PriceSmart, Inc. (PSMT) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to PriceSmart, Inc.'s earnings release conference call for the second quarter of fiscal year 2026, which ended on February 28, 2026.

各位下午好，歡迎參加PriceSmart, Inc. 2026會計年度第二季（截至2026年2月28日）財報發布電話會議。

After remarks from our company's representatives, David Price, Chief Executive Officer; and Gualberto Hernandez, Chief Financial Officer, you will be given an opportunity to ask questions as time permits. As a reminder, this conference call is limited to one hour and is being recorded today, Thursday, April 9, 2026.

在本公司代表David Price（執行長）與Gualberto Hernandez（財務長）發表談話後，將在時間允許的情況下開放提問。提醒各位，本次電話會議限時一小時，並於今日（2026年4月9日，星期四）錄音。

A digital replay will be available shortly following the conclusion of the call through April 16, 2026, by dialing 1800 770-2030 for domestic callers or 1647 362-9199 for international callers, entering replay access code 5898084.

電話會議結束後不久將提供數位重播，並可使用至2026年4月16日；美國境內來電請撥1800 770-2030，國際來電請撥1647 362-9199，並輸入重播存取碼5898084。

For opening remarks, I would like to turn the call over to PriceSmart's Chief Financial Officer, Gualberto Hernandez. Please proceed, sir.

接下來的開場致詞，我想把電話交給PriceSmart財務長Gualberto Hernandez。先生，請開始。

Thank you, operator, and welcome to PriceSmart Inc.'s earnings call for the second quarter of fiscal year 2026, which ended on February 28, 2026. We will be discussing the information that we provided in our earnings press release and our 10-Q, which were both released yesterday, April 8, 2026.

謝謝主持人，歡迎各位參加PriceSmart Inc. 2026會計年度第二季（截至2026年2月28日）財報電話會議。我們將討論昨日（2026年4月8日）發布的財報新聞稿與10-Q季報中所提供的資訊。

Also in these remarks, we refer to non-GAAP financial measures. You can find a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures in our earnings press release and our 10-Q. These documents are available on our Investor Relations website at investors.pricesmart.com, where you can also sign up for e-mail alerts.

此外，在本次談話中我們也會提及非GAAP財務衡量指標。您可在我們的財報新聞稿與10-Q中，找到非GAAP財務衡量指標與最直接可比的GAAP衡量指標之調節表。這些文件可於我們的投資人關係網站investors.pricesmart.com取得，您也可在該網站訂閱電子郵件通知。

As a reminder, all statements made on this conference call other than statements of historical fact are forward-looking statements concerning the company's anticipated plans, revenues and related matters. Forward-looking statements include, but are not limited to, statements containing the words expect, believe, plan, will, may, should, estimate and some other expressions. All forward-looking statements are based on current expectations and assumptions as of today April 9, 2026. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks detailed in the company's most recent annual report on Form 10-K, the quarterly report on Form 10-Q filed yesterday and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These risks may be updated from time to time.

提醒各位，本次電話會議中除歷史事實陳述外的所有陳述，均屬於前瞻性陳述，涉及本公司預期的計畫、營收及相關事項。前瞻性陳述包括但不限於含有expect、believe、plan、will、may、should、estimate等字詞及其他類似表述的陳述。所有前瞻性陳述均基於截至今日（2026年4月9日）的當前預期與假設。這些陳述受風險與不確定性影響，可能導致實際結果出現重大差異；相關風險詳載於本公司最近一期Form 10-K年度報告、昨日提交的Form 10-Q季報，以及其他向SEC提交的文件（可於SEC網站www.sec.gov查閱）。這些風險可能不時更新。

The company undertakes no obligation to update forward-looking statements made during this call.

本公司不承擔更新本次電話會議中所作前瞻性陳述的任何義務。

Now I will turn the call over to David Price, PriceSmart's Chief Executive Officer.

現在我將把電話交給PriceSmart執行長David Price。

Thank you, Gualberto, and good morning, everyone. Thank you for joining us today. We delivered a strong second quarter. Growth was broad-based across our regions and our membership renewal rate reached an all-time high. I want to take a moment to express my sincere gratitude to every one of our employees across our 13 countries in Chile.

謝謝你，Gualberto，各位早安。感謝各位今天加入我們。我們第二季表現強勁。成長在各區域皆呈現全面性擴張，會員續約率也創下歷史新高。我想花點時間，向我們在13個國家以及智利的每一位員工表達由衷的感謝。

Their dedication, hard work and passion for doing right by our members is the foundation of our success. We delivered these results against the backdrop of continued global uncertainty, including currency volatility, evolving trade policy and macroeconomic pressures that are dynamic all multinationals face today. That being the case, our business delivers value to our members in good times and bad, and I am excited about the momentum we are carrying into the second half of this fiscal year. With that, let me walk you through highlights from the quarter.

他們的投入、努力，以及以會員利益為先的熱忱，是我們成功的基石。在全球不確定性持續的背景下，我們仍交出這些成果，其中包括匯率波動、貿易政策演變，以及當今所有跨國企業都面臨的動態宏觀經濟壓力。即便如此，我們的業務在景氣好壞時都能為會員提供價值，我也對我們帶入本會計年度下半年的動能感到振奮。接下來，我將帶各位回顧本季重點。

During the second quarter, net merchandise sales and total revenue reached almost $1.5 billion. Net merchandise sales increased by 9.9% or 7.8% in constant currency. Comparable net merchandise sales increased by 7.6% or 5.5% in constant currency. Two of our recent club openings, Cartago and Quetzaltenango are not yet included in our comparable sales numbers.

第二季期間，商品淨銷售額與總營收接近15億美元。商品淨銷售額成長9.9%，以固定匯率計成長7.8%。可比商品淨銷售額成長7.6%，以固定匯率計成長5.5%。我們近期開幕的兩家賣場Cartago與Quetzaltenango尚未納入可比銷售數據。

During the first half of our fiscal year, net merchandise sales reached over $2.8 billion and total revenue was almost $2.9 billion. Net merchandise sales increased by 10.2% or 8.6% in constant currency. Comparable net merchandise sales increased by 7.8% or 6.2% in constant currency.

在本會計年度上半年，商品淨銷售額超過28億美元，總營收接近29億美元。商品淨銷售額成長10.2%，以固定匯率計成長8.6%。可比商品淨銷售額成長7.8%，以固定匯率計成長6.2%。

During the second quarter, our average sales ticket grew by 2.2% and transactions grew 7.5% versus the same prior year period. The average price per item increased 3.3% year-over-year, while average items per basket decreased 1%.

第二季期間，我們的平均客單價較去年同期成長2.2%，交易筆數成長7.5%。單品平均價格年增3.3%，而每籃平均件數下降1%。

First, in Central America, where we had 32 clubs at quarter end, net merchandise sales increased 8.6% or 7.8% in constant currency. Comparable net merchandise sales increased 4.7% or 4% in constant currency. Our Central America segment contributed approximately 280 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the second quarter.

首先，在中美洲地區（季末共有32家賣場），商品淨銷售額成長8.6%，以固定匯率計成長7.8%。可比商品淨銷售額成長4.7%，以固定匯率計成長4%。中美洲事業部對第二季合併可比商品淨銷售額總成長的正向貢獻約為280個基點。

Second, in the Caribbean, where we had 14 clubs at quarter end, net merchandise sales increased 4.3% or 5.3% in constant currency. Comparable net merchandise sales increased 4.2% or 5.1% in constant currency. Our Caribbean region contributed approximately 120 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the second quarter.

其次，在加勒比海地區（季末共有14家賣場），商品淨銷售額成長4.3%，以固定匯率計成長5.3%。可比商品淨銷售額成長4.2%，以固定匯率計成長5.1%。加勒比海地區對第二季合併可比商品淨銷售額總成長的正向貢獻約為120個基點。

Last, in Colombia, where we had 10 clubs open at the end of our second quarter, net merchandise sales increased 30.5% or 13.8% in constant currency. Comparable net merchandise sales increased 31.3% or 14.7% in constant currency. Colombia contributed approximately 360 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter. The increase is a result of several factors, including the appreciation of the Colombian peso, increases in member traffic and continued strengthening of our merchandise offering, which I will share more on later in my remarks.

最後，在哥倫比亞（第二季末共有10家賣場營運），商品淨銷售額成長30.5%，以固定匯率計成長13.8%。可比商品淨銷售額成長31.3%，以固定匯率計成長14.7%。哥倫比亞對本季合併可比商品淨銷售額總成長的正向貢獻約為360個基點。此一增長來自多項因素，包括哥倫比亞披索升值、會員來客數增加，以及我們持續強化商品組合；我稍後在談話中會再分享更多。

In terms of merchandise categories, when comparing our second quarter sales to the same period in the prior year, our foods category grew approximately 9.2%. Within foods, fresh proteins were a standout. Seafood, poultry and meat each exceeded 15% growth as we continue to elevate quality and value in those departments. Our nonfoods category increased approximately 12.4%. Alongside cost efficiencies from our Asia consolidation initiatives, we drove growth with strong performance in casual apparel, especially in our activewear categories and in small appliances.

就商品類別而言，將第二季銷售與去年同期相比，食品類別約成長9.2%。在食品之中，生鮮蛋白表現尤為突出。海鮮、家禽與肉類各自的成長均超過15%，因為我們持續在這些部門提升品質與價值。非食品類別約成長12.4%。配合我們亞洲整併計畫帶來的成本效率，我們在休閒服飾（尤其是運動機能服品類）以及小型家電方面的強勁表現，帶動了成長。

One of several notable programs included a mix of Shark Ninja items that were especially exciting for our members, and contributed to our focus of creating the treasure hunt experience within our clubs and online. Softlines also had a strong quarter, highlighted by our domestic white sale promotion in January, which more than doubled sales compared to the prior year.

數個值得關注的方案之一，包含了多款 Shark Ninja 商品的組合，特別讓我們的會員感到興奮，並有助於我們聚焦在門店與線上打造「尋寶」式的購物體驗。Softlines（軟性商品）同樣在本季表現強勁，亮點是我們於一月推出的國內白色商品促銷活動，銷售額較去年同期增加逾一倍。

Our food service and bakery category increased approximately 12.2% and our health services, including optical, audiology and pharmacy increased approximately 13%. Membership accounts grew 7.9% year-over-year to almost 2.1 million accounts with a strong 12-month renewal rate of 90.2% as of February 28. It is especially exciting to see our membership renewal rate at an all-time high this past quarter, a clear indication that our members see the value we deliver and remain engaged with our offering.

我們的餐飲服務與烘焙品類成長約 12.2%，健康服務（包括驗光、聽力學與藥局）成長約 13%。截至 2 月 28 日，會員帳戶數年增 7.9% 至接近 210 萬個帳戶，且 12 個月續約率強勁，達 90.2%。尤其令人振奮的是，本季會員續約率創下歷史新高，清楚顯示會員看見我們所提供的價值，並持續投入於我們的產品與服務。

A key focus of our membership strategy is growing the Platinum membership base. Platinum is our premium tier designed for our most engaged members. These members receive an annual cash back reward on eligible purchases which drives loyalty, increases, purchasing frequency and rewards their continued business with us. By focusing on Platinum growth, we're investing in our highest value member relationships. As of February 28, Platinum accounts represented 19.5% of our total membership base, up from 14.5% in the same period last year.

我們會員策略的一項重點，是擴大白金（Platinum）會員基礎。白金會員是我們的高階等級，專為最投入的會員所設計。這些會員可就符合資格的消費獲得年度現金回饋獎勵，進而提升忠誠度、增加購買頻率，並回饋其持續與我們往來的業務。透過聚焦白金會員成長，我們是在投資於最具價值的會員關係。截至 2 月 28 日，白金帳戶占我們整體會員基礎的 19.5%，高於去年同期的 14.5%。

We are happy with the results of our targeted promotional campaigns and the strong renewal rate we are seeing reflects that our members believe in the value of that upgrade. We believe that a Platinum membership, combined with our strong co-branded credit card, which comes with an additional cash back on points earned, ensures that participating members get the very most out of their membership with PriceSmart.

我們對精準投放的促銷活動成果感到滿意，而目前所見的強勁續約率也反映會員相信升級所帶來的價值。我們相信，白金會員資格結合我們強勁的聯名信用卡（可就累積點數再提供額外現金回饋），能確保參與會員從 PriceSmart 會員資格中獲得最大效益。

Membership income as a percentage of revenue increased to 1.6% in the second quarter compared to 1.5% in the prior year period, driven in part by the shift toward Platinum membership. These strong results reflect our team's execution and the strategic initiatives we have underway.

第二季會員收入占營收比重提升至 1.6%，高於去年同期的 1.5%，部分受惠於會員結構轉向白金會員。這些強勁成果反映了團隊的執行力，以及我們正在推動的策略性計畫。

Now let me walk you through the progress we're making across real estate expansion, supply chain transformation and technology investments that are enhancing our ability to serve members and position the company for our next phase of growth. We are opening our sixth warehouse club in the Dominican Republic in the La Romana municipality early next month. We are excited to bring PriceSmart to a new trade area, and we are particularly proud of the sustainable design practices incorporated in its build, including solar panels, a heat reclamation water system that eliminates the need for a water heater, recycled steel in the infrastructure, a modern CO2 refrigeration system, high-efficiency plumbing fixtures and an intelligent energy management system.

接下來我將帶各位了解我們在不動產擴張、供應鏈轉型與科技投資方面的進展；這些投入正提升我們服務會員的能力，並讓公司為下一階段成長做好定位。我們將於下月初在多明尼加共和國拉羅馬納（La Romana）市鎮開設第六家倉儲式賣場。我們很期待將 PriceSmart 帶到新的商圈，也特別以其建置中納入的永續設計做法為傲，包括太陽能板、可回收熱能的供水系統（免除熱水器需求）、基礎結構採用回收鋼材、現代化 CO2 冷凍系統、高效率給排水設備，以及智慧能源管理系統。

These features reflect our commitment to doing right by both our members and the planet. And importantly, they also reduce operating costs, making our club more efficient. We look forward to serving members in this new trade area as we continue to deepen our presence in the Dominican Republic.

這些特色展現我們對會員與地球都做對的承諾。更重要的是，它們也能降低營運成本，使賣場運作更有效率。隨著我們持續深化在多明尼加共和國的布局，我們期待在這個新商圈為會員提供服務。

In Jamaica, we have 2 clubs under construction, one in Montego Bay and the other on South Camp Road in Kingston, which we expect to open in summer and winter of 2026, respectively. Construction is progressing well for both.

在牙買加，我們有 2 家賣場正在興建中，一家位於蒙特哥貝（Montego Bay），另一家位於金斯敦（Kingston）的 South Camp Road，預計分別於 2026 年夏季與冬季開幕。兩個案場的施工進度皆良好。

Recovery efforts have been strong in the aftermath of Hurricane Melissa, and market indicators suggest a robust 2025, 2026 tourism season. That, combined with international relief efforts supporting the island's recovery, give us confidence in the consumer demand environment as both clubs prepare to open. Additionally, in the second quarter of fiscal year 2026, we purchased land for our tenth warehouse club in Costa Rica and Ciudad Quesada, that's approximately 47 miles northwest from our nearest club in San Jose. The club will be built on a 6-acre property and is anticipated to open this summer.

在梅麗莎颶風（Hurricane Melissa）過後，復原工作進展強勁，市場指標顯示 2025、2026 年旅遊旺季可望表現強勁。再加上國際救援行動對島嶼復原的支持，使我們對兩家賣場開幕前的消費需求環境更具信心。此外，在 2026 會計年度第二季，我們在哥斯大黎加的 Ciudad Quesada 購入土地，用於第十家倉儲式賣場；該地點距離我們在聖荷西（San Jose）最近的賣場約 47 英里西北方。該賣場將建於一塊 6 英畝的土地上，預計於今年夏季開幕。

Lastly, in the third quarter of fiscal year 2026, we leased land for our eighth warehouse in Guatemala in the municipality of Villa Nueva, approximately 13 miles south from the nearest club in Guatemala City. The club will be built on a 5-acre property and is anticipated to open in the spring of 2027. Although we are still waiting to obtain all permits, we are confident we will receive them and have begun with the initial earthworks for the club. Should we not receive the remaining permits, we can cancel the lease.

最後，在 2026 會計年度第三季，我們在瓜地馬拉 Villa Nueva 市鎮租賃土地，用於第八家倉儲式賣場，距離瓜地馬拉市最近的賣場約 13 英里南方。該賣場將建於一塊 5 英畝的土地上，預計於 2027 年春季開幕。雖然我們仍在等待取得所有許可，但我們有信心能獲得核准，並已開始進行賣場的初期整地工程。若我們未能取得其餘許可，我們可以取消租約。

Once these 5 new clubs are open, we will operate 61 warehouse clubs in total. We believe that there is opportunity to expand our footprint in our existing markets and plan to continue to diligently procure sites, we think will strengthen our existing network of locations and meet our expected returns. Chile remains a top priority, and we are encouraged by the progress we are seeing there. We have signed executory agreements for 2 prospective club sites and are actively pursuing additional locations.

待這 5 家新賣場全數開幕後，我們將合計營運 61 家倉儲式賣場。我們相信在既有市場仍有擴張版圖的機會，並計畫持續審慎取得據點；我們認為這些據點將強化既有門店網絡，並符合我們預期的投資報酬。智利仍是最優先的重點之一，我們也對當地所見的進展感到鼓舞。我們已就 2 個潛在賣場據點簽署待履行協議（executory agreements），並正積極尋找更多地點。

In parallel, we are laying the foundation for a successful market entry. We have hired a country General Manager and local team members, established our central office and are building out the procurement and logistical infrastructure needed to operate effectively. We look forward to sharing more specific milestones as they develop.

同時，我們也在為成功進入市場奠定基礎。我們已聘任國家總經理與在地團隊成員，設立中央辦公室，並建置有效營運所需的採購與物流基礎設施。隨著進度推進，我們期待分享更具體的里程碑。

Beyond new growth, we also will begin warehouse club and parking lot expansions and remodels in fiscal year 2026 in Portmore, Jamaica and Barbados.

除了新成長動能之外，我們也將於 2026 會計年度在牙買加 Portmore 與巴貝多啟動倉儲式賣場及停車場的擴建與翻新工程。

Now turning to our supply chain transformation strategy. One of the key drivers in keeping prices low is improving how we move and distribute merchandise to our clubs. Today, we operate major distribution centers in Miami, Costa Rica, Panama and Guatemala. During the second quarter, we began operations at our new distribution center in Trinidad. In addition, we plan to open distribution centers in Colombia and Jamaica during fiscal year 2026 and in the Dominican Republic during fiscal year 2027.

接著談我們的供應鏈轉型策略。維持低價的關鍵驅動因素之一，是改善我們將商品運送並配送至各賣場的方式。目前，我們在邁阿密、哥斯大黎加、巴拿馬與瓜地馬拉營運主要配送中心。第二季期間，我們開始在千里達的新配送中心投入營運。此外，我們計畫於 2026 會計年度在哥倫比亞與牙買加設立配送中心，並於 2027 會計年度在多明尼加共和國設立配送中心。

Our goals with these distribution centers are to improve product availability, reduce lead times and lower landed costs, among other efficiency gains.

這些配送中心的目標包括提升商品供應可得性、縮短前置時間、降低到岸成本（landed costs），以及其他效率提升。

Alongside these new distribution centers, we completed implementing third-party distribution centers in China to consolidate merchandise sourced in the country, which we believe will drive greater efficiency and lower costs. We continue to advance our migration to the Relax forecasting and replenishment platform and remain on track to complete the full implementation in fiscal year 2026. We completed onboarding our US-sourced inventory procurement process, and now we are focused on our local goods procurement process.

除上述新配送中心外，我們也完成在中國導入第三方配送中心，以整合在當地採購的商品；我們相信這將帶來更高效率並降低成本。我們持續推進向 Relax 需求預測與補貨平台的遷移，並仍按計畫於 2026 會計年度完成全面導入。我們已完成美國來源庫存的採購流程上線，目前正聚焦於本地商品的採購流程。

While the implementation of a new system brings with it an initial learning curve, we are starting to realize its capabilities and expect to see the benefits of improved forecasting, product availability and operational efficiency long term. During the second quarter, we advanced our multiphase implementation of the E2open global trade management platform designed to enhance automation, compliance and controls across global import and export operations. We believe this platform will strengthen trade compliance, improve data visibility and support scalable international growth once fully implemented.

雖然導入新系統初期會有學習曲線，我們已開始發揮其能力，並預期長期將受益於更佳的需求預測、商品可得性與營運效率。第二季期間，我們推進 E2open 全球貿易管理平台的多階段導入；該平台旨在強化全球進出口作業的自動化、法規遵循與控管。我們相信，一旦全面導入，該平台將強化貿易合規、提升資料可視性，並支持可擴展的國際成長。

Turning now to other ways we are enhancing membership. On a comparable basis, excluding a reclassification of the produce category, private label penetration increased 50 basis points in the first 6 months of FY 2026, reflecting continued progress towards our long-term goal of growing this part of our business. Using our updated methodology, penetration of private label was 26.6% of total merchandise sales.

現在轉向我們提升會員體驗的其他方式。在可比基礎上（排除生鮮蔬果品類的重新分類影響），2026 財年上半年自有品牌滲透率提升 50 個基點，反映我們朝向長期目標——擴大此業務板塊——持續取得進展。依據我們更新後的方法論，自有品牌滲透率占總商品銷售額的 26.6%。

Private label serves multiple strategic purposes. It allows us to offer high-quality products at lower prices than national brands. It improves our margins, and it gives us leverage with national brand suppliers by providing a trusted alternative that keeps them competitive. Recent additions like avocado oil, fresh chicken and purified drinking water demonstrate our focus on delivering exceptional value across key everyday categories. And we have been able to pass meaningful savings to our members as reduction in commodity costs allow including price reductions on extra virgin olive oil of 31.5%, frozen french fries of 8.9% and mozzarella cheese 5.8%.

自有品牌具備多重策略目的。它讓我們能以低於全國性品牌的價格，提供高品質產品。它提升我們的毛利率，並透過提供值得信賴的替代選項，讓全國性品牌供應商保持競爭力，從而強化我們與其談判的籌碼。近期新增品項如酪梨油、新鮮雞肉與純淨飲用水，展現我們聚焦於在日常關鍵品類提供卓越價值。此外，隨著大宗商品成本下降，我們也得以將可觀的節省回饋給會員，包括特級初榨橄欖油降價 31.5%、冷凍薯條降價 8.9%，以及莫札瑞拉起司降價 5.8%。

Our private label water program is a good example of how private label can deliver simultaneously for members for the business and for the planet. By shifting supply for our 10 Colombia clubs to a local bottler, we reduced prices by approximately 23%, roughly $2 per pack while also lowering our carbon footprint through reduced transportation and packaging made with 50% recycled content. We continue to invest in omnichannel capabilities to meet our members where they are. In the second quarter, digital channel sales reached $94.1 million, our highest dollar volume to date, up 23.4% year-over-year and representing 6.4% of total net merchandise sales.

我們的自有品牌飲用水計畫，是自有品牌如何同時為會員、為企業、也為地球創造價值的良好例子。透過將哥倫比亞 10 家會所的供應轉由當地裝瓶商提供，我們將價格降低約 23%，約每箱（pack）便宜 2 美元，同時也因運輸減少以及採用 50% 再生材料的包裝而降低碳足跡。我們持續投資全通路能力，以在會員所在之處提供服務。第二季數位通路銷售額達 9,410 萬美元，創下迄今最高金額，年增 23.4%，占總淨商品銷售額的 6.4%。

Orders placed directly through our website or app grew 10.9%, with average transaction value up 10.8%. As of February 28, 74.7% of our members have created an online profile and more than 1 in 4 members had made a purchase through pricesmart.com or our app, an indicator of the digital engagement we are building across our membership base. We see continued opportunity in this space, and we will keep investing to enhance the digital experience we offer our members.

透過我們網站或 App 直接下單的訂單量成長 10.9%，平均交易金額提升 10.8%。截至 2 月 28 日，74.7% 的會員已建立線上檔案，且超過四分之一的會員曾透過 pricesmart.com 或我們的 App 購買，顯示我們正在整體會員基礎中建立的數位互動程度。我們認為此領域仍有持續機會，並將持續投資以強化我們提供給會員的數位體驗。

During the second quarter, we began migrating our mobile application to fully native iOS and Android architectures, to enhance speed, reliability and accessibility. This foundation will allow faster deployment of new features and help us deliver an outstanding member experience in our digital channels.

第二季期間，我們開始將行動應用程式遷移至完全原生（native）的 iOS 與 Android 架構，以提升速度、可靠性與可及性。此一基礎將使新功能能更快部署，並協助我們在數位通路提供卓越的會員體驗。

Turning to technology investments that enhance both member and employee experience and operational efficiency. In the first quarter, we completed implementation of our new point-of-sale system, ELERA across all English-speaking Caribbean markets. We have since begun testing in Central America and are making good progress on our rollout plans for Spanish-speaking markets. Early indicators show that ELERA is delivering faster checkout times, improved productivity and expanded payment options for our members, tangible improvements to the in-club experience as we roll out the platform across our network.

接著談談能同時提升會員與員工體驗，以及營運效率的科技投資。第一季，我們已在所有英語系加勒比海市場完成導入新的銷售點（POS）系統 ELERA。其後我們已開始在中美洲進行測試，並在西語系市場的推廣計畫上取得良好進展。初步指標顯示，隨著我們在整個網絡推行該平台，ELERA 正帶來更快的結帳時間、更高的生產力，以及為會員提供更豐富的付款選項，為會所內體驗帶來具體改善。

Also in the second quarter, we furthered implementation of Workday's human capital management system to replace legacy HR applications and expect to go live by end of the third quarter. This upgrade is designed to enhance the employee experience with modern user-friendly tools while improving processes and strengthening compliance. It will also provide scalable integrated data layer to support our future growth.

同樣在第二季，我們也進一步推進 Workday 人力資本管理系統的導入，以取代既有的人資應用系統，並預期於第三季末上線。此升級旨在以現代化、易用的工具提升員工體驗，同時改善流程並強化法遵。它也將提供可擴展的整合式資料層，以支持我們未來的成長。

Before I turn it over to Gualberto, I want to address a few additional topics. First, regarding US tariffs. Approximately half of the merchandise we sell is sourced locally and regionally within Latin America. The other half is sourced from the US, Europe, China and globally.

在我把時間交給 Gualberto 之前，我想補充說明幾個議題。首先，關於美國關稅。我們所銷售商品約有一半是在拉丁美洲當地及區域內採購。另一半則來自美國、歐洲、中國及全球其他地區。

In addition, on February 20, 2026, the US Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act. While the landscape of tariffs continues to evolve, it is important to note that we consolidate many of these international products through our Miami distribution center. They are shipped in bond and are not nationalized in the United States. We also take advantage of free trade agreements where we can.

此外，2026 年 2 月 20 日，美國最高法院宣告依《國際緊急經濟權力法》（International Emergency Economic Powers Act）所課徵的關稅無效。儘管關稅環境仍在演變，重要的是，我們透過邁阿密配送中心整合許多此類國際商品。這些商品以保稅（in bond）方式運輸，並未在美國完成報關成為國內貨（nationalized）。我們也在可行之處善用自由貿易協定。

Additionally, we've been leveraging our expanding distribution center network and China consolidation capabilities to ship direct to market where feasible. In short, US import tariffs do not apply to most of our merchandise. And as a result, we are not owed a refund from the US government due to the most recent Supreme Court ruling.

另外，我們也運用持續擴張的配送中心網絡與中國集運（consolidation）能力，在可行時直接出貨至各市場。總而言之，美國進口關稅不適用於我們大多數商品。因此，基於最近最高法院的裁決，我們並不會向美國政府申請或取得退稅。

We continue to monitor the evolving trade policy environment. But to date, current US tariff policy has not directly impacted our cost structure or business operations. We are also monitoring developments with respect to the ongoing military conflict with Iran. We anticipate potential impacts to transportation costs or delays in the shipment or delivery of our products.

我們將持續監測不斷變化的貿易政策環境。但截至目前，美國現行關稅政策尚未直接影響我們的成本結構或營運。我們也在關注與伊朗持續軍事衝突相關的發展。我們預期運輸成本可能上升，或在產品出貨或交付上出現延遲。

The cost of fuel is a significant component of transportation cost.

燃料成本是運輸成本的重要組成部分。

If our vendors or any raw material suppliers on which our vendors rely suffer prolonged manufacturing or transportation disruptions, our ability to source product to be adversely impacted, which would adversely affect our business. Also, fuel prices in some of our markets have increased significantly, which may reduce consumer demand impacting frequency and purchasing power. However, we are monitoring and we'll do what we can to ensure we continue to provide the value we are known for in our communities.

若我們的供應商，或供應商所依賴的任何原物料供應商，遭遇長期的製造或運輸中斷，我們的產品採購能力可能受到不利影響，進而對我們的業務造成不利影響。此外，我們部分市場的燃料價格已大幅上升，可能降低消費需求，影響消費頻率與購買力。不過，我們正持續監測，並將盡力確保我們能持續在社區中提供一貫著稱的價值。

Lastly, I want to provide a brief preview of our March sales and some insight into our Semana Santa results. Note that Semana Santa this year started late March, early April versus mid- to late April last year, so the comparability and growth for March will be skewed higher. However, our comparable net merchandise sales for the 4 weeks ended March 29, 2026, grew 12.3% in US dollars and 9.2% in constant currency.

最後，我想簡要預告我們 3 月的銷售情況，並分享一些關於我們聖週（Semana Santa）表現的觀察。請注意，今年聖週落在 3 月下旬、4 月上旬，而去年則在 4 月中下旬，因此 3 月的可比性與成長率將被推高。然而，截至 2026 年 3 月 29 日止的 4 週，我們的可比淨商品銷售額以美元計成長 12.3%，以固定匯率計成長 9.2%。

I'm incredibly proud of the exciting assortment we offered in the outstanding preparation and execution by our merchandising, supply chain and operation teams and also all who are involved at the company to make this year's Semana Santa a success.

我對我們所提供的精彩商品組合，以及我們商品、供應鏈與營運團隊的出色準備與執行深感自豪，也感謝公司內所有參與其中的人，讓今年的聖週圓滿成功。

With that, I'll turn it over to Gualberto, who'll walk you through the financial results.

接下來我把時間交給 Gualberto，他將帶各位回顧財務結果。

Thank you, David. Continuing with the income statement. Total gross margin for the quarter as a percentage of net merchandise sales increased 50 basis points to 16.1% versus Q2 last year. The increase is mainly driven by shifts in product mix, primarily within our nonfood segment and cost savings we are starting to realize from our Asia consolidation efforts when compared to the same period in the prior year. Total revenue margins improved 60 basis points to 17.7% of total revenue from 17.1% in the same period last year.

謝謝你，David。接著看損益表。本季總毛利率（占淨商品銷售額百分比）較去年第二季提升 50 個基點至 16.1%。此增幅主要來自產品組合的變化（主要在非食品品類），以及相較前一年度同期，我們開始從亞洲集運整合工作中實現的成本節省。總營收毛利率提升 60 個基點至總營收的 17.7%，高於去年同期的 17.1%。

This was mainly driven by the increase in our warehouse sales margins and good results in membership renewals and Platinum growth, as mentioned before by David.

這主要是由於我們的倉儲銷售毛利率提升，以及如 David 先前提到的，會員續約表現良好與白金會員成長所帶動。

On overhead costs, total SG&A expenses increased to 12.7% of total revenues for the second quarter of fiscal year 2026, compared to 12.4% for the second quarter of fiscal year 2025. The 30 basis point increase is primarily related to the appreciation of the peso in Colombia and its effect on our warehouse expenses. Our continued investments in technology and executive officer compensation not incurred in previous years. Operating income for the second quarter of fiscal year '26 increased 15.6% from the same period last year to $75.4 million. Operating income for the first 6 months of fiscal year 2026 increased 12% from the same period last year to $138.3 million.

在管理費用方面，2026 會計年度第二季的總 SG&A 費用占總營收比重上升至 12.7%，相較於 2025 會計年度第二季的 12.4%。增加的 30 個基點主要與哥倫比亞披索升值及其對我們倉儲費用的影響有關。此外，我們持續投資於科技，以及過去年度未發生的高階主管薪酬。2026 會計年度第二季營業利益較去年同期成長 15.6%，達 7,540 萬美元。2026 會計年度前 6 個月營業利益較去年同期成長 12%，達 1.383 億美元。

Below the operating income line, in the second quarter of fiscal year 2026, we recorded an $8.7 million net loss in total other expense, an increase from a $5.1 million net loss in the same period last year. The primary cost of the increase is due to foreign currency-related losses, predominantly from unrealized noncash losses related to the revaluation of the net US dollar monetary asset position we have in Costa Rica as there was a significant appreciation of the Costa Rica colon in the month of February. This loss was partially offset by lower foreign currency exchange transaction costs during the quarter and for the first 6 months of the fiscal year in Trinidad as we executed fewer sourcing transactions. However, in March and subsequent to quarter end, we have executed and will be sourcing more foreign currency and incurring additional transaction costs for the remaining part of the fiscal year.

在營業利益以下項目，2026 會計年度第二季我們在其他費用合計錄得 870 萬美元的淨損失，較去年同期 510 萬美元的淨損失增加。增加的主要原因為外幣相關損失，主要來自未實現的非現金損失，係因 2 月哥斯大黎加科朗大幅升值，導致我們在哥斯大黎加持有的美元淨貨幣性資產部位重估所致。該損失部分被本季及本會計年度前 6 個月在千里達因執行較少採購交易而產生的較低外匯交易成本所抵銷。然而，在 3 月以及季末之後，我們已執行且將會採購更多外幣，並在本會計年度剩餘期間產生額外的交易成本。

When and how many transactions we execute in any given period is dependent on various factors, including available trading currencies and the cost to convert.

我們在任何特定期間執行交易的時間與筆數，取決於多項因素，包括可用的交易幣別以及兌換成本。

Lastly, in light of increased volatility in the exchange rates, we are also actively exploring options to expand our hedging program in select markets.

最後，鑑於匯率波動加劇，我們也正積極評估在特定市場擴大避險計畫的選項。

In terms of income tax, our effective tax rate for the second quarter of fiscal year 2026 came in at 26.4%, a slightly favorable result versus 27.2% a year ago. For the 6 months ended February 28, 2026, our effective tax rate was 27.1%, almost in line with the 26.9% effective tax rate of the comparable prior year period. Finally, net income for the second quarter of fiscal year 2026 was $49.1 million or $1.62 per diluted share, an increase of 11.7%, up from $43.8 million or $1.45 per diluted share in the second quarter of fiscal year 2025.

就所得稅而言，2026 會計年度第二季的有效稅率為 26.4%，較一年前的 27.2% 略為有利。截至 2026 年 2 月 28 日止的 6 個月，我們的有效稅率為 27.1%，與可比較的前一年度同期 26.9% 的有效稅率幾乎一致。最後，2026 會計年度第二季淨利為 4,910 萬美元，或每股稀釋後盈餘 1.62 美元，較 2025 會計年度第二季的 4,380 萬美元或每股稀釋後盈餘 1.45 美元成長 11.7%。

Adjusted EBITDA for the second quarter of fiscal year 2026 was $99.7 million, compared to $87 million in the same period last year, a growth of 14.6%. Net income for the first 6 months of fiscal year 2026 was $89.3 million or $2.91 per diluted share, an increase of 9.4%, up from $81.2 million or $2.66 per diluted share in the first 6 months of fiscal year 2025. Adjusted EBITDA for the first 6 months of fiscal year 2026 was $186.6 million compared to $166.1 million in the same period last year, a growth of 12.3%.

2026 會計年度第二季調整後 EBITDA 為 9,970 萬美元，較去年同期的 8,700 萬美元成長 14.6%。2026 會計年度前 6 個月淨利為 8,930 萬美元，或每股稀釋後盈餘 2.91 美元，較 2025 會計年度前 6 個月的 8,120 萬美元或每股稀釋後盈餘 2.66 美元成長 9.4%。2026 會計年度前 6 個月調整後 EBITDA 為 1.866 億美元，較去年同期的 1.661 億美元成長 12.3%。

Moving on to our balance sheet. We ended the quarter with cash, cash equivalents and restricted cash totaling $195.1 million, plus approximately $149.7 million of short-term investments, typically held in certificates of deposits.

接著談資產負債表。本季末我們的現金、約當現金及受限制現金合計為 1.951 億美元，另有約 1.497 億美元的短期投資，通常持有於定期存款（CD）。

When reviewing our cash balances, it's important to note that as of February 28, 2026, we had $76.9 million of cash, cash equivalents and short-term investments denominated in local currency in Trinidad, which we could not readily convert into US dollars.

在檢視我們的現金餘額時，需注意截至 2026 年 2 月 28 日，我們在千里達有 7,690 萬美元的現金、約當現金及短期投資係以當地貨幣計價，無法輕易兌換為美元。

Turning to cash flow. Net cash provided by operating activities reached $133.3 million for the first 6 months of fiscal year 2026, an increase of $6.9 million versus the prior year period. The increase is primarily driven by a $10.6 million increase in net income adjusted for noncash items and a $5.3 million of overall net positive changes in other various operating assets and liabilities. This is partially offset by shifts in working capital, mainly due to higher overall inventory balances, which used $9 million of cash in operating activities.

再來看現金流量。2026 會計年度前 6 個月，營業活動提供之淨現金達 1.333 億美元，較前一年度同期增加 690 萬美元。增加主要來自：扣除非現金項目後的淨利增加 1,060 萬美元，以及其他各項營運資產與負債變動合計淨正向 530 萬美元。上述部分被營運資金變動所抵銷，主要因整體存貨餘額較高，使營業活動使用 900 萬美元現金。

Net cash used in investing activities increased by $89.9 million for the first 6 months of fiscal year 2026 compared to the prior year, primarily due to net changes in short-term investments of $59.6 million, a $25.5 million increase in property and equipment expenditures and an $11.9 million increase in purchases of long-term investments.

2026 會計年度前 6 個月，投資活動使用之淨現金較前一年度增加 8,990 萬美元，主要由短期投資淨變動 5,960 萬美元、固定資產支出增加 2,550 萬美元，以及長期投資購置增加 1,190 萬美元所致。

Net cash used in financing activities increased by $21.7 million for the first 6 months of fiscal year 2026 compared to the prior year, primarily due to a $15.9 million increase in net repayments of short-term bank borrowings, a $3.1 million increase in the purchase of treasury stock upon vesting of restricted stock awards to cover employee tax withholding obligations and a $2.3 million increase in cash dividend payments.

2026 會計年度前 6 個月，籌資活動使用之淨現金較前一年度增加 2,170 萬美元，主要因短期銀行借款淨償還增加 1,590 萬美元、限制型股票獎酬歸屬時為支付員工代扣稅款而回購庫藏股增加 310 萬美元，以及現金股利支付增加 230 萬美元。

In February, we declared our annual cash dividend, which in total is $1.40 per share or an 11.1% increase over last year's dividend. That's five consecutive years of increases and double what we declared per share in 2021. This is another signal of the strength of our cash-generating abilities.

2 月我們宣告年度現金股利，合計每股 1.40 美元，較去年股利增加 11.1%。這是連續第五年調升，且為 2021 年每股宣告金額的兩倍。這也再次顯示我們強勁的現金創造能力。

Our priority remains executing consistently and responsibly for our long-term success. We believe our established processes, diversified footprint and experienced teams provide a solid foundation as we manage the business day to day with that long-term perspective, guiding us forward.

我們的優先事項仍是以一致且負責任的方式執行，以確保長期成功。我們相信，既有的流程、多元化的布局以及經驗豐富的團隊，能在我們以長期視角管理日常營運時提供穩固基礎，並引領我們持續向前。

We appreciate the continued support of our members, employees and shareholders, and we thank our teams for their ongoing efforts. Thank you for joining our call today. I will now turn the call over to the operator to take your questions. Operator, you may now start taking our callers questions.

我們感謝會員、員工與股東持續的支持，也感謝各團隊持續付出的努力。感謝各位今天參與我們的電話會議。接下來我將把電話交給接線員，開始回答各位的提問。接線員，您現在可以開始接聽來電者的問題。

(Operator Instructions) Jon Braatz from Kansas City Capital.

(接線員指示) 來自 Kansas City Capital 的 Jon Braatz。

A couple of questions. First of all, David, when you think of, it's been a couple of quarters since you first began talking about Chile and the media or the press in Chile has wrote a number of, published a number of articles about where your stores might be and some of the people you hire. But, is it taking a little bit longer to sort of dot the i's and cross the t's and get permits and all this other stuff to begin construction of stores? Is it just a little bit longer than you would have anticipated?

我有幾個問題。首先，David，從你來看，自從你第一次開始談到智利以來已經過了幾個季度，智利的媒體或新聞也刊登了多篇文章，提到你們的門市可能會設在哪裡，以及你們聘用的一些人。不過，在取得許可、把各項細節都確認到位並開始門市施工方面，是否進度比預期稍微久一些？是不是比你原先預期的時間再長一點？

Thanks for the question, Jon. Yes, you're right about the media. It's been really interesting to observe just how active the press media is and the business news media is in Chile versus our other markets. It's been something that's surprised us, quite frankly. And it's not necessarily a bad thing, but certainly, the press will write a lot of things, whether or not they're able to validate that they're true.

謝謝你的提問，Jon。是的，你對媒體的看法沒錯。觀察到智利的平面媒體與商業新聞媒體相較於我們其他市場有多麼活躍，確實非常有意思。坦白說，這點讓我們有些意外。這未必是壞事，但可以肯定的是，媒體會寫很多事情，不論他們是否能夠驗證其真實性。

They still will publish, and that's something that's kind of been interesting. But we haven't seen that things are taking any longer necessarily than any other market. The process actually compared to some of our other markets is better in the sense that it's much more clear, in terms of the quality of the institutions and the steps that you have to go through to get permits. But we're quite conservative in terms of when we announce openings. We typically announce once we have permits in hand and we don't.

他們仍然會刊登，這點算是挺有趣的。但我們並沒有看到事情一定比其他市場花更久的時間。實際上，與我們其他一些市場相比，流程反而更好，因為在機構品質以及你必須走的許可步驟方面更清楚。不過，我們在宣布開店時相當保守。我們通常是在許可已經到手後才會宣布，而我們不會。

So we haven't announced. And so that's been our policy and our approach. And so we try to be consistent in how we approach announcing new openings.

所以我們尚未宣布。這一直是我們的政策與做法。因此，我們會盡量在宣布新店開幕的方式上保持一致。

Okay. Two other questions. David, a lot of conversations surrounding remittances in your markets. Have you seen any impact because of that? And then secondly, I was distracted a little bit when you were talking about the situation in the Mid East.

好的。另外兩個問題。David，你們市場上有很多關於匯款（remittances）的討論。你們有看到因此帶來任何影響嗎？第二個，我在你談到中東情勢時有點分心了。

Beyond the higher cost of energy, what was your comments about maybe supply chain impact if there is?

除了能源成本上升之外，你對於是否可能造成供應鏈影響，有什麼看法？

Sure, sure. Thank you for the question. So in terms of remittances, we haven't seen any visible changes in consumption as a result of changes in remittances. And in fact, the data has been fairly clear that the remittances are still flowing to the market at rates that are not that different from what has occurred in the past, which is interesting actually because one would think that there maybe would be bigger changes. But I think these are patterns that have been around for many years, and they're probably quite difficult to change.

當然，當然。謝謝你的提問。就匯款而言，我們沒有看到因匯款變化而對消費造成任何明顯改變。事實上，數據相當清楚顯示，匯款仍以與過去差不多的速度流入市場；這其實很有意思，因為一般會以為可能會有更大的變化。但我認為這些模式已經存在很多年了，而且可能相當難改變。

So we haven't seen any changes in terms of consumption patterns among our members as a result of changes in remittances. On the topic of what's happening in Iran and the Strait of Hormuz, from a supply chain standpoint, there's a lot of, I mean, it's still somewhat early in the conflict. For sure, we're seeing there are changes in fuel costs around the globe. And that's something that I think all retailers and all distributors are dealing with. And I think it hits in different ways, and we have the ocean component.

因此，我們沒有看到會員的消費型態因匯款變化而出現任何改變。至於伊朗與荷姆茲海峽的情勢，從供應鏈角度來看，這場衝突仍算相對早期。可以確定的是，我們看到全球燃料成本正在變動。我想這是所有零售商與所有經銷商都在面對的事情。而且它會以不同方式影響各方；我們有海運的部分。

We have the US domestic component. And so fuel is a large part of transportation of the cost. And so certainly, that's a piece of something that we're seeing shift. Otherwise, we haven't had major supply chain disruptions at this point because a lot of the merchandise that's coming into our markets is not coming by, well, none of it is coming by way of the Strait.

我們也有美國國內運輸的部分。因此燃料在運輸成本中占比很大。所以這確實是我們看到正在變動的一塊。除此之外，目前我們沒有出現重大的供應鏈中斷，因為進入我們市場的許多商品並不是經由——其實沒有任何商品是經由該海峽運來的。

But besides that, there's some POs, a delay here and there, but nothing that's really significant. I mean, which is good, but that doesn't mean it can't happen. I mean I think there's still yet to be seen all of the impacts of this conflict. And I think even after the conflict resolves, there still may be impacts. And there was a really interesting article I read in the New York Times just last night about World War I and the impact that happened many years after.

不過除此之外，確實有一些採購訂單（POs）偶爾延遲，但沒有什麼真正重大的影響。我是說，這是好事，但不代表未來不會發生。我認為這場衝突的所有影響仍有待觀察。而且我認為即使衝突結束，仍可能會有後續影響。我昨晚在《紐約時報》讀到一篇很有意思的文章，談到第一次世界大戰以及多年後才顯現的影響。

And I recommend you to read it because it got me thinking about that could happen here for sure. And so we're just trying to remain as vigilant as we can but also as flexible as we can to have a resilient supply chain. I think the work that we're doing with consolidation and then beginning to diversify how we procure products is all good because as the world becomes more volatile, the more resilient and diverse our supply chain is the better.

我建議你去讀，因為它讓我想到這裡也確實可能發生類似情況。因此，我們正盡可能保持警覺，同時也盡可能保持彈性，以建立具韌性的供應鏈。我認為我們在整併（consolidation）方面所做的工作，以及開始多元化產品採購來源，都是好事；因為世界越來越動盪，我們的供應鏈越具韌性、越多元，就越好。

And we have run some simulations. This is Gualberto, Jon. We have run some simulations and are actively looking into this. There will be some smaller impacts in terms of financials, but nothing really material, nothing worse.

我們也做了一些模擬。Jon，我是Gualberto。我們已經做了一些模擬，並正在積極研究這件事。在財務面會有一些較小的影響，但沒有什麼真正重大的影響，沒有更糟。

Not at this point.

至少目前沒有。

Yes.

是的。

Héctor Maya from Scotiabank.

Scotiabank 的 Héctor Maya。

Could you please share more details on the drivers of the higher gross margin, particularly if this is more structural or temporary? And if there will be some investments going forward? I mean I saw you had a better mix and solid membership income, but just wanted to understand a bit more about this.

可否請你分享更多毛利率較高的驅動因素細節，特別是這比較偏結構性還是暫時性的？以及未來是否會有一些投資？我的意思是，我看到你們的品類組合更好、會員收入也很穩健，但我想更深入了解一下。

Yes. Thank you for the question, Héctor. This is Gualberto. We, there are a couple of variables. As usually, it's not only one single, but we have benefited from a shift in mix by category.

好的。謝謝你的提問，Héctor。我是Gualberto。我們這裡有幾個變數。一如往常，不會只有單一因素；但我們確實受益於品類組合的轉變。

Foods went a little bit down in terms of sales participation versus fresh that has been up with better margins. David mentioned some of that in his [briefing]. On nonfood hardlines, first, an interesting play in hardlines versus softline. Hardlines improved the margin itself versus prior, versus the same quarter in the last year, but still below the margin of Softline. Softline went up versus also a mix change there that helped.

食品在銷售占比上略有下降，相較之下生鮮占比上升且毛利更好。David 在他的[簡報] 中提到了一些。在非食品的硬線（hardlines）方面，首先，硬線相對於軟線（softline）有一個有趣的變化。硬線的毛利率本身相較去年同期有所改善，但仍低於軟線的毛利率。軟線也上升，同時那裡也有組合變化帶來助益。

We have started to benefit also from the Asia consolidation efforts, so there are savings in shipping costs, one route less as we are keeping the Miami, saving in handling fees. So that all goes in favor of the margin improvement this quarter and year-to-date.

我們也開始受益於亞洲整併的努力，因此在運輸成本上有節省，少了一條航線，因為我們保留了邁阿密（Miami），並節省了裝卸處理費。因此，這些都促成了本季以及年初至今的毛利率改善。

Also, given that Central America and the Caribbean are highly dependent on remittances and all imports, how are you preparing for a potential macro challenge there? I mean at least on the side of remittances, I understand that we haven't seen material changes in the region just yet, but we have seen a few central banks in Central America coming out with projections that point to a deceleration for 2026 in remittances due to declining immigration trends to the US and the 1% tax on remittances that started this year. So basically, how would you say that you could be preparing for potential risks on this?

另外，鑑於中美洲與加勒比地區高度依賴匯款以及所有進口，你們如何為那裡可能出現的總體經濟挑戰做準備？我的意思是，至少在匯款方面，我理解我們在該地區尚未看到重大變化，但我們也看到中美洲有幾家央行提出的預測指出，因移民赴美趨勢下降，以及今年開始對匯款課徵1%稅負，2026年的匯款可能會放緩。所以基本上，你會怎麼說你們正在為此類潛在風險做準備？

Well, I think we have some type of natural protection to that also because of the profile of our members that are less reliant on remittances. So that gives us some type of natural protection. But we don't dismiss, I mean, you made a very good point. We don't dismiss the risk and we're watching carefully. But again, there are all the projections so far.

嗯，我認為我們在這方面也有某種天然的保護，因為我們會員的輪廓使其較不依賴匯款。所以這給了我們某種天然的保護。但我們不會輕忽，我是說，你提出了一個非常好的觀點。我們不會忽視風險，我們正在仔細觀察。但再說一次，到目前為止有各種預測。

We're tracking them. As David explained, we haven't really seen anything. As you know, the actual data about remittances have some material lags in terms of how we read it. But I would just repeat what David said. We have not seen anything yet.

我們正在追蹤。如同 David 解釋的，我們其實還沒有看到任何情況。如你所知，關於匯款的實際數據在我們解讀時存在一些實質性的時間落後。但我只想重申 David 說的。我們目前還沒有看到任何情況。

We believe we have some type of natural protection against the hidden remittances, and we will continue following this closely.

我們相信，對於隱性匯款我們有某種天然的保護，我們也會持續密切追蹤。

And maybe, Héctor, I'll add one other thing, which is our, one of our kind of, the way we think about our business, one of our missions is to keep driving down cost in the supply chain and becoming more competitive, so we can offer better and better value to our members. And I think that's a natural, also a natural way to protect against changes in remittances. I mean we can only do what we can do, right? I mean if there's macro swings happening, I mean, we just have to continue to run our business as well as we can. And so as we build a better supply chain that's more efficient and more efficient than our competitors, particularly in those markets, that's going to help us continue to drive up value for the member, drive market share, drive sales.

也許，Héctor，我再補充一點：我們看待業務的方式之一、我們的使命之一，是持續降低供應鏈成本並提升競爭力，讓我們能為會員提供越來越好的價值。我認為這也是一種天然的方式，用來對抗匯款變動所帶來的影響。我的意思是，我們只能做我們能做的，對吧？如果發生宏觀面的劇烈波動，我是說，我們只能持續把業務經營到我們所能做到的最好。因此，當我們打造出更好的供應鏈、效率比競爭對手更高，特別是在那些市場，這將有助於我們持續提升會員價值、提升市占率、帶動銷售。

And so that, I think, is the best thing we can do.

所以我認為，這是我們能做的最好的事情。

And the last one, I promise. We noticed that one planned club in Costa Rica and one in Jamaica have earlier opening dates now. So just wondering what was behind that? And also on Chile, if you could give us an update on not so much in progress because I understand that it is something that you see as going forward as you were expecting. But progress on how much you're learning so far from the potential opportunities in that market?

最後一個問題，我保證。我們注意到哥斯大黎加一間規劃中的會所，以及牙買加一間會所，現在的開幕日期都提前了。想請問背後原因是什麼？另外關於智利，能否提供最新進度，不是指工程進度，因為我理解你們認為它仍會如預期推進。而是想了解：到目前為止，你們從該市場的潛在機會中學到了多少？

And I mean, aside from the media behavior that you haven't noticed, what other learnings that you're getting from this new market?

還有，除了你們沒有注意到的媒體行為之外，從這個新市場你們還獲得了哪些其他學習？

Sure. Thank you. On the topic of the accelerated club openings, I always challenge our team to find ways to open earlier because every day that we save of time that we open is the day that we start getting our investment paid off and creating a good return for our shareholders. So they get a lot of pressure for me to figure out ways to go faster. But besides that, we actually received permits a little earlier than we expected.

當然。謝謝。關於會所加速開幕這個議題，我一直挑戰團隊找方法更早開幕，因為我們每節省一天、每提前一天開幕，就等於更早一天開始回收投資，並為股東創造良好報酬。所以我會給他們很大的壓力，要求他們想辦法加快速度。但除此之外，我們實際上也比預期更早拿到許可。

And so that's probably the most significant thing. I mean, because we only do, we're always trying to learn how to be better at constructing these buildings, but certainly getting permits earlier helps. So... On Chile, we're learning a lot. We're learning a lot.

所以這大概是最重要的因素。我的意思是，因為我們一直在學習如何把這些建築蓋得更好，但當然，更早取得許可會有幫助。所以……至於智利，我們學到很多。我們學到很多。

We've had a number of different kind of delegations of buyers that have gone down. And I was down there a couple of times last year and I'll be down again a few times this year, I'm sure. And so I mean there's all sorts of things that we could dig into, but it's a very advanced market from the standpoint of both the consumer, but then also on the supply chain side. I mean distribution space is high quality, as high quality as in the United States. And processing capabilities for fresh products are very high quality in terms of chicken and produce and otherwise.

我們已經有好幾批不同的採購代表團下去。我去年也下去過幾次，今年我肯定也還會再去幾次。所以，我是說，有各式各樣的事情可以深入探討，但從消費者角度以及供應鏈端來看，那是一個非常成熟的市場。我的意思是，配送倉儲空間品質很高，和美國一樣高品質。而在生鮮產品的加工能力方面，不論是雞肉、蔬果或其他品項，品質也都非常高。

I think there's a desire for international goods. We see the other retailers in the market when we walk the floor and the other retailers that they're carrying a lot of US beef and US and European products, certainly German products, we see a lot in the market as well. And there's, the shopping experience occurs in a lot digitally, but not only.

我認為市場對國際商品有需求。我們走訪賣場時看到市場上的其他零售商，他們販售很多美國牛肉，以及美國與歐洲的產品，當然也看到很多德國產品在市場上。而且購物體驗在很大程度上是以數位方式進行，但不僅限於此。

I mean it's a very digitalized market, as I've mentioned on prior calls. I think it's the highest penetration of Internet in the region, all of Latin America. So we're learning a whole lot. I mean, infrastructure is a whole lot better than in our other markets in terms of mobility, right? There's toll roads that are quite robust to go from (inaudible) or around the city, I mean, there's (inaudible) partially on the ground.

我的意思是，正如我在先前的電話會議提到的，這是一個高度數位化的市場。我認為它是該地區、整個拉丁美洲網際網路滲透率最高的市場。所以我們學到非常多。我的意思是，就交通移動等基礎建設而言，那裡比我們其他市場好很多，對吧？有相當完善的收費道路，可以從（聽不清）或繞行城市，我是說，還有（聽不清）部分是在地面上。

For me, as someone that spend a lot of my professional and personal life in Central America is going to Santiago for the first time was really eye opening. I mean, tremendously eye opening in terms of how sophisticated the market is and the capabilities there. So we're learning a whole lot, and we believe that we have something that would be very desirable and valuable for the consumer in the marketplace. And so we're going to do our best.

對我而言，作為一個在中美洲投入大量職業與個人生活的人，第一次去聖地牙哥真的讓我大開眼界。我的意思是，就市場的成熟度與當地能力而言，確實非常令人驚豔、非常開眼界。所以我們學到很多，而且我們相信，我們有一些東西會對市場上的消費者非常有吸引力並且很有價值。因此我們會盡最大努力。

And that concludes our question-and-answer session. I will now turn the call back over to David Price for closing remarks.

以上結束我們的問答環節。我現在把電話交回給 David Price 作結語。

Thank you for joining the call, everyone, and have a great day. Thank you very much.

感謝各位參與本次電話會議，祝各位有美好的一天。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

本日電話會議到此結束。感謝各位的參與。您現在可以掛線。