, leading to triple-digit growth in sales from personalized initiatives in Q4. And 10% of all Costco.com orders now include a personalized item.

本季我們持續加速個人化推進，包括強化的商品版位與電子郵件溝通。我們的作法與會員產生良好共鳴，使得第四季來自個人化計畫的銷售呈現三位數成長。目前 Costco.com 的所有訂單中，有10%已包含個人化商品。

While starting from a low base relative to other channels, AI continues to grow in its influence on how our members are searching for products. Traffic to our site from AI search grew triple digits for the second consecutive quarter and continues to show the highest conversion rate of all site traffic.

雖然相較其他渠道仍處於較低基期，AI 持續在會員搜尋商品的方式上擴大影響力。來自 AI 搜尋導流至我們網站的流量已連續第二季呈現三位數成長，且仍是所有網站流量中轉換率最高的來源。

Similar to E-commerce sales overall, sales originated from AI search are led by appliances and consumer electronics. Interestingly, the Costco Membership is also among the top items originated from AI searches, indicating that there is a strong, positive sentiment around the value of our membership coming from these sources.

與整體電商銷售類似，源自 AI 搜尋的銷售主要由家電與消費性電子產品帶動。有趣的是，Costco 會員資格本身也名列 AI 搜尋帶來的熱門項目之一，顯示這些來源對我們會員價值具有強烈且正向的觀感。

In closing, we are incredibly proud of our team and the great results they delivered in fiscal year 2026. As in the past, during times of wider market uncertainty, we believe our commitment to taking care of our members and delivering highly relevant products and services at the lowest price present opportunities for Costco to continue to grow our top-line sales and market share in fiscal year 2027.

最後，我們對團隊在2026會計年度所交出的優異成果感到無比自豪。如同以往，在更廣泛市場不確定性升高之際，我們相信，持續致力於照顧會員，並以最低價格提供高度相關的商品與服務，將為 Costco 在2027會計年度持續提升營收與市占率帶來機會。

That concludes our prepared remarks. In terms of upcoming releases, we will announce our September sales results for the five weeks, ending Sunday, October the 4, on Wednesday, October the 7, after market close. We will now open the line up for questions.

以上為我們預先準備的發言。關於接下來的發布，我們將於10月7日（週三）收盤後，公布截至10月4日（週日）為止、為期五週的9月銷售結果。接下來我們將開放提問。

(Operator Instructions) Michael Lasser, UBS.

（接線員指示）Michael Lasser，瑞銀。

So it sounds like, given the tariff refund, you have invested about $100 million into price to reinforce Costco's value proposition, yet we really haven't seen a meaningful change in the trajectory of the monthly sales as of yet. And if anything, it has moderated a touch.

聽起來，考量關稅退稅，你們已投入約1億美元用於價格，以強化 Costco 的價值主張，但截至目前我們似乎尚未看到月度銷售走勢出現明顯變化。甚至可以說，還稍微趨緩了一點。

So how are you evaluating the return on those investments? And if price is not moving the needle as significantly as maybe it has in the past, should we calibrate our expectations that this year is just going to be a more return to historic levels of same-store sales growth for Costco?

那麼你們如何評估這些投資的報酬？如果價格對業績的帶動不如過去那麼顯著，我們是否應調整預期，認為今年只是回到 Costco 歷史水準的同店銷售成長？

Michael, I think there's a couple of different sort of questions in there. I guess I would break it out between.

Michael，我想你這裡面其實包含了幾個不同的問題。我想我會把它拆開來看。

I think as we think about the member and how they're thinking about value, I would say we're seeing very similar trends to what we've talked about in prior quarters. Our members continue to show resilience in their spending, and they show a willingness to spend in discretionary areas where they're seeing exciting new items at great value.

我認為，當我們思考會員以及他們如何看待價值時，我會說我們看到的趨勢與先前幾季談到的非常相似。我們的會員在支出上仍展現韌性，而且在可選消費領域，只要看到令人興奮的新商品且具備很高的價值，他們也願意花錢。

As we talked about the quarter, while Gas was definitely a major impact on top-line sales as members resonated with the value that we offer through our gas stations as they saw prices higher overall at the pump. When we look at our sales, excluding Gas, they remain very robust.

如同我們在本季所談到的，汽油確實對營收有很大的影響，因為當會員在加油站看到整體油價上升時，他們對我們加油站所提供的價值產生共鳴。但當我們檢視銷售、排除汽油後，表現仍然非常強勁。

We had comp-adjusted sales when you take out Gas and FX in that sort of 6% to 7% range as they've been pretty much consistently for a year now. But I would say what really stood out for us during the quarter was, as you heard me say in maybe some of the prepared comments, is that non-food sales was the highest-performing category overall, that shows that we are seeing members respond to the quality and the value items that we're offering and the value they present.

若剔除汽油與匯率影響，我們的同店調整後銷售約落在6%到7%的區間，這個水準在過去一年幾乎一直維持一致。但我會說，本季對我們而言最突出的地方是——如同你可能在我部分預先準備的發言中聽到的——非食品銷售是整體表現最好的類別，這顯示會員確實在回應我們所提供的高品質與高價值商品，以及其所呈現的價值。

We also saw, as Ron mentioned in his comments, strong growth in Travel as well, which I think is a good indicator of where there's great value our members are really embracing that proposition that we're offering. So we believe that we continue to offer a very compelling proposition for our members, and we're seeing a continuation of the trends that we've seen really throughout the year.

此外，如 Ron 在他的發言中提到的，我們也看到旅遊業務的強勁成長；我認為這是很好的指標，顯示在具備高度價值的領域，會員確實非常認同並擁抱我們所提供的主張。因此，我們相信我們持續為會員提供非常具吸引力的方案，也看到這些趨勢在今年以來持續延續。

On the pricing reinvestments, to your point, really, we view that as very much a giving value back to our members for the tariff refunds that we received. And we -- our goal was to make sure that we spread those as we could to items that would have the most impact for members.

至於價格再投資，正如你所說，我們確實將其視為把收到的關稅退稅回饋給會員。而我們的目標是確保盡可能把這些回饋分配到對會員影響最大的商品上。

So as Ron mentioned, quite a few everyday items were impacted. We did also invest some dollars into a number of non-food areas where tariffs would have had an impact on those items, in particular, when the IEEPA tariffs were originally introduced. So overall, we view that very much as giving value back to our members for the tariffs that we pay, but we still feel very good about the comparable sales trajectory that we see in our performance and how our members are showing up and spending.

因此，如 Ron 所提到的，許多日常用品都受到影響。我們也在若干非食品領域投入了一些資金，因為關稅原本會對這些商品造成影響，特別是在 IEEPA 關稅最初推出時。整體而言，我們確實將其視為把我們所支付關稅的退稅回饋給會員；同時，我們對目前所看到的同店銷售走勢、我們的表現，以及會員到店與消費的狀況仍感到非常有信心。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

My question is on membership. So the spread between membership growth and the unit growth is now or not MFI, but membership growth. How do you look at that? How should we look at it?

我的問題是關於會員。會員成長與單位成長之間的差距現在——不是 MFI，而是會員成長——你們怎麼看待這件事？我們又該如何解讀？

I'm sure it is a growth driver in some way. But can you make the case that, as long as existing member spend continues to climb, then the narrowing spread is just noise?

我確定它在某種程度上是成長驅動因素。但你們能否論證：只要既有會員的消費持續上升，那麼差距縮小其實只是雜訊？

Thanks, Simeon. Yeah, the way we look at our membership growth, to your point is, we look at all the drivers of membership growth. And overall, when we think about the components of that, we were pleased with the year where we saw new member sign-ups grew during fiscal year '26. And that was at a time when we were cycling a strong growth in new member science from fiscal year 2025. And it was also without having any major outsized new openings in Asia that would typically cause a spike in new member sign-ups.

謝謝你，Simeon。是的，我們看待會員成長的方式，如你所說，是檢視所有推動會員成長的因素。整體而言，當我們思考其組成時，我們對今年的表現感到滿意，因為在2026會計年度，新會員註冊數有所成長。而這是在我們正面臨2025會計年度新會員註冊強勁成長的高基期之下所達成的。同時，在亞洲也沒有任何特別重大的、超出常態的新店開幕（通常會帶來新會員註冊的尖峰）。

So solid underlying performance in membership sign-ups, a healthy level of sign-ups. And as Ron also mentioned in some of the earlier comments, what we've also been pleased within that membership growth is seeing a younger member and sort of seeing that penetration go through over a quarter now of all members being under 40, we think is a really positive sign, to your point, about continued growth in spend per member.

因此，會員註冊的基本面表現穩健，註冊水準也很健康。另外，如 Ron 在先前的部分評論中也提到，我們對會員成長中另一個讓我們感到欣慰的面向，是看到會員年齡層更年輕，且這樣的滲透率提升——目前已有超過四分之一的會員年齡在40歲以下——我們認為這是非常正面的訊號，也呼應你提到的每位會員消費持續成長的觀點。

We also saw a record level of executive membership penetration, both in new sign-ups and within the base, which again, similar to the theme you were sharing earlier, generally, our executive members spend at a higher level than our Gold Star members. So another sort of lead indicator that we feel is a good measure of quality around our member loyalty and member spend overall.

我們也看到高階會員（Executive Membership）滲透率創下新高，無論是在新註冊或既有會員基礎中皆是如此；同樣呼應你先前分享的主題，一般而言，我們的高階會員消費水準高於 Gold Star 會員。因此，這也是另一個我們認為可作為領先指標的面向，用以衡量會員忠誠度與整體會員消費的品質。

And then I think the final point on the membership sort of underlying metrics with the renewal rate absolute level being a strong data point but also ticked up slightly during the quarter. So overall, we feel good about the membership metrics.

接著我想，關於會員的一些底層指標，最後一點是：續會率的絕對水準本身就是一個強勁的數據點，而且在本季也小幅上升。因此整體而言，我們對會員指標感到滿意。

But I think to your point, which is a really important one is, one of the things I think we're most excited about is when we look at the insights around membership is how we think about the quality of our membership base. And what I mean by that is we exit fiscal year 2026 with a record high executive penetration, as I mentioned, record high gas engagement, record high digital engagement.

但我想呼應你提到的一點——這確實非常重要——我們最感到興奮的其中一件事，是當我們看會員相關洞察時，我們如何看待會員基礎的品質。我的意思是，我們在2026會計年度結束時，行政會員滲透率創下歷史新高；如我所提，汽油業務參與度創新高、數位參與度也創新高。

And when you look at sort of the things that we think about that are the strongest indicators of loyalty and likelihood of members continuing to spend the biggest share of wallet and spend more top-line sales with us, then we do believe that really bodes well. And when you combine that with the underlying growth in membership, we think the combination of the two is a good indicator of the opportunity to keep growing top-line sales.

而當你回頭看我們所關注、且被視為忠誠度與會員持續消費可能性最強的指標——也就是會員持續把最大份額的錢包份額花在我們這裡，並帶來更多營收——我們確實相信這是非常正面的訊號。再加上會員數的底層成長，我們認為兩者結合，是持續推動營收成長機會的一個良好指標。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

A year ago, the tariff backdrop forced you to remove a bunch of items from the store and add other SKUs. Can you remind us how long that lasted and impacted the business? And I guess, how are you feeling about the assortment today as we move into the holiday season?

一年前，關稅環境迫使你們把一堆商品從店內下架，並加入其他SKU。你能提醒我們那段情況持續了多久、對業務造成了什麼影響嗎？另外，隨著我們進入假期旺季，你們對目前的商品組合感受如何？

Great question. It really was most impactful in the first, second quarter, died off a little bit in the third quarter that we got back to a little bit more normalcy. I feel very good about the holidays. We feel very good about the buying lineup that our folks have.

好問題。影響最大的其實是在第一、第二季；第三季影響稍微減弱，我們也回到比較正常的狀態。我對假期檔期非常有信心。我們對團隊目前的採購規劃也非常有信心。

And as Gary said, the strong non-food sales we saw in this quarter was the precursor for us back in this business again, and we feel good about the quality goods we have coming and the members are responding very well. So primarily first, second quarter were the biggest impacts.

而且如Gary所說，我們本季看到的強勁非食品銷售，是我們重新回到這門生意的一個前兆；我們對即將到貨的優質商品很有信心，會員的反應也非常好。所以主要影響集中在第一、第二季。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

I do have a follow-up on the membership. And Gary, I know you just went through a lot of this, but I guess the question is with kind of eight quarters in a row where the membership growth has slowed, what do you think it will take to reverse that declining trend? And would you care to speculate when we might be able to see that?

我有一個關於會員的追問。Gary，我知道你剛剛已經談了很多，但問題是：會員成長已經連續八個季度放緩，你認為要怎麼做才能扭轉這個下滑趨勢？以及你願不願意推測一下，我們可能何時能看到改善？

Yeah. Thanks for the question, Scot. I think from our perspective -- and we look at the -- you've heard me talk through the underlying metrics. We are seeing continued growth in new member sign-ups. We're seeing a normalization now I would say is the majority of those younger, digitally engaged members are flowing through the membership renewal rate or the membership base. So we're seeing more of a normalization in that growth and the sort of overall renewal rate that we publish each quarter.

好的。謝謝你的問題，Scot。從我們的角度——而且我們也在看——你也聽我談過這些底層指標。我們看到新會員註冊仍在持續成長。我們也看到一種「正常化」：我會說，多數較年輕、數位參與度高的會員，現在正逐步反映在會員續會率或會員基礎之中。因此，我們看到成長以及我們每季公布的整體續會率，正變得更趨正常化。

I think if you look at the outlook for this year, obviously, we don't give guidance as we think about particular metrics. But I think the sort of the growth rate that we've seen in recent quarters is probably more typical than what we'd expect to see based on where we are today with the growth in new members that we're seeing and the sort of normalization of the renewal rate.

我想如果你看今年的展望，顯然我們不會針對特定指標提供指引。但我認為，近幾季看到的那種成長率，可能會比過去某些時期更「典型」，也更符合我們目前所處的位置——也就是新會員成長的狀況，以及續會率正常化的情形。

I think for us, as we look at sustained growth in top-line sales, as I mentioned in response to Simeon's question, we look at it more of a balance between continued growth in the membership base as we're seeing today and a continued growth in spend of those members. I think, over time, as you think about the longer-term benefit of executive membership penetration growing, that would certainly be a tailwind in renewal rate that could be an accelerated total membership growth.

對我們而言，當我們看營收的持續成長——如我在回應Simeon的問題時提到——我們更看重的是兩者之間的平衡：一方面是會員基礎持續成長（如我們今天所看到的），另一方面是這些會員的消費金額持續提升。我認為，隨著時間推移，當你思考行政會員滲透率提升所帶來的長期效益時，這確實會對續會率形成順風，並可能加速整體會員數的成長。

And as Ron mentioned in some of his opening comments, as we enter some of the Asian markets with some outsized growth in new membership in the future, that could certainly be a catalyst for higher headline membership growth. But I think for us, when we look at the balance of the business, we feel good around where the membership growth rate is today, particularly with those quality metrics that I mentioned about the opportunity to see higher spend per member alongside that growth.

另外，如Ron在開場的一些評論中提到，當我們進入某些亞洲市場、未來新會員出現超常規成長時，這也可能成為推動會員總量（headline）成長更高的催化劑。但對我們來說，當我們看整體業務的平衡時，我們對目前的會員成長率感到滿意，特別是結合我提到的那些品質指標——也就是在成長的同時，有機會看到每位會員的消費額更高。

John Heinbockel, Guggenheim.

John Heinbockel，Guggenheim。

So guys, what visibility do you have on vendor price increases coming over the next several months? You probably get at least a 90-day or maybe a 90-day look. What's the visibility on that, the advantage of substitutability? So maybe talk about attacking it that way. And then your thought the role that KS will play, right, is maybe we get a step-up in those increases?

各位，接下來幾個月供應商調漲價格的可見度如何？你們大概至少能看到90天、或許是90天的情況。對這件事的可見度如何？以及可替代性的優勢是什麼？所以也許可以從這個角度談談你們如何應對。另外你們對KS（Kirkland Signature）將扮演的角色有何看法？也就是說，這些漲價可能會再上一步？

Yeah. It is quite dynamic when you think about the different commodities we deal in, and some have a lot more foresight than others. And so we do -- we'll see up to 90 days on some items and other things could have some more urgency if they're more impacted by freight or resin prices or those kind of things. So it's anywhere from 30-days to 90-days-plus.

是的。當你想到我們所處理的不同大宗商品時，情況其實相當動態；有些品類的前瞻性會高很多，有些則較低。因此，我們確實——在某些品項上可以看到最多90天；而其他品項如果更受運費或樹脂價格等因素影響，可能就更急迫。所以可見度大約介於30天到90天以上不等。

And I think all the things you talked about have a great asset in there, and we continue to see the Kirkland Signature brand broaden, and we continue to see some great Kirkland items that we're introducing out in the marketplace that are really very good tools for us to continue to fight back on lower pricing.

而且我認為你提到的那些做法都很有價值；我們也持續看到Kirkland Signature品牌版圖擴大，並持續推出一些非常棒的Kirkland新品到市場上，這些都是我們用來對抗、維持較低價格的非常好工具。

So we work collaboratively with our vendors and dealing with these commodity increases and try and keep prices down the best we can. And it's a continual focus for all of our buyers are looking at how to reduce pricing.

因此我們會與供應商協同合作，面對這些大宗商品成本上升，並盡我們所能把價格壓低。而且這是我們所有採購人員持續關注的重點：他們都在看如何降低價格。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So on the agentic commerce first, clearly an evolving backdrop, just overall, how do you feel Costco's position as the backdrop continues to evolve?

先談代理型商務（agentic commerce）：顯然整體環境正在演變。隨著這個環境持續變化，你們如何看待Costco所處的位置？

Yeah. Thanks for the question, Rupesh. I think as we talked about a little bit earlier on the call, we are excited about the opportunity with AI, particularly -- I don't know if I would say it's agentic commerce at the moment. I think for us, what we see is more members definitely using AI as at all to help them search for items of, they're looking and thinking about shopping for different products and services.

是的。謝謝你的問題，Rupesh。我想如我們稍早在電話會議中提到的，我們對AI帶來的機會感到興奮；尤其是——我不確定目前是否能稱之為代理型商務。對我們而言，我們看到的是：更多會員確實在使用AI，至少用來協助他們搜尋商品，或在他們尋找並思考購買不同產品與服務時提供幫助。

And we think because of the compelling value, as you know, we hold very closely and dearly the pricing authority that we have with our members. So we're always going to make sure that we will show up in a way for the items that we're selling we have the best value for our members. And we know that because we have a curated assortment and our buyers are personally vetting every item that we sell that the quality of those items. And so the reviews that members are going to see around the quality of the products that they're searching for should also be very strong.

而我們認為，因為我們的價值主張非常有吸引力——如你所知，我們非常重視並珍惜我們在會員面前所擁有的定價公信力。因此，對於我們所銷售的商品，我們一定會確保以一種方式呈現：讓會員看到最好的價值。而且我們知道，因為我們的商品組合是精選的，我們的採購人員會親自審核我們所販售的每一項商品及其品質。因此，會員在搜尋產品時所看到、關於產品品質的評價也應該會非常強勁。

So we feel it's a great opportunity for us, particularly as today, we don't do a lot of digital -- or we don't do any paid digital advertising. We certainly appear in digital advertising more because of the sort of reputation that we have as our members talk about us on social media. But AI presents an opportunity in a sort of a neutral environment for us to be able to ensure that our value and our quality shows up transparently for our members.

因此我們認為這對我們而言是個很好的機會，特別是因為截至今天，我們在數位方面做得不多——或者說我們完全沒有做任何付費的數位廣告。我們在數位廣告中確實會更常出現，但更多是因為我們的聲譽使然，會員會在社群媒體上談論我們。但 AI 在某種中立的環境中為我們帶來機會，讓我們能確保我們的價值與品質能以透明的方式呈現在會員面前。

So it's early days in our mind. The traffic is growing significantly, but it's still a very low base. When we look at the volume that we see, we're seeing triple-digit growth in terms of the sales that we're seeing originate from that search activity on the different large language models, the AI tools that are out there for members. I think of that being a Gemini, Anthropic and OpenAI. And we're seeing encouraging growth in those areas.

所以在我們看來，這還在早期階段。流量正在顯著成長，但基期仍然很低。當我們看我們所看到的量時，我們看到由不同大型語言模型、面向會員的 AI 工具之搜尋活動所帶來的銷售，其成長達到三位數百分比。我想到的包括 Gemini、Anthropic 和 OpenAI。而我們也在這些領域看到令人鼓舞的成長。

I think you heard me say on the earlier part of the call, what's also encouraging to us is when consumers or in our case, members are searching, it's also highlighting the value of a Costco Membership, and we're seeing strong flow-through of membership activity and engagement because of the way our value is showing up there, too.

我想你們在電話會議前段也聽到我提到，另一個讓我們感到鼓舞的是，當消費者——或在我們的情況下是會員——在搜尋時，也會凸顯 Costco 會員資格的價值；而且因為我們的價值在那裡也以那種方式呈現，我們看到會員活動與互動有很強的帶動效應。

So I think we believe it's an exciting opportunity. We still got a lot of work to do as we've been optimizing and modernizing our digital capabilities. There's a lot of work going on in the teams right now to work with those large language models to identify how we can continue to clean up and update our data and our product pages so that our value continues to show up transparently in that environment. But we feel it's a continued opportunity for us to continue to grow sales and to highlight the value that we offer for our members.

所以我想我們相信這是一個令人興奮的機會。在我們持續優化並現代化我們的數位能力之際，仍有很多工作要做。目前各團隊正在進行大量工作，與那些大型語言模型合作，找出我們如何能持續清理並更新我們的資料與產品頁面，讓我們的價值在那個環境中持續以透明方式呈現。但我們認為這是一個持續的機會，讓我們能持續成長銷售，並凸顯我們為會員提供的價值。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

I think it was Gary, in your prepared remarks, you talked about how a lot of your newer members are younger and maybe more digitally savvy. Given the robust digital growth that you've seen, combined with the stronger growth from newer, younger members, does this at all cause you to think differently about perhaps what the optimal orientation is for the club over the next, let's say, three to five years?

我想是 Gary，在你準備好的發言中，你談到你們許多較新的會員更年輕，可能也更熟悉數位。鑑於你們看到的強勁數位成長，再加上來自較新、較年輕會員的更強成長，這是否會讓你們對未來——比如說未來三到五年——賣場（club）的最佳定位有任何不同的想法？

Yeah. Thanks for the question. I think overall, what we're describing and what we're seeing is that first of all, as younger members engage with Costco, of course, they're generally signing up through a digital phone or laptop or iPad because that's the way they generally start that engagement and journey.

是的。謝謝你的問題。我想整體而言，我們所描述、所看到的是：首先，當較年輕的會員與 Costco 互動時，當然，他們通常會透過數位方式在手機、筆電或 iPad 上註冊，因為那通常是他們開始互動與旅程的方式。

I think what we found over time is that how we communicate with those members, definitely requires continued growth in our digital capabilities through improving the member experience online and through the app as we've been doing over the last year or so, continuing to use the information that we know about our members to provide a better personalized experience for them as they're engaging through the membership.

我想我們隨著時間發現，我們與這些會員溝通的方式，確實需要我們持續提升數位能力：透過改善線上與 App 的會員體驗——正如我們在過去一年左右所做的——並持續運用我們對會員所掌握的資訊，在他們透過會員資格互動時，為他們提供更好的個人化體驗。

But I think just as importantly, if not more importantly, as being to how we draw those members into the experience of the warehouse and to really help them see the value of the relationship. You may have seen actually there was a recent article that talked about, for younger consumers, how they're really engaging and excited about experiences and the opportunity that Costco presents to be in a brick-and-mortar retail environment and to enjoy the treasure hunt experience and engage in whether it's the Food Court or other non-food items that we offer.

但我認為同樣重要——甚至可能更重要——的是我們如何把這些會員帶入賣場（warehouse）的體驗，並真正幫助他們看見這段關係的價值。你們可能也看到，最近有一篇文章談到，對於較年輕的消費者而言，他們非常投入並對各種體驗感到興奮；而 Costco 所提供的機會，是讓他們能在實體零售環境中，享受「尋寶」式的體驗，並參與我們提供的美食區（Food Court）或其他非食品品類。

So I think, for us, we certainly see it as a different way for members to enter into the Costco experience. But the warehouse continues to be hugely important to the value that we offer for members to create a differentiated experience. So our amazing employees have the chance to engage with members and help build loyalty with them as well.

所以我想，對我們而言，我們確實把它視為會員進入 Costco 體驗的一種不同方式。但賣場（warehouse）仍然對我們為會員提供的價值至關重要，能創造差異化的體驗。因此我們優秀的員工也有機會與會員互動，並協助建立他們的忠誠度。

So I don't know that we feel that it changes the way in which we'd expect the warehouse to look in the coming years, but we do think having an experience that combines the value of everything we offer in the warehouse with enhancing the experience online is important to continue to grow member loyalty. And we definitely see that where members engage with us through the warehouse and they're engaged to the digital app or engaging through digital channels, they're even more loyal and shopping more frequently, not just online but also in the warehouse as well.

所以我不確定我們是否覺得這會改變我們對未來幾年賣場（warehouse）樣貌的預期，但我們確實認為，打造一種能結合賣場內我們所提供的一切價值、同時提升線上體驗的整體體驗，對於持續提升會員忠誠度很重要。而我們也確實看到，當會員既在賣場與我們互動、又使用數位 App 或透過數位渠道互動時，他們會更忠誠、購物頻率更高——不僅在線上，也包括在賣場。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO Capital Markets。

Gary, I wanted to go back to kind of the member -- the membership household growth. You made the point that, obviously, the Asia markets could be a catalyst for higher contribution to that membership growth over time. But are you willing to share some metrics on what member household -- new member households look like in international countries such as Asia and how that compares to the US? Because it does look like, with this acceleration to a net new 30 units, it does look like that's weighed a little bit more towards international. So can you just help us do some math around that?

Gary，我想回到會員——會員家庭數的成長。你提到，顯然亞洲市場可能會成為推動會員成長在時間推移中更高貢獻的催化劑。但你是否願意分享一些指標，關於在亞洲等國際國家中，會員家庭——新增會員家庭——的情況，以及與美國相比如何？因為看起來，隨著淨新增加速到 30 家新店，似乎更偏向國際市場一些。所以你能否幫我們在這方面做一些推算？

Yeah. Thanks, Kelly. Certainly, we do expect, as you mentioned, to continue to grow new warehouses, and we believe we've got a path for the next 5 to 10 years of targeting that 30 new warehouses a year, which is why we continue to increase the capital investment towards that goal.

好的。謝謝，Kelly。當然，如你所提到的，我們確實預期會持續開設新的賣場（warehouse）；而我們相信在未來 5 到 10 年，我們有一條路徑可以把目標鎖定在每年 30 家新賣場，這也是為什麼我們持續增加資本投資以朝該目標前進。

From a membership point of view, I would say -- and Ron may want to add some more color on this, too. I think it's important to sort of calibrate some of these things that we get to a strong outcome, whether it's in the new warehouses that we open or when you look at the success of our model overall in slightly different ways in the different markets that we operate in.

從會員的角度來看，我會說——Ron 也許也想在這方面補充一些說明。我認為重要的是要對其中一些事情做校準，讓我們能取得強勁的成果：不論是我們新開的賣場，或是你看我們整體模式在我們營運的不同市場中，以略有不同的方式取得成功。

So if you think about some of those warehouses and businesses that we have in, say, Asia, like China, Japan, Korea, in many cases, we're going to see a much higher number of members per warehouse, but they often visit less frequently. So we like the model, it performs very well.

所以如果你想想我們在例如亞洲的一些賣場與業務，像是中國、日本、韓國，在很多情況下，我們每家賣場會看到更高的會員數，但他們通常來訪頻率較低。所以我們喜歡這個模式，它表現得非常好。

But the challenge there is how do we increase the level of frequency of visit and how do we increase the engagement with those members that we have in those markets. Because while the dynamics work very well overall, we think there's an opportunity to improve the how frequently and how much they're spending at Costco.

但那裡的挑戰是：我們如何提高到店頻率，以及如何提升我們在那些市場既有會員的互動程度。因為雖然整體動態運作得很好，我們認為仍有機會改善他們到 Costco 的頻率，以及他們在 Costco 的消費金額。

In a US market, we might see less members per warehouse, but they're spending significantly more per member. And so we get to a similar strong economic outcome, but it's a different engagement in the way that they're engaging overall with Costco.

在美國市場，我們每家賣場可能看到的會員數較少，但每位會員的消費顯著更高。因此我們能達到同樣強勁的經濟成果，但他們與 Costco 的整體互動方式不同。

So when we talk about membership growth, it kind of comes back to my answer to one of the earlier questions is, for us, it's also about quality and ensuring that at one level, we could open a new warehouse in Asia that might have a significantly outsized growth in the membership base. And for a quarter or two, it might show higher membership growth.

所以當我們談到會員成長時，某種程度上會回到我對先前某個問題的回答：對我們而言，這也關乎品質，並確保在某個層面上，我們可以在亞洲開一家新賣場，可能會帶來顯著超出平均的會員基礎成長。而在一到兩個季度內，它可能會呈現較高的會員成長。

But in some cases, you've got some of those members that are [originally] coming in for the first year to experience Costco, and it might not really be a long-term value driver for us around membership renewal and continued shopping in the warehouses. Net-net, those Asian warehouses performed very well because they have a high number of members, but they do look a little bit different.

但在某些情況下，你會看到其中一些會員是（最初）在第一年加入來體驗 Costco，而這可能未必能在會員續約與持續在賣場購物方面，成為我們長期的價值驅動因素。總體而言，這些亞洲賣場表現非常好，因為會員數量很高，但它們看起來確實有些不同。

So for us, our focus is really on are we growing membership? Are we growing the quality of engagement with members and loyalty of members? And do we get to a strong sales performance by growing our membership base and growing engagement with those members? And I think based on the current outlook that we have for the growth in new warehouses, we feel good about the shape of how that looks at the moment.

所以對我們而言，我們的重點其實在於：我們是否在擴大會員數？我們是否在提升會員的互動參與品質與忠誠度？我們是否能透過擴大會員基礎並提升與會員的互動參與，來達成強勁的銷售表現？而我認為，基於我們目前對新賣場成長的展望，我們對目前呈現的樣貌感到樂觀。

But certainly, it can change over time if you were to have two or three openings in Asia in a particular year, you might see higher growth in that membership base. But that might also mean, when you look at our total metrics, it might be less impressive from a sales growth per member because it brings down that overall average.

但當然，隨著時間推移情況可能會改變；如果你在某一年於亞洲開出兩到三家新店，你可能會看到該會員基礎出現更高的成長。但這也可能意味著，當你看我們的整體指標時，按每位會員計的銷售成長可能看起來沒那麼亮眼，因為它會拉低整體平均值。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Ron if you could unpack the inflation commentary a little bit more. I think you said that food inflation was running similar to prior quarters, maybe around 1%, and that non-food was higher, but decelerating. And I guess as part of that and the inflation outlook, how much do you think bringing the churro back will add to average ticket in the next quarter?

Ron，如果你能再更深入拆解一下通膨的評論。我想你提到食品通膨的走勢與前幾季相近，可能約 1%，而非食品較高，但正在放緩。我想作為其中一部分以及通膨展望，你認為把吉拿棒（churro）帶回來，會在下一季對平均客單價增加多少？

I love the question. Thanks, Greg. Yes, just to unpack inflation for you. So what we're seeing overall currently, if I add together the sort of the cumulative impact in all of our merchandising categories, we feel like inflation currently is running in the low single digits, and it's relatively stable overall from what we've seen in prior quarters.

我很喜歡這個問題。謝謝你，Greg。是的，讓我為你拆解一下通膨。就我們目前整體所看到的情況而言，如果把我們所有商品類別的累積影響加總，我們認為目前通膨大約落在低個位數百分比，且整體相對穩定，與前幾季所見大致一致。

The area where we did see some increase in the current quarter was in non-foods. And that was really -- I wouldn't say it was isolated, but the vast majority of it was in memory costs on consumer electronics and the items that you would expect to be related to oil. So gas prices, which we include in our inflation number and petroleum-based items as well.

我們在本季確實看到較明顯上升的領域是在非食品。而那主要——我不會說是單一因素，但其中絕大部分來自消費性電子產品的記憶體成本，以及你會預期與油價相關的品項。因此包含汽油價格（我們把它納入通膨數字中）以及石油基礎的商品。

So those would be the areas where we would have seen the increase in non-food. It would still be relatively low inflation overall if you blend it out across all of non-foods, but that would have had an impact overall on the inflation.

所以，這些就是我們在非食品看到上升的領域。如果把非食品各項攤平來看，整體通膨仍相對偏低，但這些因素確實對整體通膨造成了影響。

In fresh and food and sundry, yeah, generally consistent with what we've seen in the prior couple of quarters. There's still inflation in certain areas. So I think of beef would be a good example where we still see inflation. We still see some inflation, I should say, in resins, as I mentioned, in steel, in flour, some individual commodities. But there are also deflationary items like eggs and dairy and butter and cheese in particular. So all those things generally blend out to largely offset each other.

在生鮮、食品與雜貨方面，是的，整體上與我們前兩季看到的情況大致一致。某些領域仍有通膨。例如牛肉就是一個很好的例子，我們仍看到通膨。另外，如我提到的，我們在樹脂、鋼材、麵粉等部分個別大宗商品上，也仍看到一些通膨。但也有一些通縮的品項，例如雞蛋、乳製品，尤其是奶油與起司。因此這些因素整體混合後，大致上會彼此抵銷。

I would say maybe just to comment on one thing to on unpack inflation, too. It might have seemed a bit contradictive for us to say inflation is relatively consistent, but we had a large LIFO charge during the quarter.

我想也順帶再就拆解通膨補充一點。我們說通膨相對一致，但本季卻有一筆很大的 LIFO 費用，這聽起來可能有點矛盾。

Maybe just to clarify the way our LIFO calculation works. Because of the accounting around LIFO, if the inflation happens at the end of the year, so in the final quarter, we have to true up the inflation for the whole year. Normally, if it was fairly consistent throughout the year, you would spread the charge over each quarter. But because the inflation I mentioned in consumer electronics and in the gas- and petroleum-related items happened in the fourth quarter, we have to true up the whole sort of calculation on the inventory that we have on hand at the end of the year for the inflation rate.

我再澄清一下我們的 LIFO 計算方式。由於 LIFO 的會計處理，如果通膨發生在年底、也就是最後一季，我們必須把全年的通膨一次性調整（true up）。通常如果通膨在全年相對平均，你會把費用分攤到每一季。但因為我提到的消費性電子產品，以及汽油與石油相關品項的通膨發生在第四季，我們必須針對會計年度末我們手上持有的庫存，依通膨率把整體計算一次性調整。

So while we true up $150 million or so charge in the fourth quarter, if you look at the total charge for LIFO for the year, it's slightly north of $200 million, which if you kind of divide that by the total inventory that we have on hand in the US, that would be about 1.5% inflation. So while it sounds like a big number in the quarter, it's still really only pointing to about 1.5% inflation as the impact of LIFO on the total inventory that we have at the end of the fiscal year, if that helps.

因此，雖然我們在第四季一次性調整了約 1.5 億美元的費用，但如果你看全年 LIFO 的總費用，略高於 2 億美元；如果你把這個數字除以我們在美國持有的總庫存，那大約相當於 1.5% 的通膨。所以，雖然在單一季度聽起來是個很大的數字，但它其實只是反映：在會計年度末我們持有的總庫存上，LIFO 對其影響所指向的通膨約為 1.5%；希望這樣有幫助。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

This is Gabriella Garr on for Oliver. I wanted to zoom out a little bit and ask about the strength of the consumer. Since you've noted for a couple of quarters now, strength in both value-oriented categories, but then also premium ones like jewelry or travel.

我是代替 Oliver 的 Gabriella Garr。我想把視角拉遠一點，請教消費者的強勁程度。因為你們已經連續幾季提到，在偏重性價比的品類表現強勁，同時在珠寶或旅遊等高端品類也同樣強勁。

I'd love to hear how you characterize the strength of the consumer today across income cohorts versus last quarter or last year? And then any commentary you can provide around price elasticity as you've made some of these additional value investments?

我很想聽聽你如何描述目前不同收入族群的消費者強度，相較於上一季或去年有何變化？另外，隨著你們做出一些額外的價值投資，對於價格彈性方面有任何評論可以分享嗎？

Sure. Thanks for the question. I think we would say that when we think about the consumer [of our] member, of course, is that very similar to prior quarters, I think our members are very resilient, and they continue to show a willingness to spend on discretionary items where they see these exciting new items that are offering great value to them. And I think we do see both of the things you described.

當然。謝謝你的問題。我想我們會說，當我們思考消費者——也就是我們的會員——時，整體與前幾季非常相似；我認為我們的會員非常有韌性，當他們看到令人興奮、且對他們而言具備高性價比的新商品時，仍持續展現出在非必需品上的消費意願。而我想我們確實同時看到你所描述的兩種現象。

We see members being very thoughtful about where they're spending their dollars. They're looking for value in everyday items. But they're also, as I mentioned, willing to spend on items where they see it's a great value even if it is in some of those non-discretionary categories.

我們看到會員在花錢時非常審慎。他們在日常用品上尋找價值。但同時，如我提到的，即使是在某些非可選擇性（較偏必需）的品類，只要他們認為是很划算的價值，也願意花錢購買。

So what I mean by that, maybe just taking as examples for you in the sort of three main categories that we focus on, which are non-food, food and sundry and fresh. If you think about non-foods, we see strength in everyday items where we offer great value on things like tires and housewares and even everyday furniture.

我的意思是，或許用我們聚焦的三大主要品類來舉例：非食品、食品與雜貨，以及生鮮。以非食品來看，我們在日常用品上看到強勁表現，因為我們在輪胎、家用品，甚至日常家具等品項上提供很高的性價比。

But we also see strong growth in some of the health and beauty items like small appliances, when you look at self-care things like fragrances, skin and hair care, even members want to splurge on great value items where we're offering tremendous value on massage chairs and so on as those kind of items. We've seen over 50% growth in those items.

但我們也在部分健康與美容品項上看到強勁成長，例如小家電；當你看自我照護相關品項，如香氛、肌膚與頭髮護理等；甚至會員也願意在我們提供極高價值的商品上「小奢一下」，例如按摩椅等等這類商品。我們在這些品項上看到超過 50% 的成長。

So in non-food, they will be good examples where we're seeing both of those dynamics at play of looking for that great value on every day but also willing to buy items that are maybe more discretionary where they see the value. Similarly, I would say, in fresh, everyday items, it really shows up in ground beef and poultry, but then on premium items in USDA Prime and wagyu beef. But also in bakery, we see tremendous strength in bakery, where we're offering really great quality-indulgent items for members to buy.

所以在非食品方面，這些都是很好的例子，顯示我們同時看到兩種動態：一方面在日常用品上尋找高性價比，另一方面也願意購買可能更偏可選擇性的商品，只要他們看得到價值。同樣地，我也會說在生鮮方面，日常品項的強勁表現主要體現在絞牛肉與家禽；而高端品項則體現在 USDA Prime 與和牛。另外在烘焙品類，我們也看到非常強勁的表現；我們提供品質很高、帶有享受感的商品，讓會員願意購買。

So I think it shows up in all the different categories. We see both elements of it. And the nice thing about being an item business is I think we're able to deliver on both of those expectations of our members, and we're seeing growth in both ends of that spectrum.

所以我認為它會出現在所有不同的類別中。我們同時看到了它的兩個面向。而作為以商品為核心的業態，好的一點是，我認為我們能同時滿足會員在這兩方面的期待，而且我們也看到在這個光譜兩端都在成長。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

It's been asked a couple of times, just with regards to the younger customer. But our question with regards to that was, it sounds like they maybe start buying a little bit less when they come to you than the average member, and we just wondered what that maturity curve look like. And then just how much incremental lift do you expect from your new third-party fulfillment agreements?

這個問題已經被問過幾次了，主要是關於較年輕的客群。但我們的問題是，聽起來他們剛開始在你們這裡的購買金額可能會比平均會員少一些，我們想了解那個成熟曲線大概長什麼樣子。另外，你們新的第三方履約協議，預期能帶來多少增量提升？

Sure. Thanks, Kate. On the maturity, it's really a case of what we tend to find is that younger members, generally speaking, as you might imagine, are a smaller household. And generally, the income levels are a little bit lower than when they sort of, for us, would sort of reach their peak maturity and guessing having the most need for what we offer at Costco.

當然。謝謝你，Kate。關於成熟度，實際上我們通常發現，較年輕的會員一般而言（如你所想像）家庭規模較小。而且一般來說，他們的收入水準也會比之後（對我們而言）達到成熟高峰、也就是最需要Costco所提供內容的階段來得低一些。

So really, as they go through that sort of pre-40 through 40 to 55 or so is when we see our members hit that peak spending pattern because their income is generally at its peak and they're also sort of largest family size. So generally taking advantage of the broader elements of what Costco has to offer.

所以基本上，當他們經歷大約40歲前、到40至55歲左右這段期間，我們會看到會員達到支出模式的高峰，因為他們的收入通常在那時達到高點，同時家庭規模也大致是最大。因此他們通常會更充分利用Costco所提供的更廣泛的各項內容。

I'd probably call out more in the shorter term, some of the other metrics that I mentioned around the potential for higher spend per member. When we look at our executive member penetration and how that's grown, generally speaking, as members are investing at a higher level in the fee, they, psychologically, if you like, looking to get the most value from their membership. And so we tend to see higher spend on executive members.

就較短期而言，我可能會更點出我先前提到的一些其他指標，關於每位會員更高支出的潛力。當我們看行政會員（Executive Member）的滲透率以及其成長時，一般來說，當會員在會費上投入更高等級時，他們在心理上會更想從會員資格中取得最大價值。因此我們往往會看到行政會員的支出更高。

And similarly, as members engage in more in gas, we tend to find they visit more frequently. We didn't necessarily see that in the very early days of the spike in gas prices in the market because I think members were generally filling up short term to fill in more frequently rather than visiting at the same time to the warehouse.

同樣地，當會員在加油方面的參與度更高時，我們通常會發現他們到訪頻率更高。在市場油價剛開始飆升的非常早期，我們未必看到這種情況，因為我認為當時會員多半是短期內更頻繁地去加油，而不是同時也到賣場購物。

But we do believe that as members see the value of gas that we're offering, and we've got more new members buying gas for the first time, but we think that's a great indicator of continued spend and growth with members as well. So I think it's a combination of all of those that we would expect to be positive for us in terms of driving that incremental spend per member.

但我們確實相信，當會員看到我們所提供的油品價值，而且有更多新會員第一次開始在我們這裡加油時，我們認為這也是會員持續支出與成長的一個很好的指標。所以我認為，這些因素的組合，都是我們預期能在推動每位會員增量支出方面帶來正面效果的原因。

And on the third-party side, our general experience is that there are different consumers or members for us that are engaging in the different platforms. So we do think there'll be incrementality by bringing more choice to our members. And generally speaking, we find where members engage in one of those three platforms or at least Instacart for us so far, it's generally incremental. So it tends to be an additional shopping trip versus it's pulling away from anything that we see as (technical difficulty) overall loyalty as well.

至於第三方方面，我們的一般經驗是，在不同平台上互動的消費者或會員族群有所不同。因此我們確實認為，透過提供更多選擇給會員，會帶來增量。而一般而言，我們發現當會員使用這三個平台之一（至少就目前我們與Instacart的合作而言），通常是增量性的。也就是說，這往往是一趟額外的購物行程，而不是從我們所看到的（技術問題）整體忠誠度中分流。

Chris Horvers, JPMorgan.

Chris Horvers，摩根大通。

So I want to try to bring together sort of the pricing and inflation question a little bit. So we're getting to a point where I think the egg deflation should start to go to zero and no longer be a headwind. And it also seems like we're getting past most retailers the timeframe of reinvesting tariff rebates and the oil is persistent enough where prices probably do go up.

我想把定價與通膨的問題稍微整合一下。我們正走到一個點，我認為雞蛋通縮應該會開始趨近於零，不再成為逆風。而且看起來我們也正在走過多數零售商重新投入關稅退稅的時間窗；同時油價的持續性也足夠強，價格可能確實會上升。

So I guess as you look ahead in the calendar year, do you think that grocery inflation number, the low-single digit, has a bit of an inflection coming? Or on the other hand, do you think that the softer industry volumes around grocery, obviously not for Costco, but across the industry, it is weaker because of some of the pressures on the low end. Do you think we don't have that sort of ultimate rationality that the industry has always demonstrated?

所以我想問的是，當你展望這個曆年時，你認為雜貨通膨（低個位數）會出現某種拐點嗎？或者反過來，你認為整個產業在雜貨品類的量能偏軟（當然Costco不是，但整體產業是），因為低端承受一些壓力而較弱。你是否認為產業沒有展現出一直以來所呈現的那種最終理性？

Obviously, you're the last raise and first to lower, but ultimately, you do act rational when there are these persistent cost pressure. So I just want to get the overall view on like how you think grocery inflation proceeds over the next three to six months and whether the industry is sort of strong enough and rational enough for those prices to actually go up?

顯然你們是最後漲價、第一個降價，但最終在面對這些持續的成本壓力時，你們也會採取理性的行動。所以我想了解你對未來三到六個月雜貨通膨走勢的整體看法，以及產業是否足夠強、也足夠理性，讓那些價格真的上得去？

Yeah. I think for us, it's -- as you might expect, we think it's difficult to predict what's going to happen with inflation, I think especially because of the uncertainty around the situation with the Middle East and how long that might impact and what you might see in terms of volatility in prices on oil and oil-related items. And then, of course, there's still uncertainty around potentially where exactly we land on the tariffs that exist today or could exist in the future. So I think there are variables that make it really hard for us to predict with too much precision of what may happen.

是的。我想對我們而言——如你所預期——我們認為很難預測通膨接下來會怎麼走，特別是因為中東局勢的不確定性、它可能影響多久，以及你可能會在油價與油相關品項上看到多大的價格波動。當然，關於目前已存在或未來可能出現的關稅，我們最終會落在什麼位置，仍然存在不確定性。所以我認為有一些變數，使得我們很難非常精準地預測可能發生的情況。

I think as you -- so the best reference for us, we can share, I think, is really what we've seen in recent quarters. I don't know that we call out outside of caveating everything I'd say with those two major factors could have a meaningful impact on what happens in the coming 6 to 12 months.

我想當你——所以對我們而言，最好的參考，我們可以分享的，是我們在最近幾個季度所看到的情況。我不確定我們是否會在此之外再做更多定調；但我會在我所說的一切前加上但書：上述兩個主要因素，可能會對未來6到12個月的走勢產生實質影響。

Generally speaking, we've seen prices be relatively stable. And I think you're right; we may see the world a little bit differently because our focus is always on how do we find ways to lower our costs, how are we finding efficiencies to offset where there might be commodity price inflation.

一般而言，我們看到價格相對穩定。而且我認為你說得對；我們可能會用稍微不同的角度看世界，因為我們的重點始終在於：我們如何找到降低成本的方法、如何找到效率提升，以抵消可能出現的大宗商品價格通膨。

I don't know that we'd characterize what we see today as being any different looking forward from that outside of the unknowns that I just described. And so from our perspective, it's been a relatively stable environment for inflation. And we're -- our goal is to continue to find ways to find cost savings and efficiencies that would offset where we might see those pressures to keep prices and value there for our members and drive top-line sales.

我不確定我們會把今天所看到的情況，描述為與未來相比有任何不同；除了我剛剛提到的那些未知因素之外。因此從我們的角度來看，通膨環境一直相對穩定。而我們的目標是持續尋找節省成本與提升效率的方法，以抵消我們可能看到的那些壓力，為會員維持價格與價值，並推動營收成長。

David Bellinger, Mizuho.

David Bellinger，瑞穗。

I want to go into the third-party delivery expansion a bit more. Should we think about this as the ultimate solution for delivering for Costco? Because you do have a higher mix of these younger customers coming in. They tend to mix towards a propensity for faster delivery speeds, a lot of convenience. So is this -- or could there be some type of precursor here for a new investment cycle for Costco, where you have to meet those needs of the consumer ever more than you did in the past?

我想更深入談談第三方配送的擴張。我們是否應該把這視為Costco配送的最終解決方案？因為你們確實有更高比例的年輕客群進來。他們往往更偏好更快的配送速度與高度便利性。所以這是否——或是否可能——是Costco新一輪投資週期的前奏，你們必須比過去更進一步滿足消費者的需求？

I think we feel pretty good about where we are with the digital engagement and delivery times. Be it in big and bulky, we've made some significant improvements in the past 5 years, bringing our times of delivery of furnishings and appliances from 4 to 5 weeks down to 3 and 4 days. The same type of thing -- the same type of improvement has been experienced in this same-day delivery. And the majority of these deliveries are done within 45 minutes, that was what the customer wants.

我想我們對目前在數位互動與配送時效方面的狀況感到相當不錯。以大型與笨重商品而言，過去5年我們做了顯著改善，把家具與家電的配送時間從4到5週縮短到3到4天。同樣類型的改善也出現在當日配送上。而這些配送中的大多數是在45分鐘內完成，這正是顧客想要的。

Gary said earlier, we find a lot of this interaction to be incremental to our experiences with our members. They're still visiting the clubs regularly, but they use these as fill-in shops, and some may use them even more frequently than that.

Gary 先前提到，我們發現這當中有很多互動，對我們與會員的既有互動體驗而言是增量的。他們仍然會定期到賣場，但會把這些當作補貨型的購物點，有些人甚至會更頻繁地使用。

So we see it as a great addition to the offering and there is a subset of people that really take advantage of this, and that tends to be the younger customers that we have that resonate more with the immediacy of delivery, and they want that then. But we do see it really serving a purpose, be it from prescription deliveries to grocery deliveries, it's broad-based, and it's very again, like we said, incremental to the relationship with our members out there.

因此我們把它視為對整體服務內容的一項很好的補充，而且確實有一部分人會充分利用這項服務；這通常是我們較年輕的客群，他們更能與即時配送的特性產生共鳴，也因此會想要這樣的服務。但我們也看到它確實在發揮作用，無論是處方藥配送到雜貨配送，涵蓋面很廣，而且再次如我們所說，對我們與外部會員之間的關係而言，這非常是增量的。

Christopher Nardone, Bank of America.

Christopher Nardone，美國銀行。

So first, I was wondering if there's any specific cost buckets within SG&A where you're starting to see more pressure relative to the last few quarters. And if there's any reason you wouldn't be able to continue leveraging SG&A if you're comping in the 6% range in the foreseeable future?

首先，我想請教在 SG&A（銷售、一般及行政費用）中，是否有任何特定的成本項目，相較於過去幾季開始出現更大的壓力。另外，如果在可預見的未來同店成長率維持在約 6% 的區間，是否有任何原因會讓你們無法持續槓桿化（leveraging）SG&A？

if I can sneak in a quick follow-up just separately on GLP-1s. Just curious if you're starting to see an impact to sales from some of these recent price changes. And if not, could we see a larger headwind next year in calendar '27 from the next round of pricing cuts?

如果我可以再快速追問一題，另外關於 GLP-1。想了解你們是否已開始看到近期一些價格變動對銷售造成影響。如果目前還沒有，那麼在明年、也就是曆年 2027 年，因下一輪降價而出現更大的逆風是否有可能？

Yeah. Thanks for the questions. I think first of all, on SG&A, I think you characterized it pretty well. We did see a little bit of leverage during the quarter. I wouldn't say that there is anything that we'd call out today that would cause us to think there's some major sort of headwinds that would impact our ability if we're comping at the rate that you mentioned to be able to create some leverage in the model.

好的。謝謝你的提問。我想先談 SG&A，我認為你的描述相當到位。我們在本季確實看到一些槓桿效益。我不會說目前有任何我們今天需要特別點出的事項，會讓我們認為存在某種重大的逆風，進而影響我們在你提到的同店成長率水準下，於模型中創造槓桿效益的能力。

I think the one area that we have called out previously in other quarters would be general liability and health care as costs that have been growing at a faster rate. But Q4 would be a good example where we were able to continue to achieve a little bit of SG&A leverage even with continued cost increases in those areas. But certainly, if that trend would to deteriorate, that would be a factor that could influence our ability to do that.

我認為我們過去在其他季度曾點出的其中一個領域，是一般責任保險與醫療保健相關成本，這些成本的成長速度較快。但第四季就是一個很好的例子：即便這些領域的成本持續上升，我們仍能持續實現一些 SG&A 的槓桿效益。不過，當然，如果那個趨勢惡化，這會是一個可能影響我們達成該目標能力的因素。

But when we look at our employee agreements, I think those are factored in for a three-year period and year one is always the most expensive of a three-year agreement there. So we're into year two now with that. So from -- when we look at the sort of opportunities to continue to be more productive as we drive top-line sales, I don't think there's anything particularly I would call out that would be something to watch out for beyond what you saw in our Q4 results.

但當我們檢視員工協議時，我認為這些都已按三年期納入考量，而三年協議中的第一年一向是成本最高的一年。所以我們現在已進入第二年。因此——當我們看在推動營收成長的同時、持續提升生產力的機會時，我不認為有任何特別需要點出的事項，值得額外留意，超出你在我們第四季結果中所看到的內容。

From a GLP-1 perspective, I think you -- probably the best way to look at it is the example of what's happened, as Ron shared in our earlier comments, with the initial changes on GLP-1s. We certainly had some impact on our business, but with the significant value that we offer through the programs that we've invested in to date and continue to invest in.

從 GLP-1 的角度來看，我想——或許最好的看法是，以 Ron 在先前評論中分享的 GLP-1 初始變動所發生的情況作為例子。我們的業務確實受到一些影響，但憑藉我們透過迄今已投入、並將持續投入的各項計畫所提供的顯著價值。

We feel like we found ways to both offset those impacts and also drive more value for our members and drive increased script count as well as top-line sales. So while I do think there will continue to be those underlying headwinds that we have to manage, we feel good about the way in which we're delivering more value for members through our health care, creating more convenience for them, and we believe those will allow us to continue to see momentum in that part of our business.

我們覺得我們已找到方法，一方面抵銷這些影響，另一方面也為會員創造更多價值，並推動處方箋數量（script count）以及營收的成長。因此，雖然我確實認為我們仍將持續面對並需要管理這些潛在逆風，但我們對於透過醫療保健為會員提供更多價值、為他們帶來更多便利的方式感到樂觀，我們相信這些將使我們能在這部分業務持續看到動能。

At Costco, when we see lower prices, we see an opportunity, and we've really taken great advantage of that this year in the Pharmacy with the lower GLP pricing, the lower drug prices that we've been out there, how we've been able to capitalize on more unit growth.

在 Costco，當我們看到更低的價格時，我們會把它視為一個機會；而今年我們在藥局業務上，確實充分把握了這個機會——包括較低的 GLP 定價、我們在市場上提供的較低藥價，以及我們如何藉此帶動更多的銷量（unit）成長。

The same type of thing with the tariff investments that we've made. We've made significant tariff investments. Unit growth has been fantastic, and that's what it's all about is how do we get that value back to the member and the units have responded excellent, and we continue to see that in the Pharmacy and in the core business itself. So we look to the opportunities at lower prices and taking care of our members.

我們所做的關稅投資也是同樣的概念。我們進行了相當可觀的關稅投資。銷量成長非常出色，而這正是重點：我們如何把價值回饋給會員，而銷量的反應非常好；我們在藥局以及核心業務本身都持續看到這樣的表現。因此，我們會在價格更低時尋找機會，並照顧好我們的會員。

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

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。