PriceSmart, Inc. (PSMT) 2026 Q3 法說會逐字稿

(audio in progress) earnings release conference call for the third quarter of fiscal year 2026, which ended on May 31, 2026. 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, July 9, 2026. (Operator Instructions)

（音訊進行中）2026 會計年度第三季（截至 2026 年 5 月 31 日止）財報發布電話會議。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 7 月 9 日，星期四）錄音。（接線員指示）

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

接下來進行開場致詞，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 third quarter of fiscal year 2026, which ended on May 31, 2026. We will be discussing the information that we provided in our earnings press release and our 10-Q, which were both released yesterday on July 8, 2026.

謝謝接線員，歡迎各位參加 PriceSmart, Inc. 2026 會計年度第三季（截至 2026 年 5 月 31 日止）財報電話會議。我們將討論我們在財報新聞稿與 10-Q 中提供的資訊，兩者皆已於昨日（2026 年 7 月 8 日）發布。

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 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提醒。

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, July 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.

提醒各位，本次電話會議中除歷史事實陳述外的所有陳述，均屬前瞻性陳述，涉及公司預期的計畫、營收及相關事項。前瞻性陳述包括但不限於包含 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 7 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，包括公司最新的 Form 10-K 年報、昨日提交的 Form 10-Q 季報，以及向 SEC 提交的其他文件中所詳述的風險；相關文件可於 SEC 網站 www.sec.gov 查閱。

These risks may be updated from time to time. The company undertakes no obligation to update forward-looking statements made during this call.

上述風險可能不時更新。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 are happy with the strong results from the third quarter. These results reflect the strength of our offering, the loyalty of our members and the dedication and passion of every employee across our 14 countries who show up every day to do right by our members and to live our values. I want to take a moment to sincerely thank each of them. Their hard work and creativity is the foundation of everything we do.

謝謝你，Gualberto，各位早安。感謝各位今天加入我們。我們對第三季的強勁表現感到滿意。這些成果反映了我們產品與服務的實力、會員的忠誠度，以及我們遍布 14 個國家的每一位員工每天到崗、以會員為先並實踐我們價值觀的投入與熱情。我想花點時間由衷感謝每一位同仁。他們的辛勤付出與創意，是我們一切工作的基礎。

We've delivered these results against the backdrop of continued global uncertainty, currency volatility, evolving trade policy and broader macroeconomic pressures that every multinational is navigating right now. But our teams stayed focused and disciplined, and I'm proud of how they executed. We're encouraged by how the business is trending as we move into the final quarter of the fiscal year. Before I get into the financial highlights, I want to share a few important leadership updates.

在全球不確定性持續、匯率波動、貿易政策演變，以及更廣泛的總體經濟壓力（目前所有跨國企業都在因應）之下，我們仍交出這樣的成績。但我們的團隊保持專注與紀律，我為他們的執行力感到自豪。隨著我們進入本會計年度最後一季，我們對業務走勢感到鼓舞。在我談財務重點之前，我想先分享幾項重要的領導團隊更新。

We're pleased to welcome Shweta Bhatia as our new Chief Information Officer. Shweta brings more than 25 years of leadership experience across major global retailers and has a strong track record of improving operations, strengthening teams and driving meaningful business impact. Her people-centered collaborative approach aligns closely with our culture and our expertise in retail operations, modernization, data and AI will support our next phase of growth.

我們很高興歡迎 Shweta Bhatia 擔任新任資訊長。Shweta 在多家全球大型零售商累積超過 25 年的領導經驗，並在改善營運、強化團隊與推動具實質意義的業務影響方面有卓越紀錄。她以人為本、重視協作的作風與我們的文化高度契合；她在零售營運、現代化、數據與 AI 方面的專長，將支持我們下一階段的成長。

We also want to thank Wayne Sadin for his leadership and meaningful contributions to PriceSmart during his time with us. Wayne, we are grateful for everything he brought to this company. We're also excited to welcome Shari White, who joined us in January, and as of June 1, has made the transition to Chief Merchandising Officer. Shari brings deep merchandising experience from Petco, Target and Unilever. Since joining PriceSmart, Shari has made an immediate and meaningful impact on our merchandising organization, and this appointment reflects our confidence in her leadership and vision for the road ahead.

我們也要感謝 Wayne Sadin 在任期間對 PriceSmart 的領導與重要貢獻。Wayne，我們感謝他為公司帶來的一切。同時，我們也很高興歡迎 Shari White。她於 1 月加入我們，並自 6 月 1 日起轉任為商品長（Chief Merchandising Officer）。Shari 擁有來自 Petco、Target 與 Unilever 的深厚商品管理經驗。自加入 PriceSmart 以來，Shari 立即且顯著地影響了我們的商品組織；此項任命反映我們對她的領導力與未來願景充滿信心。

Paul Kovaleski has assumed the role of Executive Vice President, Other Businesses, with oversight of pharmacy, optical, audiology, food service, bakery and tire center. Paul has been with PriceSmart for many years and has made significant contributions across both merchandising and operations. We are excited about what this expanded scope means for those categories going forward.

Paul Kovaleski 已接任執行副總裁（其他業務），負責藥局、眼鏡、聽力、餐飲服務、烘焙與輪胎中心等業務。Paul 在 PriceSmart 任職多年，並在商品與營運兩方面皆有重大貢獻。我們對此擴大職責範圍將為這些品類帶來的未來發展感到振奮。

With that, let's turn to the highlights from the quarter. During the third quarter, net merchandise sales and total revenue reached almost $1.5 billion. Net merchandise sales increased by 12.5% or 8.5% in constant currency. Comparable net merchandise sales increased by 10.7% or 6.9% (technical difficulty) in constant currency.

接下來，我們來看本季重點。第三季期間，商品淨銷售額與總營收接近 15 億美元。商品淨銷售額成長 12.5%，以固定匯率計成長 8.5%。同店商品淨銷售額成長 10.7%，以固定匯率計成長 6.9%（技術問題）。

Three of our recent club openings, Cartago, Quetzaltenango and La Romana are not yet included in our comparable sales numbers. During the first nine months of our fiscal year, net merchandise sales reached almost $4.3 billion and total revenue was almost $4.4 billion. Net merchandise sales increased by 11% or 8.6% in constant currency. Comparable net merchandise sales increased by 8.8% or 6.4% in constant currency.

我們近期開幕的三家賣場 Cartago、Quetzaltenango 與 La Romana，尚未納入同店銷售數據。在本會計年度前九個月，商品淨銷售額接近 43 億美元，總營收接近 44 億美元。商品淨銷售額成長 11%，以固定匯率計成長 8.6%。同店商品淨銷售額成長 8.8%，以固定匯率計成長 6.4%。

During the third quarter, our average sales ticket grew by 5% and transactions grew 7.1% versus the same prior year period. The average price per item increased 6% year over year, while average items per basket decreased 1%. As we mentioned on the second quarter call, the timing of Semana Santa shifts each year. This year, it fell earlier than it did in the prior year. So for a cleaner apples-to-apples view, it's worth looking at the eight-week period that captures Semana Santa in both years. For the eight weeks ended April 26, 2026, comparable net merchandise sales increased 11.2% or 7.5% in constant currency.

第三季期間，我們的平均客單價成長 5%，交易筆數較去年同期成長 7.1%。每件商品平均價格年增 6%，而每籃平均件數下降 1%。如同我們在第二季電話會議中提到的，Semana Santa（聖週）的時間每年都會變動。今年的時間點比去年更早。因此，為了更乾淨的同口徑比較，值得觀察涵蓋兩年度 Semana Santa 的八週期間。截至 2026 年 4 月 26 日止的八週期間，同店商品淨銷售額成長 11.2%，以固定匯率計成長 7.5%。

Now let's take a look at our regions. First, in Central America, where we had 32 clubs at quarter end, net merchandise sales increased 10.6% or 7.7% in constant currency. Comparable net merchandise sales increased 7.9% or 5.2% in constant currency. Our Central America segment contributed approximately 480 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the third quarter.

現在我們來看各區域表現。首先是中美洲，季末我們共有 32 家賣場，商品淨銷售額成長 10.6%，以固定匯率計成長 7.7%。同店商品淨銷售額成長 7.9%，以固定匯率計成長 5.2%。中美洲事業部在第三季對合併同店商品淨銷售額總成長的正向貢獻約為 480 個基點。

Second, in the Caribbean, where we had 15 clubs at quarter end, net merchandise sales increased 6.8% or 6.2% in constant currency. Comparable net merchandise sales increased 6.2% or 5.6% in constant currency. Our Caribbean region contributed approximately 170 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the third quarter.

第二，在加勒比地區，我們於季度末共有15家會所，商品淨銷售額成長6.8%，若以固定匯率計算則成長6.2%。可比商品淨銷售額成長6.2%，若以固定匯率計算則成長5.6%。加勒比地區對第三季合併口徑可比商品淨銷售額總成長貢獻約170個基點的正面影響。

Last, in Colombia, where we had 10 clubs at quarter end, net merchandise sales increased 35.3% or 18.6% in constant currency. Comparable net merchandise sales increased 35.7% or 18.9% in constant currency. Colombia contributed approximately 420 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter. The increase is driven in part by the appreciation of the Colombian peso when compared to the same period last year, among other operational and market-driven impacts.

最後，在哥倫比亞，我們於季度末共有10家會所，商品淨銷售額成長35.3%，若以固定匯率計算則成長18.6%。可比商品淨銷售額成長35.7%，若以固定匯率計算則成長18.9%。哥倫比亞對本季合併口徑可比商品淨銷售額總成長貢獻約420個基點的正面影響。此增長部分由哥倫比亞披索相較去年同期升值所帶動，此外亦受到其他營運與市場因素影響。

In terms of Merchandise categories, when comparing our third-quarter sales to the same period in the prior year, our Foods category grew approximately 12.5% and our Non-Foods category increased approximately 12.3%. On the Non-Foods side, we reconfigured our sales floor in our warehouse club layouts to enhance the visibility of our softline offerings. And since making these changes, we have continued to see the benefits with improved sales performance in these categories.

就商品品類而言，將我們第三季銷售額與去年同期相比，食品類約成長12.5%，非食品類約成長12.3%。在非食品方面，我們重新配置倉儲會所賣場的陳列布局，以提升服飾等軟線商品的能見度。自完成這些調整以來，我們持續看到成效，相關品類的銷售表現有所改善。

New product innovation and seasonal events also continue to play a strong role in our sales growth. We saw notable momentum from a range of limited time and seasonal offerings: apparel, housewares, small appliances and sporting goods, which reinforces the treasure hunt experience our members come to our clubs for.

新品創新與季節性活動也持續在我們的銷售成長中扮演重要角色。我們在多項限時與季節性商品上看到顯著動能：服飾、家居用品、小家電與運動用品，進一步強化會員到店尋寶式購物的體驗。

The 2026 FIFA World Cup is also a major global moment, and we always like to share that excitement in our warehouse clubs and online with special merchandise and savings for that event. It's an occasion that naturally brings members together, and we see it as a meaningful opportunity to drive engagement and showcase our value. We built out a broader assortment around it, food, beverage, electronics and soccer-themed offerings, along with digital campaigns featuring match schedules, watch parties and credit card promotions in select markets. We've also seen our members share content around these promotions organically, which is really just the modern version of word of mouth, and it reinforces the kind of community feel that's always been at the heart of PriceSmart.

2026年FIFA世界盃也是全球的重要時刻，我們一向喜歡在倉儲會所與線上透過特別商品與優惠，與大家分享這份熱情。這是一個自然凝聚會員的盛事，我們視其為提升互動、展現價值主張的有意義機會。我們圍繞該活動擴充了更廣的商品組合，包括食品、飲料、電子產品與足球主題商品，並在部分市場推出數位行銷活動，內容涵蓋賽程資訊、觀賽派對與信用卡促銷。我們也看到會員自發性地分享與這些促銷相關的內容，這其實就是口碑的現代版本，並強化了PriceSmart一向以來核心的社群氛圍。

And moving on to other Merchandise categories, our Food Service and Bakery category increased approximately 12.6% and our Health Services, including optical, audiology and pharmacy increased approximately 14.3%.

接著看其他商品品類，我們的餐飲服務與烘焙品類約成長12.6%，健康服務（包括驗光、聽力學與藥局）約成長14.3%。

Next, let's turn to membership. We continue to grow our membership base with accounts increasing 8.6% year-over-year to over 2.1 million accounts. We saw particularly strong account growth in Colombia, up 11.6%, driven in part by the stronger peso and Colombia has been one of our market leaders in Platinum membership sign-ups as well. We also reintroduced an auto-renewal program and are seeing strong adoption across most of our markets.

接下來談會員。我們持續擴大會員基礎，帳戶數年增8.6%，超過210萬個帳戶。我們在哥倫比亞看到特別強勁的帳戶成長，年增11.6%，部分受較強勢的披索帶動；同時哥倫比亞也是我們白金會員（Platinum）申辦的領先市場之一。我們也重新推出自動續會方案，並在多數市場看到強勁的採用率。

As Latin America and the Caribbean become increasingly digital, auto-renewal is one of the ways we're actively reducing friction in the member experience. For the quarter, membership income increased 17.6% over the prior year period, and Platinum upgrades have been a significant contributor to that growth. This tier is built for our most engaged members, annual cash back on eligible purchases that reinforces loyalty and encourages higher spending.

隨著拉丁美洲與加勒比地區日益數位化，自動續會是我們積極降低會員體驗摩擦的方式之一。本季會員收入較去年同期成長17.6%，白金升級對此成長貢獻顯著。此等級是為我們最投入的會員所設計，針對符合資格的消費提供年度現金回饋，以強化忠誠度並鼓勵更高的消費。

As of May 31, Platinum accounts represented 21.3% of our total membership base, up from 16.1% in the same period last year. Our Smart Platinum promotions, which we typically run in March and November, have resonated well with our members and have given them a clear moment to see and act on that value. Membership income as a percentage of revenue held steadily at 1.7% in the third quarter, consistent year over year and indicative of a resilient membership base.

截至5月31日，白金帳戶占我們會員總基礎的21.3%，高於去年同期的16.1%。我們的Smart Platinum促銷（通常在3月與11月推出）獲得會員良好回響，並讓會員在明確的時間點看見並採取行動以獲得該價值。第三季會員收入占營收比重穩定維持在1.7%，與去年同期一致，顯示會員基礎具韌性。

Our 12-month renewal rate was 90.5% as of May 31, a new all-time high for the second consecutive quarter and a result that we're really proud of. I'll now highlight our progress in real estate, supply chain transformation and technology and how these investments are strengthening our ability to better serve members and continue growing the business.

截至5月31日，我們的12個月續會率為90.5%，連續第二季創下歷史新高，這是我們非常引以為傲的成果。接下來我將重點說明我們在不動產、供應鏈轉型與科技方面的進展，以及這些投資如何強化我們更好服務會員並持續成長的能力。

We are excited to announce that in the third quarter, we executed a lease for our first warehouse club in Chile, which will be in Comuna Las Condes in Santiago. This club will be located within the Mall Plaza Los Dominicos shopping center and is anticipated to open in the spring of 2027.

我們很高興宣布，第三季我們已為智利首家倉儲會所簽訂租約，地點位於聖地牙哥Las Condes區（Comuna Las Condes）。該會所將設於Mall Plaza Los Dominicos購物中心內，預計於2027年春季開幕。

This will be our first warehouse club located within the mall setting and will offer excellent accessibility and a retail environment that will resonate with the quality and value-focused members we will serve in Chile. This club establishes the foundation for what we believe can become a meaningful multi-club market over time. In addition to our planned warehouse at Mall Plaza Los Dominicos, we have entered into executory agreements to acquire land for two additional potential warehouse club sites in Chile.

這將是我們第一家位於購物中心場域的倉儲會所，將提供極佳的可達性與零售環境，並能引起我們在智利所服務、重視品質與價值的會員共鳴。此會所為我們奠定基礎，我們相信隨時間推進，智利可望成為一個具規模的多店市場。除Mall Plaza Los Dominicos的既定倉儲會所計畫外，我們亦已簽訂待履行協議（executory agreements），以收購兩處在智利可能作為額外倉儲會所據點的土地。

I would like to provide additional color on the scope of our investment in this market. We expect to spend approximately $100 million in capital expenditures on our first three warehouse clubs and our central offices in Chile over the next several fiscal years. This represents our first phase of investment, and we see potential for future phases given the opportunity that we see in the market. We have also begun building a strong team in Chile, including an experienced country general manager and a local buying team that we're really excited about. To date, we have approximately 20 employees operating out of leased office space as we plan for a larger permanent central office.

我想進一步補充我們在此市場投資範圍的細節。我們預期在未來數個會計年度，針對智利前三家倉儲會所及智利中央辦公室投入約1億美元的資本支出。這代表我們的第一階段投資；鑑於我們在市場中看到的機會，我們也認為未來仍有進一步階段的潛力。我們也已開始在智利建立強大的團隊，包括一位經驗豐富的國家總經理，以及一支令我們非常期待的在地採購團隊。截至目前，我們約有20名員工在租賃的辦公空間運作，同時規劃更大型的永久中央辦公室。

Consistent with our approach in other markets, we intend to offer a mix of local and imported goods. We also see an opportunity to meaningfully grow exports out of Chile. We already import a variety of products from Chile into our existing markets, and we believe we can grow that business further.

與我們在其他市場的做法一致，我們計畫提供在地商品與進口商品的組合。我們也看到從智利向外出口有顯著成長的機會。我們已從智利進口多樣產品至既有市場，並相信可進一步擴大這項業務。

In terms of growth in our existing markets, in the fourth quarter of fiscal year 2026, we purchased land for our 11 club in Costa Rica in Santo Tomas de Santo Domingo in the Heredia province. This club is approximately 4 miles east from our nearest club in Heredia and will be built on a 6-acre property with an anticipated opening in the spring of 2027.

就既有市場的成長而言，在2026會計年度第四季，我們在哥斯大黎加赫雷迪亞省（Heredia）的Santo Tomas de Santo Domingo購置土地，用於我們在當地的第11家會所。該會所距離我們在赫雷迪亞最近的會所約4英里，將建於一塊6英畝的土地上，預計於2027年春季開幕。

While the new location is geographically close, the reality is that traffic congestion in Heredia is significant and meaningfully reduces mobility in the city. Consumer demand in this market continues to exceed expectations and supports the need for an additional warehouse club in this part of the city. We see a clear need for both clubs to effectively serve members, reduce travel time and capture the full growth potential of the region.

雖然新地點在地理位置上相近，但赫雷迪亞的交通壅塞相當嚴重，並大幅降低城市內的移動效率。此市場的消費需求持續超出預期，支持我們在城市此區域增設一家倉儲會所的必要性。我們清楚看到兩家會所同時存在的需求，以有效服務會員、縮短行程時間，並掌握該地區完整的成長潛力。

In addition to these two new clubs, we have also previously announced four other warehouse clubs currently in our pipeline: our new club in Ciudad Quesada, Costa Rica, which is scheduled to open next month; two clubs in Jamaica, one in Montego Bay and the other on South Camp Road in Kingston; and a new club in Villa Nueva, Guatemala. Once these six new clubs are opened, we will operate 63 warehouse clubs in total. We also recently opened our sixth warehouse club in the Dominican Republic in La Romana in May 2026.

除這兩家新會所外，我們先前也已宣布另有四家倉儲會所正在規劃管線中：哥斯大黎加Ciudad Quesada的新會所，預計於下個月開幕；牙買加兩家會所，一家位於Montego Bay，另一家位於金斯敦（Kingston）的South Camp Road；以及瓜地馬拉Villa Nueva的新會所。待這六家新會所開幕後，我們將合計營運63家倉儲會所。我們也於2026年5月在多明尼加共和國拉羅馬納（La Romana）新開幕第六家倉儲會所。

We are proud to have incorporated sustainable design practices into that build and are encouraged by its initial performance since opening. In addition to new club growth, we plan to initiate warehouse and parking lot expansions as well as remodeling projects in fiscal 2026 and '27 for our Via Brasil, Panama, and Barbados clubs.

我們很自豪在該建設案中納入永續設計作法，且自開幕以來的初期表現令人鼓舞。除新俱樂部成長外，我們也計畫在2026與2027會計年度於我們的Via Brasil、巴拿馬與巴貝多俱樂部啟動倉庫與停車場擴建，以及改裝工程。

On the supply chain front, a central part of our transformation strategy is optimizing distribution to support our value proposition on price. Currently, we operate major distribution centers in Miami, Costa Rica, Panama, Trinidad, and Guatemala. During the third quarter, we began operations at a new distribution center in Colombia. This facility is especially important for us. It is in Bogotá, a prime and highly strategic location from a logistics standpoint.

在供應鏈方面，我們轉型策略的核心之一是最佳化配送，以支撐我們在價格上的價值主張。目前，我們在邁阿密、哥斯大黎加、巴拿馬、千里達與瓜地馬拉營運主要配送中心。在第三季，我們開始於哥倫比亞一座新的配送中心投入營運。此設施對我們尤其重要。它位於波哥大，從物流角度來看是極佳且高度具策略性的地點。

Establishing our DC there allows us to take advantage of the strong concentration of local production in that region, and it underscores how significant Colombia has become within our long-term strategy and how much room for growth we still see in that market. In addition, we plan to open a distribution center in Jamaica during fiscal year 2026 and in the Dominican Republic during fiscal year 2027. We also expect to relocate and consolidate our Miami cold regional distribution center into our existing Miami regional dry facility during fiscal year 2027, which will help us better leverage space, reduce redundancy, and improve efficiency across both operations.

在當地設立配送中心（DC）使我們能利用該區域在地生產高度集中的優勢，也凸顯哥倫比亞在我們長期策略中的重要性，以及我們仍在該市場看到的龐大成長空間。此外，我們計畫於2026會計年度在牙買加開設配送中心，並於2027會計年度在多明尼加共和國開設配送中心。我們也預期在2027會計年度將邁阿密冷鏈區域配送中心遷移並整併至既有的邁阿密區域常溫設施，這將有助於更有效運用空間、降低重複配置，並提升兩項營運的整體效率。

Alongside these new distribution centers, in the second quarter, we completed our implementation of our third-party distribution centers in China to consolidate merchandise sourced in the country. These DCs have already helped reduce landed cost and lead times through direct shipments from Asia to our local markets, which is exactly what we were looking for.

除上述新配送中心外，我們在第二季完成於中國導入第三方配送中心，以整合在當地採購的商品。這些配送中心已透過由亞洲直接出貨至我們各地市場，協助降低到岸成本並縮短交期，正符合我們的期待。

Our vision for our global distribution center network is to help improve product availability, reduce lead times and lower landed costs, among other efficiency gains. Alongside our physical footprint, we are continuing to make progress on the rollout of the RELEX forecasting and replenishment platform and expect to complete the full implementation in the second quarter of fiscal year 2027.

我們對全球配送中心網路的願景，是在提升產品可得性、縮短交期、降低到岸成本等方面帶來效率提升。除實體據點外，我們也持續推進RELEX需求預測與補貨平台的上線，並預期於2027會計年度第二季完成全面導入。

We completed the onboarding of our US-sourced inventory procurement process, and now we are focused on our local goods procurement process. We are taking the time to ensure we implement RELEX correctly and set up our teams for long-term success. This thoughtful approach has extended the time line slightly, but it reflects our commitment to getting the transition right.

我們已完成美國來源庫存採購流程的導入，目前正聚焦於在地商品採購流程。我們投入時間以確保RELEX正確落地，並讓團隊具備長期成功的基礎。這種審慎作法使時程略為延長，但也反映我們致力於把轉換一次做對。

During the third quarter of fiscal year 2026, we progressed further in our multiphase implementation of the E2open Global Trade Management platform, which is designed to improve automation, trade compliance and controls across global import and export operations. Over time, we expect it to improve data visibility and support the scalability of our international business.

在2026會計年度第三季，我們在多階段導入E2open全球貿易管理平台方面進一步取得進展；該平台旨在提升全球進出口作業的自動化、貿易合規與控管。隨時間推進，我們預期它將改善資料可視性，並支援我們國際業務的可擴展性。

Moving on to other ways we are enhancing membership. Private label penetration on a comparable basis, excluding a reclassification of the produce category, increased 40 basis points in the first nine months of FY 2026, reflecting continued progress toward our long-term goal of growing this part of our business. Using our updated methodology, penetration of private label was 26.7% of total merchandise sales. Recent additions like macadamia nuts, honey and private label coffee, all from Guatemala, demonstrate our focus on delivering exceptional value across key everyday categories and our ability to leverage unique local suppliers in our markets.

接著談談我們提升會員體驗的其他方式。以可比基礎計算（排除生鮮蔬果類別重新分類的影響），自有品牌滲透率在2026會計年度前九個月提升40個基點，反映我們朝長期目標持續推進，擴大此業務占比。依我們更新後的方法，自有品牌滲透率為總商品銷售額的26.7%。近期新增品項如夏威夷豆、蜂蜜與自有品牌咖啡（皆來自瓜地馬拉），展現我們聚焦於在關鍵日常品類提供卓越價值，以及在各市場善用獨特在地供應商的能力。

In addition, we are in the process of developing a new membership platform that internally we are calling the membership omnichannel transformation, MOT. We plan to use this unified platform to manage the full membership life cycle across all channels and serve as our central system of record for member identity, transactions, and interactions.

此外，我們正開發一個新的會員平台，內部稱為會員全通路轉型（membership omnichannel transformation, MOT）。我們計畫以此統一平台管理跨所有通路的完整會員生命週期，並作為會員身分、交易與互動的中央主資料系統（system of record）。

We expect MOT to replace several legacy processes with one consistent auditable framework and ensure that activities like enrolment, renewal, upgrades and both in-club and digital transactions are low friction and provide consistent and clean member data across our markets. Down the road, we believe MOT will enable personalized communications, targeted promotions and a frictionless sign-up and renewal experience for our members.

我們預期MOT將以一套一致且可稽核的架構取代多項既有流程，並確保入會、續會、升級，以及店內與數位交易等活動低摩擦運作，並在各市場提供一致且乾淨的會員資料。長期而言，我們相信MOT將能實現個人化溝通、精準促銷，以及順暢無阻的入會與續會體驗。

Now let's turn to our digital and technology growth pillar. In the third quarter, digital channel sales reached $99.6 million, our highest dollar volume to date, up 26.2% year over year and representing 6.9% of total net merchandise sales. Orders placed directly through our website or app grew 20.3% with average transaction value up 4.4%. As of May 31, 75.8% of our members had created an online profile and 27.1% of members had made a purchase through pricesmart.com or our app. We are encouraged by the continued momentum in digital engagement, and we'll keep investing in this channel.

現在讓我們轉向數位與科技成長支柱。第三季數位通路銷售額達9,960萬美元，創下迄今最高金額，年增26.2%，並占總淨商品銷售額的6.9%。透過我們網站或App直接下單的訂單量成長20.3%，平均交易金額提升4.4%。截至5月31日，75.8%的會員已建立線上檔案，且27.1%的會員曾透過pricesmart.com或我們的App完成購買。我們對數位互動持續增溫感到鼓舞，並將持續投資此通路。

On the club technology front, we completed implementation of our new point-of-sale system, ELERA, across all English-speaking Caribbean markets and one of our Spanish-speaking countries, and we are continuing the rollout across our remaining Spanish-speaking markets. Early indicators show ELERA is delivering faster checkout times, improved productivity, and expanded payment options for our members, tangible improvements to the in-club experience.

在俱樂部科技方面，我們已在所有英語系加勒比市場及一個西語系國家完成新收銀系統ELERA的導入，並持續在其餘西語系市場推進上線。初步指標顯示，ELERA帶來更快的結帳時間、更高的生產力，以及為會員提供更多付款選項，為店內體驗帶來具體改善。

On the back office side, we made meaningful progress on our implementation of Workday's human capital management system, rolling out Phase 1 of the project this past quarter. This is part of our broader effort to modernize our HR infrastructure, improving usability for employees, driving greater efficiency and compliance and supporting scalable growth through a more integrated data environment.

在後勤辦公端，我們在導入Workday人力資本管理系統方面取得實質進展，並於本季推出專案第一階段。這是我們更廣泛的人資基礎設施現代化工作的一部分，旨在提升員工使用便利性、提高效率與合規性，並透過更整合的資料環境支援可擴展成長。

Before I turn it over to Gualberto, I want to address a few geopolitical topics. Across our region, we are seeing several political transitions, including Colombia's recent presidential elections with a new administration set to take office in August. Along with recent leadership changes in Chile, Costa Rica, and Honduras, these developments are being accompanied by early signs of a more market-oriented and business-friendly approach in these markets. While it is still too early to assess the full direction and pace of policy changes, we are closely monitoring potential implications for the operating environment and overall business climate.

在交棒給Gualberto之前，我想先談幾個地緣政治議題。在我們的區域內，我們看到多項政治轉換，包括哥倫比亞近期總統選舉，新政府預計於8月就任。加上智利、哥斯大黎加與宏都拉斯近期的領導層變動，這些發展伴隨著在這些市場出現更偏向市場導向、對企業更友善作法的初步跡象。雖然現在評估政策變化的完整方向與速度仍為時過早，但我們正密切關注其對營運環境與整體商業氣候的潛在影響。

At the same time, the global geopolitical environment remains complex and fluid. Trade policy uncertainty and ongoing tensions in the Middle East continue to affect key cost drivers, including fuel, freight, and energy. These pressures have contributed to inflation across many of our markets, which in turn is impacting consumer purchasing power and increasing price sensitivity.

同時，全球地緣政治環境仍然複雜且多變。貿易政策不確定性與中東地區持續緊張局勢，仍在影響包括燃料、運輸與能源在內的關鍵成本驅動因素。這些壓力已推升我們許多市場的通膨，進而影響消費者購買力並提高對價格的敏感度。

Lastly, I want to provide a brief preview of our June sales. Looking forward into our current fourth quarter, our comparable net merchandise sales for the four weeks ended June 28, 2026, were up 11.2% or 6.5% in constant currency.

最後，我想簡要預告我們6月的銷售表現。展望目前的第四季，截至2026年6月28日止四週的可比淨商品銷售額成長11.2%，以固定匯率計算則成長6.5%。

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

接下來，我把時間交給Gualberto，請他帶各位了解財務細節。

Thank you, David. Continuing with the income statement. Total gross margin for the quarter as a percentage of net merchandise sales increased 20 basis points to 16% versus Q3 last year. This increase is primarily due to improved margins in our Non-Foods category. Margins may fluctuate up and down, but our strategy remains the same, and our philosophy continues to be identifying cost savings and operational efficiencies and passing on those savings to the members to ensure the lowest possible price.

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）較去年第三季提高20個基點至16%。此增幅主要來自我們非食品類別毛利率的改善。毛利率可能上下波動，但我們的策略不變；我們的理念仍是找出成本節省與營運效率，並將這些節省回饋給會員，以確保最低可能價格。

Total revenue margins improved 30 basis points to 17.7% of total revenue from 17.4% in the same period last year. This was mainly driven by the increase in our total gross margin, as I just mentioned, and good results in membership renewals and Platinum growth as called out by David.

總收入毛利率較去年同期提升30個基點，從17.4%提高至占總收入的17.7%。這主要是由我剛才提到的總毛利率提升所帶動，並且如David所指出，會員續約與白金會員成長也帶來良好成果。

On overhead costs, total SG&A expenses increased slightly to 13.3% of total revenues for the third quarter of fiscal year 2026, compared to 13.2% for the third quarter of fiscal year 2025. It was primarily due to higher warehouse club and other operations costs. In particular, warehouse club and other operation costs increased to 9.7% of total revenue from 9.6% in the same period last year, primarily due to expenses related to supporting our launch in Chile.

在間接費用方面，2026會計年度第三季的總SG&A費用占總收入比重小幅上升至13.3%，相較於2025會計年度第三季的13.2%。主要原因是倉儲俱樂部及其他營運成本較高。具體而言，倉儲俱樂部及其他營運成本占總收入比重由去年同期的9.6%上升至9.7%，主要因為支援我們在智利啟動營運所產生的相關費用。

General and administrative expenses decreased to 3.5% of total revenue from 3.6% in the same period last year, primarily due to the absence of onetime expenses we had in the third quarter of fiscal year 2025 related to the relocation of the San Diego corporate headquarters. SG&A is an important metric that we monitor closely. These expenses can fluctuate from quarter to quarter based on the timing of necessary investments to support the business. Our focus remains on making thoughtful, disciplined decisions that position the company for long-term growth and operational strength.

一般及行政費用占總收入比重由去年同期的3.6%下降至3.5%，主要因為2025會計年度第三季與聖地牙哥公司總部搬遷相關的一次性費用在本期不再發生。SG&A是我們密切監控的重要指標。這些費用可能會因支援業務所需投資的時點不同而在各季之間波動。我們仍將專注於做出審慎且有紀律的決策，使公司具備長期成長與營運韌性。

Operating income for the third quarter of fiscal year 2026 increased 16.7% from the same period last year to $65.6 million or 4.4% as a percentage of revenue versus 4.3% in the prior year period. Operating income for the first nine months of fiscal year 2026 increased 13.5% from the same period last year to $204 million or 4.7% as a percentage of revenue versus 4.6% in the prior year period.

2026會計年度第三季營業利益較去年同期成長16.7%至6,560萬美元，或占營收比重4.4%，高於去年同期的4.3%。2026會計年度前九個月營業利益較去年同期成長13.5%至2.04億美元，或占營收比重4.7%，高於去年同期的4.6%。

Below the operating income line, in the third quarter of fiscal year 2026, we recorded a $10.5 million net loss in total other expense, an increase from a $7.2 million net loss in total other expense in the same period last year. The primary cause is a result of additional foreign currency transaction costs.

在營業利益以下項目方面，2026會計年度第三季我們在其他費用合計中認列1,050萬美元的淨損失，較去年同期其他費用合計淨損失720萬美元增加。主要原因是額外的外幣交易成本增加。

In terms of income tax, our effective tax rate for the third quarter of fiscal year 2026 decreased slightly to 28% compared to 28.4% for the third quarter of fiscal year 2025. For the nine months ended May 31, 2026, our effective tax rate is almost in line at 27.4% compared to 27.3% for the comparable prior year period.

就所得稅而言，2026會計年度第三季的有效稅率小幅下降至28%，相較於2025會計年度第三季的28.4%。截至2026年5月31日止的九個月，我們的有效稅率為27.4%，與可比較的去年同期27.3%幾乎一致。

Finally, net income for the third quarter of fiscal year 2026 was $39.7 million or $1.28 per diluted share, an increase of 12.3%, up from $35.2 million or $1.14 per diluted share in the third quarter of fiscal year 2025. Adjusted EBITDA for the third quarter of fiscal year 2026 was $90.4 million compared to $79 million in the same period last year, a growth of 14.5%.

最後，2026會計年度第三季淨利為3,970萬美元，或稀釋後每股盈餘1.28美元，較2025會計年度第三季的3,520萬美元或稀釋後每股盈餘1.14美元成長12.3%。2026會計年度第三季調整後EBITDA為9,040萬美元，較去年同期的7,900萬美元成長14.5%。

Net income for the first nine months of fiscal year 2026 was $128.9 million or $4.18 per diluted share, an increase of 10%, up from $116.3 million or $3.80 per diluted share in the first nine months of fiscal year 2025. Adjusted EBITDA for the first nine months of fiscal year 2026 was $277 million compared to $245.1 million in the same period last year, a growth of 13%.

2026會計年度前九個月淨利為1.289億美元，或稀釋後每股盈餘4.18美元，較2025會計年度前九個月的1.163億美元或稀釋後每股盈餘3.80美元成長10%。2026會計年度前九個月調整後EBITDA為2.77億美元，較去年同期的2.451億美元成長13%。

Moving on to our balance sheet. We ended the quarter with cash, cash equivalents and restricted cash totaling $254.6 million, plus approximately $113.7 million of short-term investments, typically held in certificates of deposit. When reviewing our cash balances, it is important to note that as of May 31, 2026, we had $44.1 million of cash, cash equivalents, and short- and long-term investments denominated in local currency in Trinidad, which we could not readily convert into US dollars.

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2.546億美元，另有約1.137億美元的短期投資，通常以定期存款形式持有。在檢視我們的現金餘額時，需注意截至2026年5月31日，我們在千里達以當地貨幣計價的現金、約當現金以及短期與長期投資合計為4,410萬美元，且無法輕易兌換成美元。

Turning to cash flow. Net cash provided by operating activities reached $192.2 million for the first nine months of fiscal year 2026, an increase of $13.1 million versus the prior year period. The increase is primarily driven by a $17.5 million increase in net income without noncash items and $4.6 million of overall net positive changes in other various operating assets and liabilities.

再來看現金流量。2026會計年度前九個月，營業活動提供之淨現金達1.922億美元，較去年同期增加1,310萬美元。增加主要來自剔除非現金項目後的淨利增加1,750萬美元，以及其他各項營運資產與負債變動合計帶來460萬美元的淨正向影響。

This is partially offset by shifts in working capital, mainly due to higher overall inventory balances, which consumed $9 million of cash used in operating activities. Inventory levels are trending higher than they have been in the past as we are taking a more deliberate approach to ensure we're in a stronger in-stock position, particularly in Non-Foods, so we can better meet member demand and support sales momentum.

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，導致營業活動使用現金增加900萬美元。由於我們採取更審慎的策略以確保更強的到貨/在庫水位，特別是在非食品品類，存貨水準正呈現高於過往的趨勢，以便更好滿足會員需求並支撐銷售動能。

Additionally, in the third quarter, the company entered into nondelivery forward foreign exchange contracts to mitigate foreign currency exchange rate risk associated with forecasted US dollar-denominated inventory expenditures in our Colombian subsidiary. These contracts are designated as cash flow hedges and are intended to reduce exposure to currency fluctuations while providing greater predictability around expected inventory costs in Colombia and support more stable pricing.

此外，在第三季，公司簽訂無交割遠期外匯合約，以降低我們哥倫比亞子公司與預估以美元計價的存貨支出相關的外匯匯率風險。這些合約被指定為現金流量避險，旨在降低匯率波動曝險，同時提升對哥倫比亞預期存貨成本的可預測性，並支持更穩定的定價。

Net cash used in investing activities increased by $93.3 million for the first nine months of fiscal year 2026 compared to the prior year, primarily due to a net increase in purchases less proceeds of short-term investments of $46.2 million, a $42.5 million increase in property and equipment expenditures and an $11.9 million increase in purchases of long-term investments. This was partially offset by a $6.2 million increase in proceeds from disposals of property and equipment, mainly due to the sale of our project distribution center in Guatemala and $1.1 million of cash received due to the proceeds from the dissolution of our joint venture.

2026會計年度前九個月，投資活動使用之淨現金較去年同期增加9,330萬美元，主要因短期投資的購買（扣除到期/出售回收款）淨增加4,620萬美元，不動產及設備支出增加4,250萬美元，以及長期投資購買增加1,190萬美元。部分被不動產及設備處分收入增加620萬美元所抵銷，主要來自出售我們在瓜地馬拉的專案配送中心，以及因解散合資企業而收到的110萬美元現金款項。

Net cash used in financing activities increased by $4.9 million for the first nine months of fiscal year 2026 compared to the prior year, primarily due to a $19.8 million increase in repayments of short-term bank borrowings net of proceeds, a $3.1 million increase in the purchases 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. This was partially offset by a $20.3 million increase in proceeds from long-term bank borrowings net of repayments.

2026會計年度前九個月，籌資活動使用之淨現金較去年同期增加490萬美元，主要因短期銀行借款償還（扣除借款取得款）淨增加1,980萬美元、為支付員工稅款代扣義務而在限制性股票獎勵歸屬時回購庫藏股的金額增加310萬美元，以及現金股利支付增加230萬美元。上述部分被長期銀行借款取得款（扣除償還）淨增加2,030萬美元所抵銷。

Looking ahead, we remain focused on sustainable growth, operational excellence and delivering exceptional value to our members. While macroeconomic conditions across our region remain dynamic, our diversified geographic footprint and disciplined operating model position us well for the remainder of the fiscal year.

展望未來，我們仍將專注於可持續成長、營運卓越，以及為會員提供卓越價值。儘管本區域的總體經濟環境仍具變動性，我們多元化的地理布局與有紀律的營運模式，使我們在本會計年度剩餘期間具備良好優勢。

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.

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。

I will now turn the call over to the operator to take your questions. Operator, you may now start taking our callers' questions.

接下來我將把電話交給主持人，開始回答各位的提問。主持人，您現在可以開始接聽來電者的問題。

(Operator Instructions) Jon Braatz, Kansas City Capital.

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

David, I just want to start with your Chile expansion. Obviously, this is your first new market since Colombia, I think, in 2011. And Chile is obviously a different market. It's smaller, but the GDP per capita is maybe 2x of that of Colombia. And I guess my question is, how are you approaching Chile maybe versus Colombia?

David，我想先從你們在智利的擴張談起。顯然，這是你們自我記得2011年在哥倫比亞之後的第一個新市場。而智利顯然是不同的市場。它規模較小，但人均GDP可能是哥倫比亞的約2倍。所以我的問題是，你們在切入智利時，相較於哥倫比亞，策略上是如何著手的？

It took a while to scale up in Colombia and achieve a decent level of profitability. Can you compare the two markets and how you're approaching it? Now I don't think you were necessarily with the company at the time when Chile expansion began. But obviously, you had people there that you have people there that were. But can you talk a little bit about Chile versus Colombia?

在哥倫比亞要把規模做起來並達到不錯的獲利水準花了不少時間。你能比較一下這兩個市場，以及你們各自的切入方式嗎？我想你當時不一定在公司、也就是智利擴張開始的那段時間。但顯然，你們那時有在當地的人、現在也有。你能多談談智利相較於哥倫比亞的情況嗎？

Yeah, I'd be happy to talk about that, John. I think it's a good question. It's something we've thought about and looked at really closely internally. We, of course, always want to learn from experiences that we've had. And there's a lot of things that are different, I guess, objectively between the two markets.

好的，John，我很樂意談這個。我覺得這是個好問題。這也是我們內部一直在思考並非常仔細研究的事情。我們當然總是希望從過去的經驗中學習。而我想，客觀來說，這兩個市場有很多不同之處。

Like you referenced, they're dramatically different in size. They're quite dramatically different in GDP per capita, while the GDPs in the aggregate are actually quite similar. Colombia is kind of multinucleic from a city standpoint, while Chile does have multiple cities, a vast majority of the -- over -- around 50%, let's say, of the population is in Santiago with a major port around 1.5 hours away versus multiple ports in Colombia. So there's some -- on the other hand, it's not in the Caribbean Basin, and it's on the Pacific and several thousand more miles away than Colombia.

如你所提到的，兩者在規模上差異非常大。人均GDP也差異很大，雖然總體GDP加總其實相當接近。從城市結構來看，哥倫比亞比較像多核心城市分布；而智利雖然也有多個城市，但人口的絕大多數——超過——大約50%（姑且這麼說）集中在聖地牙哥，且主要港口約1.5小時車程可達；相較之下，哥倫比亞有多個港口。所以有一些——另一方面，它不在加勒比海盆地，而是在太平洋沿岸，距離也比哥倫比亞遠了好幾千英里。

But there are some factors that back in the mid-2000s that impacted Colombia significantly. And you'll probably recall that when we opened Barranquilla, the peso was 1,800 to 1. And we were -- I would describe that first location as a smashing success. We went back and looked at the data, and we had big sign-ups of memberships and people were flying from Bogotá to shop and send those goods back home. And what happened was that there was a significant devaluation in the peso where it got well over 4,000 to 1. And that was a big hit to us, but also a big hit to all consumers in Colombia and multinationals.

但在2000年代中期，有一些因素曾對哥倫比亞造成重大影響。你可能還記得，我們開設巴蘭基亞（Barranquilla）時，披索匯率是1,800兌1。而我會形容第一家店是非常成功。我們回頭看數據，會員大量加入，甚至有人從波哥大飛來購物，再把商品寄回家。後來發生的是披索大幅貶值，匯率升到遠超過4,000兌1。這對我們是很大的打擊，但對哥倫比亞的所有消費者與跨國企業也都是重大衝擊。

And since that time, Casino exited, Makro has exited now and most of the multinationals have really exited Colombia, and we've taken our [licks], you could say, and have improved. And for sure, we don't want Chile to take that long. But I'd say there are some factors that are separate.

自那之後，Casino退出了，Makro現在也退出了，多數跨國企業基本上都撤出哥倫比亞；我們也可以說吃了不少苦頭，並且有所改善。而且可以肯定的是，我們不希望智利也花那麼久。但我會說，還有一些因素是不同的。

Now looking at the things for sure that we've learned and that we're aiming to ensure that we get right. I mean, it's -- one is we're building up our local team and really taking the time to make sure we have the right team locally from a management standpoint, the right buyers.

現在回到我們確實學到、也希望確保做對的事情。其中之一是我們正在建立本地團隊，並且真的花時間確保在當地管理層面有合適的人選、也有合適的採購人員。

We know that's critical. We know that there's going to be a mix of local and imported goods. You have to give before you get in this business. So it's going to be really important for us to focus on pricing and ensure a great value proposition for the member. And so that will take time to get that scale and volume and having multiple locations will help. But really, we got to give before we get in the market. And that's critical because this is a business based on doing right by the member and being good fiduciary in their interest, and we aim to do that in Chile.

我們知道這點至關重要。我們也知道商品會是本地與進口的組合。在這個行業，你必須先付出，才能有所收穫。因此，我們必須非常專注在定價上，確保為會員提供很強的價值主張。而要達到規模與量需要時間，多開幾個據點會有幫助。但重點是，我們必須在市場上先付出再收穫。這很關鍵，因為這是一門以會員為本、以會員利益為依歸並善盡受託責任的生意，而我們也希望在智利做到這一點。

When you think about Chile, the -- when would you first begin to -- well, two things. Number one, are the locals familiar with membership clubs? And then secondly, when might you first begin accepting taking new membership in the Chile -- Santiago store?

談到智利——我想問兩件事。第一，當地人熟悉會員制賣場嗎？第二，你們大概何時會開始在智利——聖地牙哥門市——接受新會員申辦？

Sure. So there is not a membership warehouse club today, but there's a couple of things I'll note. One is for many Latinos around the region, especially those that are middle upper income, it's not uncommon for people to travel to the United States to visit family and to shop. And certainly, Costco is a place where people tend to stop.

好的。目前當地還沒有會員制的倉儲型賣場，但我想補充幾點。第一，對於拉丁美洲地區的許多人，尤其是中高收入族群，出國到美國探親並順便購物並不罕見。而且Costco確實是大家常會去的地方。

That being said, there is a number of membership like, I guess, what you call recurring revenue-type programs for other retailers and services. For example, there's Uber One, which is a monthly rate. There's Jumbo Prime, which is a monthly rate and others. So people are not unfamiliar with paying a membership fee for a subscription service. That was the word I was looking for, subscription service.

話雖如此，市場上也有不少類似會員制、我想你可以稱之為「經常性收入」型的方案，存在於其他零售商與服務中。例如 Uber One，是按月收費。還有 Jumbo Prime，也是按月收費，另外還有其他。所以大家並不陌生於為訂閱服務支付會員費。對，就是「訂閱服務」這個詞。

Now we have an annual fee versus a monthly fee. And we like to think about our fee being saved and earned for the member by the value that they get on their purchases, right? So that's going to be somewhat new. But I think I'm not concerned about reception of the idea of paying a membership because it's something that is happening for sure in the market already that we've seen. Rappi Prime is another one. I mean all the last milers and some of the retailers have it.

而我們是年費制，不是月費制。我們也希望讓大家理解，我們的會費可以透過會員在購物時獲得的價值來「省回來、賺回來」，對吧？所以這會是某種程度上的新概念。但我不太擔心大家對「付費入會」這個概念的接受度，因為我們確實看到市場上已經有這樣的做法。Rappi Prime也是另一個例子。我的意思是，所有最後一哩配送業者以及部分零售商都有類似方案。

Now in terms of the membership, we haven't announced -- we have not announced when we're going to start selling memberships. We certainly will start selling membership several months at least before the opening. We always do that actually. And when we open a new club even in a new region of a country or a new part of a city, we'll start selling memberships at least three months before, if not more. And it really depends. We look at how much cannibalization there would be from other clubs. And in this case, since it's the first club, we'll probably start a little earlier just because it's going to be a brand-new concept.

至於會員招募時間，我們尚未宣布——我們還沒有宣布何時開始販售會員。我們肯定會在開幕前至少幾個月就開始賣會員。其實我們一向如此。即使是在同一國家的新區域或同一城市的新區域開新店，我們也會至少提前三個月、甚至更早開始賣會員。而這取決於多種因素。我們會評估對其他門市可能造成多少客源互相侵蝕（cannibalization）。而在這個案例中，因為是第一家店，我們可能會更早開始，因為這將是一個全新的概念。

Okay, thanks. One last question. In the quarter, you were able to reduce your Trinidad balances quite sharply. And the currency transaction costs were $8.5 million versus $3.7 million a quarter ago. Was there just an opportunity that arose to take advantage of it? Or is this something that we might see more of?

好的，謝謝。最後一個問題。本季你們大幅降低了特立尼達的餘額。而匯兌交易成本是850萬美元，相較於上一季的370萬美元。這只是剛好出現一個可以把握的機會嗎？還是我們之後可能會看到更多這種情況？

John, this is Gualberto. Thank you for the question. Yeah, you're totally right. We sourced more US dollars in Trinidad in this quarter, if you compare, for instance, versus last quarter, and that was what allowed us to go down to $44.1 million of cash -- in nonconverted cash in Trinidad today.

John，我是Gualberto。謝謝你的提問。是的，你說得完全正確。本季我們在特立尼達取得了更多美元來源；例如與上一季相比，這就是讓我們能把目前特立尼達的現金——未兌換現金——降到4,410萬美元的原因。

If you remember, in Q2, we had lower transactional costs versus the same quarter of the prior year. And that's exactly for the reason you just mentioned, where we want to be very strategic and very opportunistic in sourcing our dollars, and we only buy where we believe we can get a good -- relatively good transaction cost to access these US dollars.

如果你還記得，在第二季，我們的交易成本相較於前一年同季較低。而這正是你剛才提到的原因：我們希望在取得美元資金來源上非常有策略、也非常把握機會；我們只在我們認為能以相對較好的交易成本取得這些美元的地方進行買入。

There are no changes in the policy or the strategy. We continue permanently looking for options to get access to dollars in different ways. We have strong partnership with our financial institutions also internally with the team, we are evaluating other avenues. But for now, no major change in our policy. And it just will continue to fluctuate from quarter to quarter depending on the availability of US dollars in the market.

政策或策略沒有任何改變。我們會持續、長期地尋找以不同方式取得美元的選項。我們與金融機構有很強的合作關係，內部團隊也在評估其他途徑。但就目前而言，我們的政策沒有重大變動。而且它會依市場上美元供給的可得性，在每一季之間持續波動。

Héctor Maya, Scotiabank.

Héctor Maya，豐業銀行（Scotiabank）。

(spoken in foreign language) First on Colombia, could you please share a few details on why operating income declined despite the comp beat? And then I have a follow-up, if I may, or I can also rejoin the queue as instructed, no problem. Thank you.

（以外語發言）首先關於哥倫比亞，能否請你分享一些細節，為什麼在同店表現優於預期的情況下，營業利益仍然下滑？然後如果可以的話我還有一個追問；或者我也可以依指示重新排隊，沒問題。謝謝。

Héctor, please, the question is about Colombia profitability.

Héctor，請問，問題是關於哥倫比亞的獲利能力。

Yeah. On why the operating income declined despite the comp beat, yeah.

對。就是為什麼在同店表現優於預期的情況下，營業利益仍然下滑。

Okay. Colombia had a little bit -- as you know, we have a higher run in operating compared to our other markets. In the quarter, it's a little bit of this mix of warehouse expenses that have been going up. This is something that, again, we don't see this as a trend. We are watching closely the evolution of every line in the P&L, in particular, Colombia being such a strategic and key market for us. But we're tracking closely, and we're working hard to get back in line.

好的。哥倫比亞有一點——如你所知，相較於我們其他市場，我們在營運方面的投入（run rate）較高。本季主要是倉儲費用上升的組合影響。這件事我們同樣不認為會成為趨勢。我們正密切關注損益表上每一個科目的變化，特別是哥倫比亞對我們而言是非常具策略性且關鍵的市場。我們會緊密追蹤，也會努力讓表現回到應有水準。

Yeah. One factor, I think I'll note, Héctor, which you may be aware of, but there's been a lot of policy changes in Colombia. And as we talked about on earlier calls around the minimum wage change, which we were well above there, but we always like to make sure that not only are we above, but that we pay a premium versus other retailers. And it's part of our value as a company that we want to ensure that we're paying an ethical wage even at the lowest levels.

是的。Héctor，我想補充一個因素，你可能也知道，哥倫比亞近期有很多政策變動。如同我們在先前電話會議談到的最低工資調整，我們原本就遠高於該水準，但我們一向希望確保不僅高於標準，還要相較其他零售商支付溢價。這也是我們公司價值的一部分：我們希望確保即使在最基層的職位，也能支付符合倫理的薪資。

But the other thing that happened in Colombia that's happening is that the work week has actually gone down in terms of the hours that are allowable for work without overtime. So we've gone from 44 to actually 42 hours. So that's a component of what's going on there as well.

但哥倫比亞還發生另一件事：每週工時在不需支付加班費的可允許工時方面，實際上已經下降。也就是從44小時降到42小時。因此這也是當地情況的一部分。

And in particular, the latest comment that David made, thank you, David, for that, is impacting the warehouse plan design that we mentioned.

而且，特別是David剛才的最新補充——謝謝你，David——也正在影響我們先前提到的倉庫規劃設計。

Yes, exactly. I hope that helps shed a little light there.

是的，完全正確。希望這能讓你更清楚一些。

Yeah. Perfect. Perfect. And also, if I may, sorry, are you seeing better Trinidad dollars to US dollars conversion conditions? And would that reduce the need to charge a premium in goods in the country looking ahead?

是的。非常好。非常好。另外，如果可以的話，不好意思，請問你們是否看到千里達幣兌美元的換匯條件有所改善？而這是否會在未來降低在該國商品定價需要加收溢價的必要性？

No, we're not seeing any material change in the conditions in the market. Like I mentioned a bit earlier, it continues the same level of illiquidity. I mean, we're following closely every macroeconomic announcement and evolution in Trinidad. I mean, I'm not in a position to say that that would change. So we continue with our premium in our cost to cover for this.

沒有，我們沒有看到市場條件有任何實質性的變化。如我稍早提到的，流動性不足的程度仍然相同。我們確實密切關注千里達的每一項總體經濟公告與發展。但我無法斷言情況會改變。因此我們仍會在成本中維持溢價，以因應這點。

And as I said before, I think the most important thing is that every -- all other things that we are evaluating internally to either reduce our need for US dollars in Trinidad or get more creative ways, always, of course, complying with all the regulations to get access to those dollars. But the market, difficult for me to anticipate. We don't see any reason to believe it would change.

而且如我之前所說，我認為最重要的是：我們在內部評估所有其他事項，以降低我們在千里達對美元的需求，或以更有創意的方式——當然始終遵循所有法規——取得美元。但市場方面，我很難預測。我們沒有看到任何理由相信情況會改變。

It's a tough situation.

這是一個艱難的情況。

It changes from quarter to quarter, but we don't see any change in the underlying long-term trend.

它會隨季度而變動，但我們看不到其背後長期趨勢有任何改變。

Got it. And last one, could you quantify the impact that Chile is having on warehouse clubs' SG&A line? And how should we think about this impact over the coming quarters?

了解。最後一個問題：你能否量化智利對倉儲會員店（warehouse clubs）SG&A費用線的影響？以及我們應該如何看待未來幾季這項影響？

In this quarter, so we are starting already, as you probably saw in the 10-Q, investing and as David explained, in preopening expenses. So in SG&A, it's about 10 basis points, the hit that we had this quarter for the preopening expenses in Chile.

在本季，我們已經開始——如你可能在10-Q中看到的——進行投資，並如David所說，產生開店前費用。因此在SG&A方面，本季智利的開店前費用影響約為10個基點。

And that concludes our question-and-answer session. I would now like to turn the conference back over to Gualberto Hernandez for closing comments.

以上為我們的問答環節。接下來我想把電話會議交回給Gualberto Hernandez作結語。

Okay. Thank you, operator, and thank you, everybody, for joining this call. It's very important we continue this communication, and we enjoy every -- our interaction. So thank you very much. Have a good day.

好的。謝謝主持人，也謝謝各位參與這通電話會議。持續保持這樣的溝通非常重要，我們也很珍惜每一次——與各位的互動。非常感謝。祝各位有美好的一天。

Thanks, everyone.

謝謝大家。

Well, ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。