克羅格 (KR) 2022 Q2 法說會逐字稿

Good morning, and welcome to The Kroger Co. Second Quarter 2022 Earnings Conference Call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到克羅格公司 2022 年第二季度收益電話會議。我的名字是亞歷克斯，我將在今天協調電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference call over to Rob Quast, Director, Investor Relations. Please go ahead.

我現在想將電話會議轉交給投資者關係總監 Rob Quast。請繼續。

Good morning. Thank you for joining us for Kroger's second quarter 2022 earnings call. I am joined today by Kroger's Chairman and Chief Executive Officer, Rodney McMullen and Chief Financial Officer, Gary Millerchip.

早上好。感謝您加入我們參加克羅格 2022 年第二季度財報電話會議。今天，Kroger 的董事長兼首席執行官 Rodney McMullen 和首席財務官 Gary Millerchip 也加入了我的行列。

Before we begin, I want to remind you that today's discussions will include forward-looking statements. We want to caution you that such statements are predictions, and actual events or results can differ materially. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings. The Kroger Company assumes no obligation to update that information. (Operator Instructions)

在開始之前，我想提醒您，今天的討論將包括前瞻性陳述。我們想提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。我們認為可能對我們的業務持續產生重大影響的許多因素的詳細討論包含在我們提交給美國證券交易委員會的文件中。克羅格公司不承擔更新該信息的義務。 （操作員說明）

I will now turn the call over to Rodney.

我現在將把電話轉給羅德尼。

Thank you, Rob. Good morning, everyone, and thank you for joining us today.

謝謝你，羅布。大家早上好，感謝您今天加入我們。

The Kroger team delivered another strong performance during the quarter, fueled by our strategy Leading With Fresh and Accelerating With Digital. These consistent results underscore the resiliency and flexibility of our business model, along with our associates' passion to deliver a fresh, convenient customer experience with 0 compromise on quality, selection and affordability.

在我們的戰略的推動下，克羅格團隊在本季度再次取得了強勁的業績，領先於新鮮和加速數字化。這些一致的結果突顯了我們業務模式的彈性和靈活性，以及我們的員工熱衷於提供新鮮、便捷的客戶體驗，同時在質量、選擇和可負擔性方面做出 0 妥協。

Customers continue to adjust their shopping habits in response to ongoing inflation. We are doing everything we can to help our customers stretch their dollars with high-quality fresh products at everyday low prices and industry-leading fuel rewards program and personalized savings on the items that matter most to them. Our customers are looking for ways to save and we are there for them.

客戶繼續調整他們的購物習慣以應對持續的通貨膨脹。我們正在盡一切努力幫助我們的客戶以每日低價、行業領先的燃料獎勵計劃和對他們最重要的物品的個性化節省來增加他們的錢。我們的客戶正在尋找節省開支的方法，我們隨時為他們服務。

During the quarter, digital coupon engagement hit an all-time high with 750 million digital offers downloaded, totaling almost $1 billion in savings. Our fuel rewards program continues to resonate with customers as more than 600,000 incremental households engaged with our fuel rewards program this quarter compared to last year. And our fuel reward redemption rates were also up significantly.

在本季度，數字優惠券參與度創下歷史新高，下載了 7.5 億次數字優惠，總計節省了近 10 億美元。我們的燃料獎勵計劃繼續與客戶產生共鳴，因為與去年相比，本季度有超過 600,000 個家庭參與了我們的燃料獎勵計劃。我們的燃料獎勵兌換率也顯著上升。

We continue to see more customers cooking from scratch and eating out less often. Our broad assortment of products is meeting the need for customers to buy what they want on their terms. For example, some customers are continuing to buy more of their favorite fresh products like apples, tomatoes and grapes. While other customers are choosing products like frozen fruit and vegetables, allowing products to last longer in their homes. Overall, customers are looking to save money and make healthier choices by cooking more meals at home rather than eating out. Kroger's strong value proposition drove positive household growth and meaningful (inaudible) household growth both online and in-store.

我們繼續看到更多的顧客從零開始做飯，減少外出就餐。我們種類繁多的產品可以滿足客戶按照自己的條件購買他們想要的東西的需求。例如，一些客戶繼續購買更多他們最喜歡的新鮮產品，如蘋果、西紅柿和葡萄。當其他客戶選擇冷凍水果和蔬菜等產品時，可以讓產品在家中保存更長時間。總體而言，客戶希望通過在家做飯而不是外出就餐來省錢並做出更健康的選擇。克羅格強大的價值主張推動了在線和店內家庭的積極增長和有意義的（聽不清）家庭增長。

Digital sales also returned to positive growth, driven by our one-of-a-kind boost membership program and expansion of our Kroger delivery network. It's clear our go-to-market strategy is connecting with customers, and we continue to build long-term customer loyalty through Fresh, Our Brands, Personalization and our Seamless ecosystem.

在我們獨一無二的提升會員計劃和 Kroger 交付網絡擴展的推動下，數字銷售也恢復了正增長。很明顯，我們的市場營銷戰略正在與客戶建立聯繫，我們將繼續通過 Fresh、我們的品牌、個性化和無縫生態系統建立長期的客戶忠誠度。

Leading with Fresh, we are dedicated to serving our customers the freshest products so when they think food, they think Kroger. To achieve this goal, we are utilizing technology and deploying fresh innovation to deliver products faster, which stay fresher longer for our customers to enjoy. And it's working. In our 864 fresh certified stores, customers are purchasing more fresh products and overall store sales are growing faster than the rest of the business. Supply chain remains an important part of our fresh strategy as well. In order to maximize freshness, we are utilizing our data science and collaborating with our partners to minimize [dwell] time in our distribution network and maintain the integrity of the cold chain. We are also improving productivity in our supply chain.

以 Fresh 為主導，我們致力於為客戶提供最新鮮的產品，所以當他們想到食物時，他們就會想到 Kroger。為了實現這一目標，我們正在利用技術並部署新鮮的創新，以更快地交付產品，讓我們的客戶享受更長時間的新鮮。它正在工作。在我們的 864 家生鮮認證門店中，客戶購買的生鮮產品數量更多，整體門店銷售額的增長速度快於其他業務。供應鏈仍然是我們新戰略的重要組成部分。為了最大限度地提高新鮮度，我們正在利用我們的數據科學並與我們的合作夥伴合作，以盡量減少在我們的分銷網絡中的 [停留] 時間並保持冷鏈的完整性。我們還在提高供應鏈的生產力。

During the quarter, we reduced fuel cost headwinds through technology and process efficiencies, such as controlling more product movement across the value chain and maximizing our trucking capacity. While some categories remain challenging, supplier in-stocks are improving, and we are cautiously optimistic this will continue in the back half of the year.

在本季度，我們通過技術和流程效率降低了燃料成本阻力，例如控制更多產品在整個價值鏈中的流動並最大限度地提高我們的貨運能力。儘管某些類別仍然具有挑戰性，但供應商的庫存正在改善，我們謹慎樂觀地認為這將在今年下半年繼續。

Turning to Our Brands. We saw incredible engagement in Our Brands during the quarter with identical sales growth of 10.2% compared to last year. This increase was led by our Kroger and Home Chef brands. Convenience remains a priority and Home Chef is meeting that need by providing high-quality family meals as a budget-friendly alternative to eating out at restaurants.

轉向我們的品牌。我們在本季度看到了令人難以置信的品牌參與度，與去年相比，銷售額增長了 10.2%。這一增長由我們的 Kroger 和 Home Chef 品牌引領。便利性仍然是重中之重，家庭廚師通過提供高質量的家庭膳食作為在餐廳外出就餐的預算友好型替代方案來滿足這一需求。

For other customers who are enjoying cooking from scratch, Our Brands are delivering innovative products at a great value. So Our Brands' product strategy is rooted in quality, providing customers with memorable meal experiences they crave. And these products continue to earn world-class recognition. Most recently, Murray's Cheese varieties won five awards at the highly regarded 2022 American Cheese Society Competition. We were also recognized by Store Brands Magazine with 12 Editors' Picks awards for best new products, the most of any retailer. This recognition focused specifically on food that met customer needs for healthier products.

對於喜歡從零開始烹飪的其他客戶，我們的品牌正在提供物超所值的創新產品。因此，Our Brands 的產品戰略植根於質量，為客戶提供他們渴望的難忘用餐體驗。這些產品繼續獲得世界級的認可。最近，Murray's Cheese 品種在備受推崇的 2022 年美國奶酪協會競賽中獲得了五個獎項。我們還獲得了 Store Brands Magazine 的認可，獲得了 12 項最佳新產品編輯精選獎，是所有零售商中最多的。這種認可專門針對滿足客戶對更健康產品的需求的食品。

As we continue to look for ways to help our customers stretch their budgets, this quarter, we launched a new portfolio strategy for our opening price point brands. We consolidated 17 legacy brands into 2. Heritage Farm for our fresh and dairy product lines; and our newest brand, Smart Way for our nonperishable items. These brands are competitively priced and meet the needs of customers on a (inaudible) budget. We launched with 150 SKUs and expect to roll out additional products by the end of the year.

隨著我們繼續尋找幫助客戶擴展預算的方法，本季度，我們為我們的開盤價品牌推出了新的投資組合戰略。我們將 17 個傳統品牌整合到 2 個。Heritage Farm 用於我們的新鮮和乳製品系列；以及我們的最新品牌 Smart Way，適用於我們的不易腐爛的物品。這些品牌的價格具有競爭力，可以在（聽不清）預算內滿足客戶的需求。我們推出了 150 個 SKU，並預計在年底前推出更多產品。

Now moving to digital. We achieved positive sales growth, as I mentioned before, led by our strong delivery results. Early in the second quarter, we introduced our Boost membership nationwide, and it's already showing promising results including an increase in overall household spend among members. We remain focused on adding new members and are encouraged that enrollment is in line with our internal expectations and projections.

現在轉向數字化。正如我之前提到的，在我們強勁的交付成果的帶動下，我們實現了正的銷售增長。在第二季度初，我們在全國范圍內推出了我們的 Boost 會員，它已經顯示出可喜的成果，包括增加會員的整體家庭支出。我們仍然專注於增加新成員，並鼓勵註冊符合我們的內部期望和預測。

During the quarter, we opened a new Customer Fulfillment Center powered by Ocado's automated Smart Platform in Romulus, Michigan. Additionally, we are excited to expand the Kroger delivery network to more customers in four new geographies during the quarter through spoke facilities in Austin, Birmingham, Oklahoma City and San Antonio. This brings our total CFC and spoke count to 18.

本季度，我們在密歇根州羅穆盧斯開設了一個由 Ocado 自動化智能平台提供支持的新客戶履行中心。此外，我們很高興在本季度通過奧斯汀、伯明翰、俄克拉荷馬城和聖安東尼奧的輻條設施將克羅格的交付網絡擴展到四個新地區的更多客戶。這使我們的 CFC 和輻條總數達到 18 個。

We also continue to invest in our pickup business, where demand remains strong. During the quarter, we increased capacity and shortened wait times to improve our customer experience. We also invested in technology and implemented process efficiencies, which helped lower our cost to serve.

我們還繼續投資於需求依然強勁的皮卡業務。在本季度，我們增加了容量並縮短了等待時間，以改善我們的客戶體驗。我們還投資了技術並實施了流程效率，這有助於降低我們的服務成本。

Our customers are telling us they love our Seamless experience. We continue to see customers effortlessly shift between store, pickup and delivery, which is building loyalty. We continue to improve the experience. And we'll always encourage our customers to shop with us how they want to and with 0 compromises.

我們的客戶告訴我們，他們喜歡我們的無縫體驗。我們繼續看到客戶在商店、取貨和送貨之間輕鬆轉換，這正在建立忠誠度。我們繼續改進體驗。我們將始終鼓勵我們的客戶以他們想要的方式與我們一起購物，並且做到 0 妥協。

Our associate dedication and passion continue to fuel Kroger's consistently strong results, and we are proud to invest in our teams and improve the associate experience. We saw more people apply to work at Kroger this quarter as we continue to attract talented associates.

我們的員工奉獻精神和熱情繼續推動 Kroger 始終如一的強勁業績，我們為投資於我們的團隊並改善員工體驗而感到自豪。隨著我們繼續吸引有才華的員工，本季度我們看到更多人申請在克羅格工作。

Our current associates, we are making progress on retention. We've rolled out improved onboarding guidelines and implemented career planning tools. In addition, as part of our commitment to associate wellness, we recently introduced a new financial coaching service tool for hourly associates. This unique benefit offers free financial planning assistance to our associates. We are launching the tool in three pilot divisions and look forward to expanding the service across the company by January of 2023.

我們目前的員工，我們在保留方面取得了進展。我們推出了改進的入職指南並實施了職業規劃工具。此外，作為我們對員工健康承諾的一部分，我們最近為每小時員工推出了一種新的財務輔導服務工具。這項獨特的福利為我們的員工提供免費的財務規劃幫助。我們正在三個試點部門推出該工具，並期待在 2023 年 1 月之前將服務擴展到整個公司。

It is always exciting to see our associates' commitment to creating an outstanding work environment recognized. For the third consecutive year, Kroger was named a Best Place to Work for Disability Inclusion, earning a perfect score on the 2022 Disability Equity Index. Additionally, the Brandon Hall Group, a leading human capital management firm, honored Kroger for our training programs and the ways in which our teams promote diversity, equity and inclusion. Each team member is involved in creating our culture where associates come for a job and discover a career.

看到我們的員工對創造卓越工作環境的承諾得到認可總是令人興奮的。克羅格連續第三年被評為殘疾人包容性最佳工作場所，在 2022 年殘疾人公平指數中獲得滿分。此外，領先的人力資本管理公司 Brandon Hall Group 對 Kroger 的培訓計劃以及我們團隊促進多樣性、公平和包容性的方式給予了表彰。每個團隊成員都參與創建我們的文化，員工來找工作並發現自己的職業。

Our Purpose: to Feed the Human Spirit inspires our team every day. One important way we bring our purpose to life is through Kroger's comprehensive ESG strategy. Our aim is to achieve lasting positive change for people and our planet. Our newly published 2022 ESG report called Nurturing Shared Values, outlines the entire Kroger family strong progress against dozens of environmental sustainability, social impact and governance goals and commitments.

我們的宗旨：餵養人類精神每天都在激勵著我們的團隊。我們實現目標的一種重要方式是通過克羅格的全面 ESG 戰略。我們的目標是為人類和我們的星球實現持久的積極變化。我們新發布的 2022 年 ESG 報告稱為培育共享價值觀，概述了整個克羅格家族在實現數十項環境可持續性、社會影響和治理目標和承諾方面取得的巨大進展。

We continued working to operationalize and integrate ESG within our business. Nowhere is this more evident than through our Zero Hunger | Zero Waste social impact plan. This month marks the fifth anniversary of the launch of Zero Hunger | Zero Waste. And while we still have much -- so much more work to do to achieve our moonshot goal of achieving a world free from hunger and food waste, we also have so much to celebrate. Over the past 5 years, our team donated 2.3 billion meals to our neighbors in need, which included $1 billion in giving to fight food and security, 500 million pounds of surplus food donated to our food bank partners and nearly $45 million in grants to support food recovery and system change from our Zero Hunger | Zero Waste Foundation. And I'm very proud to share for the first time ever, our store teams achieved 100% execution of Zero Hunger | Zero Waste food rescue, which is the strongest proof point yet of the value of operationalizing ESG. It took all of our teams working cross-functionally to achieve this important milestone. A huge congratulations and thank you to all involved.

我們繼續努力在我們的業務中實施和整合 ESG。這一點在我們的零飢餓 | 中表現得最為明顯。零廢物社會影響計劃。本月是《零飢餓》上線五週年 | 天天要聞零浪費。雖然我們還有很多——還有很多工作要做，才能實現我們的登月目標，即實現一個沒有飢餓和食物浪費的世界，但我們也有很多值得慶祝的事情。在過去的 5 年裡，我們的團隊向有需要的鄰居捐贈了 23 億份餐食，其中包括 10 億美元用於抗擊糧食和安全的捐贈、5 億磅剩餘食物捐贈給我們的食品銀行合作夥伴以及近 4500 萬美元的贈款以支持從我們的零飢餓中恢復食物和改變系統|零廢物基金會。我非常自豪地第一次分享，我們的門店團隊實現了 100% 的零飢餓 |零浪費食品救援，這是迄今為止實施 ESG 價值的最有力證明。我們所有的團隊都跨職能地工作，以實現這一重要的里程碑。熱烈祝賀並感謝所有相關人員。

In summary, Kroger delivered another strong second quarter. We continue to delight our customers, strengthen our business model and execute on our strategy of Leading With Fresh and Accelerating With Digital. We remain focused on delivering for our associates, customers and communities. And when we do that well, deliver value for our shareholders.

總之，克羅格在第二季度再次表現強勁。我們將繼續取悅我們的客戶，加強我們的商業模式，並執行我們的以新鮮引領和以數字加速的戰略。我們仍然專注於為我們的員工、客戶和社區提供服務。如果我們做得好，就可以為我們的股東創造價值。

With that, I'll turn it over to Gary to take you through our second quarter financials. Gary?

有了這個，我將把它交給加里，帶你了解我們第二季度的財務狀況。加里？

Thank you, Rodney, and good morning, everyone.

謝謝你，羅德尼，大家早上好。

The Kroger team is laser-focused on executing our go-to-market strategy, which we outlined at our Investor Day in March. Our balanced business model has proven to be resilient in a variety of operating and economic environments, and our second quarter performance provided another proof point of this as we delivered significant year-over-year growth.

克羅格團隊專注於執行我們在 3 月份的投資者日上概述的上市戰略。事實證明，我們平衡的商業模式在各種運營和經濟環境中都具有彈性，而我們第二季度的業績提供了另一個證明，因為我們實現了顯著的同比增長。

I'll now provide additional color on our second quarter results. We achieved strong identical sales growth without fuel of 5.8% and saw momentum build throughout the quarter. Our Brands led the way with identical sales growing 10.2%. We believe the unmatched combination of innovation, quality and value provided by Our Brands is a clear competitive advantage as inflation remains front of mind for many of our customers.

我現在將為我們的第二季度業績提供額外的顏色。我們在沒有燃料的情況下實現了 5.8% 的強勁相同銷售增長，並且整個季度的勢頭都在增強。我們的品牌以 10.2% 的相同銷售額增長領先。我們相信，我們的品牌所提供的創新、質量和價值無與倫比的組合是一個明顯的競爭優勢，因為通貨膨脹仍然是我們許多客戶的首要考慮因素。

Adjusted EPS was $0.90 for the quarter, an increase of 13% compared to the same quarter last year and ahead of our internal expectations. These results were driven by increased sales of our fuel, disciplined margin management and strong fuel profitability.

本季度調整後每股收益為 0.90 美元，與去年同期相比增長 13%，超出了我們的內部預期。這些結果是由我們的燃料銷售增加、嚴格的利潤管理和強勁的燃料盈利能力推動的。

Our seamless digital ecosystem is critical to building deeper customer loyalty and accelerating market share growth. During the quarter, digital sales grew 8%, led by strength in delivery solutions, which grew by 34%. We continue to invest in digital growth initiatives, including the expansion of our Kroger Delivery network in new and existing geographies, investments in the customer value proposition via Kroger Boost membership and the expansion of customer trip missions, including meal solutions and Kroger Delivery Now. As a result of these initiatives, we expect our positive momentum in digital sales will continue in the second half of the year.

我們無縫的數字生態系統對於建立更深的客戶忠誠度和加速市場份額增長至關重要。在本季度，數字銷售額增長了 8%，其中交付解決方案增長了 34%。我們繼續投資於數字增長計劃，包括在新的和現有的地區擴展我們的 Kroger Delivery 網絡，通過 Kroger Boost 會員資格對客戶價值主張進行投資，以及擴展客戶旅行任務，包括膳食解決方案和 Kroger Delivery Now。由於這些舉措，我們預計我們在數字銷售方面的積極勢頭將在下半年繼續。

Kroger Health also contributed meaningfully to our second quarter results as we grew the profitability of our core pharmacy business. This allowed us to cycle the impact of higher COVID-19 vaccine revenue from a year ago, which is especially impressive given the number of [vaccinations] administered last year.

隨著我們提高核心藥房業務的盈利能力，Kroger Health 也為我們的第二季度業績做出了有意義的貢獻。這使我們能夠從一年前開始循環利用較高的 COVID-19 疫苗收入的影響，考慮到去年管理的 [疫苗接種] 數量，這一點尤其令人印象深刻。

Gross margin was 20.9% of sales for the quarter. The FIFO gross margin rate, excluding fuel, increased 2 basis points compared to the same period last year. This result reflected our ability to effectively manage product cost inflation through strong sourcing practices while helping customers manage their budgets and keeping prices competitive.

本季度毛利率為銷售額的 20.9%。不包括燃料的先進先出毛利率比去年同期提高了 2 個基點。這一結果反映了我們通過強大的採購實踐有效管理產品成本膨脹的能力，同時幫助客戶管理預算並保持價格競爭力。

Our team is doing an outstanding job navigating the current inflationary environment. We are experiencing the benefits of a multiyear journey in enterprise sourcing that is delivering significant and sustainable savings for Kroger and our customers. Our personalized pricing strategy is enabling us to maximize the reach and effectiveness of our promotional investments to drive loyalty and deliver value for our customers in ways they value most. Together, this has enabled Kroger to improve our price position relative to our key competitors.

我們的團隊在應對當前的通貨膨脹環境方面做得非常出色。我們正在體驗多年企業採購之旅的好處，它為 Kroger 和我們的客戶帶來了顯著且可持續的節省。我們的個性化定價策略使我們能夠最大限度地提高促銷投資的覆蓋面和有效性，從而以客戶最看重的方式提高忠誠度並為客戶創造價值。總之，這使克羅格能夠提高我們相對於主要競爭對手的價格地位。

Due to continued heightened levels of product cost inflation, we recorded a LIFO charge for the quarter of $148 million compared to $47 million in the prior year. We expect inflation will remain at heightened levels in the second half of the year but moderate on a year-over-year basis as we start to cycle the higher inflation, which began in the third quarter last year.

由於產品成本通脹水平持續升高，我們在本季度記錄了 1.48 億美元的 LIFO 費用，而去年同期為 4700 萬美元。我們預計今年下半年通脹將保持在較高水平，但隨著我們開始循環去年第三季度開始的較高通脹，通脹將同比溫和。

Kroger's OG&A rate increased 36 basis points, excluding fuel and adjustment items compared to the same period last year. This increase was driven by investments in associates, higher incentive plan costs and strategic investments in various margin expansion initiatives, partly offset by sales leverage and continued execution of cost savings.

與去年同期相比，克羅格的 OG&A 利率增加了 36 個基點，不包括燃料和調整項目。這一增長是由對聯營公司的投資、更高的激勵計劃成本和對各種利潤擴張計劃的戰略投資推動的，部分被銷售槓桿和成本節約的持續執行所抵消。

We continue to identify opportunities to remove costs from our business without affecting the customer experience and they're on track to deliver our fifth consecutive year of $1 billion in cost savings.

我們繼續尋找在不影響客戶體驗的情況下降低業務成本的機會，他們有望連續第五年節省 10 億美元的成本。

As I mentioned a moment ago, the increase in our OG&A rate during the quarter was unusual as it included an accrual catch-up for higher projected incentive costs covering the first half of the year, as well as strategic investments in a number of margin expansion initiatives that will drive future growth. We would expect to achieve year-over-year improvements in our OG&A rate in the second half of the year and for the full year.

正如我剛才提到的，本季度我們的 OG&A 率的增加是不尋常的，因為它包括對上半年更高的預計激勵成本的應計追趕，以及對一些利潤率擴張的戰略投資推動未來增長的舉措。我們預計下半年和全年的 OG&A 率將實現同比改善。

Turning now to alternative profits. Kroger Precision Marketing continues to increase its relevance with our CPG partners. During the quarter, we saw an increase in brand reinvestment rates as CPGs experienced strong returns on their marketing spend with KPM. Kroger Personal Finance products and services are also connecting well with customers in the current environment, providing even more ways to save. This includes our KPF credit card featuring an introductory $0.55 off per gallon of fuel and our gift card program, which promotionally offers 4x fuel rewards.

現在轉向替代利潤。 Kroger Precision Marketing 繼續增加與我們的 CPG 合作夥伴的相關性。在本季度，我們看到品牌再投資率有所上升，因為 CPG 的 KPM 營銷支出獲得了強勁回報。在當前環境下，克羅格個人理財產品和服務也與客戶建立了良好的聯繫，提供了更多的儲蓄方式。這包括我們的 KPF 信用卡，每加侖燃料可享受 0.55 美元的優惠，以及我們的禮品卡計劃，該計劃提供 4 倍的燃料獎勵。

Fuel remains an important part of our business model and delivered exceptional performance in the second quarter. As Rodney mentioned earlier, our fuel rewards program is a key differentiator to help customers stretch their dollars, especially when fuel prices are high. Customers engage with our fuel rewards program at the highest rate since the start of the pandemic during the second quarter, and this helped to ensure our gallon sales outpace the market.

燃料仍然是我們業務模式的重要組成部分，並在第二季度表現出色。正如 Rodney 之前提到的，我們的燃油獎勵計劃是幫助客戶增加資金的關鍵差異化因素，尤其是在燃油價格較高的情況下。自第二季度大流行開始以來，客戶以最高的速度參與我們的燃料獎勵計劃，這有助於確保我們的加侖銷量超過市場。

The average retail fuel price was $4.62 this quarter compared to $3.13 in the same quarter last year. Our cents per gallon fuel margin was $0.62 compared to $0.39 in the same quarter in 2021. The strength of our fuel results is a great example of the flexibility that exists within our business model as higher fuel profit fully offset the higher LIFO charge in the quarter and allowed us to reinvest strategically in a number of margin expansion initiatives.

本季度的平均零售燃料價格為 4.62 美元，而去年同期為 3.13 美元。我們每加侖燃料的利潤率為 0.62 美元，而 2021 年同一季度為 0.39 美元。我們的燃料業績強勁是我們業務模式中存在靈活性的一個很好的例子，因為更高的燃料利潤完全抵消了本季度更高的 LIFO 費用並使我們能夠對一些利潤擴張計劃進行戰略性再投資。

Our associates continue to do an outstanding job executing our strategy and serving our customers, and we are investing in hourly wages to ensure Kroger remains an employee of choice. We're also committed to continuing to invest in our associates and sustainably growing hourly wages. These investments are fully contemplated in our long-term financial model.

我們的員工繼續在執行我們的戰略和服務客戶方面表現出色，我們正在投資小時工資，以確保 Kroger 仍然是首選員工。我們還致力於繼續投資於我們的員工和可持續增長的小時工資。我們的長期財務模型充分考慮了這些投資。

During the second quarter, we ratified new labor agreements with the UFCW for associates in Houston, Memphis, Lake Charles, Shreveport, Las Vegas Clarkson and Meat, Southern California [Clarkson Meats] and Indianapolis, covering more than 40,000 associates. In the second half, we plan to complete contract negotiations for Chicago, Columbus, Fort Wayne, Toledo, South Bend and Southern California pharmacists.

在第二季度，我們與 UFCW 批准了休斯頓、孟菲斯、查爾斯湖、什里夫波特、拉斯維加斯克拉克森和肉類、南加州 [Clarkson Meats] 和印第安納波利斯的員工的新勞動協議，涵蓋 40,000 多名員工。下半年，我們計劃完成芝加哥、哥倫布、韋恩堡、托萊多、南本德和南加州藥劑師的合同談判。

Turning now to our financial strategy and liquidity. Kroger continues to generate strong free cash flow. As a result of our operating performance and working capital improvements over recent years, our net total debt to adjusted EBITDA ratio is now 1.63 compared to our target range of 2.3 to 2.5. Underlying initiatives to improve working capital also helped offset higher inventory balances during the quarter, which were a function of higher product cost inflation and in-stocks returning to pre-pandemic levels.

現在轉向我們的財務戰略和流動性。克羅格繼續產生強勁的自由現金流。由於近年來我們的經營業績和營運資金改善，我們的淨總債務與調整後 EBITDA 的比率現在為 1.63，而我們的目標範圍為 2.3 至 2.5。改善營運資本的基本舉措也有助於抵消本季度較高的庫存餘額，這是由於產品成本上漲和庫存恢復到大流行前水平的結果。

We continue to prioritize capital investments that support our go-to-market strategy and see many opportunities to drive future growth. As we updated in our guidance today, we now expect our range for capital investments for 2022 to be between $3.4 billion and $3.6 billion as various initiatives have been delayed due to supply constraints.

我們繼續優先考慮支持我們進入市場戰略的資本投資，並看到許多推動未來增長的機會。正如我們今天在指南中更新的那樣，我們現在預計我們 2022 年的資本投資範圍將在 34 億美元至 36 億美元之間，因為各種舉措因供應限製而被推遲。

Earlier this quarter, we raised our quarterly dividend by 24%, reflecting our confidence in our long-range plans and our ability to continue to generate strong free cash flow. The quarterly dividend has grown at a 14% compounded annual growth rate since being reinstated in 2006. And this marks the 16th consecutive year of dividend increases.

本季度早些時候，我們將季度股息提高了 24%，這反映了我們對長期計劃的信心以及我們繼續產生強勁自由現金流的能力。自 2006 年恢復以來，季度股息以 14% 的複合年增長率增長。這標誌著股息連續第 16 年增長。

During the quarter, we also repurchased $309 million of shares and year-to-date, have repurchased $975 million of shares. Earlier today, our Board of Directors authorized a new $1 billion share repurchase program.

在本季度，我們還回購了 3.09 億美元的股票，今年迄今已回購了 9.75 億美元的股票。今天早些時候，我們的董事會批准了一項新的 10 億美元的股票回購計劃。

I'd now like to share additional color on our outlook for the remainder of the year. The Kroger team's consistent execution in our go-to-market strategy is building momentum in our business, which combined with sustained food-at-home trends gives us the confidence to again raise our full year guidance. We now expect full year identical sales without fuel of 4% to 4.5%, adjusted FIFO operating profit of $4.6 billion to $4.7 billion and adjusted net earnings per diluted share of $3.95 to $4.05, representing growth of 7% to 10% over 2021. This outlook includes a year-over-year headwind from LIFO of approximately $100 million in the second half of 2022.

我現在想分享一下我們對今年剩餘時間的展望的更多色彩。克羅格團隊在我們的上市戰略中的一貫執行正在為我們的業務建立動力，再加上持續的家庭食品趨勢，讓我們有信心再次提高全年指導。我們現在預計全年相同銷售額（不含燃料）為 4% 至 4.5%，調整後的 FIFO 營業利潤為 46 億美元至 47 億美元，調整後每股攤薄淨收益為 3.95 美元至 4.05 美元，比 2021 年增長 7% 至 10%。這前景包括 2022 年下半年 LIFO 帶來的約 1 億美元的同比逆風。

In closing, we have the right go-to-market strategy and are operating from a position of strength. Looking forward, we remain confident in our ability to deliver attractive and sustainable total shareholder returns of 8% to 11% over time.

最後，我們擁有正確的市場進入戰略，並且處於強勢地位。展望未來，我們仍然有信心隨著時間的推移實現 8% 至 11% 的有吸引力且可持續的股東總回報率。

And now I'll turn it back to Rodney.

現在我將把它轉回給羅德尼。

Thanks, Gary.

謝謝，加里。

The Kroger team successfully navigated another quarter in a dynamic operating environment with strong results. As our customers continue to deal with high inflation, our value proposition is resonating with them. And this reflects the balance we've built into our model. We have demonstrated the ability to offer customers fresh, affordable food and the value they need to help them manage their budgets while we continue to invest in our associates, reinvest in our business and consistently generate strong results. Our performance gives us the confidence that we have the right plan in place to build on our momentum and continue delivering value for all stakeholders.

克羅格團隊在充滿活力的運營環境中成功度過了另一個季度，並取得了驕人的成績。隨著我們的客戶繼續應對高通脹，我們的價值主張正在引起他們的共鳴。這反映了我們在模型中建立的平衡。我們已經展示了為客戶提供新鮮、負擔得起的食品的能力以及他們需要幫助他們管理預算的價值，同時我們繼續投資於我們的員工，再投資於我們的業務並持續產生強勁的業績。我們的表現讓我們相信，我們制定了正確的計劃來鞏固我們的勢頭並繼續為所有利益相關者創造價值。

So with that, Alex, we'll turn it over for questions.

因此，亞歷克斯，我們將把它交給問題。

(Operator Instructions) Our first question for today comes from John Heinbockel of Guggenheim.

（操作員說明）我們今天的第一個問題來自古根海姆的 John Heinbockel。

I want to start a little quick with the improvement you saw in IDs, can you break that out into traffic and ticket? And then maybe within ticket, right, AUR versus items per basket? And is -- I know nonfood has been a big drag. Is that still a drag? Did that get better at all?

我想從您在 ID 中看到的改進快速開始，您能將其分解為流量和票證嗎？然後可能在票內，對，AUR 與每個籃子的物品？並且是 - 我知道非食品一直是一個很大的拖累。這還是拖累嗎？有沒有好轉？

I'll start on that and let Gary add some more of the details. The biggest part of the drive in improving trends is continued improvement in our loyal household growth and total household of people coming to our stores. We continue to see average transaction size smaller as people come into the store more often and more frequent. We would continue with some headwinds from the nonfood products as well.

我將從這個開始，讓 Gary 添加更多細節。改善趨勢的最大推動力是我們的忠誠家庭增長和來到我們商店的總家庭人數的持續改善。隨著人們越來越頻繁地進入商店，我們繼續看到平均交易規模越來越小。我們還將繼續面對來自非食品產品的一些不利因素。

Gary, any additional insights you want to provide?

加里，您想提供任何其他見解嗎？

I think you covered most of it, Rodney. As Rodney mentioned, John, we're certainly seeing for our most low shoppers continuing to win that first basket, and we're definitely seeing, as we look at our trends, that's holding up very well compared to what we're seeing overall within the market. And for our most loyal customers, as Rodney mentioned, we're seeing that number grow overall and trips also growing with our customer that most loyal shoppers starting to increase the number of trips into the store as well. So I think they are the key points that I would call out.

我想你涵蓋了大部分內容，羅德尼。正如羅德尼所說，約翰，我們肯定看到我們最低價的購物者繼續贏得第一個籃子，而且我們肯定看到，當我們看到我們的趨勢時，與我們所看到的整體相比，它保持得很好市場內。正如羅德尼所說，對於我們最忠實的客戶，我們看到這個數字總體上在增長，而且旅行也隨著我們的客戶而增長，大多數忠誠的購物者也開始增加進入商店的次數。所以我認為它們是我要指出的關鍵點。

Yes. The only other thing that might be helpful insight, John, is it's pretty consistent across the country as well.

是的。約翰，唯一可能有助於洞察力的另一件事是它在全國范圍內也非常一致。

Real quick follow-up then, right? Your nonfuel gross is the best we've seen, or one of the best we've seen in a while despite the inflation. So maybe is that mix -- role of mix versus -- I'm curious if there's a lot of forward bought product that you're benefiting from? Or is that still hard to get?

那麼真正的快速跟進，對吧？你的非燃料總收入是我們見過的最好的，或者是我們在一段時間內看到的最好的之一，儘管通貨膨脹。所以也許是這種混合——混合的作用與——我很好奇是否有很多你從中受益的遠期購買的產品？還是仍然很難獲得？

Yes. If you look, one of the things that our teams have done a nice job is on procurement. The other piece would be, as you mentioned, mix. The fresh departments continue to help on mix. And we continue to see a lot of customers continue to add value-added products as well.

是的。如果您看一下，我們的團隊做得很好的一件事就是採購。正如你提到的，另一部分是混合。新部門繼續幫助混合。我們繼續看到很多客戶也在繼續添加增值產品。

I don't know Gary, any additional comments?

我不認識加里，還有其他意見嗎？

Yes, I think you picked up the biggest drivers with sourcing and the benefits. It's not so much forward buying but continuing to be really disciplined, John, with how we look at the designer product and how we're managing relationships with our supply partners as well.

是的，我認為您通過採購和收益獲得了最大的驅動力。與其說是提前購買，不如說是繼續保持自律，約翰，我們如何看待設計師產品以及我們如何管理與供應合作夥伴的關係。

One of the areas I would say, specifically in that, that was a tailwind this quarter versus last quarter is the sourcing team and supply chains working really well together to offset the pressure on fuel costs and making sure that we're improving efficiency in the supply chain and operating at optimum levels to really offset that. And naturally, whereas in the last couple of quarters, supply chain would have been a headwind to gross margin, it was essentially flat this quarter. And that wasn't because fuel costs were not a headwind year-over-year. It was really how we applied our approach to the challenge across sourcing the supply chain to make our operation more efficient.

我要說的一個領域，特別是本季度與上一季度相比是順風的領域之一是採購團隊和供應鏈能夠很好地協同工作，以抵消燃料成本的壓力，並確保我們正在提高效率供應鏈並以最佳水平運營以真正抵消這一點。當然，雖然在過去幾個季度，供應鏈對毛利率來說是不利的，但本季度基本持平。這並不是因為燃料成本不是逐年逆風。這確實是我們如何應用我們的方法來應對供應鏈採購方面的挑戰，以提高我們的運營效率。

Our next question comes from Kelly Bania from BMO.

我們的下一個問題來自 BMO 的 Kelly Bania。

Just wanted -- if you could help us understand how fuel is impacting that. I think your prior plan was for a $50 million headwind. I think you just talked about LIFO, which sounds like is going to be about $150 million higher for the year. Just trying to think about those puts and takes as it relates to kind of the core flow-through of the higher [IEs] and how that impacts the back half?

只是想 - 如果你能幫助我們了解燃料是如何影響它的。我認為你之前的計劃是 5000 萬美元的逆風。我想你剛剛談到了 LIFO，這聽起來今年將增加約 1.5 億美元。只是想考慮一下這些看跌期權，因為它與高級 [IEs] 的核心流程有關，以及這如何影響後半部分？

Gary, go ahead.

加里，繼續。

Yes, absolutely. Kelly, thanks for the question. Yes, I think you've actually picked on many of the key points. We would be expecting many of the levers that we've been pulling in managing to grow sales and grow customer loyalty and manage the margin performance in the business will be consistent in the back half of the year. The key elements that we called out are what would optically make our EPS growth look less meaningful in the second half.

是的，一點沒錯。凱利，謝謝你的問題。是的，我認為您實際上已經選擇了許多關鍵點。我們預計，我們一直在努力增加銷售額、提高客戶忠誠度和管理業務利潤率表現的許多槓桿將在今年下半年保持一致。我們提到的關鍵因素是，從視覺上看，我們的每股收益增長在下半年看起來意義不大。

First of all, as you mentioned, our total LIFO charge for the year is about a $250 million headwind for the whole year, which translates to about $100 million, so about $0.10 of EPS impact in the back half of the year.

首先，正如您所提到的，我們全年的 LIFO 總費用約為 2.5 億美元的逆風，這相當於約 1 億美元，因此下半年的每股收益影響約為 0.10 美元。

On fuel, we haven't changed our view. [Fuel's] been very difficult to predict, and we don't want to kind of rely on potential upside in fuel when it really isn't something that we -- while the team does a great job of managing the best in the conditions, we don't lead, obviously, on fuel pricing. Our reward program, which really what drives our strategy in fuel. So we're assuming, as we cycle $0.43 to $0.44 of CPG profit from the back half of last year, but if fuel rates more sort of return to normalized levels, then that would be a $50 million to $60 million headwind in the back half of the year.

在燃料方面，我們沒有改變看法。 [燃料] 非常難以預測，我們不想依賴燃料的潛在上行空間，因為這真的不是我們的事情——雖然團隊在管理條件下做得很好，顯然，我們在燃料定價方面並不領先。我們的獎勵計劃，真正推動了我們的燃料戰略。因此，我們假設，當我們從去年下半年循環 0.43 美元到 0.44 美元的 CPG 利潤時，但如果燃料費率更多地恢復到正常水平，那麼下半年將是 5000 萬美元到 6000 萬美元的逆風年。

So there's about $0.16 of EPS headwinds that we have built in today for LIFO. Were it not for those two, then essentially our EPS would be sort of in the 6% to 8% growth range very much in line with our TSR. So we do still expect the underlying profitability of our supermarket business to improve in the back half of the year as we exclude LIFO and fuel.

因此，我們今天為 LIFO 構建了大約 0.16 美元的每股收益逆風。如果不是這兩個，那麼基本上我們的每股收益將在 6% 到 8% 的增長范圍內，非常符合我們的 TSR。因此，由於我們排除了 LIFO 和燃料，我們仍然預計我們超市業務的潛在盈利能力在下半年會有所改善。

Yes. Just a couple of additional things. And Gary mentioned one of these in his prepared remarks, but the organization still has incredibly strong cost control, and this will be the fifth year in a row that we've been able to get over $1 billion of cost out. Obviously, that's an important part of that. And we do expect alternative profit to continue to be a little strong, a little bit stronger in the second half of the year as the first half of the year as well.

是的。只是一些額外的事情。加里在他準備好的講話中提到了其中一個，但該組織仍然擁有非常強大的成本控制能力，這將是我們連續第五年能夠節省超過 10 億美元的成本。顯然，這是其中的一個重要部分。我們確實預計替代利潤將繼續保持強勁，下半年和上半年一樣強勁。

Okay. That's very helpful. And just a follow-up with digital. So growth of 8%. I think that brings it about flat in the first half. Just wondering if you could help us understand how that compares to your expectation and how -- really, how Ocado is ramping within that? I see here this 34% growth in delivery sales. But just are you on pace with the ramp of Ocado? And just about your goal in terms of doubling digital sales, how do you feel about that today?

好的。這很有幫助。只是對數字的跟進。所以增長了8%。我認為這使它在上半年持平。只是想知道您是否可以幫助我們了解這與您的期望相比如何，以及 Ocado 是如何在其中加速發展的？我在這裡看到交付銷售額增長了 34%。但是，您是否跟上 Ocado 的發展步伐？關於您將數字銷售額翻番的目標，您今天對此有何看法？

Yes. If you look, the thing that I think is always important is Ocado is one part of our overall digital strategy. And the thing that we're wanting to make sure that we have is a seamless ecosystem where customers can easily go between delivery, pickup and shopping in stores. And what we find is, by far, the majority of the people that -- customers that stop engaging with us on pickup come back into store and we capture that in-store versus delivery. So when you look at the overall seamless system, we're really focused on how do we -- and that's one of the reasons we introduced Boost, is how do we have that total loyalty across all the engagements with the customer.

是的。如果你看，我認為始終重要的是 Ocado 是我們整體數字戰略的一部分。我們想要確保我們擁有的是一個無縫的生態系統，客戶可以在其中輕鬆地在送貨、取貨和商店購物之間進行切換。我們發現，到目前為止，大多數人——在取貨時停止與我們互動的客戶回到了商店，我們捕捉到了店內與送貨的情況。因此，當您查看整個無縫系統時，我們真正關注的是我們如何——這就是我們引入 Boost 的原因之一，我們如何在與客戶的所有互動中保持完全的忠誠度。

If you look at -- the thing that I'm super proud of our teams on the sheds that as we open them in the spokes is our Net Promoter Score from those continue to be world-class and incredibly strong. And that business -- and the customer continues to engage more frequently with us there. And overall, I'm pleased with the results, but we still obviously have plenty of work to do.

如果您看一下-當我們在輻條中打開它們時，我為我們的棚屋團隊感到非常自豪的是我們的淨推薦值來自那些繼續保持世界一流且令人難以置信的強大。而那項業務——以及客戶在那裡繼續更頻繁地與我們互動。總的來說，我對結果很滿意，但顯然我們還有很多工作要做。

I don't know, Gary, anything else you want to add to the question?

我不知道，加里，你還有什麼想補充的嗎？

Yes. Thanks, Rodney. Just a couple of things. Overall, I would say, Kelly, we're pleased with the progress that we saw in the quarter. As you heard me mention in my prepared comments, we're certainly starting to see some traction on some of the key initiatives that we've been investing in, whether it's the Customer Fulfillment Centers that are powered by Ocado in both new and existing markets, the launch of Boost and as Boost continues to ramp up and we see about 25% of customers that sign up for Boost are completely new to digital. So that's a really good driver of the digital business as well.

是的。謝謝，羅德尼。只是幾件事。總的來說，我想說，凱利，我們對本季度所看到的進展感到滿意。正如您在我準備好的評論中聽到我提到的那樣，我們肯定開始看到一些我們一直在投資的關鍵計劃的吸引力，無論是由 Ocado 在新市場和現有市場提供支持的客戶履行中心，隨著 Boost 的推出以及 Boost 的持續增長，我們看到約 25% 的註冊 Boost 客戶對數字技術是全新的。所以這也是數字業務的一個非常好的驅動力。

And then we're still in the early infancy stages of some of those convenience trip missions that I mentioned, whether it's Kroger Delivery Now with our partnership with Instacart, where products can be delivered, smaller baskets, within 30 minutes, and also the meal solutions, things like sushi and (inaudible). So a lot of really exciting developments and activities that we're focused on, and we saw some good momentum in those areas coming through, which is why we also shared in my prepared comments that we'd expect the momentum to continue in the back half of the year.

然後我們仍處於我提到的一些便利旅行任務的早期階段，無論是與 Instacart 合作的 Kroger Delivery Now，產品可以在 30 分鐘內交付，更小的籃子，還有餐點解決方案，比如壽司和（聽不清）。因此，我們專注於許多非常令人興奮的發展和活動，我們看到這些領域出現了一些良好的勢頭，這就是為什麼我們還在我準備好的評論中分享了我們希望這種勢頭在後面繼續半年。

I think the only other comment I would make is that we are taking a step back certainly to figure out what is the overall market digital growth is likely to look like this year because Rodney mentioned during his prepared comments that we're building a seamless ecosystem for the customer and what we're seeing and customers are moving between the channels and making the decisions of where they shop. And ultimately, we want to make sure the customer will go to Kroger and they're choosing to shop through the store or pickup or delivery, whatever works for them. And we certainly have certain assumptions around how we thought the digital market will grow this year, and we've sort of taken a step back as we look at the back half of the year and really sort of assess how we think the market overall is growing. But our focus is really on making sure that seamless ecosystem is winning the customers' loyalty overall, whichever channel they choose to shop through.

我認為我要發表的唯一其他評論是，我們肯定會退後一步，以弄清楚今年整體市場數字增長可能是什麼樣子，因為羅德尼在他準備好的評論中提到我們正在建立一個無縫的生態系統對於客戶以及我們所看到的情況，客戶在渠道之間移動並決定他們在哪裡購物。最終，我們希望確保客戶會去 Kroger，他們會選擇通過商店購物或取貨或送貨，無論對他們有用。我們當然對我們認為今年數字市場將如何增長有一定的假設，當我們回顧今年下半年並真正評估我們對整體市場的看法時，我們已經退了一步生長。但我們的重點實際上是確保無縫生態系統能夠贏得客戶的整體忠誠度，無論他們選擇通過哪個渠道購物。

Our next question comes from Spencer Hanus from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Spencer Hanus。

I just wanted to talk about the price gaps for a minute. Could you talk about how comfortable you are with where you're trending today? And have you noticed any change in your ability to pass through price increases as some of your peers have been a bit more rational on that front?

我只是想談談價格差距一分鐘。你能談談你對今天的流行趨勢有多滿意嗎？你有沒有註意到你通過價格上漲的能力發生了任何變化，因為你的一些同行在這方面更加理性了？

Yes, if you look overall, we continue to be satisfied with inflation and the pass-through. As Gary and I both mentioned, we're doing everything we can to minimize those increases and do it in a way that helps the customer in any way we can. And when you look at the total value proposition, we feel very good. When you look at fuel rewards, as I mentioned, we had 600,000 incremental households engaging in fuel rewards and record redemption from customers as well.

是的，如果你從整體上看，我們仍然對通貨膨脹和傳遞感到滿意。正如 Gary 和我都提到的那樣，我們正在盡一切努力將這些增長降到最低，並以盡我們所能幫助客戶的方式做到這一點。當您查看總價值主張時，我們感覺非常好。正如我所提到的，當您查看燃料獎勵時，我們有 600,000 個增量家庭參與燃料獎勵和客戶兌換記錄。

So overall, we're doing -- I feel very good about the ability to balance all the pieces and minimize the impact on the customer as much as we can. We feel very comfortable with our price gaps. And price gaps is with a multiple of different competitors is something that we track on an ongoing basis. And we feel good about the everyday price gap. And as you know, we get great feedback from customers on our promotional approach and customers really appreciate the promotional values that we offer as well to allow customers to stock up on items they use the most.

所以總的來說，我們正在做 - 我對平衡所有部分並儘可能減少對客戶的影響的能力感到非常滿意。我們對我們的價格差距感到非常滿意。我們會持續跟踪與多個不同競爭對手的價格差距。我們對每天的價格差距感覺很好。如您所知，我們從客戶那裡獲得了對我們促銷方式的良好反饋，客戶也非常欣賞我們提供的促銷價值，讓客戶可以囤積他們最常使用的物品。

And we are very focused on using our data to make sure our offers are personalized for each household individually and discounts that just apply to them. And that's probably part of what's driving the fact that we had 750 million coupons downloaded as well.

我們非常專注於使用我們的數據來確保我們的優惠針對每個家庭單獨進行個性化，並提供僅適用於他們的折扣。這可能是我們下載了 7.5 億張優惠券這一事實的部分原因。

Got it. That's helpful. And then just to go back to Ocado for a minute. What are you seeing from the facilities that are located in the new geographies versus your existing markets? And as we think about the profitability of these sheds, any updated view on when we'll get to breakeven EBITDA there?

知道了。這很有幫助。然後只是回到奧卡多一分鐘。您從位於新地區的設施與現有市場的對比中看到了什麼？當我們考慮這些棚子的盈利能力時，關於我們何時能達到盈虧平衡 EBITDA 的任何最新觀點？

Yes, I'll answer the first part of that and let Gary answer the second part of your question, Spencer. We continue to ramp up and the ramp in new markets would be among some of the best (inaudible) sheds across the Ocado network. And as I mentioned before, the NPS scores are outstanding, a world-class or whatever positive you want to assign to them. And as customers engage with us with our Boost membership or our membership programs, that's causing them to even be more loyal as well.

是的，我會回答第一部分，讓加里回答你問題的第二部分，斯賓塞。我們繼續增加，新市場的增加將成為 Ocado 網絡中一些最好的（聽不見的）棚屋之一。正如我之前提到的，NPS 分數非常出色，是世界級的，或者任何你想要分配給他們的積極因素。隨著客戶通過我們的 Boost 會員或會員計劃與我們互動，這也使他們更加忠誠。

In terms of the financial side, Gary, I'll let...

在財務方面，加里，我會讓...

Sure. Yes. Thanks, Rodney. I wouldn't say, Spencer, if there's anything dramatically changed in our view that we shared previously around how we think about the CFCs powered by Ocado maturing over time. I think, as Rodney mentioned, we've certainly been pleased with what we're seeing with customer connection and sales trends. And when we think about the Net Promoter Scores and the value that we're offering, we're seeing that the gross margin profile, if you like, of that customer and also the growth that we have expected is very much in line with what we have originally envisaged.

當然。是的。謝謝，羅德尼。我不會說，Spencer，如果我們之前分享的關於我們如何看待由 Ocado 驅動的 CFC 隨著時間的推移而成熟的觀點發生了顯著變化。我認為，正如羅德尼所說，我們當然對我們所看到的客戶聯繫和銷售趨勢感到滿意。當我們考慮淨推薦值和我們提供的價值時，我們會看到該客戶的毛利率概況以及我們預期的增長非常符合我們最初設想的。

As you know, I think one of the key things for us with the big facilities is it is a 4 to 5-year journey as you're building to maturity and building to scale. And so there are some elements of that, that until you kind of understand what the customer density looks like at scale, we're still figuring out some of that operational efficiency in the model. So there's nothing really new I would call out, but we continue to work on building that full picture. And as you know, in the first two facilities, we're only 18 months really in that journey of a 4-year journey overall to get to capacity. But generally, I'd say still consistent with what we shared previously.

如您所知，我認為大型設施對我們而言的關鍵之一是，這是一個 4 到 5 年的旅程，因為您正在建設成熟並擴大規模。因此，其中有一些要素，在您了解大規模的客戶密度之前，我們仍在計算模型中的一些運營效率。所以我沒有什麼真正的新東西，但我們會繼續努力構建完整的畫面。如您所知，在前兩個設施中，我們實際上只有 18 個月的時間才能達到滿負荷的 4 年旅程。但總的來說，我會說仍然與我們之前分享的內容一致。

Our next question comes from Michael Lasser of UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

There was about a 50-basis point acceleration in your 3-year geometric stack. Was that all driven by an acceleration in inflation from the first to the second quarter? And it looks like your guidance implies that you're expecting your IDs to go back to that kind of high 5% run rate in the second half of the year on the same 3-year geometric stack basis. So would that also imply that you're expecting the lower contribution from inflation in the back half of the year?

在你的 3 年幾何堆棧中，大約有 50 個基點的加速。這一切都是由第一季度到第二季度的通脹加速推動的嗎？看起來您的指導暗示您希望您的 ID 在相同的 3 年幾何堆棧基礎上在下半年回到那種 5% 的高運行率。那麼這是否也意味著您預計下半年通脹的貢獻會降低？

Part of it, Michael, is we're starting to cycle higher inflation a year ago. So it's really -- we do not expect inflation on inflation to be as high. So it's really driven by the cycling of where we were a year ago. And as you would recall, as we get later in the year, inflation ramped up very aggressively in the back half of last year. We expect the business to continue to stay strong and continue to make strong progress. We just don't expect the inflation to be quite as high as it was.

邁克爾，部分原因是我們一年前開始循環通脹。所以它真的 - 我們預計通脹不會那麼高。所以它真的是由我們一年前的自行車驅動的。正如你所記得的那樣，隨著我們在今年晚些時候，通貨膨脹在去年下半年非常激進地上升。我們預計業務將繼續保持強勁並繼續取得強勁進展。我們只是不認為通貨膨脹會像以前那麼高。

The first part of your question, Gary, you may have been able to just -- yes, you're kind of working in and out.

你的問題的第一部分，加里，你可能已經能夠 - 是的，你有點進進出出。

Yes. Michael, I think we tend not to look at it specifically in the way that you're describing at that 3-year view. But I would say that overall, we think about our progress in the second quarter, we believe we were able to accelerate our growth relative to Q1 compared to the market. So we felt that from everything you could see, we were able to win customers and to change trajectory versus how the market was moving from Q1 to Q2. So we feel very positive about the momentum that we saw in the business in Q2.

是的。邁克爾，我認為我們傾向於不以你在 3 年視圖中描述的方式具體看待它。但我想說，總體而言，我們考慮第二季度的進展，我們相信與市場相比，我們能夠加速相對於第一季度的增長。所以我們認為，從你所看到的一切來看，我們能夠贏得客戶並改變軌跡，而不是市場從第一季度到第二季度的變化。因此，我們對第二季度的業務發展勢頭感到非常樂觀。

And as Rodney mentioned, we believe that momentum will continue in the back half of the year, but we are expecting while inflation will remain at heightened levels, we think it will start to taper out because with the cycling, call it, 4% higher inflation in the back half of last year compared to the first half of last year. So even if inflation does continue to grow, you're cycling about 4% higher inflation rate from the prior year.

正如羅德尼所提到的，我們相信這一勢頭將在今年下半年繼續，但我們預計，雖然通脹將保持在較高水平，但我們認為通脹將開始逐漸減弱，因為隨著循環往復，通脹會高出 4%與去年上半年相比，去年下半年的通貨膨脹。因此，即使通脹確實繼續增長，你的通脹率也會比前一年高出約 4%。

And we are starting to see a little bit of data that would say it's really hard to predict, and none of us had our perfect crystal ball. But if you look at the growth in cost inflation from Q1 to Q2, it would be less than the growth that we saw in Q4 last year to Q1 this year. And some of the forward-looking futures data on some of the key commodities are starting to show a little bit of signs that things may be leveling off somewhat. So obviously, there's been plenty of shocks in the last 12 months that can change that very quickly. But the data points that we can see right now, we think it's appropriate to forecast and provide guidance that it seems slightly tapering to the inflation rate in the back half of the year.

我們開始看到一些數據表明這真的很難預測，而且我們都沒有完美的水晶球。但如果你看一下從第一季度到第二季度的成本通脹增長，它會低於我們在去年第四季度到今年第一季度看到的增長。一些主要商品的前瞻性期貨數據開始顯示出一些跡象，表明情況可能會有所趨於平穩。所以很明顯，在過去的 12 個月裡有很多衝擊可以很快改變這種情況。但是我們現在可以看到的數據點，我們認為預測和提供指導是適當的，即它似乎在今年下半年略微降低通脹率。

Okay. My follow-up question is Kroger's been pretty nimble in managing its FIFO gross margin, as was evidenced by this quarter. Was some of that due to the ability to pass along price increases a little faster than you're getting the price increases passed along to you from your vendor community? And it does seem like some consumable retailers are announcing that they're going to make sizable price investments in the back half of the year. So how does that influence your view of the ability to sustain this FIFO gross margin performance over the next couple of quarters?

好的。我的後續問題是克羅格在管理其先進先出毛利率方面非常靈活，本季度就證明了這一點。其中一些是因為價格上漲的傳遞速度比您從供應商社區傳遞給您的價格上漲快嗎？似乎一些消費品零售商宣布他們將在今年下半年進行可觀的價格投資。那麼，這將如何影響您對未來幾個季度維持這種先進先出毛利率表現的能力的看法？

Well, obviously, all -- everything that you asked would have been reflected in our guidance for the balance of the year. We would -- most CPGs, you know well in advance of cost increases. So you're balancing the actual getting the cost increase along with what you pass through to customers. Obviously, you are -- on a weekly basis, you're looking at what pricing, where you are on spreads, better or worse than your competitors.

好吧，顯然，所有 - 你所要求的一切都將反映在我們對今年餘額的指導中。我們會 - 大多數 CPG，您在成本增加之前就知道了。因此，您正在平衡實際獲得的成本增加以及您傳遞給客戶的成本。顯然，您每週都在查看比競爭對手更好或更差的定價，您在價差上的位置。

And the other thing that I think it's always important to remember for a customer that shops at Kroger, there's personalized rewards that are individualized for each household that the market would never see. And that's something that's incredibly valuable for our customers in addition to our fuel rewards and other pieces. So I think you really have to look at the total value proposition.

我認為對於在 Kroger 購物的顧客來說，記住的另一件事總是很重要，這是市場永遠不會看到的針對每個家庭的個性化獎勵。除了我們的燃料獎勵和其他物品之外，這對我們的客戶來說也是非常有價值的。所以我認為你真的必須看看總價值主張。

Yes. Maybe just to add, Rodney, I think, Michael, from the perspective of how we manage gross margin, I think of it much more of a -- we're not trying to manage to a number every quarter. Obviously, we're managing it more long term and there's lots of moving parts that we manage. The tailwinds would be the work we do in sourcing, the mix improvements through fresh growing and Our Brands growing and new innovation products. And of course, things like alternative profit streams adding to that model as well. So we're still investing in the customer. And from our perspective, we feel very good about our ability to manage the model through the evolving environment.

是的。也許只是補充一點，羅德尼，我認為，邁克爾，從我們如何管理毛利率的角度來看，我認為它更多的是——我們並不是每個季度都試圖管理一個數字。顯然，我們正在更長期地管理它，並且我們管理著許多活動部件。順風將是我們在採購方面所做的工作，通過新鮮增長和我們的品牌增長以及新的創新產品來改進組合。當然，諸如替代利潤流之類的東西也會添加到該模型中。因此，我們仍在對客戶進行投資。從我們的角度來看，我們對自己在不斷變化的環境中管理模型的能力感到非常滿意。

And overall, again, if you look at our rolling 12 months of gross margin, it's probably in that sort of 10 to 20 basis points of investment. And I think that's what we shared at the beginning of the year where we expect it to be. So we are delivering, we believe, on the plan that we shared.

總的來說，如果你再看看我們滾動的 12 個月的毛利率，它可能是那種 10 到 20 個基點的投資。我認為這就是我們在年初所分享的我們期望的結果。因此，我們相信，我們正在交付我們共享的計劃。

Our next question comes from Simeon Gutman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

My question is on the consumer to diagnose some of the changes we're seeing. It looks like there was some trade down brewing across all of consumer. And you mentioned that your business picked up from June throughout the quarter. So can you talk about if you're seeing a level of either trading down or movement to private brands you heard, is the level, is it stabilizing? Did it (inaudible) inside with gasoline prices leveling off and (inaudible) getting stronger now? Or would this (inaudible)?

我的問題是讓消費者診斷我們看到的一些變化。看起來所有消費者都在醞釀一些交易。您提到您的業務在整個季度從 6 月開始回升。那麼，您能否談談您是否看到您聽到的降價或轉向自有品牌的水平，水平是否穩定？它（聽不清）在汽油價格趨於平穩和（聽不清）現在變得更強的情況下嗎？或者這會（聽不清）？

If you look at customer behavior, they're telling us they're modifying behavior more so outside of the grocery store than with us. Now the movement to Our Brands, what we always find is customers do it initially to save a little bit of money, but they fall in love with the product. So part of the continued acceleration of growth in Our Brands is driven by the value, but part of it is just the quality of the product. And that's been something that's been a long-term trend, not just a current trend.

如果您查看客戶行為，他們會告訴我們，他們在雜貨店之外改變行為的程度比在我們這裡更重要。現在轉向我們的品牌，我們總是發現客戶最初這樣做是為了節省一點錢，但他們愛上了這個產品。因此，我們的品牌持續加速增長的部分原因是價值驅動，但部分原因只是產品的質量。這是一個長期趨勢，而不僅僅是當前趨勢。

The customers -- it's one of the reasons why we're so proud of our overall offering is customers can move between different types of product. But we still see customers engaging in things that are fresh, and are healthy, those aspects as well. So we're going to be there forever how the customer wants and needs us to be, and we're going to be very agile as well.

客戶——這是我們對我們的整體產品如此自豪的原因之一，因為客戶可以在不同類型的產品之間移動。但我們仍然看到客戶參與新鮮和健康的事物，這些方面也是如此。因此，我們將永遠存在客戶想要和需要我們成為的樣子，而且我們也將變得非常敏捷。

Abbreviated follow-up is inflation. It sounds like we're not quantifying what the absolute level is. You all know we're going to see a moderation in the second half. Let's just say you're running in line with CPI for food and home. Could that actually get cut in half in the back half of the year? Is it going to be more moderate? And then in terms of elasticity, does it actually behave that quickly where you're seeing units for volume actually respond and go back up, so we're in the same place anyway?

簡稱為通貨膨脹。聽起來我們沒有量化絕對水平是多少。你們都知道我們將在下半場看到一個緩和。假設您在食品和家庭方面符合 CPI。這真的會在今年下半年減半嗎？會不會比較溫和？然後就彈性而言，它是否真的表現得那麼快，你看到體積單位實際上響應並回升，所以無論如何我們都在同一個地方？

Yes. I mean I think from what we see, we wouldn't expect it to be that dramatic a change. As I mentioned, I think we would expect there to be some flattening out of inflation in the back half of the year, but there's nothing that we see right now that would cause us to believe there's going to be a dramatic change in the level of inflation in the back half of the year.

是的。我的意思是，我認為從我們所看到的情況來看，我們不會期望它會發生如此巨大的變化。正如我所提到的，我認為我們預計今年下半年通脹會趨於平緩，但我們現在沒有看到任何東西會讓我們相信通脹水平會發生巨大變化下半年通脹。

And from our perspective, I think it probably ties back to Rodney's earlier comment, we feel that we're monitoring and using our data very closely to adapt as to how customers change behavior. And we believe through the combination of fuel rewards, through the Our Brands portfolio of products that we offer and through the pricing and promotional offers that we have, we've got a very strong sort of portfolio of plans to be able to adapt to the customer with us.

從我們的角度來看，我認為這可能與羅德尼之前的評論有關，我們認為我們正在非常密切地監控和使用我們的數據，以適應客戶如何改變行為。我們相信，通過燃油獎勵、我們提供的 Our Brands 產品組合以及我們擁有的定價和促銷優惠的組合，我們擁有非常強大的計劃組合，能夠適應客戶與我們。

Our next question comes from Kenneth Goldman of JPMorgan Chase.

我們的下一個問題來自摩根大通的 Kenneth Goldman。

I was curious, you mentioned Home Chef. Were there any other categories or broader departments where your brands were maybe surprisingly strong this quarter? I would assume the usual suspect milk and soy were healthy. But were there others where the -- I guess the share shift was bigger than you might typically see in this kind of environment?

我很好奇，你提到了家庭廚師。本季度您的品牌是否有任何其他類別或更廣泛的部門可能出人意料地強大？我會假設通常懷疑的牛奶和大豆是健康的。但是還有其他地方——我猜份額的變化比你在這種環境中通常看到的要大嗎？

Yes, it's a great question, Ken. And it's really broad-based. And the banner brand, I wouldn't say it's a surprise, but the banner brand continues to gain solid share. But even if you look at like private selection, which has a lot of unique and new products, the growth there continued to be strong as well. So it was very broad-based across really the whole store.

是的，這是一個很好的問題，肯。而且它的基礎非常廣泛。而橫幅品牌，我不會說這是一個驚喜，但橫幅品牌繼續獲得穩固的份額。但即使你看像私人精選，它有很多獨特的新產品，那裡的增長也繼續強勁。所以它在整個商店的基礎上非常廣泛。

Got it. And then on the higher OG&A this quarter, you called out a few reasons for -- and thank you for that. One of them was a onetime accrual catch-up. Can you give us a sense -- I don't think I heard how big that catch-up was? And then on the margin expansion initiatives, I recognize it's an ongoing process. But just in light of where the OG&A came in, were there any new initiatives launched? Is there anything that we should think about that may be unique that we haven't necessarily heard about yet? Or just is more of the ongoing process that you have?

知道了。然後在本季度更高的 OG&A 上，您提出了一些原因 - 並為此感謝您。其中之一是一次應計追趕。你能給我們一個感覺——我想我沒有聽說追趕有多大？然後在利潤擴張計劃上，我認識到這是一個持續的過程。但就 OG&A 的作用而言，是否推出了任何新舉措？有什麼我們應該考慮的可能是我們還沒有聽說過的獨特的東西嗎？或者只是你擁有的更多正在進行的過程？

Yes. Thanks, Ken. I think what I would say is overall, if you think about there's probably three pieces that impacted OG&A materially during the quarter. The one you mentioned, which was the true-up for the first half of the year on our incentive calculation based on our improved performance, we calculate what the (inaudible) would be for the year. And so we have to catch up for the first 2 quarters in the year.

是的。謝謝，肯。我認為我要說的是總體而言，如果您考慮一下本季度可能對 OG&A 產生重大影響的三件事。您提到的那個，是我們根據我們改進的績效計算的上半年的激勵計算結果，我們計算了（聽不清）今年的情況。所以我們必須趕上今年的前兩個季度。

Secondly, as you mentioned, we invested in some strategic initiatives that we believe will accelerate growth as we look into '23 and beyond in particular, and I'll come back to that in a second. The third would be, we were cycling 1 or 2 items that were -- as of the timing were particularly strong in Q2 last year. So when you add those three things together and sort of remove them from the number, we would have achieved an improvement in the OG&A rate during the quarter, which is why we kind of guided you to when we take out those three factors, which wouldn't repeat in our view for the rest of the year, but we would expect overall for the rest of the year to see OG&A rate improvement. It's probably fairly flat in Q3, but likely to be meaningfully better than that in Q4 is how we would think about it. And I wouldn't want to get into maybe breaking down the digital because we typically don't do that. But I would just say that all three of those together will really what caused the increase in the rates.

其次，正如你所提到的，我們投資了一些戰略舉措，我們認為這些舉措將加速增長，尤其是在 23 年及以後，我將在稍後再談。第三個是，我們正在循環 1 或 2 個項目——截至去年第二季度的時機特別強勁。因此，當您將這三個因素加在一起並從數字中刪除它們時，我們將在本季度實現 OG&A 率的提高，這就是為什麼我們在去除這三個因素時會引導您，這將我們認為今年餘下時間不會重複，但我們預計今年餘下時間總體上 OG&A 率會有所改善。第三季度可能相當平穩，但可能比第四季度更好，這是我們的想法。而且我不想涉及可能破壞數字，因為我們通常不這樣做。但我只想說，所有這三者加在一起才是真正導致費率上漲的原因。

As regards to the new initiatives, I think it is more of what you've seen before. It's more just that as we look at how the customer is changing and our business model continues to evolve. We identified 2 or 3 areas where we think there are opportunity to accelerate. And an example would be in shrink and investing in some new capabilities to be able to continue to improve shrink performance as we look out for the forecast for our model on shrink and that, of course, helps gross margin as well.

至於新舉措，我認為這更多的是你以前看到的。更重要的是，當我們觀察客戶的變化以及我們的商業模式如何繼續發展時。我們確定了 2 或 3 個我們認為有機會加速的領域。一個例子是收縮和投資一些新功能，以便能夠繼續提高收縮性能，因為我們期待我們的收縮模型的預測，當然，這也有助於毛利率。

And then I mentioned earlier, but we're really pleased with the progress that we made in health and wellness during the quarter, and we made some strategic investments in the health and wellness space where we believe there's an opportunity for us to continue to drive profitable growth, not only in the second half of this year as we cycle the vaccines for last year but also beyond in 2022 and 2024.

然後我之前提到過，但我們對本季度在健康和保健方面取得的進展感到非常滿意，我們在健康和保健領域進行了一些戰略投資，我們相信我們有機會繼續推動盈利增長，不僅在今年下半年，因為我們循環使用了去年的疫苗，而且在 2022 年和 2024 年之後也是如此。

Our next question comes from Robert Moskow from Credit Suisse.

我們的下一個問題來自瑞士信貸的羅伯特莫斯科。

I wonder if you could give a little more color on the Smart brands initiative. Is it providing anything new to the consumer in terms of opening price points, like lower price points than before? Or you're really just consolidating several of your sub-brands to make it a little easier to shop? And then I just had a quick follow-up.

我想知道您是否可以為智能品牌倡議提供更多色彩。它是否在開盤價方面為消費者提供了任何新的東西，比如比以前更低的價格點？或者您真的只是在整合您的幾個子品牌以使其更容易購物？然後我進行了快速跟進。

The majority is consolidating the sub-brands, just making it easier to shop. Those items are always great value for the money. The other thing that there would be incremental items introduced under the Smart Way brand in terms of just the absolute number of SKUs. So it's really a combination of introducing some new items and consolidating several sub-brands and making it easier for customers to shop.

大多數人正在整合子品牌，只是讓購物更容易。這些物品總是物超所值。另一件事是，僅就 SKU 的絕對數量而言，Smart Way 品牌下將引入增量項目。所以它實際上是引入一些新產品和整合幾個子品牌，讓顧客更容易購物。

Okay. And then a follow-up on CapEx. You're not the first to lower CapEx guidance among consumer goods companies. And it all -- it usually seems to be because of project delays. But I imagine volume is less than what you had expected this year because the pricing is so high. So is there any correlation here between like a lower volume environment in an inflationary cycle and what your CapEx plans might be for the next couple of years?

好的。然後是對資本支出的跟進。您不是第一個降低消費品公司資本支出指引的人。這一切——通常似乎是因為項目延誤。但我想今年的銷量低於你的預期，因為定價太高了。那麼，在通脹週期中的低交易量環境與您未來幾年的資本支出計劃之間是否存在任何相關性？

I wouldn't say, Robert, really changes our view of the opportunity ahead of us. As you know, we've laid out a clear plan at our Investor Day in March, and we still feel really confident in both the growth model that we outlined and where we believe the strategic investments will make sense across the supply chain, across our store portfolio and obviously continue to invest in digital. So I wouldn't read into it that we're any less excited or have less confidence in those plans. It's far more the former point that you made. But when we look at some of the short-term supply challenges, when we look at some of the costs in the market in the short term, it just made more sense in our view to balance that plan and to adjust the schedule. So it would be far more in that camp than the other.

我不會說，羅伯特，真的改變了我們對擺在我們面前的機會的看法。如您所知，我們在 3 月的投資者日制定了明確的計劃，我們仍然對我們概述的增長模式以及我們認為戰略投資將在整個供應鏈、我們的商店組合，顯然繼續投資於數字。所以我不會讀到我們對這些計劃沒有那麼興奮或沒有信心。你提出的前一點要多得多。但是，當我們看到一些短期供應挑戰時，當我們看到短期內市場的一些成本時，我們認為平衡該計劃並調整時間表更有意義。因此，在那個陣營中的人數會比在另一個陣營中要多得多。

Our next question comes from Paul Lejuez from Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

This is [Brandon Cheatham] on for Paul. I was wondering if you could help us a little bit on the fuel margin cents per gallon were very strong in the quarter, but it sounds like you expect fuel to be a headwind in the second half. So can you help us, how much of the fuel margin was driven kind of by internal initiatives or external market forces that I guess you're not expecting to repeat in the second half?

這是 [Brandon Cheatham] 為保羅而戰。我想知道您是否可以幫助我們解決本季度每加侖燃油利潤率非常高的問題，但聽起來您預計燃油將在下半年成為逆風。所以你能幫我們嗎，有多少燃料利潤是由內部舉措或外部市場力量推動的，我猜你預計下半年不會重複？

Sure. Yes. Overall, our team did a fantastic job in managing fuel margins. And as I think you probably know, we -- our goal is to make sure we're very competitive on price, and then we give significant value back to our customers via our fuel rewards program that flows through our supermarket gross margin, not through that fuel P&L that we share -- the metrics that we shared on the call. So overall, last quarter would certainly have been some great work by our team in capturing value wherever they go through sourcing of fuel and how we promoted and drove engagement with customers. But a lot of it is also just to do with the volatility in the market and as prices were changing in the fuel market, which I think has been seen across the industry.

當然。是的。總的來說，我們的團隊在管理燃料利潤方面做得非常出色。我想你可能知道，我們的目標是確保我們在價格上非常有競爭力，然後我們通過我們的燃料獎勵計劃向我們的客戶回饋重要的價值，該計劃通過我們的超市毛利率，而不是通過這推動了我們分享的損益——我們在電話會議上分享的指標。因此，總體而言，上個季度我們的團隊肯定會在通過燃料採購以及我們如何促進和推動與客戶的互動來獲取價值方面做出一些出色的工作。但其中很多也只是與市場的波動以及燃料市場的價格變化有關，我認為這在整個行業中都已經看到。

So as we look forward, we believe we have a clear strategy around delivering great value for the customer, making sure we're sourcing the product really effectively, optimizing the reward program. Our view at some point is that fuel margins sort of normalize, and we don't think it's prudent for us to predict these extremely high unusual levels of profitability. So I wouldn't say we have perfect insight into what will happen to fuel margins in the back half of the year. We think it's prudent to bring them back to more of what we thought would be a normal rate at the beginning of the year. If it turns out that there is significantly greater margins on fuel then, of course, that would impact our outcome for the rest of the year, but we think it would be not prudent for us to be forecasting that. That's really how we think about the rest of the year.

因此，展望未來，我們相信我們有一個明確的戰略，為客戶提供巨大的價值，確保我們真正有效地採購產品，優化獎勵計劃。我們的觀點是，燃料利潤率在某種程度上趨於正常化，我們認為預測這些異常高的盈利水平對我們來說是不明智的。所以我不會說我們對下半年的燃料利潤率會發生什麼有完全的了解。我們認為謹慎的做法是讓它們恢復到我們在年初認為的正常水平。如果事實證明燃料的利潤率明顯更高，那當然會影響我們今年剩餘時間的結果，但我們認為我們預測這一點並不謹慎。這就是我們對今年剩餘時間的看法。

Got it. That's helpful. And a quick follow-up. I was just wondering if you could break out price inflation, how much that drove ID sales in the quarter? And how much of that was offset by units? I assume, declined slightly in the quarter.

知道了。這很有幫助。并快速跟進。我只是想知道您是否可以打破價格通脹，這在本季度推動了 ID 銷售的多少？其中有多少被單位抵消了？我假設，在本季度略有下降。

Yes. I think just a bit of color maybe to the last comment, we mentioned on this one would be that our sales growth was higher than the increase that we saw from Q1 to Q2, was higher than the increase we saw in cost inflation. So overall, we're pleased with the trajectory in our growth. And we believe compared to the market, we were able to improve our trajectory, Q2 versus Q1 compared to how the market overall performed.

是的。我認為最後一條評論可能有點色彩，我們在這個評論中提到的是我們的銷售增長高於我們從第一季度到第二季度看到的增長，高於我們在成本通脹中看到的增長。所以總的來說，我們對我們的增長軌跡感到滿意。我們相信，與市場相比，與市場整體表現相比，我們能夠改善第二季度與第一季度的軌跡。

Thanks, [Brandon], for the question. The other thing I think is important that I mentioned earlier is that we had household growth overall and loyal household growth as well, which is always important for the future.

謝謝 [Brandon] 的提問。我認為我之前提到的另一件事很重要，那就是我們的家庭整體增長和忠誠的家庭增長，這對未來總是很重要。

Alex, we have time for one more question.

亞歷克斯，我們有時間再問一個問題。

Our final question comes from Rupesh Parikh from Oppenheimer.

我們的最後一個問題來自奧本海默的 Rupesh Parikh。

So maybe just a follow-up to the prior question. Just any perspective just on market share? It sounds like your GAAP versus [peers] may have narrowed this quarter, but just any thoughts on the performance this quarter and then how you're looking at that for the balance of the year?

因此，也許只是對先前問題的跟進。只是對市場份額有任何看法嗎？聽起來您的 GAAP 與 [同行] 在本季度可能已經縮小，但對本季度的表現有任何想法，然後您如何看待今年的餘額？

Yes. The gap has continued to narrow and it's narrowed during the quarter as well. And if you look at it for the balance of the year, our teams would expect to continue to make progress and really proud of where we are. And we think the overall value for the customer and the overall seamless experience and focus on fresh continues to accelerate, and the customer continues to reward us for that as well.

是的。差距繼續縮小，並且在本季度也有所縮小。如果你看看今年餘下的時間，我們的團隊會期望繼續取得進步，並為我們現在的位置感到自豪。我們認為客戶的整體價值和整體無縫體驗以及對新鮮的關注繼續加速，客戶也因此繼續獎勵我們。

Okay. Great. And one follow-up question, just on CapEx as well. So this year, CapEx is pretty significantly below your prior plan. Do you believe we could be in a period of just lower sustained CapEx spend just given some of the headwinds out there?

好的。偉大的。還有一個後續問題，也是關於資本支出的。所以今年，資本支出大大低於你之前的計劃。您是否認為我們可能處於持續資本支出較低的時期，只是考慮到一些不利因素？

I think, Rupesh, like I mentioned earlier, we feel very good about the plans we have to achieve our long-term -- or our overall TSR model around the growth that we've shared around growing earnings at 3% to 5% and our TSR at 8% to 11%. And we've got, I think, some very clear capital expenditure plans that we believe will allow us to drive that sustained growth.

我認為，Rupesh，就像我之前提到的那樣，我們對我們必須實現長期的計劃感覺非常好——或者我們圍繞增長的整體 TSR 模型，我們已經分享了 3% 到 5% 的收益增長和我們的股東總回報率為 8% 至 11%。我認為，我們有一些非常明確的資本支出計劃，我們相信這些計劃將使我們能夠推動持續增長。

So I think we are being deliberate in the short term about making sure the -- if the pricing of certain supplies and products just would change their return materially then we're adjusting our timing there, and there are some challenges just around labor and raw materials and getting the plans executed in the time scale that we'd originally envisaged. But I don't think for us, we look at the announcements that we made this morning on our latest forecast of CapEx as being less excited about the prospects of investing in the business for growth. I think it's more of a function of just some of the short-term headwinds for us.

所以我認為我們正在考慮在短期內確保——如果某些供應品和產品的定價會實質性地改變他們的回報，那麼我們正在調整我們的時間安排，並且在勞動力和原材料方面存在一些挑戰材料並在我們最初設想的時間範圍內執行計劃。但我不認為對我們而言，我們認為我們今天早上發布的關於資本支出最新預測的公告，對投資業務增長的前景並不那麼興奮。我認為這更多是我們的一些短期逆風的功能。

Thank you, everyone, for joining us today.

謝謝大家，今天加入我們。

And as you know, I always like to share a few comments directly with our associates listening in as well. We are so proud of everything that everyone's achieved in this half of the year. Our outstanding associates continue to provide a world-class customer experience. And thank you directly on behalf of everyone for everything that you do for our community, our customers and each other every day.

如您所知，我也總是喜歡直接與我們的同事分享一些評論。我們為每個人在這半年取得的成就感到非常自豪。我們優秀的員工繼續提供世界一流的客戶體驗。並代表所有人直接感謝您每天為我們的社區、我們的客戶和彼此所做的一切。

I'd also like to take a moment to recognize our Louisville and Delta divisions and our manufacturing and distribution teams who responded immediately to help in the aftermath of a devastating flood in Eastern Kentucky and a water shortage in Jackson, Mississippi. Our store, manufacturing and distribution teams went to work to offer company and customer donations of supplies and funds and delivered more than 55,000 gallons of freshwater to both communities when they needed it. A huge thank you for stepping up to support our neighbors when they needed it the most.

我還想花點時間感謝我們的路易斯維爾和三角洲部門以及我們的製造和分銷團隊，他們在肯塔基州東部發生毀滅性洪水和密西西比州傑克遜缺水後立即做出響應並提供幫助。我們的商店、製造和分銷團隊努力為公司和客戶提供物資和資金捐贈，並在兩個社區需要時向他們提供了超過 55,000 加侖的淡水。非常感謝您在我們的鄰居最需要的時候挺身而出支持他們。

I also want to congratulate our stores once again on achieving 100% execution of our Zero Hunger | Zero Waste food rescue. Your efforts provide healthy food directly to our neighbors who need it the most. Thank you for your commitment to creating and supporting communities free from hunger and waste.

我還要再次祝賀我們的商店實現我們的零飢餓 | 100% 執行。零浪費食物救援。您的努力直接為我們最需要的鄰居提供健康食品。感謝您致力於創建和支持沒有飢餓和浪費的社區。

And thanks to everyone again for joining us today. That concludes our second quarter earnings call.

再次感謝大家今天加入我們。我們的第二季度財報電話會議到此結束。

Thank you for joining us today. This concludes the Q2 earnings call. You may now disconnect your line.

感謝您今天加入我們。第二季度財報電話會議到此結束。您現在可以斷開您的線路。