克羅格 (KR) 2025 Q4 法說會逐字稿

Good morning, and welcome to The Kroger Co. fourth-quarter earnings conference call. My name is Alex. I'll be coordinating today's call. (Operator Instructions) Please note that this event is being recorded. I'd now like to turn the conference over to Rob Quast, Vice President, Investor Relations. Please go ahead.

早安，歡迎參加克羅格公司第四季財報電話會議。我叫亞歷克斯。我將負責協調今天的電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁羅伯奎斯特。請繼續。

Good morning. Thank you for joining us for Kroger's fourth-quarter and full-year 2025 earnings call. I am joined today by Kroger's newly appointed Chief Executive Officer, Greg Foran; Chairman, Ron Sargent; and Chief Financial Officer, David Kennerley.

早安.感謝您參加克羅格公司2025年第四季及全年財報電話會議。今天與我一同出席的有克羅格公司新任執行長格雷格·福蘭、董事長羅恩·薩金特和財務長大衛·肯納利。

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.

在開始之前，我想提醒各位，今天的討論將包含前瞻性陳述。我們想提醒您，此類聲明均為預測，實際事件或結果可能與預測有重大差異。我們在提交給美國證券交易委員會的文件中詳細討論了我們認為可能對我們的業務產生持續重大影響的許多因素。克羅格公司不承擔更新該資訊的義務。

After our prepared remarks, we look forward to taking your questions. (Operator Instructions). I will now turn the call over to Ron.

在我們發言完畢後，期待回答各位的問題。（操作說明）現在我將把通話轉給羅恩。

Well, thank you, Rob, and good morning, everyone. Thank you for joining our call today. Before we start, I'd like to just take a moment to welcome Greg Foran as Kroger's Chief Executive Officer. Greg is a strong leader with a proven track record of driving growth in large and complex businesses.

謝謝你，羅布，大家早安。感謝您今天參加我們的電話會議。在正式開始之前，我想花一點時間歡迎格雷格·福蘭擔任克羅格公司的執行長。格雷格是一位優秀的領導者，在推動大型複雜企業發展方面擁有卓越的業績記錄。

He has spent most of his career in food retail, and he understands what it takes to run great stores and build a strong e-commerce business. His priorities align closely with the work we've been doing over the past 12 months, putting the customers at the center, moving with urgency, strengthening our e-commerce business, accelerating media, and improving productivity to invest in lower prices.

他職業生涯的大部分時間都從事食品零售業，他深知如何經營一家優秀的商店並建立強大的電子商務業務。他的優先事項與我們過去 12 個月所做的工作密切相關，即以客戶為中心，加快步伐，加強電子商務業務，加速媒體發展，提高生產力，從而投資降低價格。

Many of you will know his background. He started as a store associate at Woolworths and New Zealand and eventually led Walmart US where he was responsible for thousands of stores as well as over 1 million associates. During his tenure, the business delivered consistent sales growth while improving store operations and building e-commerce capabilities.

你們當中許多人應該都了解他的背景。他最初在 Woolworths 和紐西蘭擔任門市員工，最終領導沃爾瑪美國公司，負責數千家門市和超過 100 萬名員工。在他的領導下，公司實現了持續的銷售成長，同時改善了門市營運並建立了電子商務能力。

Most recently, Greg led Air New Zealand during the pandemic, one of the most challenging periods in the history of the airline industry, helping position the company for a solid recovery and leading their digital transformation. Greg is the right person to lead Kroger, and we're excited to have him. He will close our prepared remarks today with his early impressions and focus areas, as he steps into the new role.

最近，格雷格在疫情期間領導新西蘭航空，這是航空業歷史上最具挑戰性的時期之一，他幫助公司實現了穩健復甦，並領導了公司的數位轉型。格雷格是領導克羅格的合適人選，我們很高興他能加入我們。今天，他將在就任新職之際，以他對新職位的初步印象和關注領域作為我們事先準備好的發言的結尾。

Now turning to the fourth quarter. We're pleased to report another quarter of strong results, capping off a strong year for Kroger. Importantly, in the final period of the year, we achieved positive market share growth for the first time this year. For the full year, we nearly doubled our identical sales without fuel from 1.5% to 2.9% and grew earnings per share by 9%, which was at the high end of our earnings expectations.

現在進入第四節。我們很高興地宣布，克羅格公司又迎來了一個強勁的季度業績，為這一年的良好發展畫上了圓滿的句號。重要的是，在今年最後一個季度，我們實現了今年以來的首次市佔率正成長。全年來看，不計燃油的同店銷售額增長了近一倍，從 1.5% 增至 2.9%，每股收益增長了 9%，達到了我們預期收益的上限。

This performance speaks for itself. We're executing on our priorities and delivering results. This year, we've been intentional about focusing on what matters most to our customers, and this work has laid the foundation for long-term growth. Today, I'll talk about the things we got done and the proof points of our progress.

這場演出本身就足以說明一切。我們正在推進各項優先事項並取得成果。今年，我們一直有意識地專注於對客戶而言最重要的事情，這項工作為長期成長奠定了基礎。今天，我將談談我們已經完成的事情以及我們取得進展的證明點。

In the fourth quarter, we continued to make meaningful progress on our core priorities: improving the customer experience, simplifying our business, and ensuring we have the right talent in place to move with speed. These actions are strengthening our competitive position today and are building a more efficient, customer-focused company for the future.

第四季度，我們在核心優先事項方面繼續取得實質進展：改善客戶體驗、簡化業務，並確保我們擁有合適的人才以快速行動。這些舉措正在增強我們當前的競爭地位，並為未來打造一個更有效率、以客戶為中心的公司。

Serving our customers better starts with delivering value and making the customer experience easier. This quarter, we again made price investments to lower everyday prices and to offer more promotions, and this improved our value perception with our customers. We also added store hours during the holidays, particularly in high traffic departments, so more associates were available when customers needed them most. These changes improve checkout times and contributed to positive trends in customer satisfaction.

更好地服務客戶始於提供價值和簡化客戶體驗。本季度，我們再次加大價格投入，降低日常價格，並提供更多促銷活動，這提高了客戶對我們價值的認知。假日期間，我們也延長了營業時間，尤其是在客流量大的部門，以便在顧客最需要的時候有更多的員工可以提供服務。這些改變縮短了結帳時間，並有助於提升顧客滿意度。

As part of simplifying the business, we announced the sale of Vitacost and plan to close nearly 50 underperforming little clinic locations. We also continue to review all noncore assets to determine their ongoing contribution and role within the company. These decisions reflect our commitment to running a more efficient company and focusing on priorities that add the most value.

為了簡化業務，我們宣佈出售 Vitacost，並計劃關閉近 50 家業績不佳的小診所。我們也會持續審查所有非核心資產，以確定它們對公司的持續貢獻和角色。這些決定體現了我們致力於提高公司營運效率，並專注於創造最大價值的優先事項的承諾。

A strong leadership team is also essential to moving faster and executing our strategy. This quarter, we promoted Victor Smith to Senior Vice President of Retail divisions, along with new division presidents in Atlanta, Fry's, and Ralphs, each with deep operational experience and a track record of running great stores. These leaders were developed within our organization, which speaks to the depth of talent we have across the company.

強大的領導團隊對於加快步伐和執行我們的策略至關重要。本季度，我們提拔 Victor Smith 為零售部門高級副總裁，同時任命了亞特蘭大、Fry's 和 Ralphs 的新部門總裁，他們都擁有豐富的營運經驗和卓越的門市管理業績。這些領導者都是我們公司內部培養的，這反映了我們公司人才濟濟的現狀。

This week, we also elevated Milen Mahadevan for a newly created role to lead artificial intelligence work across the company, reinforcing the priority that we're placing on AI. Milen most recently served as President of 84.51°. We see AI as a meaningful opportunity to both improve the customer experience and drive productivity across our business.

本週，我們也提拔了 Milen Mahadevan 擔任新設立的職位，領導公司內部的人工智慧工作，這進一步表明了我們對人工智慧的重視。米倫最近擔任 84.51° 的總裁。我們認為人工智慧是一個意義重大的機會，既可以改善客戶體驗，又能提高我們整個業務的生產力。

We're already seeing results from more competitive pricing, improved shrink to faster fulfillment and tools that help our associates work more efficiently. As we move forward, we plan to expand these capabilities, including agentic shopping on our digital properties. Milen's appointment ensures we have dedicated leadership to accelerate this work.

我們已經看到，更具競爭力的定價、更小的損耗、更快的訂單履行速度以及幫助我們的員工更有效率工作的工具，都帶來了成效。展望未來，我們計劃擴展這些功能，包括在我們的數位平台上實現代理購物。米倫的任命確保我們擁有專門的領導團隊來加快這項工作。

As we look back over the full year, we took several important steps to position Kroger for future growth. We lowered prices on thousands of products making it easier for customers to see the value we offer. Customer price perception improved across the company, and we maintained our competitive positioning against our major competitors.

回顧過去一年，我們採取了幾項重要措施，為克羅格未來的發展奠定了基礎。我們降低了數千種產品的價格，讓客戶更容易看到我們提供的價值。本公司整體顧客價格認知度提高，我們維持了對主要競爭對手的競爭優勢。

We created a dedicated e-commerce team and completed a comprehensive strategic review of our e-commerce operations that led to an updated hybrid fulfillment model, which will better meet customer expectations. These changes will make our e-commerce business profitable in 2026.

我們組建了專門的電子商務團隊，並對我們的電子商務營運進行了全面的策略審查，從而推出了更新的混合履行模式，這將更好地滿足客戶的期望。這些改變將使我們的電子商務業務在 2026 年實現盈利。

We delivered substantial cost savings across the organization through operational efficiencies and modernizing how we work. We then reinvested those savings directly into lower prices and improved customer service.

我們透過提高營運效率和改進工作方式，為整個組織節省了大量成本。然後我們將節省下來的資金直接再投資於降低產品價格和改善客戶服務。

We made difficult, but necessary, decisions to close underperforming stores and reduce corporate headcount to create a more agile and focused organization. We accelerated our new store investments in 2025, completing 29 major projects. And in 2026, we expect to increase new store openings by 30% with plans to expand into two new regions including Jacksonville and Kansas City, two high potential markets that will support our long-term growth.

我們做出了艱難但必要的決定，關閉業績不佳的門市並減少公司員工人數，以創造一個更靈活、更專注的組織。2025年，我們加快了新店投資，完成了29個重大專案。預計到 2026 年，新店開幕數量將增加 30%，並計劃拓展到傑克遜維爾和堪薩斯城這兩個高潛力市場，這兩個市場將支持我們的長期成長。

Collectively, these actions simplify how we operate and sharpen our focus on the core business. They also position us to reinvest in the areas that matter most to our customers, more value and best service. We've made strong progress, and there's more to do, which Greg will touch on later.

這些舉措共同簡化了我們的營運方式，並使我們更加專注於核心業務。它們也使我們能夠將資金重新投入對客戶最重要的領域，即提供更多價值和更好的服務。我們已經取得了顯著進展，但還有更多工作要做，格雷格稍後會談到這一點。

This is how we're building a stronger foundation for sustainable growth in the years ahead. Before walking through the quarter, I want to briefly comment on the customer environment. Customers remain focused on value in the fourth quarter, which was consistent with the trends that we've seen throughout the year, and we are continuing to invest in price to make sure we're delivering the value customers expect.

這就是我們為未來幾年的永續發展奠定更堅實基礎的方式。在詳細介紹本季之前，我想先簡單談談客戶環境。第四季度，客戶仍然關注價值，這與我們全年看到的趨勢一致，我們將繼續加大價格投入，以確保我們提供的客戶期望的價值。

Now turning to our results. Identical sales without fuel grew 2.4% this quarter, which includes nearly a 40-basis-point headwind from the Inflation Reduction Act. Weather had a neutral impact on a year-over-year basis.

現在來看我們的結果。本季不計燃油的同店銷售額成長了 2.4%，其中包括《通貨膨脹抑制法案》帶來的近 40 個基點的不利影響。天氣對年際影響不大。

For the full year, identical sales without fuel grew 2.9%, in line with our full year guidance. We saw continued strength in e-commerce and pharmacy, along with solid performance in key areas of the store like fresh. Importantly, food volumes improved and grocery sales were a larger portion of our sales mix, which is a positive sign going forward.

全年來看，不計燃油的同店銷售額成長了2.9%，與我們的全年預期一致。我們看到電子商務和藥局業務持續強勁成長，同時生鮮等門市關鍵領域也取得了穩健的業績。重要的是，食品銷售量有所提高，食品雜貨銷售額在我們銷售組合中所佔比例更大，這是一個正面的訊號。

Our market share trends improved in the fourth quarter, and for the full year, and I'm pleased to report on our final period, we delivered positive share gains, our strongest share performance since 2021. We believe the price investments we've made throughout the year are resonating with customers and are contributing to these results. And we made these investments while still improving our full-year gross margin rate, excluding fuel and adjustment items by improving shrink and productivity.

我們的市佔率趨勢在第四季度有所改善，全年來看，我很高興地報告，在最後一個季度，我們實現了正的市佔率成長，這是自 2021 年以來最強勁的市佔率表現。我們相信，我們全年進行的價格調整投入正在引起客戶的共鳴，並促成了這些業績。我們進行這些投資的同時，也透過改善損耗和提高生產力，提高了全年毛利率（不包括燃料和調整項目）。

We're committed to this balance, investing in lower prices while being disciplined in our margin management. And the work we're doing to find efficiencies across our business allows us to do both. David will speak to these factors in more detail.

我們致力於實現這種平衡，在降低價格的同時，嚴格控制利潤率。我們正在進行的工作旨在提高公司各部門的效率，這使我們能夠同時做到這兩點。大衛將更詳細地談談這些因素。

Our brands had a solid quarter. Excluding the impact of egg deflation, sales continued to outpace national brands. Simple Truth and Private Selection, again, led our growth with customers continuing to choose these products because they deliver high quality at an affordable price.

我們的品牌本季表現穩健。撇開雞蛋價格下跌的影響不談，其銷售量持續超過全國性品牌。Simple Truth 和 Private Selection 再次引領了我們的成長，客戶繼續選擇這些產品，因為它們以實惠的價格提供高品質的產品。

Innovation continues to be a priority. This year, we introduced more than 1,100 new Our Brands products, up from more than 900 last year. A growing number of these products are focused on health, an area where customer demand is growing and Our Brands portfolio is well positioned to lead.

創新仍然是重中之重。今年，我們推出了 1100 多種新的自有品牌產品，比去年的 900 多種有所增加。越來越多的此類產品專注於健康領域，而客戶對該領域的需求正在成長，我們的品牌組合已做好充分準備引領該領域。

Our e-commerce business continued to be an important growth driver and one of the key ways we attract new households. Adjusted e-commerce sales grew 20% this quarter and we've now built this into a $16 billion business. We also continue to make meaningful improvements in e-comm profitability. As this business grows, the profitability improvements we're seeing become increasingly significant to our P&L.

我們的電子商務業務仍然是重要的成長動力，也是我們吸引新家庭的關鍵途徑之一。本季經調整後的電子商務銷售額成長了 20%，我們現在已將其發展成為一項價值 160 億美元的業務。我們在電子商務獲利能力方面也持續取得顯著進步。隨著業務的成長，我們所看到的獲利能力提升對我們的損益表而言變得越來越重要。

E-commerce growth also fuels our media business. More customers shopping online means more impressions, more data, and more value for our advertising brands. That connection between e-commerce and media is key to how we accelerate profitability, and we see significant runway ahead.

電子商務的成長也推動了我們的媒體業務。更多顧客在線上購物意味著更多的曝光量、更多的數據，以及為我們的廣告品牌帶來的更多價值。電子商務與媒體之間的連結是我們加速獲利的關鍵，我們看到了巨大的發展空間。

The early results from our new relationship with DoorDash and Uber Eats have exceeded what we originally planned. They have extended our reach to customers and shopping occasions we wouldn't otherwise capture. They're incremental, and they are profitable. Together with Instacart, we expect our convenience offerings to deliver over $1.5 billion in sales in 2026, which will help us accelerate our e-commerce growth.

我們與 DoorDash 和 Uber Eats 建立的新合作關係的早期成果已經超出了我們最初的預期。他們幫助我們拓展了客戶群，並讓我們接觸了原本無法觸及的購物場景。它們都是漸進式的，而且有利可圖。我們預計，到 2026 年，與 Instacart 合作，我們的便利服務將帶來超過 15 億美元的銷售額，這將有助於我們加速電子商務的成長。

Before I turn it over to David, I'd like to take a moment to reflect on the progress we made this year. We took important steps to strengthen Kroger for the long term, lowering prices and improving store execution to better serve our customers; enhancing our e-commerce business to deliver growth while improving profitability; accelerating our store footprint; taking meaningful action on our noncore assets; and strengthening our leadership team with key appointments. These actions reflect our focus on serving customers better, running great stores, and simplifying the company so we can move faster.

在把發言權交給大衛之前，我想花點時間回顧我們今年的進展。我們採取了重要措施來增強克羅格的長期實力，包括降低價格、改善門市營運以更好地服務顧客；加強電子商務業務以實現增長並提高盈利能力；加快門市擴張；對非核心資產採取切實有效的措施；以及透過關鍵任命加強領導團隊。這些舉措體現了我們致力於更好地服務客戶、經營出色的門市以及簡化公司運營，從而加快發展速度的理念。

And to our associates listening in, thank you. I'm proud of what this team has accomplished. The work you delivered has built a stronger, more focused company, and I'm confident in where we're heading. It has been a privilege and I'm honored to continue serving on the Board as we enter this next chapter.

感謝各位收聽的同事們。我為這支團隊的成就感到自豪。你們的工作成果使公司更強大、更專注，我對公司的發展方向充滿信心。能夠繼續在董事會任職，開啟新的篇章，我深感榮幸。

And with that, I'll turn it over to David.

接下來，我將把麥克風交給大衛。

Thank you, Ron, and good morning, everyone. Kroger delivered another strong set of results this quarter in an environment that remains dynamic. We executed well, delivering solid e-commerce growth, maintaining cost discipline, and achieving our profitability goals.

謝謝你，羅恩，大家早安。在瞬息萬變的市場環境下，克羅格本季再次取得了強勁的業績。我們執行得當，實現了穩健的電子商務成長，保持了成本控制，並達到了我們的獲利目標。

From a financial perspective, this was a year of both strong performance and deliberate investment in the future. We invested in price while improving our FIFO gross margin rate, excluding fuel and adjustment items. We accelerated e-commerce profitability, and we improved our cost structure to redeploy those savings into areas that drive growth.

從財務角度來看，今年既是業績強勁的一年，也是對未來的深思熟慮的投資之年。我們在提高價格的同時，提高了先進先出毛利率（不包括燃油和調整項目）。我們加快了電子商務的獲利速度，並改進了成本結構，將節省的資金重新投入到推動成長的領域。

These actions strengthen our financial foundation and support sustainable performance going forward. The momentum in our business gives us confidence in our outlook for next year. Today, I'll start by covering our Q4 results in more detail and highlight some key full year metrics and then share our guidance for 2026 and the key drivers behind it.

這些舉措鞏固了我們的財務基礎，並為未來的永續發展奠定了基礎。我們業務的發展動能讓我們對明年的前景充滿信心。今天，我將首先詳細介紹我們的第四季度業績，重點介紹一些關鍵的全年指標，然後分享我們對 2026 年的展望以及背後的關鍵驅動因素。

We achieved identical sales without fuel growth of 2.4%, a strong result that includes a nearly 40-basis-point headwind from the Inflation Reduction Act. On a two-year stack basis, identical sales without fuel grew by 4.8%. Growth was primarily driven by improving trends in units. As Ron mentioned earlier, our share trends improved in 2025 with fourth-quarter trends again improving and culminating in positive share gains in our final period of the year.

我們實現了不計燃料成本的相同銷售額成長 2.4%，這是一個強勁的成績，其中包括《通貨膨脹抑制法案》帶來的近 40 個基點的不利影響。以兩年累計計算，不含燃料的同店銷售額成長了 4.8%。成長主要由銷售趨勢的改善所驅動。正如 Ron 先前所提到的，我們的市佔率趨勢在 2025 年有所改善，第四季度的趨勢再次改善，並在年底的最後一個季度實現了市場份額的正增長。

Sales growth was led by e-commerce and Pharmacy, along with strong performance from Fresh. As Ron mentioned, what's encouraging is the underlying composition of that growth. We saw continued improvement in food volumes with grocery sales representing a larger portion of our overall sales mix.

電子商務和藥房業務帶動了銷售成長，生鮮業務也表現出色。正如羅恩所提到的，令人鼓舞的是這種成長的根本構成。食品銷售持續成長，食品雜貨銷售額在我們整體銷售組合中所佔比例越來越大。

Pharmacy had another strong quarter led by growth in both core scripts and GLP-1s. That said, Pharmacy contributed nearly 50 basis points less than in the third quarter reflecting the impact of the Inflation Reduction Act and an accelerating shift from brand to generic beginning in January. Food inflation moderated further in the quarter, down approximately 90 basis points compared to Q3, with egg deflation a significant headwind, partially offset by beef inflation.

藥局業務在核心處方藥和 GLP-1 類藥物雙雙成長的帶動下，又迎來了一個強勁的季度。儘管如此，藥局業務的貢獻比第三季減少了近 50 個基點，這反映了《通膨削減法案》的影響以及從 1 月開始品牌藥向仿製藥加速轉變的趨勢。本季食品通膨進一步緩和，較第三季下降約 90 個基點，其中雞蛋價格下跌構成重大不利因素，但部分被牛肉價格上漲所抵銷。

Our FIFO gross margin rate, excluding rent, depreciation and amortization and fuel was flat in the fourth quarter compared to the same period last year. This result was primarily attributable to sourcing improvements, lower supply chain costs, and lower shrink offset by price investments and the mix effect from growth in pharmacy sales, which has lower margins.

第四季度，不計租金、折舊、攤提和燃料費用的先進先出毛利率與去年同期持平。這項結果主要歸功於採購改善、供應鏈成本降低和損耗減少，但被價格投資和藥局銷售成長帶來的組合效應所抵消，而藥局銷售的利潤率較低。

When we provided our second-half outlook, we updated our FIFO gross margin rate expectations, excluding fuel and KSP, to be relatively flat for the full year. We delivered better than that, and as our rate improved in the second half of the year, primarily driven by our performance in the fourth quarter with favorable mix and better shrink results.

在發布下半年展望時，我們更新了 FIFO 毛利率預期（不包括燃料和 KSP），預計全年將保持相對穩定。我們的業績比預期更好，而且隨著下半年業績的改善，我們的成長率也隨之提高，這主要得益於第四季度良好的產品組合和更好的損耗控制結果。

For the full year, excluding the effect of KSP, fuel, and adjustment items, we improved our rate by 14 basis points, while investing more in price, reflecting the balance we are focused on achieving between delivering value and maintaining margin discipline. The operating, general and administrative rate, excluding fuel and adjustment items, increased 21 basis points in the fourth quarter compared to the same period last year.

全年來看，不計 KSP、燃料和調整項目的影響，我們將利率提高了 14 個基點，同時加大了對價格的投資，這反映了我們致力於在創造價值和保持利潤率紀律之間取得平衡。第四季度，不包括燃料和調整項目在內的營運、一般及行政費率比去年同期成長了 21 個基點。

The increase in rate was primarily attributable to cycling real estate gains from a year ago and labor investments to improve customer experience, partially offset by lower incentive planning costs and improved productivity.

利率上升主要歸因於一年前房地產收益的循環利用以及為改善客戶體驗而進行的勞動力投資，但部分被較低的激勵計劃成本和更高的生產力所抵消。

We continue to make progress on improving our cost structure and importantly, we're generating more durable cost savings, which we are reinvesting into stores and the customer experience to deliver better service and more value to customers. With that said, we believe we are still in the early stages of what we can achieve. Sourcing and procurement remains a significant opportunity together with modernizing our ways of working, we see substantial runway for cost savings ahead.

我們在改善成本結構方面持續取得進展，更重要的是，我們正在創造更持久的成本節約，並將這些節約重新投資於門市和客戶體驗，從而為客戶提供更好的服務和更大的價值。儘管如此，我們相信我們仍處於我們所能取得成就的早期階段。採購和供應仍然是一個重要的機遇，同時隨著我們工作方式的現代化，我們看到未來將有很大的成本節約空間。

Our LIFO charge for the quarter was $11 million compared to a LIFO charge of $30 million last year. On a full-year basis, our LIFO charge was $157 million in 2025 compared to $95 million last year, resulting in a $0.07 headwind to EPS. We expect our LIFO charge in 2026 to be similar to 2025.

本季我們的後進先出法費用為 1,100 萬美元，而去年同期的後進先出法費用為 3,000 萬美元。以全年計算，我們 2025 年的 LIFO 費用為 1.57 億美元，而去年為 9,500 萬美元，這將對每股收益造成 0.07 美元的負面影響。我們預計 2026 年的後進先出法 (LIFO) 費用將與 2025 年類似。

Our adjusted FIFO operating profit in the quarter was $1.2 billion. Q4 adjusted EPS was $1.28, reflecting 12% growth compared to last year. For the full year, adjusted EPS was $4.85 and grew by 9%, coming in at the top end of our long-term growth expectations.

本季經調整後的先進先出法（FIFO）營業利潤為12億美元。第四季調整後每股收益為 1.28 美元，比去年增長 12%。全年調整後每股收益為 4.85 美元，成長 9%，達到我們長期成長預期的上限。

Fuel results were better than expected this quarter, driven by strong fuel margin performance even as gallon volumes declined. Q4 fuel profitability came in ahead of last year. Fuel continues to be an important part of our strategy, building loyalty through our fuel rewards program and providing another source of value for our customers.

本季燃油銷售業績優於預期，這主要得益於強勁的燃油利潤率表現，即使銷量有所下降。第四季燃油業務獲利能力高於去年同期。燃油仍然是我們策略的重要組成部分，我們透過燃油獎勵計劃建立客戶忠誠度，並為我們的客戶提供另一個價值來源。

I'd now like to turn to capital allocation and financial strategy. We delivered strong adjusted free cash flow of $3.9 billion this quarter, exceeding our expectations. This was driven by the strength of our operating performance, good progress on a range of working capital initiatives, and favorable year-end timing.

現在我想談談資本配置和財務策略。本季我們實現了強勁的調整後自由現金流，達到 39 億美元，超乎預期。這主要得益於我們強勁的經營業績、一系列營運資金舉措的良好進展以及有利的年末時間表。

Our balance sheet remains healthy with our net debt to adjusted EBITDA ratio still below our long-term target range. This gives us the financial flexibility to pursue growth investments and other opportunities to enhance shareholder value. Over time, we expect to move back towards our target leverage ratio.

我們的資產負債表依然健康，淨負債與調整後 EBITDA 的比率仍低於我們的長期目標範圍。這使我們擁有了財務靈活性，可以進行成長投資和其他提升股東價值的機會。隨著時間的推移，我們預計槓桿率將逐步恢復到目標水準。

During the year, we completed our $7.5 billion share repurchase authorization. This included a $5 billion accelerated share repurchase program followed by open market repurchases, which completed our remaining authorization in Q4. In December, our Board approved an additional $2 billion share repurchase authorization and we expect to complete these repurchases by the end of fiscal 2026.

年內，我們完成了75億美元的股票回購授權。這包括一項 50 億美元的加速股票回購計劃，隨後進行公開市場回購，完成了我們在第四季度剩餘的授權。去年 12 月，我們的董事會批准了額外的 20 億美元股票回購授權，我們預計將在 2026 財年結束前完成這些回購。

Our capital allocation framework remains consistent. We are focused on investing in opportunities where we can generate the highest long-term returns and improving ROIC remains a core priority. We are encouraged by the progress we're making on our major store projects and our recent remodels are delivering higher-than-expected returns. These investments will be important to driving ROIC improvement over time.

我們的資本配置架構維持不變。我們專注於投資那些能夠產生最高長期回報的機會，提高投資報酬率仍然是我們的核心優先事項。我們主要門市專案的進展令人鼓舞，最近的改造也帶來了超乎預期的回報。這些投資對於長期提高投資報酬率至關重要。

I'd now like to share our guidance for 2026 and walk through the key factors shaping our outlook. We expect identical sales without fuel growth in a range of 1% to 2%. It is important to note that the Inflation Reduction Act will create an approximately 130-basis-point headwind to identical sales without fuel this year, reflecting the impact of lower reimbursement rates on key medications, while having no impact on gross profit dollars.

現在我想和大家分享我們對 2026 年的展望，並詳細介紹影響我們前景的關鍵因素。我們預計不計燃料成本的同店銷售額將成長 1% 至 2%。值得注意的是，《通貨膨脹抑制法案》將對今年不計燃油成本的同店銷售額造成約 130 個基點的不利影響，這反映了主要藥物報銷率降低的影響，但對毛利沒有影響。

Excluding the IRA impact, we would expect identical sales without fuel growth in a range of 2.3% to 3.3%. In terms of quarterly cadence, we expect Q1 identical sales without fuel to come in near the low end of our full year range, driven primarily by continued egg deflation. As this headwind eases, we expect sales trends to improve.

排除 IRA 的影響，我們預計不考慮燃料成長的情況下，相同銷售額將成長 2.3% 至 3.3%。就季度節奏而言，我們預計第一季不計燃料的同店銷售額將接近我們全年預期範圍的下限，這主要是由於雞蛋價格持續下跌所致。隨著這種不利因素的緩解，我們預期銷售趨勢將會改善。

A few other dynamics to keep in mind as we think about the year. We expect overall inflation to be lower than it was in 2025. Within Pharmacy, we expect sales growth to moderate to low- to mid-single digits, reflecting the impact of the Inflation Reduction Act on reimbursement rates and the ongoing shift in brand to generic mix which is currently greater than we've seen in the past, partially offset by continued GLP-1 adoption and script growth.

在展望今年時，還有一些其他因素需要考慮。我們預計整體通膨率將低於 2025 年的水準。在藥房領域，我們預計銷售成長將達到中等至低個位數，這反映了通貨膨脹削減法案對報銷率的影響，以及品牌藥向仿製藥組合的持續轉變（目前比我們過去看到的要大），部分被 GLP-1 的持續採用和處方增長所抵消。

We'll also continue to regain ESI households; the progress remains gradual, and we do not expect to fully recover the business we previously lost. We expect e-commerce to accelerate from 2025 growth rates with continued strength in delivery and increased store-based fulfillment through our third-party delivery providers.

我們將繼續恢復 ESI 家庭的投保率；但進展緩慢，我們預計無法完全恢復先前失去的業務。我們預計，隨著配送業務的持續強勁成長以及透過第三方配送服務商提高門市配送效率，電子商務將從 2025 年開始加速成長。

We're also enhancing our loyalty program in 2026. This includes updates to our rewards program and a revamped Kroger credit card, both designed to deepen customer engagement and drive increased shopping frequency across our in-store and e-commerce channels.

我們將在 2026 年加強我們的會員忠誠度計劃。這包括對我們的獎勵計劃進行更新以及對 Kroger 信用卡進行改版，這兩項舉措都旨在加深客戶參與度，並提高客戶在我們實體店和電子商務渠道的購物頻率。

Total sales without fuel should be slightly lower than identical sales without fuel, reflecting an approximately $350 million headwind from the closure of our Florida fulfillment center and $300 million headwind from the sale of Vitacost, partially offset by new store openings.

不計燃油成本的總銷售額應略低於不計燃油成本的同等銷售額，這反映了我們佛羅裡達州配送中心關閉帶來的約 3.5 億美元的不利影響，以及出售 Vitacost 帶來的約 3 億美元的不利影響，但部分被新店開業所抵消。

We expect adjusted FIFO operating profit in a range of $5 billion to $5.2 billion. We will continue to drive greater value for our customers by investing in price, both in everyday value and through promotions, and we expect these investments to increase compared to 2025. We are also investing in the customer experience, particularly in service and labor hours, ensuring our stores are well staffed. Even with these increased investments, we expect our FIFO gross margin rate, excluding fuel and adjustment items to improve in 2026.

我們預計經調整後的先進先出法（FIFO）營業利潤將在 50 億美元至 52 億美元之間。我們將繼續透過加大價格投入（包括日常價格和促銷活動）為客戶創造更大的價值，我們預計這些投入將比 2025 年增加。我們也在增加對顧客體驗的投入，尤其是在服務和工時方面，確保我們的門市人員配備充足。即使增加了這些投資，我們預計 2026 年，不計燃料和調整項目的先進先出毛利率將會提高。

These investments will be funded through increased productivity and cost savings. We expect to exceed our 2025 cost savings with increased contributions from two areas, in particular, e-commerce and procurement. In e-commerce, we will lower our cost to serve by fulfilling more orders out of stores, closer to our customers, and by leveraging our third-party delivery providers. In procurement, we are going after both cost of goods sold and goods not for resale, with a level of intensity that reflects the scale of the opportunity.

這些投資將透過提高生產效率和節省成本來籌集資金。我們預計，在電子商務和採購這兩個領域的貢獻增加的情況下，我們將超過 2025 年的成本節約目標。在電子商務方面，我們將透過在離客戶更近的門市完成更多訂單，以及利用第三方配送服務商來降低服務成本。在採購方面，我們既追求銷售成本，也追求非轉售商品，其力度反映了市場機會的規模。

In Fresh Imports, National Brands, and Our Brands, we are renegotiating supplier agreements, going direct where we have historically used intermediaries and ensuring that every dollar of Kroger's purchasing power is working for us and our customers. The savings we generate flow directly into lower prices for our customers. We have dedicated teams focused on these areas, and we are confident in our ability to deliver.

在新鮮進口商品、全國品牌和自有品牌方面，我們正在重新談判供應商協議，不再像過去那樣透過中間商，而是直接與供應商合作，確保克羅格的每一分採購能力都能為我們和我們的客戶帶來效益。我們節省下來的成本會直接轉化為客戶可以享受到的更低價格。我們已組成專門團隊負責這些領域，我們有信心交付成果。

Our Media business delivered solid results in 2025, and we expect to build on that momentum. Our merchandising and media teams are working more collaboratively, which is improving the quality of our activations and outcomes for brands. In 2025, our alternative profit businesses, which include Media, Kroger Personal Finance and Insights delivered $1.5 billion in operating profit, and we expect Media to deliver double-digit growth in 2026.

我們的媒體業務在 2025 年取得了穩健的業績，我們期待在此基礎上繼續發展壯大。我們的商品銷售和媒體團隊正在加強合作，這提高了我們為品牌所做的活動的品質和成果。2025 年，我們的其他獲利業務（包括媒體、克羅格個人理財和洞察業務）實現了 15 億美元的營業利潤，我們預計媒體業務在 2026 年將實現兩位數的成長。

To support our modernization efforts, we are launching the Kroger Global Capability Center. This initiative is designed to streamline decision-making, improve productivity and increase the speed at which we execute on behalf of our customers.

為了支持我們的現代化工作，我們正在啟動克羅格全球能力中心。這項措施旨在簡化決策流程，提高生產力，並加快我們代表客戶執行任務的速度。

It complements the work already underway across the organization to modernize how we operate. Work has started and is progressing with speed. We expect modest benefits in 2026 with more significant benefits expected in 2027 and 2028.

它與公司內部正在進行的現代化營運工作相輔相成。工作已經開始，並且進展迅速。我們預計 2026 年將獲得適度的收益，2027 年和 2028 年將獲得更顯著的收益。

Turning to capital allocation. We will continue taking a disciplined approach focused on long-term shareholder value. We expect capital expenditures of $3.8 billion to $4 billion with increased investments in new store growth. These new locations are strategic investments in our future. They follow a natural maturation curve. It takes time to build customer awareness, establish traffic patterns and reach profitability.

接下來討論資本配置。我們將繼續採取嚴謹的態度，專注於為股東創造長期價值。我們預計資本支出為 38 億至 40 億美元，並將增加對新店擴張的投資。這些新址是我們面向未來的策略投資。它們遵循自然成熟曲線。建立客戶認知度、確定客流量模式和實現獲利都需要時間。

In early months, we absorbed start-up costs and elevated labor expenses as we staff up and invest in training. This is expected, and it reflects the same disciplined approach we have executed successfully for many years. These stores will drive volume growth, expand our customer base and strengthen our presence in key markets. We are confident they will deliver meaningful long-term returns.

在創業初期，由於需要增加員工和投資培訓，我們承擔了啟動成本和不斷上漲的勞動成本。這是意料之中的，也體現了我們多年來成功執行的嚴謹方法。這些門市將推動銷售成長，擴大客戶群，並加強我們在重點市場的地位。我們相信它們將帶來可觀的長期回報。

As part of our new store strategy, we're also testing different formats and bringing fresh thinking to the in-store experience, that means evaluating new concepts; making sure every element of the store is relevant, productive, and aligned with how customers want to shop today.

作為我們新門市策略的一部分，我們也在測試不同的形式，並為店內體驗帶來新的思路，這意味著評估新的概念；確保門市的每個元素都具有相關性、高效性，並符合當今顧客的購物方式。

Beyond new stores, our capital investments will support technology and AI, where we are investing aggressively. These investments serve two purposes: improving the customer experience and driving productivity throughout the company. This year, we're introducing agentic AI shopping for our customers, which will help them discover items, build baskets, plan meals, and stay within budget, all in a personalized way.

除了開設新店外，我們的資本投資還將支援技術和人工智慧，我們正在大力投資這些領域。這些投資有兩個目的：改善客戶體驗和提高整個公司的生產力。今年，我們將為客戶推出智慧AI購物服務，幫助他們發現商品、創建購物籃、規劃膳食並控制預算，所有這些都將以個人化的方式進行。

We're also investing in supply chain modernization with more automation and expanded capacity. And we'll also continue investing in our remodels to ensure our stores deliver a consistently strong experience. We expect adjusted free cash flow of $2.7 billion to $2.9 billion and adjusted net earnings per diluted share of $5.10 to $5.30.

我們也正在投資供應鏈現代化，提高自動化程度並擴大產能。我們將繼續投資進行門市改造，以確保我們的門市始終提供優質的客戶體驗。我們預計調整後的自由現金流為 27 億美元至 29 億美元，調整後的每股稀釋淨收益為 5.10 美元至 5.30 美元。

I will now turn the call over to Greg.

現在我將把通話轉給格雷格。

Thank you, David, and good morning, everyone. I'm excited to be here and grateful for the opportunity to lead this great company. It's been about a month since I started, and I've spent that time learning Kroger from the inside out.

謝謝你，大衛，大家早安。我很高興來到這裡，也很感激有機會領導這家很棒的公司。我入職至今大約一個月了，這段時間我一直從裡到外地了解克羅格公司。

I've been spending time with Ron and the leadership team; having one-on-one conversations with leaders across the organization; and getting out to visit stores, distribution centers, and manufacturing facilities; and importantly, also watching how our customers shop. I've begun working with the team to review our strategic plan, and I'll share more as that work progresses.

我一直在和 Ron 以及領導團隊一起工作；與公司各級領導進行一對一的談話；走訪商店、配送中心和製造工廠；更重要的是，我還觀察了顧客的購物方式。我已經開始與團隊一起審查我們的策略計劃，隨著工作的進展，我會分享更多資訊。

What I've seen so far has reinforced my belief that Kroger has tremendous strengths to build on. We have a loyal customer base, dedicated associates, a strong store network, and real momentum in areas like Fresh, e-commerce and Our Brands. I've also been impressed by the energy I've seen in the stores, associates taking ownership of the work and taking pride in serving customers.

我目前所看到的更加堅定了我先前的想法，即克羅格擁有巨大的發展優勢。我們擁有忠實的客戶群、敬業的員工、強大的門市網絡，並且在生鮮、電子商務和自有品牌等領域取得了真正的發展動能。我也對門市展現的活力印象深刻，員工們對工作盡職盡責，並以服務顧客為榮。

The team has done excellent work, particularly over the past year to strengthen the business, and my focus is on how we operationalize our strategy to make us even better. It starts with the top line. We need to grow sales faster. And in my experience, that comes down to giving customers a compelling reason to shop with you by offering great value, great products and a great experience.

團隊的工作非常出色，尤其是在過去一年裡，他們為加強業務做出了巨大貢獻。我的重點是，我們如何將策略付諸實踐，使我們變得更好。一切從第一行開始。我們需要加快銷售成長速度。根據我的經驗，關鍵在於提供物超所值的產品、優質的商品和良好的購物體驗，從而給顧客一個選擇在你這裡購物的充分理由。

Price is an important part of that equation. Customers need to trust that they're getting a fair deal every time they walk into our stores. We've made progress on price. And I want to keep pushing by pulling unproductive costs out of the business, investing in everyday value, sharpening our promotions, and making sure customers see and feel the difference when they shop with us.

價格是這個等式中一個重要的組成部分。顧客每次走進我們的門市都需要相信自己能得到公平的交易。我們在價格方面取得了進展。我希望繼續努力，削減業務中的非生產性成本，投資於日常價值，改進我們的促銷活動，並確保顧客在我們這裡購物時能夠看到和感受到不同之處。

When you combine competitive prices with strong fresh and a well-run store, you drive traffic, you grow baskets, and you gain share. That's what I want to accelerate at Kroger. I've spent my career in food retail and running great stores is how you make that happen. It's about delivering a great experience consistently in every store, on every visit, whether shopping in store or online.

當你把有競爭力的價格、優質的新鮮食材和良好的門市管理結合起來時，你就能吸引客流，增加客單價，並獲得市場份額。這就是我希望在克羅格公司加速推進的事情。我的職業生涯一直從事食品零售業，而經營好門市是實現這一目標的關鍵。其核心在於，無論顧客是到店購物還是在線購物，都要在每家門市、每次到店購物時，始終如一地提供卓越的購物體驗。

Fresh is a good example. Customers develop a lasting impression based on the quality of fresh foods, which is incredibly important as we accelerate e-commerce. Get those right and we earn their confidence. My focus will be on continuing to improve execution and ensuring our associates have the tools and support they need to serve customers well.

新鮮就是一個很好的例子。顧客會根據新鮮食品的品質形成持久的印象，這在我們加速電子商務發展的今天顯得格外重要。把這些做對，我們就能贏得他們的信任。我的重點將放在繼續提高執行力，並確保我們的員工擁有為客戶提供良好服務所需的工具和支援。

To invest more aggressively in the customer experience, we have to be disciplined and aggressive on costs. I see significant opportunity here, and we're going after every available margin dollar across the business, some of that is buying better, improving how we source and procure products. And some of it is improving productivity by streamlining processes and modernizing our ways of working. The savings we generate will be reinvested directly into lower prices and better service for our customers, that's how we will fund our growth.

為了更積極地投資於客戶體驗，我們必須在成本控制方面保持自律和積極進取。我看到了這裡的巨大機遇，我們正在努力爭取業務中每一分可利用的利潤，其中一些措施包括提高採購效率，並改善我們採購產品的方式。其中一些措施是透過簡化流程和改進工作方式來提高生產力。節省下來的資金將直接再投資於降低價格和改善客戶服務，這就是我們實現成長的資金來源。

Customers want convenience and are increasingly shopping online to buy food. We have the assets to meet that demand and e-commerce is a key focus area for us. We've built this into a more than $16 billion business with seven consecutive quarters of double-digit growth. There's a strong foundation, but we need to accelerate it.

顧客追求便利，越來越多地選擇在線購買食品。我們擁有滿足這項需求的資源，電子商務是我們重點關注的領域。我們已將其發展成為一家市值超過 160 億美元的企業，並連續七個季度實現了兩位數的成長。我們已經打下了堅實的基礎，但我們需要加快發展速度。

Our stores are central to how we serve customers online. Our refreshed hybrid fulfillment model, which better leverages the stores and delivery providers like Instacart, DoorDash, and Uber Eats, positions us to accelerate growth while reaching profitability next year. By using our stores as fulfillment hubs, we get inventory closer to customers, reduce last mile costs, and offer the speed and convenience that customers are looking for.

我們的實體店是我們在線上服務客戶的核心方式。我們更新的混合履行模式更好地利用了門市和配送服務供應商（如 Instacart、DoorDash 和 Uber Eats），使我們能夠在明年加速成長並獲利。透過將我們的門市用作配送中心，我們可以將庫存更靠近客戶，降低最後一公里成本，並提供客戶所追求的速度和便利性。

Our Media business is closely tied to this e-commerce momentum. We have the data, we have the customer relationships, and we have the platform. As e-commerce grows and our digital capabilities expand, we see a long runway to accelerate growth.

我們的媒體業務與電子商務的蓬勃發展緊密相關。我們擁有數據、客戶關係和平台。隨著電子商務的發展和我們數位化能力的提升，我們看到了加速成長的廣闊空間。

My goal is to do all of this while protecting our margins. The investments we're making in price and the customer experience are funded by the cost savings and efficiencies I described and by growth in Media. That discipline is essential. We will grow the top line and gain share, invest in the customer, and deliver long-term value for shareholders.

我的目標是在保證利潤率的前提下完成所有這些工作。我們在價格和客戶體驗方面的投資，是由我所描述的成本節約和效率提升以及媒體業務的成長所提供的資金。這種自律至關重要。我們將提高營收，擴大市場份額，投資於客戶，並為股東創造長期價值。

I've been in food retail a long time, and I know what good looks like. It starts with the customer. It's built on strong execution in our stores and online and it requires a team that wants to win and is willing to move fast. That's what gives me confidence. Kroger has all the ingredients to win, and my job is to bring it all together.

我在食品零售業工作了很久，我知道好的食品是什麼樣子的。一切從顧客開始。它建立在我們實體店和線上業務的強大執行力之上，並且需要一支渴望勝利、願意快速行動的團隊。這讓我充滿信心。克羅格具備所有成功的要素，而我的工作就是將這些要素整合起來。

We'll now open it up for questions.

現在開放提問環節。

(Operator Instructions) Krisztina Katai, Deutsche Bank.

（操作員指示）Krisztina Katai，德意志銀行。

Welcome Greg to the Kroger family.

歡迎格雷格加入克羅格大家庭。

Thank you.

謝謝。

I wanted to focus on your initial assessment. You obviously emphasized the need to grow sales faster. You talked about offering great value. So beyond price investment, can you dig a bit into the initiatives or the strategic shifts you envision to significantly accelerate the top-line growth?

我想重點關注你的初步評估。你顯然強調了加快銷售成長的必要性。你提到要提供物超所值的商品。除了價格方面的投入，您能否深入探討您所設想的能夠顯著加速營收成長的舉措或策略轉變？

And we think about a potentially softening or more price incentive environment, protecting the margin that you talked about. How much runway do you see for further improvements in sourcing and procurement?

我們認為，在價格環境可能趨於疲軟或價格誘因加大的情況下，保護您剛才提到的利潤空間至關重要。您認為採購方面還有多少進步空間？

Look, hi, Krisztina, it certainly is pretty early for me. I'm just into my fourth week here. What I would say is that the foundation that Ron and the team have built is incredibly solid. So decisions that have been made, particularly in the last year set us up.

你好，克里斯蒂娜，現在對我來說確實還很早。我在這裡才第四周。我想說的是，羅恩和他的團隊所建立的基礎非常強大。因此，過去一年裡做出的一些決定，特別是在過去一年所做的決定，為我們奠定了基礎。

Do we need to do more in price? For sure. But the work is underway on that. I need to spend more time to get into the math that is around that. But as David has pointed out in his remarks, we see opportunities. We see opportunities in cost of goods sold. We see opportunities in doing a better job with imports. We see opportunities in the Kroger Capability Center.

我們是否需要在價格上做更多努力？一定。但相關工作正在進行中。我需要花更多時間研究相關的數學知識。但正如大衛在演講中指出的那樣，我們看到了機會。我們看到了降低銷售成本的機會。我們看到了在進口方面做得更好的機會。我們看到了克羅格能力中心的機會。

And then there'll be the normal ones around shrinkage and other areas in the business that we can lean into. So as I work through this over the next 90 to 100 days, I'm working with the team closely, we'll pull this together and see how the numbers come out. And at an appropriate time before the end of the year, will share some real detail with you.

此外，還有一些與業務縮減和其他方面相關的常規問題，我們可以專注於。因此，在接下來的 90 到 100 天裡，我將與團隊緊密合作，把所有數據匯總起來，看看最終結果如何。在年底前的適當時候，我會和你們分享一些真正的細節。

Now on top of that, we know the inherent strengths we have in the business. We've got a great Fresh business. We need to make sure that it's consistent right across every store every day. We know we've got a great Own Brands business. We know that we can accelerate e-commerce and the decisions that have been made by Ron and the team put us in a great position.

除此之外，我們也清楚自身在業務方面所擁有的固有優勢。我們的生鮮業務做得非常出色。我們需要確保每天每家店的情況都保持一致。我們知道我們擁有一個非常棒的自有品牌業務。我們知道我們可以加速電子商務的發展，Ron 和他的團隊所做的決策使我們處於非常有利的地位。

As you accelerate that, you can accelerate Kroger Precision Marketing. So look, 3.5 weeks in, I'm still doing lots of homework but I'm feeling good about what we've got in front of us. So lots of runway.

隨著這一進程的加快，克羅格精準行銷的速度也會加快。所以你看，3.5週過去了，我仍然有很多功課要做，但我對我們面前的情況感到樂觀。所以跑道很長。

That's great. And then if I could just have a follow-up. I mean you have a newly created AI role. Can you maybe just, for Kroger as a whole, just talk about maybe to talk through two to three specific quantifiable target for AI's impact on the customer experience and productivity that you would expect to achieve in the next 12 to 24 months?

那太棒了。如果可以的話，我想再問一下後續問題。我的意思是，你們新創了一個人工智慧角色。您能否代表 Kroger 整體，談談人工智慧在未來 12 到 24 個月內對客戶體驗和生產力產生影響的兩到三個具體的、可量化的目標？

Krisztina, it's David. Let me take that one. Listen, we see AI as a big opportunity, and it's an area we're excited about. Obviously, Ron talked in his remarks about the appointment of Milen to lead this work. And I think that that makes a big statement about how serious we're taking this. And we have significant investment dollars in 2026 and beyond targeted at making sure that we crystallize this opportunity.

克里斯蒂娜，我是大衛。讓我來做吧。聽著，我們認為人工智慧是一個巨大的機遇，也是我們非常感興趣的領域。顯然，羅恩在講話中談到了任命米倫來領導這項工作。我認為這充分錶明了我們對此事的重視程度。我們已在 2026 年及以後投入大量資金，以確保我們能夠抓住這一機會。

What I'd say is, like many other companies, we're at the early stages. We've made some progress, but we've got a lot more to do. And I think we've got already some emerging good proof points of the work that we're doing.

我想說的是，和許多其他公司一樣，我們還處於早期階段。我們取得了一些進展，但還有很多工作要做。我認為我們已經初步證明了我們正在做的工作是有效的。

I think if you look at areas like operations, some of the shrink results that you've been seeing from us are driven by technology and AI, and that's an area where I'd expect us to continue to invest. In the people space, we've got some really good tools that are improving the employee experience, helping us manage labor better, help us schedule labor better.

我認為，如果你看看營運等領域，你會發現我們取得的一些業績下滑是由科技和人工智慧驅動的，而這正是我們預期會繼續投資的領域。在人力資源方面，我們有一些非常好的工具，可以改善員工體驗，幫助我們更好地管理勞動力，幫助我們更好地安排勞動力。

And I think, of course, there's then agentic shopping. We've got our own digital shopping assistant live in a couple of divisions. That's on the Kroger platform, and we'll expand that later this year to all divisions. We've obviously announced the partnership with Google and I think there's a lot more to come in the agentic space, leveraging the advantages that we have on quality, freshness, et cetera.

當然，我認為還有代理人購物。我們在幾個部門已經上線了自己的數位購物助手。這是在 Kroger 平台上實現的，我們將在今年稍後將其推廣到所有部門。我們顯然已經宣布了與Google的合作關係，我認為在代理商領域還有更多發展空間，我們將利用我們在品質、新鮮度等方面的優勢。

So I think a big area of focus for us, some good early proof points, the organizational and foundational investments we're making, super critical. And much more to come both from a customer experience and what I'd call productivity experience.

所以我認為，我們關注的一個重點領域，一些良好的早期證明點，我們正在進行的組織和基礎投資，至關重要。未來將有更多改進，包括客戶體驗和生產力體驗兩方面。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Welcome back, Greg.

歡迎回來，格雷格。

Thank you.

謝謝。

My first question is, can you contextualize the absolute dollar level of investment that was made in the fourth quarter in order to stabilize the market share? How does that inform how you're going to invest over the next several quarters? And how do you balance this need to improve value perception without sparking a response from your discount-oriented competitors that results in a race to the bottom in terms of profitability?

我的第一個問題是，您能否解釋一下第四季度為穩定市場份額而進行的絕對美元投資額？這如何影響你未來幾季的投資策略？如何在提高價值感知的同時，避免引發以折扣為導向的競爭對手的反撲，從而導致利潤率的惡性競爭？

Michael, it's David. Let me take that one. So I think as we've been talking about value perception, closing price gaps has been an important priority for us all year. And we've been deliberate about investing in promotions, giving consumers ways to stretch their budgets. And as we build our plans for 2026, it was a very, very deliberate area of focus for us that we needed to do more.

麥可，我是大衛。讓我來做吧。所以我覺得，正如我們一直在討論的價值感知一樣，縮小價格差距一直是我們今年的重要優先事項。我們一直有意識地加大對促銷活動的投入，為消費者提供節省預算的方法。在製定 2026 年計畫時，我們非常、非常明確地將重點放在需要加大投入的領域。

So whilst we're making progress on everyday price gaps and what we call the all-in price gap, it's an area where we know we need to be more competitive. So as we think about next year, it is an area where we've put more dollars candidly than we have really over the last several years, but we've done that, and they're going to be focused on this doing this in a very deliberate way to balance the margins.

因此，雖然我們在縮小日常價格差距和我們稱之為「綜合價格差距」方面取得了進展，但我們知道，在這個領域我們需要更有競爭力。所以，展望明年，坦白說，我們在這個領域投入的資金比過去幾年都要多，但我們已經這樣做了，他們將專注於此，並以非常謹慎的方式平衡利潤。

As I talked about in the prepared remarks and as Greg has already touched on as well, we see a very big opportunity for us to optimize the cost structure of the business. And I think about -- as we think about this going forward, we want to be able to take those unproductive costs and we want to be able to, number one, invest those back into the -- by pricing and store experience whilst balancing the margins.

正如我在準備好的演講稿中所提到的，也正如格雷格已經提到的，我們看到了一個非常大的機會來優化公司的成本結構。展望未來，我們希望能夠削減這些非生產性成本，首先，我們希望能夠將這些成本重新投入定價和門市體驗中，同時保持利潤率的平衡。

I think as you talk about the response from competitors, I mean, candidly, we're focused on what we can control. We're certainly not interested in starting price wars. But we know that we want to make sure that when consumers walk through the door of a Kroger store or any one of our banners, they walk in and can get good affordable prices. So that's the way we're thinking about it.

我認為，正如你所說，關於競爭對手的反應，坦白講，我們專注於我們能夠控制的事情。我們當然不想挑起價格戰。但我們知道，我們希望確保消費者走進克羅格超市或我們旗下任何一家門市時，都能買到物美價廉的商品。這就是我們考慮的方式。

And Michael, let me just add to that just briefly. As you can guess, we monitor our competitors all the time, and we certainly have a healthy respect for all of our competitors. But when you look at our share trends, we have improved share trends five quarters in a row, and we're happy they turned positive in January.

邁克爾，我再簡單補充一點。正如你所料，我們一直都在關注我們的競爭對手，而且我們對所有競爭對手都抱持應有的尊重。但從我們的市佔率趨勢來看，我們已經連續五個季度市佔率趨勢有所改善，我們很高興1月市佔率轉正。

And as I said before on this call, this is not a zero-sum game. At Kroger, we're playing to our strengths, whether it's Fresh categories or Our Brands or deep first-party data, our growing omnichannel business with e-commerce growing 20% last quarter.

正如我之前在電話會議中所說，這不是一場零和遊戲。在克羅格，我們正在發揮自身優勢，無論是生鮮品類、自有品牌還是深厚的第一方數據，以及我們不斷成長的全通路業務，其中電子商務在上個季度增長了 20%。

And these are not easy things to replicate in a hurry. And when you look at our focus, it's really to be a consistent and trusted local grocery retailer, whether a customer shops in-store or online. Greg recently said it very well. He said, We want to be the best Kroger we can be.

而且這些東西很難在短時間內複製。而當我們審視我們的重點時，就會發現我們真正的目標是成為一家始終如一、值得信賴的本地雜貨零售商，無論顧客是在實體店購物還是在線購物。格雷格最近說得非常好。他說：“我們想成為最好的克羅格超市。”

Got you. Very helpful. My follow-up question is on the outlook for free cash flow. Your CapEx is going to be similar to what it was last year. Free cash flow is going to be down a bit. So A, can you explain the moving pieces there?

抓到你了。很有幫助。我的後續問題是關於自由現金流的前景。您的資本支出將與去年大致相同。自由現金流會略有下降。A，可以解釋一下其中的各個環節嗎？

And B, what is the distribution of the CapEx is going to look like with more new stores? How much will be invested in supply chain and the digital business to remain competitive, especially as you're leaning on some of these third-party providers for more of your incremental market share within the digital arena?

其次，隨著新店數量的增加，資本支出的分配狀況會是怎麼樣的？為了保持競爭力，尤其是在數位領域，為了獲得更多增量市場份額，需要依靠一些第三方供應商，那麼公司將在供應鏈和數位業務方面投入多少資金？

Yeah, Michael, let me take that one. So on free cash flow guidance, let me comment first on the cash flow number that we delivered this year. I mean we delivered a really, really strong cash flow performance in 2025 that came in ahead of the expectations.

好的，邁克爾，讓我來吧。關於自由現金流指引，首先讓我談談我們今年公佈的現金流數據。我的意思是，我們在 2025 年實現了非常非常強勁的現金流表現，超出了預期。

The way I'd characterize that over delivery is in two buckets. Number one, we've been working on a range of working capital initiatives around AP, AR, normal buckets that you'd expect. And candidly, we delivered really well on those. And so we're really, really proud about those. And candidly, it will be an area of focus as we head into 2026 and beyond.

我會把這種超額交付的情況分成兩類。第一，我們一直在圍繞應付帳款、應收帳款和您所期望的常規資金類別開展一系列營運資金計劃。坦白說，我們在這些方面做得非常好。所以，我們為此感到非常非常自豪。坦白說，這將是我們邁向 2026 年及以後的重點領域。

But there's another bucket where we had a number of timing-related items. As we built the guidance and the plans for 2026, we don't think we're going to be able to lap those. So they'll effectively reverse, which is what influenced the guidance range that we've offered.

但還有另一類物品，其中包含許多與時間相關的項目。在製定 2026 年的指導方針和計劃時，我們認為我們不可能超越它們。因此，他們的策略實際上會逆轉，這也影響了我們提供的指導範圍。

On CapEx, we spent a lot of time on that CapEx, making sure that we're prioritizing investments in the right areas. The big area that really steps up year-over-year is candidly on our storing program, both on new stores and remodels. And it was important for us to make sure that we had the right level of investment against that, but we went through a very, very deep prioritization exercise against all of the other areas.

在資本支出方面，我們投入了大量時間，確保我們優先投資於正確的領域。坦白說，我們每年進步最大的領域是倉儲計劃，包括新店和改造店。對我們來說，確保在這方面投入足夠的資金非常重要，但我們對所有其他領域進行了非常非常深入的優先排序。

And I'd say the biggest area where I think we were able to optimize, it's what we call run the business maintenance CapEx. And I think we have an opportunity there to both optimize the returns. But also, we had some things that, candidly, we just didn't need to spend on.

我認為我們能夠優化的最大領域，就是我們所說的業務運作維護資本支出。我認為我們有機會在那裡實現收益最大化。但坦白說，我們也有一些東西其實沒必要花錢。

Now that doesn't mean that we're not doing the right things, not investing in the right areas, but we were able to optimize that area of spend while making sure we have the right investment on storing, supply chain, e-commerce. So hopefully, that gives you a good sense of the makeup and the priority choices that we made.

但這並不意味著我們沒有做正確的事情，沒有在正確的領域進行投資，而是我們能夠在確保對倉儲、供應鏈和電子商務進行正確投資的同時，優化這方面的支出。希望這能讓您對我們所做的妝容和優先選擇有一個大致的了解。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Congrats, Greg, on the new role. I'll start with my first question for you. I know it's early days. You're still reviewing the business. But maybe if you could provide more detail on the opportunities you see regarding the in-store experience? Any color on, maybe, opportunities to accelerate remodels there? Or how you're thinking about labor hours?

恭喜格雷格榮任新職。我先問你一個問題。我知道現在下結論還太早。你還在對這家公司進行評估。但或許您可以更詳細地說明您認為在店內體驗有哪些機會？有沒有關於加快那裡改造進程的機會的消息？或者，您是如何考慮工時的？

Yeah, sure. It is very early days. I think I have been out in stores three days. So I've got to manufacturing facilities, one of them, and also a distribution center. So I need a little bit more time to get around the business. I'm getting out, obviously, whenever I can.

當然可以。現在下結論還為時過早。我想我已經連續三天都在逛商店了。所以我有兩個生產設施，一個是製造工廠，還有一個配送中心。所以我需要多花點時間處理業務。顯然，只要有機會，我就會出去。

And clearly, a lot of the stores I'm getting to at the moment are probably announced visits and that people are expecting me to show up, so I won't necessarily be seeing the full unvarnished Kroger at this point. But that will happen.

顯然，我現在去的許多商店可能都是事先通知過的，人們都期待著我的出現，所以我目前不一定會看到克羅格超市最真實的一面。但這終究會發生。

Look, I like the fact we're in the supermarket business. I like the fact we are primarily in the food business. When I go into stores that are 50,000 square feet trading area or 70,000 square feet trading area or 90,000 square feet trading area, I like those. I think they're working really well. Now the marketplaces do too.

你看，我很喜歡我們從事超市業務這件事。我喜歡我們主要從事食品業的這一點。我喜歡去那些營業面積達 5 萬平方英尺、7 萬平方英尺或 9 萬平方英尺的商店。我認為他們做得非常好。現在，市場也開始這麼做了。

But we're in the food business. And we generally, when we get it right, are anchored around a pretty good fresh offering, whether that's produce or meat or bakery, deli, or seafood. Really extensive grocery assortment. Some may argue in some cases, too extensive. But early days, we'll work our way through that. Our Brands are powerful, and we've seen the growth in those.

但我們從事的是食品業。而且，如果我們做對了，通常都能提供相當不錯的生鮮產品，無論是農產品、肉類、烘焙食品、熟食或海鮮。商品種類非常齊全。有些人可能會認為，在某些情況下，範圍太廣了。但現在還早，我們會慢慢解決這個問題。我們的品牌實力雄厚，我們已經看到了這些品牌的成長。

So you start to pull this together, and I like the mousetrap that I see at Kroger and its associated brands. But let's be clear, it's only the beginning of my fourth week, and I've only got out there three days plus got to one DC plus one manufacturing facility. But I like what I'm seeing and I see plenty of upside.

所以你開始把這些聯繫起來，我喜歡我在 Kroger 及其相關品牌看到的這種「捕鼠器」。但說實話，這只是我第四週的開始，我總共只出去了三天，而且只去了一家配送中心和一家製造工廠。但我很滿意目前的情況，我認為它還有很大的發展潛力。

Now the obvious one, which we've picked up on the call is we got to continue to work on price. And part of the focus that I'm going to have over this next 100 days is working with Ron and David and Mary Allen and Yael, all the team. It's got to be a team effort here.

現在最顯而易見的一點，也是我們在電話會議中所了解的，就是我們必須繼續努力解決價格問題。接下來的100天裡，我的工作重點之一是與Ron、David、Mary Allen、Yael以及整個團隊一起工作。這需要團隊合作。

What else do we need to do in order to get ourselves going? Because at the end of the day, what does success look like? It looks like us selling more units. It looks like us gaining market share and that turns into better identical sales or comp sales.

我們還需要做些什麼才能開始行動？歸根究底，成功究竟是什麼樣子？看來我們的銷量要增加了。看起來我們正在獲得市場份額，這將轉化為更好的同店銷售額或競爭對手銷售。

And we've got some good progress. I think Ron and the team, as I said, have done a great job building some momentum. My job now is to see whether we can operationalize that and move even faster. But the basics, I like what I see.

我們取得了一些不錯的進展。正如我所說，我認為羅恩和他的團隊在營造勢頭方面做得非常出色。我現在的工作是看看我們能否將這一點付諸實踐，並加快推進速度。但就基本情況而言，我很滿意。

I don't think this is about Kroger coming up with a completely different strategy. I think we've got a good strategy. It is about executing well and it is about moving faster. So those are the things that strike me after 24, 25 days.

我不認為這是克羅格公司要製定完全不同的策略的問題。我認為我們制定了一個很好的策略。關鍵在於執行到位，以及行動迅速。所以，這些就是24、25天後讓我印象深刻的事。

That's very helpful. And a lot we'll look forward to. Maybe just for a quick follow-up from David on the guide. For the ID sales guide, maybe just more detail on your embedded assumptions as we think about the drivers as we move through the year, especially around tonnage and market share, given Greg's comments? I came away from your earlier comments that, hey, once we get past 1Q, it's more inflation-driven. But anything else to call out there?

那很有幫助。還有很多值得我們期待的事。或許只是想讓大衛就指南做個簡短的後續說明。對於 ID 銷售指南，鑑於 Greg 的評論，或許可以更詳細地說明一下你們在考慮全年驅動因素時所隱含的假設，特別是關於噸位和市場份額的假設？從你之前的評論中我了解到，一旦過了第一季度，情況就更多是由通貨膨脹驅動的了。還有什麼需要補充的嗎？

Yeah. I mean I think inflation, Leah, is moderately lower than last year. So maybe let me talk about the units, which I think is at the root of your question. Obviously, as Greg just said, I mean, unit growth is critical. And it's a big priority for us to improve. And as I reflect back on last year, it did improve sequentially as we went through the year, and Q4 was the best quarter that we had in terms of units, but nonetheless units remain slightly down.

是的。我的意思是，莉婭，我認為通膨率比去年略低。所以，或許我可以談談單位問題，我認為這才是你問題的根源。顯然，正如格雷格剛才所說，我的意思是，單位成長至關重要。而改進是我們工作的重中之重。回顧去年，隨著時間的推移，銷量確實逐季有所改善，第四季度是銷量最好的季度，但儘管如此，銷量仍然略有下降。

So I think as we think about the cadence for next year, the priority is to keep improving and keep improving quarter-on-quarter. Our expectations are, I still think we'll see negative units in the first half of the year. But as we move sequentially through the balance of the year through a combination of our price investments, which will ramp up new storing, accelerated e-commerce growth, there's a possibility that we move into better territory on units. But that hopefully gives you a sense of the cadence as we move through the year.

所以我認為，在考慮明年的發展節奏時，首要任務是不斷進步，並且每季都取得進步。我仍然認為，今年上半年銷售將出現負成長。但隨著我們在今年剩餘的時間裡，透過價格投資（這將增加新的倉儲設施，加速電子商務成長），我們有可能在單位數量上取得更好的成績。但希望這能讓你感受到我們一年中各個階段的節奏。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

So Greg, it's early. So you mentioned (multiple speakers) gotten out a few weeks. I want to push on this the self-funding idea. It sounds like it's a goal. Curious how non-negotiable it is? Meaning, that's the only way you're looking at the business or do you reserve the right after you've given your own time to review the plans and the business to decide if the level of savings is commensurate with the amount of value that you want to achieve?

格雷格，現在還早。所以你提到（多位發言者）出去了幾個星期。我想大力推廣自籌資金這個理念。聽起來像是個目標。想知道這件事到底有多不容商量嗎？也就是說，你只從這個角度看待這項業務，還是說在你花時間審查計劃和業務之後，你保留了決定節省的金額是否與你想要實現的價值相稱的權利？

It's a good question, Simeon, and one that I've been asking myself, obviously. When you write these things in the script, you've got to be reasonably comfortable. I would say to you that I have a degree of comfort at the moment that what I've seen indicates that we will be able to do this.

西蒙，這是一個很好的問題，顯然，這也是我一直在問自己的問題。當你把這些內容寫進劇本時，你必須感到比較自在。我想說的是，就目前我所看到的，我有一定的信心，我們能夠做到這一點。

I think what's probably going through your mind is 2014 in Walmart. 2014 at Walmart, we're paying, I think, about $7.63 an hour and we were losing a lot of our associates. So I knew that we would have to do something in terms of fixing that. I knew we had a lot of work to do around Fresh, and we wanted to roll out online grocery. So that would require some investment. I knew we would have to get in and do remodels and those things.

我想你現在可能想到的是2014年沃爾瑪的情況。 2014年在沃爾瑪，我們支付的薪水大概是每小時7.63美元，而且我們流失了許多員工。所以我知道我們必須採取措施來解決這個問題。我知道我們在 Fresh 方面還有很多工作要做，而且我們想推出線上雜貨服務。所以這需要一些投資。我知道我們必須進去進行改造之類的。

So I formed a view, some 10-odd years ago, of what was going to be required. Obviously, I've been able to get up to speed as quickly as I can here with Ron and David and the team. They haven't been sitting on their hands, they've been hard at it and made, I think, some really good decisions around Ocado, around getting new stores up and running, around getting remodels back underway.

大約十年前，我對未來需要做些什麼有了初步的看法。顯然，我已經盡我所能，盡快跟上 Ron、David 和團隊的步伐。他們並沒有袖手旁觀，而是努力工作，我認為他們在 Ocado 的發展、新店的開業運營以及門店改造的重新啟動等方面做出了一些非常好的決定。

So I'm coming in here with a business that has a good foundation, and I'm very thankful for that. And my early view when I look at things like imports, we don't tend to import very much in Kroger directly. So we're a big business, $150 billion. So we need to start changing our approach and start going direct to the source.

所以，我帶著一個基礎良好的企業來到這裡，我非常感激。就我早期觀察進口商品這類事情來看，克羅格超市通常不會直接進口很多東西。我們是一家規模龐大的企業，市值達 1500 億美元。所以我們需要改變方法，直接與源頭對接。

Generally any business I've been in, Simeon, in these opportunities around COGS and my sense is that's not a lot different in this business. I have now walked 2.5 of the 4 offices that we have in Cincinnati. Every single floor, meeting any associate who is on track. I've got about six more floors to do in this actual office here and one more building to do. But I've done another building, most of this and all of 84.51°.

西蒙，我所從事的任何行業，這些機會都與銷售成本有關，我的感覺是，這個行業的情況也大同小異。我已經走訪了我們在辛辛那提的 4 個辦公室中的 2.5 個辦公室。每層樓，都要和每一位工作進展順利的同事見面。我在這間辦公室還有大約六層樓要裝修，還有一棟要裝修。但我已經完成了另一棟建築，其中大部分是 84.51° 的全部。

On top of what we're doing in the Kroger Capability Center, we can continue to look at how we take cost out. But we need to get into that Kroger Capability Center, and we need to get there in a reasonably serious fashion, sensible, but serious and execute.

除了我們在克羅格能力中心所做的工作之外，我們還可以繼續研究如何降低成本。但我們需要進入克羅格能力中心，而且我們需要以一種相當認真、理智但嚴肅的方式進入那裡並執行。

So after 20-odd days, I'm sitting here and I'm saying, I'm comfortable with what I've said in the script. And of course, we'll know a lot more over the next 90, 100 days. And as we do, my commitment, David's commitment, Ron's commitment is we're going to go and present that to you and share with you what's on our mind and that will happen well before the end of the year. But at this stage, I'm feeling okay.

所以，20多天后，我坐在這裡說，我對劇本裡我說的話感到很滿意。當然，在接下來的90到100天裡，我們會了解更多。而且，我、大衛和羅恩都承諾，我們會把這些內容呈現給你們，與你們分享我們的想法，而且這會在年底前完成。但目前為止，我感覺還不錯。

And the follow-up is that if you track the improvement throughout the year in share which culminated in share gains in Q4, is it resulting of e-commerce or stores -- I mean, I think were indifferent? And then is there any categories in particular that it was concentrated? And if you can talk about the movement about through the year?

後續問題是，如果你追蹤全年市場份額的改善情況，最終在第四季度實現了市場份額的成長，這是電子商務還是實體店帶來的結果——我的意思是，我認為兩者並不重要？那麼，它主要集中在哪些類別呢？如果您能談談這一年的運動情況就更好了？

Yeah. Simeon, it's David. So just to clarify, we didn't gain share in Q4. So we still lost share in Q4. And it was a -- we gained share in period 13. So I just want to clarify that.

是的。西緬，是大衛。所以澄清一下，我們在第四季並沒有獲得市佔率成長。所以我們在第四季仍然失去了市場份額。而且——我們在第 13 期獲得了市場份額。所以我想澄清一下。

As you think about the categories where we did, in my mind, a little bit better relative to where we've seen trends running, we did better in areas like meat and seafood, particularly meat, that was an area. We did substantially better in the deli and in bakery.

當你思考我們表現得比預期趨勢稍好的類別時，我認為我們在肉類和海鮮領域表現得更好，尤其是肉類領域，這是一個比較好的領域。我們在熟食部和烘焙部的表現都大幅提升。

Those were probably the two big areas that stood out. And I think meat, in particular, was an area where we deliberately made investments given the inflation that consumers are facing to drive units.

這兩個方面可能最為突出。我認為，鑑於消費者面臨的通貨膨脹，我們特意在肉類領域進行了投資，以推動銷售成長。

The turn-down grocery was better, right?

超市的退貨政策更好，對吧？

Yes.

是的。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Great. Congratulations. I'll echo to Greg, good to have you back. If I could, I had a question for David and then a follow-up for Greg. So maybe just to start with David. Could you talk a little bit about the quarterly cadence you see playing out for EPS relative to The Street?

偉大的。恭喜。我向格雷格表示贊同，很高興你回來。如果可以的話，我想問大衛一個問題，然後再問格雷格一個後續問題。或許就先從大衛開始吧。您能否談談您認為每股盈餘 (EPS) 的季度走勢與華爾街的看法有何不同？

So in 1Q, you mentioned comps could be at the lower end. Does that mean we need to commence really look at the earnings growth, which is 13% there? And then anything on gross margin for the year relative to G&A?

所以，你在第一季提到，比較數據可能處於較低水準。那是不是意味著我們需要開始認真關注獲利成長了，目前是 13%？那麼，關於本年度毛利率相對於一般及行政費用的情況呢？

And then the follow-up I had for Greg was just about, if you think over the next several years, you've got competitors who are known for winning on price, others for online delivery. What do you think will be the hallmark of Kroger that allows you not just to compete but actually to win on unit volume longer term?

然後，我對格雷格的後續問題是，如果你展望未來幾年，你會發現一些競爭對手以價格取勝，有些則以線上配送取勝。你認為克​​羅格的標誌性特徵是什麼，才能使其不僅能夠參與競爭，而且能夠在長期銷售中真正獲勝？

So let me take that first question. So I think the only quarter that we're going to -- we specifically guided on beyond the full year is on Q1. So we do expect Q1 ID sales to come in towards the lower end of our full-year guidance range. Specifically, that's really mainly to do with the headwinds that we're facing on lapping eggs. And so I think the cadence in Q1 is primarily driven by that.

那麼，讓我來回答第一個問題。所以我認為我們唯一會——我們明確給出全年業績指引的季度是第一季。因此，我們預計第一季ID銷售額將接近我們全年預期範圍的下限。具體來說，這主要與我們在養殖雞蛋時遇到的逆風有關。所以我認為第一季的節奏主要受此驅動。

I think as you then think about gross margin, you'll see a similar thing. I think our gross margin will be lower in Q4, again, as a result of some of that egg deflation that we're seeing and then be broadly consistent throughout the year. But still positive, to be clear, still positive in Q1, but slightly below the full-year expectations. And then I think EPS guidance or EPS, again, slightly lower towards the lower end of the range in Q1, and then fairly consistent as you head through the year.

我認為，當你考慮毛利率時，你會發現類似的情況。我認為，由於我們目前看到的雞蛋價格下跌，我們的第四季毛利率將再次下降，然後全年毛利率將保持大致穩定。但要明確說明的是，第一季業績仍為正，但略低於全年預期。然後我認為每股收益預期或每股收益，第一季略低於預期範圍的下限，然後隨著年內的發展將保持相當穩定。

Thanks, David. And Michael, to your second part of your question, I guess there are five things that come to mind as to why I am excited. I actually think I've got the best retail job on the planet. I'd begin by saying and echoing the point that Ron made, this is about being the best Kroger we can be. It's not about us trying to be someone else.

謝謝你，大衛。邁克爾，關於你問題的第二部分，我想到了五件事，讓我感到興奮。我真的覺得我擁有世界上最好的零售工作。首先，我想重申羅恩的觀點，那就是我們要成為最好的克羅格超市。這並非關乎我們試圖成為別人。

And what I like about Kroger, I guess, are five things. I like the fact that we've got a business which is pretty well anchored in fresh foods. We've got a business that can be very convenient and fast for shoppers, size of our stores, where they're located.

我喜歡 Kroger 的原因大概有五點。我喜歡我們公司以新鮮食品為主要業務基礎。我們的業務對購物者來說非常方便快捷，這體現在我們商店的規模和位置上。

I like the fact that as we work hard to get affordable, customers, again, they have a choice. They can go to a really low price discount and not get quite as much assortment, maybe not get as good a fresh or they can go to Kroger or a Kroger banner and they're going to get a better experience. And for them, that will represent better value because we are affordable.

我很高興看到，在我們努力提供價格實惠的產品的同時，顧客們又有了選擇。他們可以享受非常低的折扣，但商品種類可能不多，新鮮度也可能不夠好；或者他們可以去 Kroger 或 Kroger 旗下的超市，獲得更好的購物體驗。對他們來說，這將代表更高的性價比，因為我們的價格實惠。

I like the fact that we are local. Now I haven't got all around the country, obviously, after 20-odd days, but I know a little bit about it. I've been to all parts of America previously. And I like the fact that Kroger has different brand names, and it's seen as being local in the community.

我喜歡我們是本地企業這一點。顯然，20多天的時間裡，我還沒有走遍全國各地，但我對這裡的情況有了一些了解。我之前去過美國各地。我喜歡 Kroger 擁有不同的品牌名稱，而且它在社區中被視為本地企業。

And then finally, having spent a bit of time down at 84.51° and seeing what we can do there and the caliber of the people. I like the fact that we can be pretty personal. And as you think about digital and where that's going and we had the question previously on AI, I like the fact that we can be for you. We can deliver things for customers that are specific to those customers. So I'm pretty excited about how the business is positioned. I think it's a great business. We'll be the best Kroger we can be.

最後，我們在 84.51° 待了一段時間，看看我們在那裡能做些什麼，以及那裡的人們的素質。我喜歡我們可以非常坦誠地交流。當你思考數位化及其發展方向時，我們之前也討論過人工智慧的問題，我很高興我們能夠為你服務。我們可以為客戶提供他們專屬的產品和服務。我對公司的市場定位感到非常興奮。我認為這是一個很棒的生意。我們將努力成為最好的克羅格超市。

Ed Kelly, Wells Fargo

艾德凱利，富國銀行

Welcome, Greg. I wanted to ask, as you think about pricing and price gaps and there's been a lot of talk about investment in price today, and I think Kroger has historically said you don't need to be on top of Walmart. You just need to be close enough to win in a lot of your other competitive advantages. Can you talk about where the gap is today and where you think the cap needs to go?

歡迎你，格雷格。我想問一下，考慮到定價和價格差距，以及如今關於價格投資的討論很多，我認為克羅格一直以來都表示，你不需要比沃爾瑪更勝一籌。你只需要在其他許多競爭優勢方面取得足夠的優勢就能獲勝。您能否談談目前兩者之間的差距，以及您認為上限應該設定在什麼水平？

And then specifically, Greg, for you, my big picture question, I think, is there are a lot of cost saves in the business that you can attain. You want to keep a balanced approach, but the industry is moving rapidly. And are you moving fast enough with these initiatives or maybe better said, why not go faster?

那麼具體來說，格雷格，我想問你的一個大問題是，企業可以節省很多成本。你想保持平衡的態度，但產業發展日新月異。你們要推進這些措施的速度夠快嗎？或者更確切地說，為什麼不加快速度呢？

It's David. Let me take the -- this initially, and then I'll ask Greg maybe to come in on more on core principles. So I think when we think about price spreads relative to the competition, we look at a number of things. Number one, we're looking at this from an item perspective. So there are certain items that you want to make sure that you are right with the competition on. And then there are certain items that philosophically, we think it's okay to operate within a certain spread.

是大衛。讓我先處理這個，然後我再請格雷格就核心原則做一些補充說明。所以我覺得，當我們考慮相對於競爭對手的價格差時，我們需要考慮很多因素。首先，我們是從物品的角度來看這個問題。所以，在某些方面，你需要確保自己與競爭對手保持一致。還有一些物品，從哲學角度來說，我們認為在一定的範圍內操作是可以接受的。

So we also then look at this from -- we obviously track every day; price spreads are non-promoted. But given we're a high-low retailer, it's also very, very important that we look at this all in. So we've been seeing this improve throughout the year. And that is why we are putting a significant amount of money into this next year because we want to make sure that we're continuing to ensure that consumers have good value both on an everyday basis, but also when you look all in on a promotional basis.

所以我們也可以從這個角度來看待這個問題——我們顯然每天都在追蹤；價格差是不推廣的。但鑑於我們是一家高低價位零售商，全面考慮這個問題也非常非常重要。所以我們看到這種情況在過去一年中一直在改善。這就是為什麼我們明年要投入大量資金的原因，因為我們希望確保消費者無論在日常生活中還是在促銷活動中都能繼續獲得良好的價值。

So I think -- listen, our objective is, as you said, it's not necessarily to be right there with the competition every day, but there are a certain set of items that are important from a basket perspective that we do need to be there right there with the competition.

所以我覺得——聽著，正如你所說，我們的目標不一定是每天都與競爭對手並駕齊驅，但從整體來看，有一些重要的商品，我們確實需要與競爭對手並駕齊驅。

I think the other thing, Ed, that's really important for us, and we hear consistently from our consumers is about simplicity. And one of the things consumers tell us is, Hey, it's just really complicated to figure out whether I'm getting the best price at Kroger just because of the way some of our offers are structured. And so we're also doing work to make sure that we structure our offers in a more simple way so that they get good prices and they can understand them.

艾德，我認為還有一點對我們來說非常重要，而且我們也一直從消費者那裡聽到這一點，那就是簡潔性。消費者告訴我們的一件事是：“嘿，由於我們一些優惠活動的結構方式，要弄清楚我在 Kroger 是否獲得了最優惠的價格真的非常複雜。”因此，我們也在努力確保以更簡單的方式建立我們的報價，以便他們能夠獲得優惠的價格並理解這些報價。

And that's really important because not only is the price important and the value that they get is important, but also the value perception. And I think there's certainly many arguments to suggest that price perception is equally as important as the price itself. So those are our focus areas, and I don't know whether Greg or Ron, you want to add anything in.

這點非常重要，因為不僅價格重要，他們獲得的價值也很重要，而且價值感知也很重要。而且我認為有許多論點可以表明，價格感知與價格本身同樣重要。所以這些就是我們的重點領域，我不知道格雷格或羅恩是否還有什麼要補充的。

Look, I think you said it extremely well. It is a combination of some KPIs, and it's also making sure we get the basket where we need to be. And there are some added value things that occur when you shop at Kroger that means you don't have to necessarily match Aldi or anyone else in every single price point. The customer works out what the value equation is and our job is to make sure that we deliver that.

你看，我覺得你說得非常好。它是由一些關鍵績效指標 (KPI) 組合而成，同時也要確保我們將購物籃擺放到我們需要的位置。在 Kroger 購物還有一些額外的增值服務，這意味著你不必在每個價格點上都與 Aldi 或其他任何商家保持一致。客戶會確定價值等式，而我們的工作就是確保我們能夠實現這一價值。

Great question on speed. And I've said this a couple of times already, but I'm coming into a business where Ron and David and the team have already got a momentum shift in the organization. There's been a lot of work over the last year already on price. There's a lot of work that's been done on store execution.

關於速度的問題問得好。我已經說過好幾次了，我加入的這家公司，Ron、David 和他們的團隊已經為公司帶來了發展勢頭的轉變。過去一年，我們在價格方面已經做了很多工作。門店營運方面已經做了很多工作。

There's a lot of work done around e-commerce, and these have been very difficult but important decisions. There's work underway on accelerating the store footprint. There's work that's been done on getting out of noncore assets and, of course, some good leadership appointments, not mine, other good appointments in the business.

圍繞著電子商務做了很多工作，這些都是非常艱難但又非常重要的決定。目前正在加快擴大門市規模的工作。公司在剝離非核心資產方面已經做了一些工作，當然，也任命了一些優秀的領導階層成員（不是我任命的），公司裡其他一些人也任命了優秀的領導。

So I'm well aware that you get one point for talking and known for doing. And part of what we're doing over the next 90, 100 days is we're working hard now to take what we've got here as a strategy and building that out some further and then making sure that we've got the maths around that, so that we're comfortable with it.

所以我很清楚，光靠說得一分，靠做事出名得一分。接下來的 90 到 100 天裡，我們的部分工作是努力將我們現有的策略進一步發展完善，並確保我們圍繞這個策略進行了充分的數學計算，以便我們能夠安心。

We'll talk about that with Ron and the Board in detail. We'll then make sure that we've got it all buttoned up internally with our own team. And then we've got the people in place to execute this at speed and that's going to be important.

我們會和羅恩以及董事會詳細討論這個問題。然後我們會確保我們內部團隊已經把所有事情都安排妥當。然後，我們已經安排好了人員迅速執行這項工作，這一點非常重要。

You're right that our competitors don't stand still. At the moment, they're going around that racetrack at a pretty good pace. We not only have to catch up to the pace that they're going, but we actually have to learn to go faster so that we can pull back on where they were.

你說得對，我們的競爭對手不會停滯不前。目前，他們正以相當快的速度繞著賽道行駛。我們不僅要趕上他們的步伐，而且還要學會跑得更快，這樣才能趕上他們。

I'm looking forward to that challenge. I've never been more excited about the opportunity, and I think we have the assets, most importantly, in our people to deliver that.

我很期待迎接這個挑戰。我從未像現在這樣對這個機會感到興奮，而且我認為我們擁有實現這一目標所需的資源，最重要的是，我們的人才。

And Ed, I'm just piling on a little bit, but our research would indicate that customers are really looking for value. And each customer defines that a little differently. And obviously, rewards as part of our offering, whether it's fresh categories, store conditions, great service, all those things are part of the equation. And I think it's more than just price.

艾德，我只是想再補充一點，但我們的研究表明，顧客真正追求的是價值。每位顧客對「顧客」的定義都略有不同。顯然，我們提供的獎勵也包括新鮮的商品種類、良好的購物環境、優質的服務等等，所有這些都是等式的一部分。我認為這不僅僅是價格問題。

Robert Ohmes, Bank of America

羅伯特‧奧姆斯，美國銀行

Greg, congrats, I look forward to seeing you again.

格雷格，恭喜你，期待再次見到你。

Thank you, Rob.

謝謝你，羅布。

And maybe for David and Ron, the -- actually, two questions. Just the -- first is just on accelerating e-commerce. I know it's early days, but any drivers to that beyond DoorDash and Uber Eats, I mean, are there other things that you guys are looking at, new strategies in either delivery or things that you're not doing?

或許對大衛和羅恩來說，其實是兩個問題。首先，讓我們來看看如何加速電子商務的發展。我知道現在還為時過早，但除了 DoorDash 和 Uber Eats 之外，還有其他什麼驅動因素嗎？我的意思是，你們是否正在考慮其他方面，例如配送方面的新策略，或者你們沒有做過的事情？

And then the other question, just maybe for David. Fuel sales and profitability in 2026 might be tricky given what's been going on with oil prices. It would just -- any guide on what you guys are assuming in the guidance for the fuel business, sales, and profit headwinds?

那麼，或許大衛會問另一個問題。鑑於目前的油價走勢，2026 年的燃油銷售和獲利能力可能會比較棘手。請問－你們在製定燃油業務、銷售和利潤方面的業績指引時，對面臨的不利因素有哪些假設？

Yeah. I'll just start with the e-commerce. We're really excited about 20% growth in the fourth quarter. I said in the script that we plan to be profitable during 2026. Reality is we plan on being profitable in the first half of '26.

是的。我先從電子商務開始吧。我們對第四季20%的成長感到非常興奮。我在劇本裡說過，我們計劃在 2026 年獲利。事實上，我們計劃在 2026 年上半年獲利。

In terms of how we're doing it, basically, we're working on a lot of different areas to just improve the experience with our customers and whether that's the refreshed website, whether that's a lot of initiatives around AI and agentic shopping. In-stock is a big focus, delivery service, so all of those things, those nuts and bolts things are really important to the growth of e-commerce this quarter.

就我們採取的方式而言，我們基本上在許多不同的領域努力改善客戶體驗，無論是更新網站，還是圍繞人工智慧和智慧購物的許多舉措。庫存充足是重點，配送服務也是如此，所有這些細節方面的事情對於本季電子商務的成長都非常重要。

Obviously, the new partners help and will continue to help. And we are growing e-commerce business much faster than the market. And then as we mentioned, I think the third-party partners are on track to be over $1.5 billion on top of our organic growth in e-commerce this year.

顯然，新合作夥伴的加入會提供協助，並將繼續提供協助。我們的電子商務業務成長速度遠超過市場平均。正如我們之前提到的，我認為今年第三方合作夥伴的收入預計將超過 15 億美元，這還不包括我們電子商務的自然成長。

Yeah. Robert, let me take the question on fuel. So in the guidance and our plans for next year, we are expecting fuel gallons and profits to be slightly down year-over-year, a combination of gallons and margins.

是的。羅伯特，關於燃料的問題，我來回答。因此，在明年的業績指引和計劃中，我們預計燃油銷量和利潤將同比略有下降，這是銷量和利潤率共同作用的結果。

John Heinbockel, Guggenheim.

約翰海因博克爾，古根漢美術館。

Welcome, Greg. Two quick things. David hit on value perception. So when you take value perception as a lead indicator for food volume, your thought on that and by how much might it lead because I suspect your your value perception is better than reality today. Thoughts on that?

歡迎你，格雷格。兩件事要簡單說一下。大衛提出了價值感知方面的觀點。所以，當你把價值感知當作食品銷售的領先指標時，你對此有何看法？它能領先多少？因為我懷疑你目前的價值感知比實際情況好。你對此有何看法？

And then secondly, center store SKU rationalization, right, the ability to tighten that up. And then for what you do sell have sharper simpler prices? Those 2 topics.

其次，還有中心門市 SKU 合理化，也就是加強這方面的能力。那麼，對於你所銷售的產品，價格是否應該更清楚、更簡單明了呢？這兩個話題。

Yeah. It's a a very good question and one that I could spend a long time on and hopefully we will get some time and I can spend a bit more time than what I'm going to at this stage. As David said, it's going to be a combination of KBIs and basket and making sure that we hit the right value equation, which is a combination of what the actual cost is and the quality perception that customers have.

是的。這是一個非常好的問題，我可以花很長時間來討論這個問題，希望我們能抽出一些時間，讓我能比現在多花一些時間來討論。正如大衛所說，這將是 KBI 和購物籃的結合，並確保我們達到正確的價值等式，即實際成本和客戶對品質的感知相結合。

So we're working on that at the moment. That's a homework assignment, which is happening right now in the business so that we can put some math against exactly where we need to be. And we're not going to be able to do whatever we want to do in a matter of months. It needs to be a little bit like a glide path.

所以我們目前正在努力解決這個問題。這是一項作業，目前公司正在進行這項工作，以便我們能夠透過一些計算來準確了解我們需要達到的目標。我們不可能在短短幾個月內做任何我們想做的事情。它需要有點像滑翔路徑。

And the analogy that I've been using is a like a Boeing 787 coming into JFK. You're at 42,000 feet. You've burned off all your fuel and you've got to get down to basically sea levels, so you start at about 30 minutes out in your glide path your way in. So that's how we'll think about it. But the glide path can't go on forever, and we'll come back to you with the timing and how that looks.

我一直用的比喻就像一架波音787飛機降落在甘迺迪機場一樣。你現在位於 42,000 英尺的高度。你的燃料已經全部耗盡，你必須下降到接近海平面的高度，所以你從大約 30 分鐘的滑翔距離開始向內陸進發。所以我們會這樣考慮。但滑行路線不可能永遠持續下去，我們會盡快告訴您具體時間和情況。

In terms of at all, it is a bit of an ecosystem when you think about it. If you want to improve your e-commerce business and you're going to do more picking from stores, you need to make sure that you've got the right assortment on your website, but just as importantly, that assortment fits comfortably on the shelf because you want your first-time pick rate to be really good, and you need that to be efficient. So the teams that are doing center of store and need to make sure that the planograms are where we need them to be.

從某種意義上說，仔細想想，它有點像是生態系統。如果你想改善你的電子商務業務，並且打算更多地從商店揀貨，你需要確保你的網站上有合適的商品種類，但同樣重要的是，這些商品種類要能輕鬆地擺放在貨架上，因為你希望你的首次揀貨率非常高，你需要提高效率。因此，負責門市中心區域的團隊需要確保商品陳列圖擺放在我們需要的位置。

So my comment around we need to think carefully is based on three to four days out in stores where at times, we're probably trying to put 4 pounds of sugar in the 2-pound bag, and it makes it a bit difficult to get all that assortment on the shelf comfortably, that in turn means that your top shelf comes under a bit of pressure. In turn, that makes picking for online grocery a bit harder; the associates find it a bit more difficult, there's a bit more stock sitting in the back room.

所以我關於我們需要仔細考慮的評論是基於我們在商店里三四天的經歷，有時我們可能要把 4 磅的糖裝進 2 磅的袋子裡，這使得把所有這些商品舒適地擺放在貨架上有點困難，這反過來意味著你的頂層貨架會承受一些壓力。反過來，這也使得網路雜貨的揀貨工作變得更加困難；員工們發現揀貨更加費力，倉庫裡也積壓了更多的庫存。

So it all starts to become the virtuous loop. And part of what we're starting to think about now is how we go about getting to a situation where you optimize the individual components, but really what you're doing is that you're optimizing the total ecosystem. And that requires everyone to play together and the team and do that quickly.

於是，一切開始形成良性循環。我們現在開始思考的部分問題是，如何才能優化各個組成部分，但實際上卻是在優化整個生態系統。這就要求團隊中的每個人都齊心協力，並且迅速行動起來。

So that's the thing that we're now thinking about. Lots of detail that I could put into that because I haven't even spoken about what does that mean in terms of promotions. And you heard from Ron and David, that there's some complexity around that and I picked that up just already in the 20-odd days that I've been around the place.

所以，這就是我們現在正在考慮的事情。我有很多細節可以補充，因為我還沒有談到這對晉升意味著什麼。你從羅恩和大衛那裡也聽到了，這件事比較複雜，而我在這附近待了二十多天也已經察覺到了這一點。

So we've got to think about how we gradually take this Boeing 787 at 42,000 feet and just glide path it in and keep everyone on an even keel and land this plane safely. But the objective is to do that and to win. We didn't come and invest in all this so that we can come second. So that's on my mind as well.

所以我們必須考慮如何讓這架波音 787 在 42,000 英尺的高度平穩滑翔降落，保持機上人員的平穩飛行，並安全著陸。但我們的目標是做到這一點並取得勝利。我們投入這麼多資源來到這裡，不是為了屈居第二。這也是我一直在考慮的問題。

Okay. Well, I'll just wrap up, if that's okay. Thank you all for the questions. And just as I close, I would like to share a few comments with our associates listening in. I have spent time visiting stores, as some of you have seen, also distribution centers and manufacturing facility and, of course, getting around our offices. And I just want to tell you that I've seen the energy and the pride that all of you are bringing to work every day.

好的。好了，那我先結束了，可以嗎？感謝大家的提問。最後，我想和正在聽的同事們分享幾點看法。正如你們有些人所看到的，我花時間走訪了門市、配送中心和製造工廠，當然也參觀了我們的辦公室。我只想告訴你們，我看到了你們每天在工作中展現的活力和自豪感。

So from the associates stocking our shelves and helping customers to the teams and our supply chain support centers, keeping this business running -- you are what make Kroger great. So thank you for what you do. I'm incredibly excited to be on this team, and I'm looking forward to getting out and visiting more locations and meeting more of you in the weeks ahead.

從負責上架商品、幫助顧客的員工，到維持公司營運的團隊和供應鏈支援中心——正是你們讓克羅格公司變得偉大。所以，謝謝你所做的一切。我非常興奮能加入這個團隊，期待在接下來的幾週走出去，走訪更多的地方，見到更多的人。

Thank you, everybody. for joining us on this call this morning.

謝謝大家今天上午參加我們的電話會議。

Thank you all for joining today's call. You may now disconnect your lines.

感謝各位參加今天的電話會議。現在您可以斷開線路了。