克羅格 (KR) 2026 Q2 法說會逐字稿

Good morning, and welcome to The Kroger Company second quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加克羅格公司（The Kroger Company）2026 會計年度第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把電話會議交給投資人關係副總裁 Rob Quast。請開始。

Good morning. Thank you for joining us for Kroger's second quarter 2026 earnings call. I am joined today by Kroger's Chief Executive Officer, Greg Foran; and Chief Financial Officer, David Kennerley.

早安。感謝各位參加克羅格 2026 年第二季財報電話會議。今天與我一同出席的有克羅格執行長 Greg Foran，以及財務長 David Kennerley。

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.

在開始之前，我想提醒各位，今天的討論將包含前瞻性陳述。我們提醒各位注意，這些陳述屬於預測，實際事件或結果可能會有重大差異。

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. After our prepared remarks, we look forward to taking your questions. In order to cover a broad range of topics from as many of you as we can, we ask that you please limit yourself to one question.

我們在向美國證券交易委員會（SEC）提交的文件中，已就我們認為可能持續對業務產生重大影響的多項因素進行了詳細討論。克羅格公司不承擔更新該等資訊的義務。在我們的準備發言之後，我們期待回答各位的提問。為了能涵蓋更多主題並讓更多人有機會提問，請各位每人限問一題。

I will now turn the call over to Greg.

現在我把電話交給 Greg。

Thank you, Rob, and good morning, everyone. This quarter reinforced my view that we are pointed in the right direction. As I reflected on our performance in the quarter, I'm pleased with our e-commerce and retail media results. I'm pleased with the growth of our brands, especially in health and wellness and organic. I'm pleased with the new talent we've recruited to build America's favorite grocer.

謝謝你，Rob，各位早安。本季進一步強化了我的看法：我們正朝著正確的方向前進。回顧本季表現，我對我們的電商與零售媒體成果感到滿意。我也對自有品牌的成長感到滿意，特別是在健康與保健以及有機品類。我也很高興我們招募到新的人才，來打造「美國最受喜愛的雜貨商」。

I'm pleased with the improvement in value we are delivering customers in the cost savings, which are funding this. Most importantly, I'm pleased with our continued progress on share.

我也很高興我們透過成本節省來提升提供給顧客的價值，而這些節省正在為上述投入提供資金。最重要的是，我很高興我們在市占率方面持續取得進展。

Turning to our results. Sales were tracking well through the quarter until our final period when we absorbed the impact of the Cyclospora outbreak, which cost us roughly 35 basis points of total company IDs without fuel, reflecting the impact of produce categories. Our identical sales without fuel grew $0.02 this quarter.

接著談我們的業績。整個季度銷售表現都追蹤良好，直到最後一個期間我們吸收了環孢子蟲（Cyclospora）疫情的影響，該事件使我們全公司（不含燃油）的同店銷售（IDs）約減少 35 個基點，反映出蔬果品類的影響。本季我們不含燃油的同店銷售成長 0.02 美元。

Customers continue to shop in our stores and online, and we saw traffic increase during the quarter. At the same time, the macro environment is challenging. We know that fuel over $4 has an impact on consumer spend. Lower drug prices in pharmacy reduced sales by approximately 140 basis points. The top line was soft across the industry this quarter.

顧客持續在我們的門市與線上購物，本季我們看到來客數增加。同時，總體環境充滿挑戰。我們知道油價超過 4 美元會影響消費者支出。藥局端較低的藥品價格使銷售約減少 140 個基點。本季整個產業的營收表現偏弱。

Despite these industry-wide challenges, our teams are executing our plan, keep the customer at the center, move with more speed be great item merchants. We are resolute and committed to executing our plan. We're chasing every dollar we can save, and you can see that in our profit result. Adjusted earnings per diluted share was $1.09. These results demonstrated the strength and flexibility of our operating model in a challenging sales environment, and I'm pleased with how our teams delivered.

儘管面臨這些全產業的挑戰，我們的團隊仍在執行計畫：以顧客為中心、加快速度、成為優秀的商品經營者。我們堅定且承諾落實計畫。我們追求能節省的每一塊錢，而你們也能從我們的獲利結果中看到。調整後每股稀釋盈餘為 1.09 美元。這些結果展現了我們營運模式在艱困銷售環境下的韌性與彈性，我也很滿意團隊的交付表現。

Our goal remains simple. We're building America's favorite grocer. Customers want value, quality, convenience, and a shopping experience they can trust. When we deliver those things consistently, we own bigger baskets and more trips. A lot of the work we need to do is right in front of us.

我們的目標依然很簡單：打造美國最受喜愛的雜貨商。顧客想要價值、品質、便利，以及值得信賴的購物體驗。當我們能持續一致地交付這些，顧客就會買更多、來得更頻繁。我們需要做的許多工作，其實就擺在眼前。

We're making progress on execution across the business, but there's still work to be done. An opportunity remains inside our stores, better in stocks, better merchandising, better standards, better shrink management. These are not new ideas, but customers notice when we execute well. This quarter, on-shelf availability reached an all-time high, and our pickup perfect orders were our best ever.

我們在全業務的執行上正在進步，但仍有工作要做。門市內仍存在機會：更好的到貨在架（in stocks）、更好的陳列與商品呈現（merchandising）、更好的標準、更好的損耗（shrink）管理。這些並非新想法，但當我們執行到位時，顧客會注意到。本季貨架可得性（on-shelf availability）達到歷史新高，而我們的到店取貨（pickup）完美訂單（perfect orders）也創下最佳紀錄。

We also have an opportunity to become stronger merchants whether it's fresh foods or prepared meals, we can do a better job helping customers answer what's for dinner and creating excitement around great products in our stores.

我們也有機會成為更強的商品經營者——無論是生鮮食品或即食餐點，我們都能做得更好，協助顧客解決「晚餐吃什麼」，並在門市中為優質商品創造更多興奮感。

When we've done that, customers have responded. Natural and our prepared meals grew well ahead of total sales. At the same time, we have to be relentless on costs. Our teams are moving with more speed and urgency, and sourcing and savings came in ahead of plan this quarter. There is more work to do across sourcing, procurement, productivity, and simplification.

當我們做到這些時，顧客也給了正向回應。天然品類以及我們的即食餐點成長遠高於整體銷售。同時，我們必須在成本上毫不鬆懈。我們的團隊以更快速度與更強緊迫感推進，本季採購尋源與節省金額也超出計畫。接下來在尋源、採購、效率提升與簡化方面仍有更多工作要做。

Every dollar we take out is a dollar we can reinvest in areas customers will see. That is how this becomes sustainable for customers and for shareholders. Value continues to matter, and it matters more when budgets are tight. Our customer value plan is underway and progressing well.

我們每省下一塊錢，就能把一塊錢再投資到顧客看得見的地方。這就是如何讓它對顧客與股東都能長期可持續。價值仍然重要，而當預算吃緊時更顯重要。我們的顧客價值計畫已啟動並進展良好。

We have opportunities to strengthen our value position, simplify promotions, and make it easier for customers to recognize value in our stores. This is a multiyear effort, and we'll have more to share at our investor update in October. E-commerce is where most of the growth in our industry will come from over the next several years, and we intend to take our share of it.

我們有機會強化價值定位、簡化促銷，並讓顧客更容易在門市中辨識價值。這是一項多年期的工作，我們將在 10 月的投資人更新會議上分享更多。電商將是未來幾年本產業大部分成長的來源，而我們打算取得屬於我們的市占。

We've built real capability and our stores give us a strong advantage. The customers have choices in the bar for convenience and reliability keeps moving higher. Our objective is to grow e-commerce faster and more profitably and deliver an experience customers can count on every time.

我們已建立真正的能力，而我們的門市也帶來強大的優勢。顧客有多種選擇，而對便利性與可靠性的標準門檻持續提高。我們的目標是讓電商更快且更有利潤地成長，並提供顧客每一次都能信賴的體驗。

And none of this works without great people. And that's why building a strong culture remains one of my highest priorities. Simplicity and focus matter. When the work is simpler, our associates spend more time with customers. This quarter, we welcomed Emilee De Martino as our Chief People Officer.

而這一切若沒有優秀的人才就無法實現。這也是為什麼打造強健的文化仍是我最優先的事項之一。簡化與聚焦很重要。當工作更簡單，我們的同仁就能花更多時間服務顧客。本季，我們迎來 Emilee De Martino 擔任我們的首席人資長（Chief People Officer）。

Emilee brings deep experience leading people teams in large frontline organizations and she's already shaping our focus on leadership and talent development. We're also pleased to welcome Nate Faust as Executive Vice President and Chief E-commerce Officer. Nate has spent more than two decades building successful e-commerce businesses, and he brings the mix of merchandising, supply chain, and technology experience we need to accelerate our growth.

Emilee 在大型第一線組織帶領人力團隊方面具備深厚經驗，她已在塑造我們對領導力與人才發展的聚焦。我們也很高興歡迎 Nate Faust 擔任執行副總裁暨首席電商長（Chief E-commerce Officer）。Nate 逾二十年來打造成功的電商事業，並帶來我們加速成長所需的商品經營、供應鏈與科技經驗組合。

We're also pleased to welcome Mark Ibbotson as Executive Vice President and Chief Store Operations Officer. Mark brings extensive retail and operational leadership experience, and he will help us raise the level of execution across the enterprise.

我們也很高興歡迎 Mark Ibbotson 擔任執行副總裁暨首席門市營運長（Chief Store Operations Officer）。Mark 擁有豐富的零售與營運領導經驗，將協助我們提升全企業的執行水準。

We know what great looks like in our best divisions. The opportunity now is to deliver that level of performance more consistently across the organization. The work we have underway is beginning to take hold, and we are seeing early green shoots that the improvements we are making are resonating with customers.

我們知道在我們表現最好的事業部中，「卓越」長什麼樣子。現在的機會在於，讓這樣的績效水準能更一致地在整個組織中實現。我們正在推動的工作開始發揮作用，我們也看到初步的「綠芽」跡象，顯示我們所做的改善正在引起顧客共鳴。

Let me give you some more context on the environment we are operating at. Customers remained under pressure, and that has affected the industry broadly. Unit growth has slowed since the start of the year. Reductions and SNAP benefits, higher fuel prices and softer consumer confidence are all putting pressure on household budgets.

我再提供一些我們所處營運環境的背景。顧客仍承受壓力，這也廣泛影響整個產業。自年初以來，銷量（unit）成長已放緩。補助與 SNAP 福利的減少、更高的油價以及較疲弱的消費者信心，都在擠壓家庭預算。

Customers are buying more on need. At the same time, we're still seeing them prioritize their health. We continue to see strong engagement in natural and organic, and we're responding by expanding the assortment across the store.

顧客更傾向按需購買。同時，我們仍看到他們優先重視健康。我們持續看到天然與有機品類的高度參與度，並透過在全店擴充品項來回應。

During the quarter, we added more than 600 new natural and organic items, giving customers more healthy choices at great value. We're also finding new ways to make health and wellness, more accessible and convenient. In August, we launched a new grocery and prescription delivery offering with Instacart allowing customers to combine groceries and eligible prescriptions into a single order across nearly all our banners. It's another example of how we're using the strength of our ecosystem to reduce friction and improve service.

本季我們新增超過 600 項天然與有機新品，讓顧客以很好的價值獲得更多健康選擇。我們也在尋找新方法，讓健康與保健更容易取得且更便利。8 月，我們與 Instacart 推出新的雜貨與處方藥配送服務，讓顧客幾乎可在我們所有品牌旗幟（banners）下，將雜貨與符合資格的處方藥合併為單一訂單。這是我們運用生態系優勢來降低摩擦、提升服務的另一個例子。

Cyclospora also affected results late in the quarter. While the categories impacted were limited, customers responded more broadly across our produce department. Our teams moved quickly followed established protocols and worked closely with suppliers and regulators.

環孢子蟲（Cyclospora）也在本季後段影響了業績。雖然受影響的品類有限，但顧客在我們整個蔬果部門的反應更為廣泛。我們的團隊迅速行動，遵循既定流程，並與供應商及監管機構密切合作。

Food safety is our highest priority and protecting consumer trust matters. We also remain disciplined taking unnecessary costs out while delivering greater value to customers. Those priorities go hand-in-hand and supported strong gross margin performance despite top line challenges.

食品安全是我們的最高優先事項，保護消費者信任至關重要。我們也持續保持紀律，去除不必要的成本，同時為顧客提供更高的價值。這些優先事項相輔相成，並在營收端面臨挑戰的情況下，仍支撐了強勁的毛利率表現。

The formula is simple, savings, fund value, value earns a trip, and the trip is what grows this business. E-commerce had a strong quarter. During the quarter, adjusted e-commerce sales grew 20%. And combined with the continued strength of retail media, we delivered our second consecutive quarter of profitable e-commerce growth. We're also attracting new customers, up 20% versus last year, led by strong engagement during online deal days.

這個公式很簡單：節省帶來資金、資金投入價值、價值帶來一次到訪（trip），而到訪才是推動這門生意成長的關鍵。電商本季表現強勁。本季調整後電商銷售成長 20%。再加上零售媒體的持續強勢，我們連續第二季實現電商獲利性成長。我們也在吸引新顧客，新客數較去年成長 20%，主要由線上促銷日（online deal days）的強勁參與所帶動。

We have renewed our focus on in-store fulfillment and fast delivery and we are seeing encouraging growth in delivery orders in less than an hour. Demand continues to shift towards faster fulfillment, and we are positioning our network to meet it. Retail Media grew 24% during the quarter, our best since 2021, with media monetization up 88 basis points stronger collaboration between our merchandising and media team, expanded advertising inventory and optimization efforts, improve visibility and conversion for our brand partners.

我們重新聚焦於店內履約（in-store fulfillment）與快速配送，並看到一小時內送達的配送訂單出現令人鼓舞的成長。需求持續轉向更快速的履約，我們正調整我們的網路以滿足這一趨勢。零售媒體本季成長 24%，為 2021 年以來最佳；媒體變現率（media monetization）提升 88 個基點，這得益於我們商品團隊與媒體團隊更緊密的協作、擴增的廣告庫存與最佳化努力，並為我們的品牌合作夥伴提升能見度與轉換率。

Our brands remain a real point of difference with 35 plants; we control the costs and quality in a way most retailers cannot. Customers are looking for value, but they're not willing to compromise on quality.

我們的自有品牌仍然是明顯的差異化優勢：我們擁有 35 座工廠；我們能以多數零售商無法做到的方式掌控成本與品質。顧客在尋求價值，但他們不願在品質上妥協。

Our brands answer both, and the momentum shows particularly in Private Selection and Simple Truth. Private Selection sales increased more than 14% during the quarter, driven by strong customer response to new products, including more ready-to-heat and ready-to-eat meals, products like our Mandarin Orange Chicken, an Italian-inspired Gnocchi Alla Sorrentina are resonating with customers and reinforce the strength of our premium convenient meal offerings.

我們的自有品牌同時滿足這兩點，而動能在 Private Selection 與 Simple Truth 上尤其明顯。本季 Private Selection 銷售成長超過 14%，主要受惠於顧客對新品的強勁反應，包括更多可即熱與即食餐點；像是我們的 Mandarin Orange Chicken，以及義式風味的 Gnocchi Alla Sorrentina 等產品都引起顧客共鳴，並強化我們高端便利餐食產品組合的實力。

Across the portfolio, our brand sales grew faster than national brands and penetration increased approximately 50 basis points. Looking ahead, we're also expanding Smart Way, our opening price point brand with more items better coverage across the store and improved visibility, both in-store and online. Earlier this quarter, we expanded our loyalty program and rebranded fuel points as simply points.

在整體產品組合中，我們的自有品牌銷售成長快於全國性品牌，滲透率提升約 50 個基點。展望未來，我們也將擴大 Smart Way（我們的入門價位品牌），增加更多品項、提升全店覆蓋度並改善能見度（店內與線上皆然）。本季稍早，我們擴大了會員忠誠計畫，並將 fuel points 重新品牌化為簡稱 points。

Customers can now use points for savings at the pump or apply them directly to their grocery bill in-store or online. What I like about this approach is that it gives customers more flexibility to decide where the value matters most. More ways to earn more flexibility in how customers use them. That is what a loyalty program should do. Let me also briefly touch on our planned acquisition of Giant Eagle.

顧客現在可以使用 points 在加油時折抵，或直接在店內或線上結帳時折抵雜貨帳單。我喜歡這種做法的原因是，它讓顧客更有彈性，能決定價值對他們而言最重要的地方。更多賺取方式、更多使用彈性——這才是忠誠計畫應該做到的。我也想簡要談一下我們計畫收購 Giant Eagle 一事。

At its core, this is about serving more customers in more communities with the value, quality, and convenience they expect. We have a great respect for the Giant Eagle team and the business they've built. Like Kroger, they have strong local relationships, trusted brands, and a long history of serving their customers.

從根本來看，這是為了在更多社區服務更多顧客，提供他們所期待的價值、品質與便利。我們非常尊重 Giant Eagle 團隊以及他們所建立的事業。和 Kroger 一樣，他們擁有強大的在地關係、值得信賴的品牌，以及長期服務顧客的歷史。

We believe this combination creates a stronger business for customers, associates, and the communities we serve. We continue to expect the transaction to close in 2027 and remain focused on working through the regulatory review process.

我們相信這項結合將為顧客、同仁以及我們所服務的社區打造更強健的企業。我們仍預期交易將於 2027 年完成，並持續專注於推進監管審查流程。

Stepping back, we see clear opportunities to strengthen our sales momentum, and we're going after them item by item. We controlled what we could control. We manage costs, we strengthened value for customers. We grew our e-commerce business profitably, and we delivered our profit goals in a quarter where the top line made that hard to do. I've always believed periods like this reward the operators who stay disciplined and keep doing the right by the customer.

退一步來看，我們看到強化銷售動能的明確機會，並正逐項推進。我們掌控我們能掌控的事：管理成本、為顧客強化價值。我們以獲利方式成長電商業務，並在本季營收端使達成更具挑戰的情況下，仍交出我們的獲利目標。我一直相信，像這樣的時期會回報那些保持紀律、持續做對顧客有利之事的經營者。

That is where our focus is and it's why I like our position going into the back half of the year. In October, we will hold our investor update. We will lay out the long-term framework, how we grow sales in store and online, how we fund the customer experience through cost savings and what that means for the earnings power of this company. I'm looking forward to it. The work is never done and that suits us a little better every day in a lot of places at once.

這正是我們的重點，也是我看好我們在下半年展開時所處位置的原因。10 月我們將舉辦投資人更新會，屆時將說明長期架構：我們如何在店內與線上成長銷售、如何透過成本節省為顧客體驗提供資金，以及這對公司獲利能力意味著什麼。我很期待。工作永遠做不完，而這也讓我們每天在許多地方同時做得更好一些。

I will now turn the call over to David.

接下來我把電話會議交給 David。

Thank you, Greg, and good morning, everyone. Greg outlined the priorities that are shaping our business, and this quarter's results reflect both the progress we are making and the areas where we see opportunity. Sales were softer than we planned, and we still delivered the profit we committed to.

謝謝你，Greg，各位早安。Greg 概述了正在塑造我們業務的優先事項，而本季的結果同時反映了我們取得的進展，以及我們看到機會的領域。銷售表現比我們規劃的更疲弱，但我們仍交付了我們承諾的獲利。

Gross margins improved, e-commerce profitability improved. We improved value for customers out of savings and we managed margins responsibly. This quarter, we achieved identical sales growth without fuel of 0.2%.

毛利率改善、電商獲利能力改善。我們把節省下來的成本回饋給顧客以提升價值，同時負責任地管理毛利。本季，我們在不含燃油的同店銷售成長為 0.2%。

Let me walk through what drove that number starting with where we grew. Natural foods, meat and seafood and bakery all delivered strong results in the quarter. Within pharmacy, the core business was healthy scripts grew, and we saw continued momentum in GLP-1 medications.

我來說明推動這個數字的因素，先從成長的部分談起。天然食品、肉類與海鮮、烘焙在本季都交出強勁表現。在藥局方面，核心業務健康，處方量成長，我們也看到 GLP-1 藥物持續的動能。

We continue to see impacts from the inflation Reduction Act, which was an approximately 140 basis point headwind to identical sales without fuel and the ongoing shift from brand to generic prescriptions reduced sales by approximately 60 basis points.

我們持續看到《通膨削減法案》（Inflation Reduction Act）的影響，對不含燃油的同店銷售造成約 140 個基點的逆風；此外，處方從品牌藥轉向學名藥的持續趨勢，使銷售約減少 60 個基點。

Outside of pharmacy, the impact from Cyclospora spore Greg referenced, was a 35 basis point headwind to company IDs without fuel from produce alone. And the lingering effect of egg deflation was another 30 basis point headwind. Taken together, these headwinds represented a 265 basis point drag on identical sales without fuel in the quarter.

在藥局以外，Greg 提到的 Cyclospora 孢子事件影響，僅就生鮮蔬果就對公司不含燃油的同店銷售造成 35 個基點的逆風；而雞蛋通縮的延續效應則是另一個 30 個基點的逆風。合計而言，這些逆風在本季對不含燃油的同店銷售造成 265 個基點的拖累。

In terms of units, grocery units decelerated slightly compared to the first quarter, driven by many of the factors Greg covered earlier. This was partially offset by overall food inflation, which was modestly higher than the first quarter.

以銷量（units）來看，雜貨銷量相較第一季略為放緩，主要受 Greg 先前提到的多項因素影響。這部分被整體食品通膨所部分抵銷，而食品通膨較第一季略高。

But what is important is that we continue to perform better than Circana's rest of market, a benchmark of traditional grocery competitors. Against this backdrop, we stayed focused on delivering value for customers working with suppliers to optimize costs, strengthening our value proposition versus competitors, and managing margins responsibly.

但重要的是，我們的表現仍優於 Circana 的「市場其餘部分」（rest of market）指標，該指標是傳統雜貨競爭對手的基準。在此背景下，我們仍專注於為顧客提供價值：與供應商合作優化成本、相較競爭者強化我們的價值主張，並負責任地管理毛利。

Our FIFO gross margin rate, excluding rent, depreciation and amortization and fuel increased 13 basis points versus the second quarter of last year. This improvement was primarily driven by e-commerce profitability and media, pharmacy mix, tariff refunds, and sourcing initiatives. These benefits were partially offset by higher shrink, increased transportation costs, and investments in customer value.

我們的 FIFO 毛利率（不含租金、折舊與攤銷以及燃油）較去年第二季提升 13 個基點。這項改善主要由電商獲利能力與媒體、藥局組合、關稅退稅以及採購來源（sourcing）計畫所帶動。上述效益部分被較高的耗損（shrink）、運輸成本上升，以及對顧客價值的投資所抵銷。

We continue to expect our FIFO gross margin rate to be positive on a full year basis as cost savings initiatives ramp throughout the balance of the year. Our operating, general and administrative rate increased 33 basis points versus the second quarter of last year, driven by deliberate investments in associate wages increased health care costs and sales deleverage, partially offset by lower incentive plan costs and ongoing productivity initiatives.

隨著成本節省計畫在今年剩餘期間逐步加速，我們仍預期全年 FIFO 毛利率將為正。我們的營運、一般與管理費用率（OG&A rate）較去年第二季增加 33 個基點，主要由對同仁薪資的刻意投資、醫療保健成本上升，以及銷售去槓桿（sales deleverage）所驅動；部分被較低的獎酬計畫成本與持續的生產力提升計畫所抵銷。

Our adjusted FIFO operating profit in the quarter was $1.1 billion, adjusted EPS was $1.09, representing 5% growth versus last year. Let me also address tariffs. As we've previously discussed, our exposure is more limited than many of our competitors, reflecting the fact that the majority of what we sell is food sourced domestically.

本季調整後 FIFO 營業利益為 11 億美元，調整後 EPS 為 1.09 美元，較去年成長 5%。我也談一下關稅。如同我們先前討論過的，我們的曝險程度比許多競爭對手更有限，原因在於我們銷售的大多數商品是於美國國內採購的食品。

We did receive tariff refunds in the quarter, but they were not a meaningful driver of results, and they were fully reinvested back in value. While sales were soft in the quarter, earnings continued to benefit from gross profit improvement, cost savings, fuel contribution, and the progress we are making in e-commerce and media.

我們在本季確實收到關稅退稅，但它並非結果的重要驅動因素，而且已全數再投資回到顧客價值上。雖然本季銷售偏弱，但獲利仍持續受惠於毛利改善、成本節省、燃油貢獻，以及我們在電商與媒體方面取得的進展。

Cost savings remain a core pillar of our long-term strategy. They are how we fund investments in customer value while protecting the long-term earnings power of the business. In the second quarter, we again delivered savings above our plan with broad-based contributions across both cost of goods sold and goods not for resale initiatives.

成本節省仍是我們長期策略的核心支柱。它是我們在保護業務長期獲利能力的同時，為顧客價值投資提供資金的方式。第二季，我們再次交出高於計畫的節省成果，且在銷貨成本（COGS）與非轉售商品（goods not for resale）兩大計畫上都有廣泛貢獻。

We continue to see meaningful runway across sourcing, procurement, simplification and productivity and we expect savings to build through the balance of the year. We look forward to sharing more specific long-term targets at our investor update in October.

我們在採購來源（sourcing）、採購（procurement）、簡化與生產力方面仍看到可觀的成長跑道，並預期節省效益將在今年剩餘期間持續累積。我們期待在 10 月的投資人更新會上分享更具體的長期目標。

Turning to fuel. Fuel remains an important contributor to our financial model. While industry fuel demand remained under pressure, our gallons increased in the quarter, outperforming the broader market by approximately 520 basis points.

接著談燃油。燃油仍是我們財務模型的重要貢獻者。雖然產業燃油需求仍承受壓力，但我們本季加油量（gallons）增加，表現較整體市場高出約 520 個基點。

Gallon performance continues to be driven by our fuel rewards, which we supported with additional promotions in the quarter. Fuel redemptions increased nearly 6% versus last year. Our gallon performance combined with higher margins per gallon in a more volatile energy market drove modestly higher fuel profitability in the quarter.

加油量表現持續由我們的燃油回饋（fuel rewards）所帶動，而我們在本季以額外促銷加以支持。燃油兌換（redemptions）較去年增加近 6%。在更波動的能源市場中，我們的加油量表現加上每加侖毛利較高，帶動本季燃油獲利小幅提升。

Our associates are central to how we execute and investing in them is directly tied to the customer experience competitive wages and benefits remain the foundation, and we're seeing positive results from those investments. Retail store retention continues to improve, exceeding our goal, helping us better serve our customers that stability matters financially. Experienced associates are more productive, and we spend less on hiring and training.

我們的同仁是我們執行力的核心，而對他們的投資與顧客體驗直接相關；具競爭力的薪資與福利仍是基礎，我們也看到這些投資帶來正面成果。零售門市留任率持續改善並超越我們的目標，幫助我們更好地服務顧客；這種穩定性在財務上也很重要。有經驗的同仁生產力更高，而我們在招募與訓練上的支出也更少。

Now turning to capital allocation. We continue to allocate capital towards projects that strengthen the business over the long term. During the quarter, we completed 12 major storing projects, building density in markets expanding our ability to serve customers and supporting future growth.

接下來談資本配置。我們持續將資本投入到能在長期強化業務的專案。本季我們完成了 12 項大型門市專案，在各市場建立更高密度、擴大我們服務顧客的能力，並支持未來成長。

Kroger generated solid adjusted free cash flow this quarter, driven by our operating results. Free cash flow is important to our model, providing liquidity to our operations and allowing us to maintain a strong balance sheet. At the end of the second quarter, Kroger's net debt to adjusted EBITDA was 1.91 compared to our net total debt to adjusted EBITDA target ratio range of 2.3 to 2.5. Over time, we expect to move back toward our target leverage ratio. We view this flexibility as a strategic asset.

Kroger 本季產生穩健的調整後自由現金流，主要由營運成果所帶動。自由現金流對我們的模型很重要，能為營運提供流動性並讓我們維持強健的資產負債表。第二季末，Kroger 的淨負債對調整後 EBITDA 比率為 1.91，低於我們淨總負債對調整後 EBITDA 目標區間 2.3 至 2.5。隨時間推進，我們預期將回到目標槓桿比率附近。我們將這種彈性視為策略性資產。

It gives us optionality to invest in high-return opportunities while maintaining our commitment to investment-grade credit. Through the first half of the year, we repurchased approximately $1.2 billion of shares under our existing $2 billion authorization.

它讓我們在維持投資級信用承諾的同時，能選擇性投資於高報酬機會。今年上半年，我們在既有 20 億美元授權額度下回購了約 12 億美元的股票。

Given our strong free cash flow generation and balance sheet flexibility, we remain well positioned to complete the remaining repurchases during the second half of the year. Our capital allocation framework is grounded in improving ROIC, and that discipline guides every investment decision we make. It is how we fuel our investment in growth and generate long-term returns for shareholders.

鑑於我們強勁的自由現金流創造能力以及資產負債表的彈性，我們仍然具備良好條件在今年下半年完成剩餘的回購。我們的資本配置框架以提升 ROIC（投入資本報酬率）為基礎，而這項紀律指引我們所做的每一項投資決策。這正是我們為成長投資提供動能並為股東創造長期報酬的方式。

Now let me turn to our outlook. We are lowering our full year identical sales without fuel guidance to a new range of 0.2% to 0.8% and from our initial range of 1% to 2%. The update reflects our first half results, together with pressures that remain in the balance of year. In the opening weeks of the third quarter, we continue to see lingering impacts from Cyclospora trends are improving, but we have taken a cautious view of how long the impact may last, and our outlook assumes some headwinds to sales without fuel in the quarter.

現在我來談談我們的展望。我們將全年不含燃油的同店銷售指引下調至 0.2% 至 0.8% 的新區間，低於原先的 1% 至 2% 區間。此更新反映了我們上半年的結果，以及今年剩餘期間仍然存在的壓力。在第三季的前幾週，我們仍看到 Cyclospora 的影響持續存在，趨勢正在改善，但我們對影響可能持續多久採取審慎看法，因此我們的展望假設本季不含燃油的銷售仍將面臨一些逆風。

We expect additional sales headwinds in the fourth quarter the identical sales without fuel impact from the inflation Reduction Act is projected to accelerate to approximately 150 basis points as new high-cost drugs, including GLP-1s, are added to the formulary in January.

我們預期第四季將出現額外的銷售逆風：由《通膨削減法案》（Inflation Reduction Act）帶來的不含燃油同店銷售影響，預計將加速至約 150 個基點，因為包括 GLP-1 在內的新高成本藥品將於 1 月納入處方集（formulary）。

As is the case this year, we expect the pharmacy headwind to have no impact on profit in the fourth quarter or in 2027. Beyond pharmacy, we expect two headwinds related to prior year comparisons. We will begin to cycle the sales benefit from our new third-party delivery partnerships, which began last October.

如同今年的情況，我們預期藥局端的逆風在第四季或 2027 年都不會對獲利造成影響。除藥局之外，我們預期還有兩項與前一年比較基期相關的逆風。我們將開始進入去年由新的第三方外送合作夥伴所帶來的銷售效益的比較循環，該合作自去年 10 月開始。

We also expect to cycle significant weather-related sales benefits from last year, which will weigh on identical sales, excluding fuel in the fourth quarter. As a result, we anticipate ID sales without fuel will be slightly better in Q3 than in Q4.

我們也預期將進入去年顯著的天候相關銷售效益的比較循環，這將在第四季對不含燃油的同店銷售造成壓力。因此，我們預期第三季不含燃油的同店銷售將略優於第四季。

Despite a lower sales outlook, we are maintaining our full year guidance for adjusted FIFO operating profit of $5 billion to $5.2 billion, and adjusted net earnings per diluted share of $5.10 to $5.30. We have many levers in our financial model that provide us flexibility and allow us to deliver earnings growth despite top line pressure, and we have clear visibility into the drivers of our earnings growth ahead.

儘管銷售展望下調，我們仍維持全年調整後 FIFO 營業利益 50 億至 52 億美元的指引，以及調整後稀釋每股淨利 5.10 至 5.30 美元的指引。我們的財務模型中有許多槓桿可提供彈性，使我們即使在營收端承壓的情況下仍能交付獲利成長，而且我們對推動未來獲利成長的因素具有清晰能見度。

Through the back half of the year, we expect consistent year-over-year earnings growth between the third and fourth quarters. We expect cost-saving initiatives to build through the second half, along with pharmacy margin contribution further improvement in e-commerce profitability and continued growth in our media business. And as I mentioned earlier, we resumed share repurchases this quarter following the announcement of our planned acquisition of Giant Eagle.

在今年下半年，我們預期第三季與第四季的獲利將維持穩健的年對年成長。我們預期節省成本的措施將在下半年逐步累積成效，同時藥局毛利貢獻、電商獲利能力的進一步改善，以及媒體業務的持續成長也將帶來助益。並且如我先前提到的，在宣布我們計畫收購 Giant Eagle 之後，我們已於本季恢復股票回購。

We expect share repurchases to support earnings per share growth over the remainder of the year. These are drivers largely within our control. We have strong plans in place, and they are the basis for our confidence in the full year outlook. The second quarter demonstrated what that discipline looks like in practice. We manage margins against a softer top line and delivered the profit we committed to.

我們預期股票回購將在今年剩餘期間支持每股盈餘成長。這些多半是我們可控的驅動因素。我們已制定強而有力的計畫，並以此作為我們對全年展望具信心的基礎。第二季展現了這種紀律在實務上的樣貌：我們在營收端較疲弱的情況下管理毛利率，並交付了我們承諾的獲利。

We expect to do the same through the balance of the year. Our priorities are unchanged: invest in the business for long-term growth manage margins with discipline and generate strong free cash flow that supports attractive returns for shareholders.

我們預期在今年剩餘期間也會做到同樣的事。我們的優先事項不變：為長期成長投資於業務、以紀律管理毛利率，並創造強勁的自由現金流，以支持對股東具吸引力的報酬。

And with that, we look forward to your questions.

接下來，我們期待各位的提問。

(Operator Instructions) Michael Lasser, UBS.

（接線員指示）Michael Lasser，瑞銀（UBS）。

Your clear message this morning has been that you can fund price investments almost on a one-for-one basis through the savings that you're going to realize from the business. Now with that being said, how much did you invest in price in the second quarter? Where does Kroger's price gaps stand today, where do they need to be? And what's been the impact of those price investments, especially in light of what seems like a cautionary outlook for the back half of the year. Sorry, so many multilayered questions in there.

你們今天早上的明確訊息是：你們幾乎可以用業務中將實現的節省，以一比一的方式來支應價格投資。那麼在此情況下，第二季你們在價格上投入了多少？Kroger 目前的價格差距（price gaps）處於什麼位置、需要到什麼程度？而這些價格投資帶來了什麼影響，特別是考量到你們對今年下半年的展望似乎相對審慎。抱歉，裡面有很多層次的問題。

Michael, it's Greg. Thanks for your question, and thanks for your interest. And we like you have a lot of interest in making sure that our customer value plan plays out, is a number of points you've raised. Just to reiterate, yes, we can fund it. And really this quarter is a demonstration of that, even though we have seen that the consumer has been pretty disciplined in terms of how the expenses dealt with gas and fuel and then of course, Cyclospora.

Michael，我是 Greg。謝謝你的提問，也謝謝你的關注。我們和你一樣，非常關心確保我們的顧客價值計畫能夠落實，這也是你提出的幾個重點。再重申一次，是的，我們可以為此提供資金支應。而本季其實就展示了這一點，儘管我們看到消費者在支出方面相當克制，尤其是與汽油與燃油相關的支出，當然還有 Cyclospora 的影響。

So we're happy with that funding. We're being very measured about how we do this. measured because the value proposition actually has to get layered in with running better stores and also making sure that our e-commerce offer is heading where we want.

因此我們對這樣的資金支應感到滿意。我們在推動方式上非常審慎；之所以審慎，是因為價值主張必須與把門市經營得更好相互疊加，同時也要確保我們的電商方案朝著我們希望的方向發展。

So we'll share some more when we get to October in terms of how we see that playing out. We're not providing exact figures on the investment.

因此，等到 10 月時，我們會再分享更多我們如何看待其落地推進。我們不會提供投資的精確數字。

But we have invested geographically. And I've also been very pleased with how the merchants have been managing our value generally. And what I've seen over this quarter is that our pricing relative to some of our competitors on what we call our white label, our basic shelf price has actually improved. And then finally, the other measure that I take a lot of interest in is market share. And we spend a lot of time looking at that each week, each 4-week period.

但我們已在地理區域上進行投資。而且我也很高興看到採購團隊在整體價值管理上的表現。從本季我觀察到的是：相較於部分競爭對手，我們在所謂自有品牌（white label）的基本架上價格（basic shelf price）其實有所改善。最後，我非常關注的另一個衡量指標是市占率。我們每週、每個四週期間都花很多時間檢視這個指標。

We want to open up that gap on what we call rest of market. We've done that gap -- we've done that. We've maintained that gap through Q2. And I think that's a pretty good performance when you consider that probably our fresh mix is more heavily weighted and we've had to deal with Cyclospora, particularly in light of the fact that, that impacted us when most of the other retailers had already completed their quarter. So I hope that answers your questions.

我們希望拉開我們所稱的「市場其他業者」（rest of market）的差距。我們已經拉開了這個差距——而且在第二季維持住了。我認為這是相當不錯的表現，尤其考量到我們的生鮮組合比重可能更高，且我們必須處理 Cyclospora，特別是因為那件事影響到我們時，多數其他零售商其實已經結束了他們的季度。所以希望這回答了你的問題。

Dave, do you want to add anything?

Dave，你要補充什麼嗎？

Yes. Michel, I just think -- one thing to add. We were pleased with the FIFO gross margin performance this quarter. I think that demonstrates for us the ability to invest in value, offset it with savings and that's going to be the model going forward. We're confident in the FIFO gross outlook through the balance of the year. And as we update you guys in October, that's going to be the model. generate savings, invest in value, expand the margins over time.

是的。Michael，我想——補充一點。我們對本季 FIFO 毛利率的表現感到滿意。我認為這向我們證明了：我們有能力投資於價值，同時用節省來抵銷，而這將是未來的運作模式。我們對今年剩餘期間的 FIFO 毛利展望有信心。而當我們在 10 月向各位更新時，這也會是那個模式：創造節省、投資於價值、並隨時間推進擴大毛利率。

Robby Ohmes, Bank of America.

Robby Ohmes，美國銀行（Bank of America）。

Greg, I was hoping you could talk about just inflation pressures in general or lack of them. What are you thinking could happen with the grocery industry? Obviously, with diesel prices going up a lot and things, what's the inflation outlook for you guys and your assumption for the industry for the back half of the year? And how do you see that playing out?

Greg，我希望你能談談整體通膨壓力或缺乏通膨壓力的情況。你認為雜貨產業可能會發生什麼事？顯然柴油價格大幅上漲等等，你們對通膨的展望以及對今年下半年產業的假設是什麼？你又如何看待其發展？

Yes. Thanks for your question. And it is something that weighs on my mind. And as I see what's happening, particularly with gas prices, diesel prices, historically, when you get an environment like you see it start to flow through. We're taking a very measured approach because, as David just shared, we've got a lot of active work underway at the moment in terms of cost savings.

是的，謝謝你的提問。這確實是我一直掛在心上的事情。就我看到的情況，特別是油價、柴油價格的變化，歷史上當你進入像現在這樣的環境時，影響往往會開始逐步傳導。我們採取非常審慎的做法，因為如 David 剛才分享的，我們目前在節省成本方面有很多正在進行的工作。

Some of that is built around what we call our COGS, and what we want to do is make sure that the great work that's happening in that area just isn't, if you like, fritted away as we then have to deal with price increases.

其中一部分是圍繞我們所稱的 COGS（銷貨成本），我們想做的是確保該領域正在發生的出色工作，不會在我們接下來必須面對漲價時被——如果你願意這麼說——消耗殆盡。

So there's some really good work that the teams are doing in this area, but I would expect that the pressure is actually going to mount, and we've seen a little bit more in Q2 than what we saw in Q1. But I'm very pleased with the way the teams are managing cost and retail, and I'd reiterate again that actually our value proposition improved in Q2 vis-a-vis our competitors. And that's what I want to see. And on top of that, the more definitive value proposition that we are starting to roll out has also come into play.

因此團隊在這方面做了非常好的工作，但我預期壓力其實會增加，而且我們在第二季看到的壓力比第一季更多一些。不過我對團隊在成本與零售端的管理方式非常滿意；我也再次強調，相較於競爭對手，我們在第二季的價值主張其實有所改善，這正是我想看到的。此外，我們開始推出的更明確的價值主張也已開始發揮作用。

So there's some good managing of margins and costs in this business. And I mean what I said in the call that I'm very pleased with how the teams have managed it. Dave, what do you want to layer in terms of inflation?

所以在這個業務中，毛利率與成本的管理做得不錯。我在電話會議中所說的是真的：我對團隊的管理方式非常滿意。Dave，你想在通膨方面再補充什麼？

Thanks, Greg. A couple of things. So Robby, our outlook broadly remains the same. So our range is within this 1 to 2.5 range for the balance of the year. As Greg said, I do think we will see a bit more pressure in the second half than we've seen in the first half.

謝謝，Greg。有幾點。Robby，我們的展望大致維持不變。因此，我們對今年剩餘期間的區間仍在 1% 到 2.5% 之內。如 Greg 所說，我確實認為下半年的壓力會比上半年更大一些。

But I expect us to be below CPI. Our focus, as we said, is about working with suppliers take cost out, use that money to reinvest into value and protect margins. And so I expect the margin -- FIFO gross margins to remain positive. So we think we can manage it, but we do expect a little bit more pressure in the balance of the year.

但我預期我們會低於 CPI。我們的重點，如同我們所說，是與供應商合作降低成本，並把這些資金再投資到價值上，同時保護利潤率。因此我預期利潤率——FIFO 毛利率——仍將維持正值。所以我們認為可以加以管理，但我們確實預期在今年剩餘期間會有一些額外壓力。

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行。

Greg, I wanted to ask you about the pricing strategy and the shift that you are looking to take here in terms of simplifying pricing and improving the value perception at the shelf. Can you just talk a little bit more about what you're looking to do there? How much of that involves less deals, better shelf price? How has it changed the way that you deal with vendors around that?

Greg，我想請教你們的定價策略，以及你們在簡化定價、提升貨架上價值感知方面所要推動的轉變。你能否再多談一點你們打算怎麼做？其中有多少是減少促銷交易、改以更好的貨架價格？這又如何改變你們與供應商打交道的方式？

And then pulling something like that off, how do you think about the way customers respond, maybe customers that have become accustomed to looking for deals on like multipack, for instance, versus just better shelf price. Just curious as to how you're thinking about all that.

另外，要把這類事情落實，你們如何看待顧客的反應？例如有些顧客可能已經習慣去找多件裝（multipack）之類的優惠，而不是單純更好的貨架價格。想了解你們對這整體的思考。

Yes. Thanks, Edward. It's a great question. And as you've laid out in that question, there are many layers to this, and averages actually don't get you to the right answer. Having been at this retail game now for a number of decades, I think I'm in my fifth decade.

是的，謝謝你，Edward。這是個很好的問題。正如你在問題中所鋪陳的，這裡面有很多層次，而用平均值其實得不出正確答案。我在零售這個行業已經做了好幾十年，我想我現在是在第五個十年了。

I guess I've seen a number of these things play out. Number one, you don't do this in five minutes or a quarter or even a year, this is a multiyear program. Number two, there is a degree of common sense that plays out here that says a customer has got options, they can turn left and they can go turn right. What gap do you want on the basket between yourself and your competitors. And that takes into account many aspects, the quality of the assortment, the service, the quality of the shopping environment, quality of fresh foods.

我想我看過不少這類事情的發展。第一，你不可能在五分鐘、一個季度，甚至一年內就完成；這是一個多年期的計畫。第二，這裡有一個常識層面：顧客有選擇，他們可以往左轉，也可以往右轉。你希望自己與競爭對手之間在整體購物籃（basket）上的價差是多少？而這會考量很多面向：商品組合的品質、服務、購物環境的品質、生鮮食品的品質。

We know what that gap should be and that's what we're working towards. You don't do it all at once because you can't fund it all at once. And we've been quite deliberate about how we think about that. We generate savings through a combination of COGS through imports or goods not for resale through reductions in head count in the business because we've got more efficient at doing things. And we apply those savings to our shelf prices.

我們知道那個價差應該是多少，而這正是我們努力的方向。你不會一次做完，因為你不可能一次就把所有資金都籌到位。我們在思考這件事時一直相當審慎。我們透過多種方式產生節省：包括透過進口或非轉售商品（goods not for resale）降低 COGS，或因為做事更有效率而減少企業的人力編制。然後我們把這些節省用在貨架價格上。

And at the same time, we glide down a bit like you do when you're flying a plane to get from 40,000 feet to sea level, you take it down sort of 1,000 feet at a time. You don't take too long to do it, but you don't try and do it too quickly. And you come up with a promotional mix that makes sense. And once again, through having done this for a number of years, we know what that number is. So this gets done by geography.

同時，我們會像飛機從四萬英尺降到海平面那樣，逐步滑降——一次大概降 1,000 英尺。你不會花太久，但也不會降得太快。然後你會制定一個合理的促銷組合。再一次，因為我們做這件事很多年了，我們知道那個數字應該是多少。所以這會按地理區域來推進。

We're well underway. We're encouraged actually by the results that we're getting. And what does good look like? Good looks like do we sell more units; we get more customers engaged in e-commerce we track what competitors do when we do this. And it's about positioning Kroger as a really good value option out there in the marketplace.

我們已經進行得很深入了。實際上，我們對目前取得的成果感到鼓舞。那什麼叫做「好」？「好」看起來像是：我們是否賣出更多件數；我們是否讓更多顧客參與電商；當我們這麼做時，我們會追蹤競爭對手的反應。這一切都是為了把 Kroger 定位成市場上一個非常有價值（value）的選擇。

We're not in the game of being the cheapest because we don't have the lowest cost, but we can provide the best value. And all of these points are woven into our approach. And we've made good progress, and you will continue to see us progress this approach. We're happy with it. and we'll share more in October.

我們不是要當最便宜的，因為我們的成本不是最低；但我們可以提供最好的價值。所有這些要點都融入在我們的方法之中。我們已經取得不錯的進展，你們也會持續看到我們推進這個做法。我們對此很滿意，並且會在 10 月分享更多。

John Heinbockel, Guggenheim Securities.

John Heinbockel，Guggenheim Securities。

Greg, two related questions building on that last answer. When you think about -- obviously, you've got to move the reality of the price gaps down. So when you think about perception, the survey work you do, perception versus reality, how big do you think that gap is? How do you begin to change that? Is that partly a marketing issue? And then I assume you do have -- right, you've got some businesses where food volumes are positive. And I guess what are the commonalities there.

Greg，延續你上一個回答，我有兩個相關問題。當你思考——顯然你必須把實際的價差拉近——那在「感知」方面，你們做的調查研究中，感知與現實之間的差距，你認為有多大？你們要如何開始改變它？這是否部分是行銷問題？另外我想你們確實有——對，你們有一些業務的食品銷量是正成長。我想問那些正成長的共同點是什麼。

Yes. John, good to talk to you again. Two very good questions, perception versus reality. I would say to you, once again, having done this before, it takes a bit of time. So initially, when you take action on your shelf prices, actually, sales go down for the obvious reason that the item costs less.

是的。John，很高興再次和你交流。兩個都很好的問題：感知對比現實。我會說，再一次，因為我以前做過這件事，這需要一些時間。所以一開始，當你對貨架價格採取行動時，銷售額其實會下降，原因很明顯，因為商品變便宜了。

Over time, customers begin to understand what you're doing, and they start putting extra items in your basket. And yes, part of this is coming up with the right marketing package and that's something that we continue to refine and work on, and you'll see some more from us in that space seen.

隨著時間推移，顧客開始理解你在做什麼，他們會開始在購物籃裡多放一些商品。是的，其中一部分是要設計出正確的行銷組合，而這也是我們持續在精進與努力的方向，你們很快也會看到我們在這方面有更多動作。

I would say to you that over time, my experience has been that perception does equal reality. You can fool some of the customers some of the time, but you can't fool them all the time. I know anecdotally, as I get around stores and have probably done just over 100 now.

我會說，隨著時間推移，依我的經驗，感知會等於現實。你可以在某些時候騙到部分顧客，但你不可能一直騙到所有顧客。我也知道一些軼事：我走訪門市，到目前大概已經超過 100 家了。

But I also know from the research that we've done and 8451 that some of our customers understand our promotional package but well over half do not. And so once again, we've got to balance that carefully because some of the ones who do understand the package of some of our best customers.

但我也從我們做的研究以及 8451 的資料得知：我們有些顧客了解我們的促銷方案，但超過一半的顧客並不了解。因此，再一次，我們必須非常謹慎地取得平衡，因為那些了解方案的人當中，有些是我們最好的顧客。

So we've got a glide path this approach sensibly and carefully, but we do understand how to do that. There are some real highlights in our package in terms of what's working. I would say to you that one of the things that I really like is the excitement that we're starting to generate in the business around selling items.

所以我們會以合理且審慎的方式，沿著既定路徑逐步推進這個做法，但我們確實知道該怎麼做。我們的方案中有一些非常突出的亮點，顯示哪些做法有效。我會說，我非常喜歡的一點是：我們開始在公司內部激發出對「賣商品」的興奮感。

And when I get into a couple of categories, it might be deli and bakery, and I see that we're actually gaining market share in both dollars and units. I sort of know why that's working and it's to do with some fantastic items that we have in that business or the excitement that we had in the organization when we worked out how many checkouts rotisserie chickens, we sold last week between the hours of 7:00 PM and 8:00 PM. Actually, our sales during that particular hour were up 72% on where they were previously. So it's about having great items.

當我深入到幾個品類，例如熟食（deli）和烘焙（bakery），我看到我們在金額與件數上都在提升市占。我大概知道為什麼有效：要嘛是我們在那個業務裡有一些非常棒的商品；要嘛是組織內部的興奮感——例如我們算出上週在晚上 7:00 到 8:00 之間，我們在收銀台賣出了多少隻烤雞（rotisserie chickens）。實際上，我們在那個特定時段的銷售，比之前高出 72%。所以關鍵在於擁有很棒的商品。

It's about getting our stores engaged around these particular items. Built into that is what we're doing with our brands. and as we accelerate that, I'd say that also puts a bit of pressure on the top line because you deflate your sales at good profit. So I'm happy with what I'm seeing around the business. This isn't going to happen in five minutes.

也在於讓我們的門市圍繞這些特定商品投入與動員。這其中也包含我們在自有品牌（brands）上所做的事情。當我們加速推進時，我會說這也會對營收端（top line）造成一些壓力，因為你會在高獲利的情況下把銷售額「壓低」（deflate）。所以我對我在業務中看到的狀況感到滿意。這不會在五分鐘內發生。

But I'd say to you give us a year will be a lot better than what we look today, give us another year after that, it will even be better. I'm feeling happy with the progress after just sort of being in this business 200 days.

但我會說，給我們一年，我們會比今天好很多；再給我們接下來的一年，會更好。我在進入這個業務大約 200 天後，對進展感到滿意。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO Capital Markets。

Greg, just to kind of level set, you called out the incremental pharmacy headwinds quarter-over-quarter, which I think totals to about 30 basis points. So I guess just doing the math, the rest of the quarter-over-quarter deceleration in comps is about 50 basis points. And I guess you outlined the Cyclospora which is a large chunk of that. So I just want to make sure I have that math right. There's just a lot of moving pieces here.

Greg，為了先把基準釐清一下，你提到藥局業務的增量逆風在季度對季度（quarter-over-quarter）上，我想合計大約是 30 個基點。所以我想簡單算一下，其餘季度對季度同店（comps）放緩大約是 50 個基點。而你也提到 Cyclospora（環孢子蟲），我猜那是其中很大一部分。所以我只是想確認我算得對。這裡有很多變動因素。

So I was hoping maybe you'd be willing to kind of just level set on what is that -- what does that core grocery comp ex pharmacy and how is that -- you mentioned kind of some of the fresh categories may be clouding the picture of market share. So can you just add a little more color on how you feel about market share and what that fresh versus nonfresh dynamic looks like?

所以我希望你願意再幫我們把基準釐清一下：核心雜貨同店（core grocery comp）扣除藥局（ex pharmacy）後大概是什麼？以及——你提到某些生鮮品類可能讓市占的判讀變得不那麼清楚——你能否再多補充一些你對市占的看法，以及生鮮與非生鮮之間的動態大概是什麼樣子？

Yes, great questions. Kelly and will dissect this as best we can. We don't disclose every single piece of data. But look, David and I have been chatting about this. And David, I think you'll be in a place to answer this one.

是的，問題很好。Kelly，我們會盡可能把它拆解清楚。我們不會揭露每一個單一數據點。不過你看，David 和我一直在討論這件事。而 David，我想你可以來回答這一題。

Yes. Okay. So Kelly, let me try and unpack this one for you. So the Inflation Reduction Act, obviously, we've been pretty clear that, that would have an -- impact was a 140 basis point impact to ID sales in the quarter. That was about 10 basis points worse than Q1 and in the balance of the year, we expect it to get worse again largely as a result of new drugs coming in the formulary starting in January.

好的。Kelly，我來試著為你拆解一下。《降低通膨法案》（Inflation Reduction Act），很明顯我們已經相當清楚地說過，它在本季度對 ID 銷售的影響是 140 個基點。這比第一季大約再差了 10 個基點；而在今年剩餘期間，我們預期還會再惡化，主要是因為新的藥品將在 1 月開始納入處方集（formulary）。

No profit impact to stress. We then had brand generics. So we're seeing a greater shift towards generic and away from branded. That obviously hurts the sales. Again, no impact on the profit, and that was about 60 basis points.

對獲利沒有影響，特別強調一下。接著是品牌與學名藥（generic）的部分。我們看到更明顯地轉向學名藥、遠離品牌藥，這顯然會傷害銷售。同樣地，對獲利沒有影響，約為 60 個基點。

Eggs, we saw it moderate, but it's still about a 30 basis point impact to ID sales. We then had on Cyclospora, a 35 basis point impact to total company IDs, just to stress, that's really the impact from produce alone. So when you add all of those things up, that's roughly a 265 basis point headwind to the comparable point versus last year.

雞蛋方面，我們看到影響有所緩和，但對 ID 銷售仍約有 30 個基點的影響。接著是 Cyclospora（環孢子蟲），對全公司 ID 約有 35 個基點的影響；再次強調，那其實只是來自生鮮蔬果（produce）本身的影響。所以把這些因素加總起來，相較去年，對可比表現大約形成 265 個基點的逆風。

Just in terms of the market share, and then I'll hand it back to Greg for any additional comments. The point on the market share is one of the things we're really pleased about through the first half of the year, and it was one of our objectives was to widen the gap to Circana rest of market.

就市占率而言，然後我會把話題交回 Greg 看他是否有其他補充。關於市占率這點，是我們在今年上半年非常滿意的事情之一，而我們的目標之一就是擴大與 Circana 其餘市場（rest of market）之間的差距。

So that sort of grocery competitive set. And we've done that, and we're really, really pleased about that. We maintained the gap that we saw in Q1 in Q2. And the point is we've got largely a higher fresh mix. So we were more impacted or our hypothesis, we were more impacted by Cyclospora.

也就是那一組雜貨（grocery）的競爭同業。我們做到了，而且我們對此非常、非常滿意。我們在 Q2 維持了 Q1 看到的差距。重點是我們的生鮮占比（fresh mix）相對更高。因此我們的影響更大——或我們的假設是——我們受到 Cyclospora 的影響更大。

So our ability to hold that gap, we're really encouraged about. And when you break it down category by category and look at our market share versus the Circana rest of market, really pleased with it on a category-by-category basis.

所以我們能夠守住這個差距，讓我們非常受到鼓舞。而當你按品類逐一拆解，並比較我們相對於 Circana 其餘市場的市占率時，我們對各品類的表現都非常滿意。

I think that's exactly right, David. And so far, as we get into Q3, it's where we would expect to be. We're still seeing a little bit of hangover from cyclo spore but each week, that lessons and Q3 is where we want it to be.

我認為你說得完全正確，David。而且到目前為止，進入 Q3 之後，表現也符合我們的預期。我們仍看到一點點環孢子蟲的後續影響，但每一週都在減輕，而 Q3 也正朝我們希望的方向發展。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

On the fuel margin, can you talk about what's baked into the guide for the back half versus the front half? And how much of a tailwind has this been versus your initial plan for the year? And how do you think about lapping those heading into next year?

關於燃油毛利（fuel margin），你能談談指引中對下半年相較上半年的假設嗎？另外，這相較你們年初的計畫，帶來了多少順風？以及你們如何看待明年在比較基期（lapping）上的影響？

Thanks, Leah. Thanks for the question, David here. So as I think about Q2, a couple of things, we saw gallons up slightly. We outperformed the market on gallons. So we were pleased about that.

謝謝你，Leah。謝謝你的問題，我是 David。就 Q2 而言，有幾點：我們看到加侖數（gallons）小幅上升。我們在加侖數上跑贏市場，所以我們對此感到滿意。

If you look at CPG, so our sort of profit per gallon, we were again up slightly. And when you think about total fuel profit year-over-year, actually, it wasn't a huge tailwind for us. It was basically kind of; I'm going to call it low single-digit profit growth on the fuel business.

如果看 CPG，也就是我們每加侖的獲利（profit per gallon），同樣也是小幅上升。再看燃油業務的總獲利年對年，其實對我們並不是很大的順風；基本上——我會稱之為燃油業務獲利低個位數成長。

As we built into our guidance for the balance of the year, we are expecting and have baked into that fuel margins softer than H1, and that's what we've got in the outlook. Obviously, there's a huge amount of volatility in the fuel business, which makes it difficult to call, but our expectation is softer than we're seeing in H1.

在我們對今年剩餘期間的指引中，我們預期、也已納入假設：燃油毛利將較上半年（H1）走弱，這就是我們展望中的設定。當然，燃油業務波動非常大，使得預測很困難，但我們的預期是會比 H1 看到的更疲弱。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

So Greg, we have a turnaround agenda or transformation, and I'm sure you'll get more meat on it in October. The competitive and consumer backdrop feels like it's getting a little more difficult. And so at the quarter, sales weakened, but you're holding profit well. Can you help us reconcile those two things at this stage of your turnaround? How do you think about the trade-off between protecting near-term profits and making the investments necessary to improve the customer proposition and then obviously gain market share?

Greg，我們有一個扭轉（turnaround）議程或轉型計畫，我相信你們會在 10 月提供更多細節。競爭與消費者的背景感覺正在變得更具挑戰。因此本季銷售轉弱，但你們仍把獲利守得很好。你能幫我們在你們扭轉進程的這個階段，調和這兩件事嗎？你如何看待在保護短期獲利與進行必要投資（以改善顧客主張並進一步取得市占）之間的取捨？

Simeon, good to get your question. Yes, it is getting a little bit tighter out there. And I'd say that what we're seeing is the consumer continues to be disciplined. They're not absent. They're turning up to the stores, but they're pretty disciplined about what they buy.

Simeon，很高興收到你的問題。是的，外部環境確實變得更緊一些。我會說我們看到的是：消費者仍然很有紀律。他們沒有消失，他們仍會到店，但在購買內容上相當克制、有紀律。

I actually don't mind that. I like the fact that it's getting tight and tough because I think those conditions create opportunities if you've got a good plan and you've got a great team to execute. And that team is coming together, and I'm pleased with how that is looking. The other thing I'd say to you is that 200 days into the job, I actually see even more opportunities than what I thought when I started.

我其實不介意這樣。我喜歡環境變得更緊、更難，因為我認為如果你有好的計畫、也有很棒的團隊去執行，這些條件反而會創造機會。而那個團隊正在成形，我對目前的狀況感到滿意。另外我想說的是，上任 200 天後，我其實看到的機會比我剛開始時想像的還要多。

So I don't spend any time sort of going, I'm not sure how we're going to fund this, how we're going to make it work.

所以我不會花時間去想「我不確定我們要怎麼籌資、怎麼讓它運作」。

whether it's what I'm seeing with unknown shrinkage, whether it's what I see with out of stocks, whether it's what I see with goods not for resale, whether I see cost of goods, imports, actually, all of those things are actually bigger than what I thought after 30 days.

不論是我看到的未知損耗（unknown shrinkage）、缺貨（out of stocks）、非轉售商品（goods not for resale）、商品成本（cost of goods）、進口（imports），其實這些項目在 30 天後看起來都比我原先想的更大。

And I'm really pleased with the discipline that we've got in the business in terms of going after them. So it's tough. You've got to deal with the environment and the conditions that we're playing in. I actually think that's to our advantage at the moment.

而且我對我們在業務上針對這些問題所展現的紀律感到非常滿意。所以環境確實艱難，你必須面對我們所處的競爭環境與條件。我反而認為，現階段這對我們是有利的。

We're assembling a team that I think will be a world-class team of retailers. We're clear on the plan, and we know how to execute it, and we did exactly that in Q2 and I'm pretty comfortable that we'll do it in Q3 and Q4. So I see the buckets of money. I know that we can get after them, and I'm feeling very good about the business.

我們正在組建一個我認為會是世界級的零售團隊。我們對計畫很清楚，也知道如何執行；我們在 Q2 就是這樣做的，而我相當有信心我們在 Q3 與 Q4 也會做到。所以我看得到資金來源的「桶子」。我知道我們可以去把那些機會抓出來，我對這門生意的感覺非常好。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通。

Thanks for the question. I did want to dive a little bit into the gross margin that we saw in the second quarter. There were kind of four bucketed items in the press release, right, the e-comm profitability, pharma sourcing, and the tariff refunds. Could you maybe frame their order of importance in terms of driving that margin expansion this quarter. And then I think it would be helpful if you could maybe quantify in some form the tariff refund either in dollars or whether the magnitude swung gross margin ex fuel from flatter to positive?

謝謝你的問題。我確實想更深入談談我們在第二季看到的毛利率（gross margin）。新聞稿裡大概分成四個項目，對吧：電商獲利能力（e-comm profitability）、藥品採購（pharma sourcing）以及關稅退稅（tariff refunds）。你能否就這一季推動毛利擴張的貢獻，幫我們排一下重要性順序？另外，如果可以的話，也希望你能以某種形式量化關稅退稅——不論是金額，或是其幅度是否讓扣除燃油後的毛利率（gross margin ex fuel）從持平轉為正成長？

Tom, thanks for the question. So we were pleased with FIFA growth in the quarter. We'd always communicated that our plan was to grow FFO growth on a full year basis, and we feel good that we're going to be able to do that through quarter three and quarter four. And I think as I reflect on kind of the model, and this will be the go-forward model, it's about take cost out, invest in the business but also grow margins over time. So we expect to do that through the balance of the year.

Tom，謝謝你的問題。我們對本季的 FIFA 成長感到滿意。我們一直對外溝通，我們的計畫是在全年基礎上推動 FFO 成長，而我們也對能在第三季與第四季做到這點感到樂觀。當我回頭看這個模型——而這也會是未來的運作模型——核心是：降低成本、投資於業務，同時也在時間推移中提升毛利率。因此我們預期在今年剩餘期間會持續這麼做。

And obviously, we'll talk more about our multiyear plans in October. So as I think about our gross margin, I think a few things to think about. We were pleased with the E-com performance. That was a positive. Our media performance, as we said, best performance in, I think, five years.

而且很明顯地，我們會在 10 月更深入談我們的多年期計畫。就毛利率而言，我認為有幾點可以看。我們對電商表現感到滿意，這是正面因素。我們的媒體業務表現，如我們所說，是我想大概五年來最好的表現。

And then the pharmacy mix as well as good sourcing savings. So that's kind of broadly in terms of sort of order of importance. I want to stress; they were all pretty decent performances. It's not like any of these were small. On the negative, we did see some shrink downside mainly in fresh, some of that, not all of that, was related to Cyclospora So Cyclospora definitely impacted us more than we expected on the shrink side.

另外，藥局組合（pharmacy mix）以及良好的採購節省（sourcing savings）也是如此。大致上，重要性順序就是這樣。我想強調的是：它們的表現都相當不錯，並不是說其中任何一項很小。負面方面，我們確實看到一些損耗（shrink）不利，主要在生鮮；其中一部分（但不是全部）與 Cyclospora 有關。因此在損耗面，Cyclospora 對我們的影響確實比我們預期更大。

And then the other thing, obviously, with increasing fuel costs, we did see a headwind relating to -- in our transportation line from fuel similar impact to what we saw in Q1. And obviously, that could be a headwind that we need to offset through the balance of the year. In terms of tariffs, I'm not going to -- we're not going to quantify the number, but I'm going to tell you the way we think about it. Number one, the number was pretty modest. And the way we think about that is if we get tariffs, we'll spend it, if we don't get tariffs, we won't spend it.

另外一點，隨著燃油成本上升，我們在運輸費用（transportation line）上也看到與燃油相關的逆風——影響類似我們在 Q1 看到的情況。很明顯地，這可能會是我們在今年剩餘期間需要抵消的逆風。至於關稅，我不會——我們不會量化這個數字，但我會告訴你我們怎麼看。第一，金額其實相當有限。第二，我們的看法是：如果拿到關稅退稅，我們就把它花掉（再投資）；如果沒有拿到，我們就不花。

So overall, it was a neutral impact to gross margin because we reinvested that money back, and that's going to be the model going forward if we are to get any further refunds.

所以整體而言，對毛利率是中性的，因為我們把那筆錢再投資回去；如果未來還有任何進一步的退稅，這也會是我們往後的模式。

Greg Melich, Evercore.

Greg Melich，Evercore。

I wanted to go back, I think in the prepared comments, you said traffic was positive in the quarter. Could you help unpack that a little bit as to the sequential change in that? And then if that's the case, it seems like ticket was down. Was that -- what was driving that? Was it mix, items and basket inflation.

我想回到你在事先準備的發言中提到的：本季來客數（traffic）為正。你能否幫我們拆解一下，這在序列上（sequential）是如何變化的？另外，如果確實如此，看起來客單價（ticket）是下降的。那是——是什麼在驅動？是組合（mix）、件數（items）以及購物籃通膨（basket inflation）嗎？

Yes. Thanks, Greg. Good question. Yes, we did have traffic up slightly, and we're pleased with that. And ticket was down and I think you've picked the key items here. I think the customer is pretty disciplined. Snap has an impact. Gas had an impact, less item in the basket. What I would say is that where we are running our value proposition, actually, we went against that trend in terms of getting the extra items in the basket. So overall, you're correct, yes.

是的。謝謝你，Greg。好問題。是的，我們的來客數確實略有上升，我們對此感到滿意。而客單價下降了，我想你已經抓到關鍵因素。我認為顧客相當自律。SNAP 有影響。汽油也有影響，購物籃中的品項變少。我想說的是，在我們推行價值主張的地方，實際上我們在增加購物籃額外品項方面是逆勢而行的。所以整體而言，你說得對，是的。

Krisztina Katai, Deutsche Bank.

Krisztina Katai，德意志銀行。

Greg, a lot of the discussion today has focused on value, but some of the strongest examples that you highlighted included deli bakery, prepared foods, think rotisserie chicken and private brands. When you look at the categories that are gaining both dollar and unit share, what is proving most important for the customer? What are some of the most important characteristics that you would find.

Greg，今天的討論有很大一部分聚焦在價值，但你強調的一些最強例子包括熟食烘焙、即食/預製食品，例如烤雞（rotisserie chicken）以及自有品牌。當你看那些在金額與件數市占都在提升的品類時，對顧客而言最重要的是什麼？你會看到哪些最重要的特徵？

And how does that -- what does that suggest about Kroger's future growth algorithm, maybe more sort of merchandising driven than price driven. And then I wanted to ask the follow-up. I don't know if I heard this, but what did you assume in the back half of the year from incremental diesel and freight costs?

另外，這——這對 Kroger 未來的成長算法有何啟示？也許更偏向由商品經營（merchandising）驅動，而不是由價格驅動。然後我想追問一下。我不確定我是否有聽到，但你們對下半年柴油與運輸費用的增量成本做了什麼假設？

Great. Thanks, Krisztina. I'll take the first bit and David, if you can pick up diesel freight costs, et cetera. What we're seeing is pretty much, if anything, has a natural organic protein, health component to it, Krisztina, that's working extremely well. We also see where we do a great value proposition that works extremely well.

很好。謝謝你，Krisztina。我先回答第一部分，David，如果你能接著談柴油、運費成本等等。我們看到的是，基本上，任何帶有天然、有機蛋白、健康成分的東西，Krisztina，都表現得非常好。我們也看到，只要我們提供很強的價值主張，也同樣表現得非常好。

So an item that we got on to just recently was a $20 Sushi plate. And we do pretty well with Sushi. I think we may be just about the biggest seller of Sushi and America, and we do well with that. It's in a number of our stores. We then introduced an item which is $20 sort of a family pack.

所以我們最近剛推出的一個品項是 20 美元的壽司拼盤。我們的壽司賣得相當好。我想我們可能幾乎是全美最大的壽司銷售商，而且我們在這方面做得很好。這在我們不少門市都有。接著我們又推出了一個 20 美元、類似家庭分享包的品項。

I think it took about three weeks for that item to get over and the excitement that I see as I get around is palpable. So anything sort of that has to do with health organic, et cetera, works. Anything that is answering a customer's question around value, what's for dinner is working well.

我想大概花了三週，那個品項就熱起來了；而我在各地走訪時看到的興奮感是很明顯的。所以任何與健康、有機等相關的都很有效。任何能回答顧客關於價值、以及「晚餐吃什麼」這類問題的，也都表現良好。

We launched a range of private selection frozen meals that I spoke about. They're just absolutely taken off their exceptional quality, great value Customers, as I said, they're not absent. They're just disciplined. And as a retailer, it's our job to be the agent, and that's exactly what we charge our merchants was doing. David?

我們推出了我提到過的一系列 Private Selection 冷凍餐點。它們真的完全起飛了——品質非常出色、價值感很強。顧客並沒有消失；他們只是更自律。作為零售商，我們的工作是當顧客的代理人，而這正是我們要求商品團隊（merchants）去做的。David？

Yes. Let me just, Krisztina, cover the question on diesel and freight. So the important thing for us is we expect gross margin to be positive through the second half of the year. We have assumed that we will get some incremental headwinds from diesel and freight costs through the balance of the year, and that's embedded in the outlook of positive FIFO growth through the balance of the year and on a full year basis.

是的。Krisztina，我簡單回答你關於柴油與運費的問題。對我們來說重要的是，我們預期毛利率在下半年會維持正向。我們假設在今年剩餘期間，柴油與運輸成本會帶來一些額外逆風，而這已經反映在我們對今年剩餘期間以及全年 FIFO 正向成長的展望之中。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So just going back to your new store strategy and M&A. Just given the Giant Eagle acquisition, how should we think about balancing organic store growth versus M&A? And then second, as we are in a weaker backdrop, does that at all impact how aggressive you are in store growth?

我想回到你們的新店策略與併購（M&A）。考量到 Giant Eagle 的收購案，我們應該如何看待有機展店成長與併購之間的平衡？第二，在較疲弱的環境下，這是否會影響你們在展店成長上的積極程度？

Rupesh, let me take that one. We -- one of the things -- I think we had 12 major storing projects go live this quarter, a combination of new stores, major remodels, et cetera. it's going to be a clear element of our strategy going forward, which is to open more stores. We're going to do that both in geographies that we think are high growth, but we're also going to do that in places where we exist already, but we feel that we have an opportunity to give consumers the opportunity to see Kroger stores and take share from competitors. So I think there's two angles to organic share growth -- sorry, organic store growth.

Rupesh，我來回答這題。我們——其中一件事——我想本季有 12 個大型展店專案上線，包含新店、重大改裝等等。未來這會是我們策略中很明確的一個要素，也就是開更多店。我們會在我們認為高成長的地理區域這麼做；同時也會在我們既有的市場這麼做，但我們認為有機會讓消費者看到 Kroger 的門市，並從競爭對手手中取得市占。所以我認為有機展店成長有兩個面向——抱歉，是有機門市成長。

From an M&A perspective, a bit like Giant Eagle, we're going to evaluate things as they come, we're going to be extremely disciplined about it. Greg already commented on Giant Eagle. At the end of the day, this is about customers and accessing new customers in geographies where we don't play. We'll continue to look at things, but we're also going to be extremely disciplined about capital allocation and making sure we get really good returns.

從併購角度來看，像 Giant Eagle 這樣的案子，我們會在機會出現時評估，而且會非常自律。Greg 已經評論過 Giant Eagle。歸根結底，這關乎顧客，以及在我們尚未布局的地理區域接觸到新顧客。我們會持續看各種機會，但同時也會在資本配置上非常自律，確保取得非常好的報酬。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

I wanted to come back to the topic of inflation for a second. Specifically, you've heard more recently from a number of suppliers, larger suppliers that they intend to take pricing to offset their own inflationary input pressures and they're willing to do so at the expense of volume. In fact, they're actually assuming that they may actually see their own elasticities, maybe a little bit worse than what they've been historically.

我想再回到通膨這個主題一下。具體來說，你們最近聽到不少供應商、較大型的供應商表示，他們打算透過漲價來抵消自身投入成本的通膨壓力，而且願意以犧牲銷量為代價。事實上，他們甚至假設自己的需求彈性可能會比過去歷史水準更差一些。

So wondering if you can maybe just comment on that a little bit and help us understand what the conversations are like with suppliers and what levers you have in your toolkit as you work through these negotiations with them to try to help maintain that value for the customer.

所以想請你們評論一下，並幫助我們理解你們與供應商的對話大概是什麼樣子；以及在與他們進行這些談判、試圖維持對顧客的價值時，你們工具箱裡有哪些槓桿可以運用。

Yes. Thanks, Scott. We've got a number of things in our talk basically to answer that first. One of them is we've got a pretty extensive our brands program. And one which resonates well with customers, whether you're talking about opening price points and you're seeing us expand our range of smart waste products there, circa from about 130.

是的。謝謝你，Scott。我們有幾件事基本上可以回答這個問題。其一是我們有相當完整的自有品牌（our brands）計畫，而且這個計畫很能引起顧客共鳴——不論你談的是入門價位帶（opening price points），以及你看到我們在那裡擴大 smart waste 產品的範圍，大約從 130 個左右開始。

We'll get that up to 1,000 over the next year and a bit. Some of those are already hitting the shelves, and we're very pleased with how they both look and taste and feel. Then, of course, we've got Kroger. We've got private selection, and we've got Simple Truth. So this extensive portfolio where we picked up another 50 basis points of penetration will talk some more with you in October about how we see that rolling out.

我們會在接下來一年多把它提升到 1,000 個。有些已經上架了，我們對它們的外觀、口感與使用感受都非常滿意。然後，當然，我們有 Kroger 品牌、有 Private Selection，也有 Simple Truth。這個龐大的組合讓我們的滲透率又提升了 50 個基點；我們會在 10 月再跟各位多談一些我們如何看待後續的推進。

So customers have choices, and it's up to us to provide them with their choice. Our job is to be the customers' agent. And we want to be fair and open and have great relationships with all our suppliers. But at the same time, we have to also represent the consumer. And if price increases are justified and makes sense, then I'm happy that as a team of merchants, we sit down and we work through those.

所以顧客有選擇，而我們的責任就是提供他們選擇。我們的工作是當顧客的代理人。我們希望公平、透明，並與所有供應商維持良好關係。但同時，我們也必須代表消費者。如果漲價是合理且有道理的，那麼我很樂意讓我們的商品團隊坐下來，一起把這些事情談清楚、處理好。

What we don't want to get in is a situation where people can just turn up and put prices up and not have full justification for that sort of increase. I'm not in the game of using inflation as a way of generating extra sales. I'm in a game of generating great comp sales, ID sales. because we represent terrific value to the customer, and they trust that Kroger is their representative in creating great value. So we'll deal with that as it comes along.

我們不希望出現一種情況：有人只是來了就把價格調高，卻沒有對這種漲幅提供充分的理由。我不做把通膨當成創造額外銷售的手段。我做的是創造優異的同店銷售（comp sales）、ID 銷售，因為我們為顧客提供極佳的價值，而他們信任 Kroger 會代表他們去創造很好的價值。所以我們會視情況逐一處理。

I would say that our relationships with suppliers is very good and very healthy. I really like the way that Mary Ellen and Mike and Carlo managing with this part of our business, and I think we're in a good spot. I would want to just at this stage, thank everyone for your continued interest in Kroger and know that we really value that. And finally, on the September 11. We paused to remember those lost and thank first responders and service members who protect our communities every day.

我會說，我們與供應商的關係非常好、也很健康。我很喜歡 Mary Ellen、Mike 和 Carlo 管理這一塊業務的方式，我認為我們處在很好的位置。此刻我也想感謝各位持續關注 Kroger，並請知道我們非常重視。最後，關於 9 月 11 日，我們停下腳步，緬懷逝者，並感謝每天保護我們社區的第一線應變人員與服役人員。

Thank you all for joining us.

感謝各位加入我們。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。