沃爾瑪 (WMT) 2024 Q1 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal Year 2024 First Quarter Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到沃爾瑪 2024 財年第一季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may begin.

我現在將會議轉交給投資者關係高級副總裁 Steph Wissink。斯蒂芬，你可以開始了。

Thank you, and welcome, everyone. We're excited to discuss the results of a strong first quarter and our upwardly revised outlook for the year. Joining me on the call are Walmart's CEO, Doug McMillon; and CFO, John David Rainey. Following prepared remarks from Doug and John David, we'll take your questions. At that time, we will be joined by our segment CEOs, John Furner from Walmart U.S., Judith McKenna from Walmart International, and Kath McLay from Sam's Club. (Operator Instructions)

謝謝大家，歡迎大家。我們很高興討論第一季度強勁的結果和我們向上修正的年度展望。和我一起參加電話會議的還有沃爾瑪的首席執行官道格·麥克米倫 (Doug McMillon)；首席財務官 John David Rainey。在 Doug 和 John David 準備好的評論之後，我們將回答您的問題。屆時，我們的部門首席執行官、來自沃爾瑪美國的 John Furner、來自沃爾瑪國際的 Judith McKenna 和來自 Sam's Club 的 Kath McLay 將加入我們的行列。 （操作員說明）

Today's call is being recorded, and management may make forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC. Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements as well as our entire safe harbor statement and non-GAAP reconciliations on our website at stock.walmart.com.

今天的電話正在錄音中，管理層可能會做出前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述存在重大差異。這些風險和不確定性包括但不限於我們在提交給美國證券交易委員會的文件中確定的因素。請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，了解有關前瞻性陳述的警示性聲明以及我們的整個安全港聲明和非 GAAP 調節。

Thank you for your interest in Walmart. Doug, we are now ready to begin.

感謝您對沃爾瑪的關注。道格，我們現在準備開始了。

Good morning, and thanks for joining us to discuss our Q1 results. We had a strong first quarter. Sales growth was strong globally, including growth of 26% in e-commerce. Profit grew much faster than sales, and we made further progress on inventory levels. The omnichannel model we're building continues to resonate with customers and members. As expected, a higher mix of sales in the food and consumables categories negatively affected gross profit, but strong expense management and progress with our newer mutually reinforcing businesses helped us grow profit ahead of sales at 17.3%.

早上好，感謝您加入我們討論第一季度的結果。我們有一個強勁的第一季度。全球銷售增長強勁，其中電子商務增長 26%。利潤增長遠快於銷售額，我們在庫存水平上取得了進一步進展。我們正在構建的全渠道模型繼續引起客戶和會員的共鳴。正如預期的那樣，食品和消費品類別的較高銷售組合對毛利潤產生了負面影響，但強大的費用管理和我們新的相互促進業務的進展幫助我們實現了 17.3% 的利潤增長，超過了銷售額。

The business model we outlined at our recent investor conference is taking shape. International had a great quarter, continuing our momentum from last year. Sales grew 12.9% in constant currency, and profit grew even faster at 41%. China, Walmex and Flipkart all saw double-digit top line growth. In China, the reopening of the economy coincided with the Chinese New Year season, and that drove traffic to our clubs and stores. Sam's Club China continues its strong performance.

我們在最近的投資者會議上概述的商業模式正在形成。國際有一個偉大的季度，延續了我們去年的勢頭。按固定匯率計算，銷售額增長 12.9%，利潤增長更快，達到 41%。中國、Walmex 和 Flipkart 的收入均實現了兩位數的增長。在中國，經濟的重新開放恰逢農曆新年，這為我們的俱樂部和商店帶來了客流量。山姆會員店中國繼續保持強勁表現。

For India, a group of us were there last week, and we left even more excited about our opportunities. Flipkart and PhonePe are doing well. Our Walmart tech team there is strong and we have a big opportunity to increase our exports from India across quite a few merchandise categories.

對於印度，上週我們一群人去了那裡，我們離開時對我們的機會更加興奮。 Flipkart 和 PhonePe 表現不錯。我們在那裡的沃爾瑪技術團隊很強大，我們有很大的機會增加我們在印度的多個商品類別的出口。

In the U.S., both Walmart and Sam's Club performed well with good transaction growth, positive units in food and strong e-commerce growth. We continue to gain market share in the grocery category, including with higher income and younger shoppers, and we saw good growth in membership income in both businesses. At Sam's Club U.S., member count and Plus member penetration hit all-time highs in the quarter. Our growth is now being driven by convenience in addition to price. We see it across formats and in common age cohorts.

在美國，沃爾瑪和山姆會員店都表現良好，交易增長良好，食品業務增長強勁，電子商務增長強勁。我們繼續在雜貨品類中獲得市場份額，包括更高收入和更年輕的購物者，我們看到這兩項業務的會員收入都有良好增長。在 Sam's Club U.S.，會員數量和 Plus 會員滲透率在本季度創下歷史新高。除了價格之外，我們的增長現在還受到便利性的推動。我們在各種格式和普通年齡組中看到它。

In terms of inventory, we're in good shape. In stock is improving and excess inventory keeps coming down. We see it in the numbers, and I'm seeing it on store and club visits.

在庫存方面，我們的狀況良好。庫存正在改善，過剩庫存不斷下降。我們在數字中看到了這一點，我在商店和俱樂部參觀中也看到了這一點。

Globally, customers continue to seek value given the impact of inflation. We see it in the U.S. and in other markets like Mexico, Canada and Chile. Private brand penetration is up about 110 basis points versus last year for Walmart U.S. and 50 basis points for Walmex.

在全球範圍內，鑑於通貨膨脹的影響，客戶繼續尋求價值。我們在美國以及墨西哥、加拿大和智利等其他市場看到了這種情況。與去年相比，沃爾瑪美國的自有品牌滲透率提高了約 110 個基點，而 Walmex 則提高了 50 個基點。

We continue to manage our price gaps and deliver value for our customers. In Walmart U.S., general merchandise costs are now lower than a year ago, which is great, but they're still higher than 2 years ago on like items. In the dry grocery and consumables categories like paper goods, we continue to see high single-digit to low double-digit cost inflation. We all need those prices to come down.

我們繼續管理我們的價格差距並為我們的客戶創造價值。在美國沃爾瑪，一般商品的成本現在低於一年前，這很好，但同類商品的成本仍高於 2 年前。在紙製品等乾雜貨和消耗品類別中，我們繼續看到高個位數到低兩位數的成本通脹。我們都需要這些價格下降。

The persistently high rates of inflation in these categories lasting for such a long period of time are weighing on some of the families we serve. This stubborn inflation in dry grocery and consumables is one of the key factors creating uncertainty for us in the back half of the year because of the cumulative impact on discretionary spending in other categories, specifically general merchandise.

這些類別的持續高通貨膨脹率持續了這麼長時間，這給我們服務的一些家庭帶來了壓力。乾貨和消費品的這種頑固的通貨膨脹是在今年下半年給我們帶來不確定性的關鍵因素之一，因為它對其他類別的可自由支配支出產生了累積影響，特別是一般商品。

We think we've got guidance where it should be reflecting the appropriate amount of conservatism given the external environment. We feel very good about our performance, our multiyear momentum and our ability to serve people however they want to shop and do it at a value. We're executing well and performing well in all 3 segments. John David will say more about how we're thinking about guidance in a minute.

我們認為我們已經得到指導，在給定外部環境的情況下，它應該反映出適當的保守主義程度。我們對我們的表現、我們多年的發展勢頭以及我們為人們提供服務的能力感到非常滿意，無論他們想要購物還是物有所值。我們在所有 3 個部分都執行良好並表現良好。稍後，John David 將詳細說明我們是如何考慮指南的。

As we look ahead to Q2 and the rest of the year, we're focused on getting our merchandise costs and retails down to fight inflation for our customers and members, which will help us with mix; pickup and delivery execution, whether that comes from a store or an FC; expense management; and inventory management by item and category.

展望第二季度和今年剩餘時間，我們專注於降低商品成本和零售成本，為我們的客戶和會員抗擊通貨膨脹，這將有助於我們的組合；取貨和送貨執行，無論是來自商店還是 FC；費用管理；以及按項目和類別進行庫存管理。

There are places to play offense and there are places to be more conservative. We shouldn't be treating every category the same way, and we aren't. We're playing offense where we should and controlling what we can control.

有進攻的地方，也有保守的地方。我們不應該以同樣的方式對待每個類別，我們也不是。我們在應該進攻的地方進攻，控制我們能控制的。

Last month, we hosted our investor meeting in Florida, where we visited a DC, a store and a Sam's Club. For those of you that made that trip, thank you. We really enjoyed it and hope you did too. We had 3 takeaways.

上個月，我們在佛羅里達舉辦了投資者會議，參觀了一家配送中心、一家商店和一家山姆會員店。對於你們中的那些人，謝謝你們。我們真的很喜歡它，希望你也喜歡。我們點了 3 份外賣。

First, we're positioned to grow because we can serve customers and members however they want to be served. Second, over time, we expect to grow profit faster than sales and improve operating margin due to productivity improvements and the mix of businesses. And third, we'll be disciplined with capital to improve ROI as we grow operating income.

首先，我們定位於發展，因為我們可以為客戶和會員提供他們想要的服務。其次，隨著時間的推移，由於生產力的提高和業務組合，我們預計利潤增長速度將快於銷售額增長，並提高營業利潤率。第三，隨著營業收入的增長，我們將嚴格控制資本以提高投資回報率。

I hope you can see how the investments we've made in recent years are driving results. We added nearly $11 billion in sales in Q1, delivered 58 basis points of expense leverage and expanded operating margin by 34 basis points. As for returns, we want operating profit growing faster than sales, and we expect to see an inflection in ROI in the coming quarters as we begin to lap large onetime items from past quarters.

我希望您能看到我們近年來所做的投資是如何取得成果的。我們在第一季度增加了近 110 億美元的銷售額，實現了 58 個基點的費用槓桿，並將營業利潤率擴大了 34 個基點。至於回報，我們希望營業利潤的增長速度快於銷售額，並且隨著我們開始處理過去幾個季度的大型一次性項目，我們預計未來幾個季度的投資回報率會出現變化。

The investor meeting also gave us an opportunity to show off a piece of the automation we're working on in an ambient DC. And while it's an important piece of what we're building, our overall set of capabilities go far beyond that. We're building a more connected, intelligent and automated network. We're adding market fulfillment centers or MFCs, which utilize automated storage and retrieval systems, and we expect to add thousands of electric vehicles to support our last-mile delivery capabilities. It's about creating a supply chain that's better, not just bigger.

投資者會議還讓我們有機會展示我們正在環境 DC 中進行的自動化工作。雖然這是我們正在構建的一個重要部分，但我們的整體能力集遠遠不止於此。我們正在構建一個連接更緊密、智能化和自動化的網絡。我們正在增加利用自動存儲和檢索系統的市場履行中心或 MFC，我們預計將增加數千輛電動汽車來支持我們的最後一英里交付能力。這是關於創建一個更好的供應鏈，而不僅僅是更大。

We're excited about how our new capabilities will help our associates by making some of our more physically-demanding jobs into more rewarding, higher-skilled career paths. We're hosting our annual shareholders' week events in a couple of weeks here in Northwest Arkansas. Part of the experience will include a tour of an MFC we've just opened. It will be a good chance to see another piece of what we're building.

我們很高興我們的新能力將如何幫助我們的員工將我們的一些體力要求更高的工作轉變為更有價值、更高技能的職業道路。幾週後，我們將在阿肯色州西北部舉辦年度股東周活動。部分體驗將包括參觀我們剛剛開放的 MFC。這將是一個很好的機會，可以看到我們正在建造的另一部分。

I'll close by saying thank you. Thank you to our associates for helping us deliver another strong quarter. We're proud of them and pleased that both Walmart and Sam's Club in the U.S. were recently certified as a great place to work by the industry leader in workplace excellence. Thank you for your interest in our company.

最後，我會說聲謝謝。感謝我們的同事幫助我們實現了另一個強勁的季度。我們為他們感到自豪，也很高興美國的沃爾瑪和山姆俱樂部最近被卓越工作場所行業領導者認證為最佳工作場所。感謝您對我們公司的關注。

Now over to John David.

現在請約翰大衛發言。

Thanks, Doug. I'd like to start by thanking our customers, associates and partners for helping us deliver a strong quarter to start the year. Despite a challenging macro environment, the team executed and we made progress advancing our various strategic initiatives. I'll begin by reviewing highlights for the quarter, using the framework of growth, margins and returns, then I'll spend a couple of minutes reviewing key themes from our recent Investor Day before detailing our updated guidance.

謝謝，道格。首先，我要感謝我們的客戶、合作夥伴和合作夥伴幫助我們在今年年初交付了一個強勁的季度。儘管宏觀環境充滿挑戰，但團隊執行了並且我們在推進各種戰略計劃方面取得了進展。我將首先回顧本季度的亮點，使用增長、利潤率和回報的框架，然後我將花幾分鐘回顧我們最近的投資者日的關鍵主題，然後詳細介紹我們更新的指導。

Starting with growth. For the first quarter, constant currency sales increased nearly 8% or about $11 billion with strength across all segments. Walmart U.S. comp sales, excluding fuel, increased 7.4%, including 27% growth in e-commerce. After a strong start, sales growth moderated as the quarter progressed. The 90 basis point deceleration in comp sales growth from Q4 was driven by pricing and the effect of lapping higher inflation rates in the prior year period. We continue to gain share and grow unit volume in grocery. This was consistent with our expectations and how we built our plan.

從成長開始。第一季度，固定貨幣銷售額增長近 8% 或約 110 億美元，所有部門都表現強勁。沃爾瑪美國不包括燃料的銷售額增長了 7.4%，其中電子商務增長了 27%。在開局強勁之後，銷售增長隨著季度的推進而放緩。與第四季度相比，銷售額增長 90 個基點的減速是由定價和上年同期通脹率上升的影響推動的。我們繼續在雜貨店獲得份額並增加單位數量。這符合我們的期望以及我們制定計劃的方式。

At the headline level, consumer spending has proven resilient. But below the surface, we continue to see signs that customers remain choiceful, particularly in discretionary categories. In Q1, we saw a nearly 360 basis point shift in U.S. sales mix from general merchandise to grocery and health and wellness. To benchmark, the magnitude of this shift exceeds the 330 basis points of category mix shift we experienced in all of last year.

在標題層面，消費者支出已證明具有彈性。但在表面之下，我們繼續看到客戶仍然有選擇的跡象，尤其是在可自由支配的類別中。在第一季度，我們看到美國銷售組合從一般商品轉向食品雜貨和保健品，發生了近 360 個基點的轉變。作為基準，這種轉變的幅度超過了我們去年全年經歷的類別組合轉變的 330 個基點。

In addition to the persistence of inflation in food and consumables, customers were also impacted by a reduction of SNAP benefits and lower tax refunds. These impacts were partially offset by higher spending tied to an increase in the cost of living adjustment for social security benefits.

除了食品和消費品的持續通貨膨脹外，客戶還受到 SNAP 福利減少和退稅減少的影響。這些影響部分被與社會保障福利的生活調整成本增加相關的更高支出所抵消。

In our International segment, sales were strong, up nearly 13% on a constant currency basis, led by double-digit growth in China, Walmex and Flipkart. Many of the same impacts on consumer spending in the U.S. affected our international markets, too. And Sam's Club U.S. comp sales increased 7% with member fee income up 6.3%. Average spend per member increased mid-single digits.

在我們的國際業務領域，銷售額強勁，按固定匯率計算增長近 13%，這主要得益於中國、Walmex 和 Flipkart 的兩位數增長。對美國消費者支出的許多相同影響也影響了我們的國際市場。山姆會員店美國銷售額增長 7%，會員費收入增長 6.3%。每個會員的平均支出增加了中個位數。

Now on margins. Consolidated gross margins decreased 18 basis points with ongoing pressure from category sales mix globally. This headwind was partially offset by a reduction in supply chain and freight costs relative to last year's heightened levels.

現在在邊緣。由於全球類別銷售組合的持續壓力，綜合毛利率下降了 18 個基點。與去年的高水平相比，供應鍊和貨運成本的下降部分抵消了這一逆風。

Category mix was a notable headwind across geographies and formats. Walmart U.S. general merchandise sales declined mid-single digits, while food and consumable sales increased low double digits. Headline inflation in food and consumables came down over 400 basis points from the start of Q1 to the end of the quarter, but prices remain high, and customers are being cautious with their spend in discretionary categories. And while we make attractive margins in food and consumables, they have a lower margin than general merchandise. We expect category mix to remain a gross margin headwind for the balance of FY '24.

類別組合是跨地域和格式的顯著阻力。沃爾瑪美國一般商品銷售額下降了中個位數，而食品和消費品銷售額增長了兩位數。從第一季度初到本季度末，食品和消費品的總體通脹下降了 400 多個基點，但價格仍然很高，客戶對非必需品類別的支出持謹慎態度。雖然我們在食品和消費品方面的利潤率頗具吸引力，但它們的利潤率低於一般商品。我們預計品類組合仍將是 24 財年剩餘時間的毛利率逆風。

The higher-margin initiatives that are connected to our core omni retail business, including marketplace, advertising and membership continue to meaningfully outgrow the base. I'll discuss each of these. First, marketplace and fulfillment services.

與我們的核心全方位零售業務相關的高利潤計劃，包括市場、廣告和會員資格，繼續顯著超出基礎。我將逐一討論。首先，市場和履行服務。

We're growing our marketplace with new items and sellers and an improved experience. We've increased seller counts in the U.S. by more than 40% year-over-year, and the number using Walmart fulfillment services has more than doubled. We're adding higher profile in-demand brands that our customers are searching for, but not typically distributed at Walmart, elevating our profile as a digital shopping destination.

我們正在通過新商品和賣家以及改進的體驗來發展我們的市場。我們在美國的賣家數量同比增加了 40% 以上，使用沃爾瑪配送服務的賣家數量增加了一倍多。我們正在添加客戶正在搜索但通常不會在沃爾瑪銷售的知名度更高的需求品牌，從而提升我們作為數字購物目的地的形象。

And in India, Flipkart's commerce platform continues to scale, growing first-time e-commerce customers and expanding its reach in Tier 2 and Tier 3 cities. Flipkart's Ekart business now includes more than 35,000 kirana partners as well as providing fulfillment services for Flipkart sellers and other third parties.

在印度，Flipkart 的商務平台繼續擴大規模，增加了首次電子商務客戶，並擴大了其在 2 線和 3 線城市的覆蓋範圍。 Flipkart 的 Ekart 業務現在包括超過 35,000 個 kirana 合作夥伴，並為 Flipkart 賣家和其他第三方提供履行服務。

Moving to advertising. Our global advertising business delivered strong growth of over 30% in Q1. In the U.S., Walmart Connect advertising sales increased nearly 40% as we experienced strong momentum in new advertisers, particularly from marketplace sellers. And the number of 3P sellers utilizing our ad capabilities has doubled over the past 12 months.

轉向廣告。我們的全球廣告業務在第一季度實現了超過 30% 的強勁增長。在美國，Walmart Connect 廣告銷售額增長了近 40%，因為我們在新廣告商（尤其是來自市場賣家的廣告商）中看到了強勁勢頭。在過去 12 個月中，利用我們廣告功能的 3P 賣家數量翻了一番。

Sam's Club ad business, called Member Access Platform, grew double digits with the number of active advertisers, up more than 50% versus last year. Advertisers are responding to our recently launched in-club sales attribution feature, which provides advertisers with clear insights on the returns of digital ad spend, both online and in clubs, while enhancing member experience. And in International, the advertising business continued to show strength, led by Flipkart ads, which was up over 50%.

Sam's Club 廣告業務（稱為會員訪問平台）隨著活躍廣告商的數量增長了兩位數，比去年增長了 50% 以上。廣告商對我們最近推出的俱樂部內銷售歸因功能做出了回應，該功能為廣告商提供了關於在線和俱樂部數字廣告支出回報的清晰洞察，同時增強了會員體驗。在國際市場，廣告業務繼續表現強勁，其中 Flipkart ads 領漲，漲幅超過 50%。

And lastly, membership. Sam's Club member counts have had a multiyear run of robust growth with another record high achieved in Q1. Member counts have grown nearly 30% over the past 3 years, and we're increasingly attracting greater numbers of millennials and Gen Z.

最後，會員資格。 Sam's Club 會員數量連續多年強勁增長，第一季度再創歷史新高。在過去 3 年中，會員數量增長了近 30%，我們越來越多地吸引了更多的千禧一代和 Z 世代。

We also like the trends we're seeing from Walmart+ members. Nearly 50% of our Walmart+ members are coming from the online pickup and delivery channel. Members spend more than nonmembers. They shop with us more frequently, and the membership deepens engagement helps enable personalization and allows us to offer more services and to provide more offers on things that are important to our customers.

我們也喜歡我們從 Walmart+ 會員那裡看到的趨勢。我們近 50% 的 Walmart+ 會員來自在線取貨和送貨渠道。會員消費比非會員多。他們與我們一起購物的頻率更高，會員資格加深了參與度，有助於實現個性化，並使我們能夠提供更多服務，並提供更多對客戶重要的事物的優惠。

Turning back to the middle of the P&L. SG&A expenses leveraged 58 basis points, aided by strong sales growth across the enterprise, a continued focus on managing costs into moderating sales growth as inflation lessens and lapping some COVID-related wage costs in the U.S. last year. Taking all this together, our operating income grew more than 17%. This is relative to sales growth of nearly 8%, which resulted in operating margin expansion of 34 basis points, reinforcing the financial framework that we laid out at our Investor Day.

回到損益表的中間。 SG&A 費用槓桿化了 58 個基點，這得益於整個企業的強勁銷售增長，隨著通貨膨脹的減輕以及去年在美國覆蓋了一些與 COVID 相關的工資成本，繼續關注成本管理以減緩銷售增長。綜上所述，我們的營業收入增長了 17% 以上。這是相對於近 8% 的銷售增長而言的，這導致營業利潤率增長了 34 個基點，從而加強了我們在投資者日制定的財務框架。

As signaled, when we issued FY '24 guidance in February, several below-the-line items impacted our Q1 earnings results, including higher net interest expense. Q1 net interest expense was more than $550 million, and we issued $5 billion of debt at favorable rates. Noncontrolling interest was also higher in the quarter, due in part to stronger results from Walmex. Adjusted EPS of $1.47 was better than we expected as sales outpaced our plan and cost leverage exceeded plan. GAAP EPS was $0.62. The difference between adjusted and GAAP EPS reflects an $0.85 impact from unrealized gains and losses on equity investments.

正如所暗示的那樣，當我們在 2 月份發布 FY '24 指南時，幾個線下項目影響了我們第一季度的收益結果，包括更高的淨利息支出。第一季度淨利息支出超過 5.5 億美元，我們以優惠利率發行了 50 億美元的債務。本季度的非控股權益也有所增加，部分原因是 Walmex 的強勁業績。調整後的 EPS 為 1.47 美元，好於我們的預期，因為銷售額超過了我們的計劃，成本槓桿也超過了計劃。 GAAP 每股收益為 0.62 美元。調整後和 GAAP 每股收益之間的差異反映了股權投資未實現損益的 0.85 美元影響。

The team continued to do a good job managing inventory, and we ended the quarter down 7%, including a more than 9% decline in Walmart U.S. Managing cost and inventory are two of the key controllables as we navigate an uncertain macro environment. We're improving inventory efficiency and merchandise flow and addressing placement in order to better serve customers, improve store in-stock levels while also mitigating future risk if demand softens.

該團隊繼續出色地管理庫存，我們在本季度結束時下降了 7%，其中沃爾瑪美國下降超過 9%。在我們應對不確定的宏觀環境時，管理成本和庫存是兩個關鍵的可控因素。我們正在提高庫存效率和商品流動並解決安置問題，以便更好地為客戶服務，提高商店庫存水平，同時在需求疲軟時降低未來風險。

Let me take a moment to discuss our returns or specifically return on investment or ROI, which declined by 120 basis points this quarter. We calculate ROI on a trailing 12-month basis. As such, the decline in Q1 is a result of nearly $4.2 billion in charges we incurred in Q3 and Q4 last year related primarily to the opioid legal settlement framework and the separation of Flipkart and PhonePe.

讓我花點時間討論一下我們的回報，特別是投資回報率或投資回報率，本季度下降了 120 個基點。我們以過去 12 個月為基礎計算投資回報率。因此，第一季度的下降是由於我們在去年第三季度和第四季度發生的近 42 億美元的費用主要與阿片類藥物法律和解框架以及 Flipkart 和 PhonePe 的分離有關。

Together, these negatively impacted the first quarter ROI by about 140 basis points. These will again be a headwind in Q2 and to a lesser extent in Q3. As we lap these charges, we expect meaningful improvement in ROI in the back half of this year. When you look beyond these unique items, our underlying operational ROI is steadily moving higher. At our Investor Day in April, I said that we want our ROI to go up every year, and I still believe that will be the case this year.

這些因素加起來對第一季度的投資回報率產生了約 140 個基點的負面影響。這些將再次成為第二季度的不利因素，並且在第三季度的影響較小。隨著我們對這些費用進行處理，我們預計今年下半年的投資回報率將有顯著改善。當您超越這些獨特的項目時，我們的基本運營投資回報率正在穩步上升。在 4 月的投資者日，我說過我們希望我們的投資回報率每年都上升，我仍然相信今年會如此。

Let me briefly reference key segment highlights for Q1. For Walmart U.S., comp sales were strong, up 7.4%, reflecting higher store traffic trends as well as strong growth in store-fulfilled pickup and delivery. From a category perspective, comp sales were driven by strong growth in food and health and wellness, partially offset by a decline in general merchandise sales. Unseasonably cooler spring weather negatively impacted sales in certain seasonal hardline categories, including lawn and garden.

讓我簡要參考第一季度的關鍵細分市場亮點。沃爾瑪美國公司的同店銷售強勁，增長 7.4%，反映出更高的店面客流量趨勢以及店內取貨和送貨的強勁增長。從品類角度來看，食品和保健品的強勁增長推動了同類產品的銷售，但部分被一般商品銷售的下滑所抵消。異常涼爽的春季天氣對某些季節性強硬類別（包括草坪和花園）的銷售產生了負面影響。

Gross margins decreased 41 basis points, primarily due to ongoing pressure from category mix shifts. As mentioned previously, supply chain costs and transportation were lower as we lapped last year's elevated levels. Inflation remained high, up low double digits in food categories. It's important to remember that while year-over-year inflation started to moderate as the quarter progressed, this is largely due to lapping higher levels from last year.

毛利率下降了 41 個基點，這主要是由於品類組合轉變帶來的持續壓力。如前所述，隨著我們超越去年的高水平，供應鏈成本和運輸成本有所下降。通貨膨脹率居高不下，食品類別的通貨膨脹率低至兩位數。重要的是要記住，雖然隨著季度的推進，同比通脹率開始放緩，但這主要是由於去年的水平有所上升。

On a 2-year stack basis, food inflation remains over 20%, and continues to pressure discretionary wallets. Share gains in grocery continued, including from higher income households as our strong price gaps resonate with customers who are increasingly prioritizing value and convenience. We're also seeing market share gains in the areas of general merchandise, where we've invested to improve the customer experience, such as entertainment and automotive.

在 2 年的疊加基礎上，食品通脹率仍超過 20%，並繼續給可自由支配的錢包帶來壓力。雜貨店的份額繼續上漲，包括來自高收入家庭的份額，因為我們巨大的價格差距引起了越來越重視價值和便利的客戶的共鳴。我們還看到了一般商品領域的市場份額增加，我們在這些領域投資以改善客戶體驗，例如娛樂和汽車。

In this environment, as customers manage household budgets more tightly and are biasing spending toward everyday essentials, we're reinforcing our value proposition across the merchandise offering, including seasonal event savings featuring high-quality owned brands and leaning into opening price points.

在這種環境下，隨著客戶更嚴格地管理家庭預算並將支出偏向於日常必需品，我們正在加強我們在整個商品供應中的價值主張，包括以高品質自有品牌為特色的季節性活動節省和傾向於開放價格點。

For the Easter holiday, we offered customers a curated Easter meal, along with a traditional Easter basket for the same price as last year. Private brand penetration in grocery categories increased nearly 110 basis points in Q1 following a 160 basis point increase in Q4 and a 130 basis point increase in Q3.

在復活節假期，我們以與去年相同的價格為客戶提供精心策劃的複活節大餐以及傳統的複活節籃子。繼第四季度增長 160 個基點和第三季度增長 130 個基點之後，第一季度自有品牌在雜貨類別中的滲透率增長了近 110 個基點。

E-commerce sales were led by continued double-digit growth in store-fulfilled pickup and delivery. Customers increasingly value convenience and speed of delivery. We have an advantage here as we leverage the proximity of our stores to fulfill and deliver digital orders to customer homes.

實體店取貨和送貨的持續兩位數增長帶動了電子商務銷售。客戶越來越重視交付的便利性和速度。我們在這裡有優勢，因為我們利用我們商店的鄰近性來完成數字訂單並將其交付到客戶家中。

In many cases, we can get orders delivered faster to customers while building a sustainable omni-economic model. Strong flow-through on higher sales contributed to SG&A expense leverage, which offset gross profit pressure, resulting in strong operating income growth of 11.7% relative to comp sales growth of 7.4%.

在許多情況下，我們可以在構建可持續的全經濟模型的同時更快地將訂單交付給客戶。較高銷售額帶來的強勁流通有助於 SG&A 費用槓桿，抵消了毛利潤壓力，導致營業收入強勁增長 11.7%，而同期銷售額增長 7.4%。

Our International segment delivered an outstanding quarter with strong growth in both sales and profit, continuing the momentum built in the back half of last year. International grew both the top and the bottom line faster than the enterprise. Sales grew nearly 13% on a constant currency basis, led by double-digit growth in China, Walmex and Flipkart.

我們的國際業務在本季度表現出色，銷售額和利潤均實現強勁增長，延續了去年下半年建立的勢頭。國際公司的收入和利潤增長速度都快於企業。在中國、Walmex 和 Flipkart 兩位數增長的帶動下，銷售額按固定匯率計算增長了近 13%。

Impressively, operating income grew more than 3x faster than sales, up 41%, with each market delivering year-over-year improvement. The strong profit flow-through is particularly encouraging as the team has been delivering operating efficiencies on top of strong sales growth.

令人印象深刻的是，營業收入的增長速度是銷售額的 3 倍多，增長了 41%，每個市場都實現了同比增長。強勁的利潤流特別令人鼓舞，因為該團隊在強勁的銷售增長的基礎上一直在提高運營效率。

In China, sales increased 28% as the team executed well during the Chinese New Year season and also saw increased traffic as the Chinese economy reopens. Results were strong across formats and channels with continued member growth and higher member retention at Sam's Club, improved trends in hypermarkets and more than 50% sales growth in e-commerce.

在中國，由於團隊在農曆新年期間表現良好，銷售額增長了 28%，而且隨著中國經濟的重新開放，客流量也有所增加。由於山姆俱樂部的會員持續增長和更高的會員保留率、大賣場的趨勢改善以及電子商務的銷售額增長超過 50%，跨格式和渠道的結果都很強勁。

Walmex had another good quarter with sales strength in Bodega stores, Sam's clubs and e-commerce. We continue to take advantage of opportunities to expand our physical footprint, opening more than 120 stores over the past 12 months while also scaling our omnichannel capabilities. As customers' desire for convenience increases, the team has rolled out a 60-minute delivery option to 80% of Walmart Supercenter and Express stores in Mexico.

Walmex 在 Bodega 商店、山姆俱樂部和電子商務方面的銷售強勁，這又是一個不錯的季度。我們繼續利用機會擴大我們的實體足跡，在過去 12 個月內開設了 120 多家門店，同時還擴展了我們的全渠道能力。隨著客戶對便利性的需求增加，該團隊已向墨西哥 80% 的沃爾瑪超級中心和 Express 商店推出 60 分鐘送貨選項。

In India, Flipkart had strong top line results and improved its contribution profit. The team continues to expand their products and services. As an example, Flipkart travel added to its portfolio of offerings by launching bus reservation services during the quarter through its Cleartrip platform and already is capable of offering 1 million bus connections to customers, and we continue to be pleased with PhonePe's great performance.

在印度，Flipkart 的營收表現強勁，貢獻利潤也有所提高。該團隊繼續擴展他們的產品和服務。例如，Flipkart travel 通過其 Cleartrip 平台在本季度推出巴士預訂服務，增加了其產品組合，並且已經能夠為客戶提供 100 萬次巴士連接，我們繼續對 PhonePe 的出色表現感到滿意。

During the quarter, we reached an important milestone with annualized total payment volume, or TPV, eclipsing the 1 trillion level for the first time. For Sam's Club, U.S. comp sales were strong, up 7% in Q1. In addition to solid increases in both transaction and ticket, Sam's e-commerce sales were up 19%, led by strong growth in curbside. Sam's delivered another quarter of record member counts and membership income growth was 6.3%.

本季度，我們達到了一個重要的里程碑，年化總支付量 (TPV) 首次突破 1 萬億級別。對於 Sam's Club，美國同店銷售強勁，第一季度增長 7%。除了交易和門票的穩健增長外，Sam 的電子商務銷售額增長了 19%，這主要得益於路邊銷售的強勁增長。 Sam's 的會員數量再創新高，會員收入增長 6.3%。

Plus member penetration also hit an all-time high during the quarter. And it was terrific to celebrate the 40th birthday of Sam's Club during the quarter with member promotions and events. We saw incredible response from our existing and new members including the largest quarterly membership sign-up on record. Operating income declined slightly as a result of an inflation-related LIFO charge of $48 million. Without that charge, operating income would have increased 10%.

Plus 會員滲透率在本季度也創下歷史新高。在本季度通過會員促銷和活動慶祝 Sam's Club 成立 40 週年真是太棒了。我們看到了來自我們現有和新會員的令人難以置信的反響，包括有記錄以來最大的季度會員註冊。由於與通貨膨脹相關的 LIFO 費用為 4800 萬美元，營業收入略有下降。如果沒有這筆費用，營業收入將增加 10%。

At our investment community meeting in April, I outlined our plan to grow operating income faster than sales centered on 3 strategic building blocks of our financial objectives. First, we're focused on driving organic sales growth from our omnichannel business model. It's clear, our omni model is resonating with customers across income demographics who are seeking out Walmart digitally and in stores, curbside and via delivery. And we're growing mind share for our convenience, which nearly matches our mind share for price. As we continue to scale digital capabilities in our markets around the world, we have an opportunity to drive significant growth in the top line over the coming years.

在我們 4 月份的投資社區會議上，我概述了我們的計劃，即以我們財務目標的 3 個戰略組成部分為中心，以比銷售額更快的速度增長營業收入。首先，我們專注於通過我們的全渠道商業模式推動有機銷售增長。很明顯，我們的全方位模式引起了各個收入人群的共鳴，他們正在以數字方式和實體店、路邊和送貨方式尋找沃爾瑪。為了方便起見，我們正在增加思想份額，這幾乎與我們的思想份額價格相匹配。隨著我們繼續擴大我們在全球市場的數字能力，我們有機會在未來幾年推動收入的顯著增長。

The second component of our financial model is to diversify our earnings streams through improved product and business mix. To improve product mix, we're focused on increasing sales penetration in higher-margin categories like apparel and home through the expansion of our e-commerce marketplace assortment and an upgraded presentation and experience in our remodeled stores. Our e-commerce assortment has grown to include over 200 million SKUs in apparel and nearly 60 million in home categories.

我們財務模型的第二個組成部分是通過改進產品和業務組合使我們的收入來源多樣化。為了改善產品組合，我們專注於通過擴大我們的電子商務市場種類和升級我們改造後的商店的展示和體驗來提高服裝和家居等高利潤類別的銷售滲透率。我們的電子商務產品種類已經發展到包括超過 2 億個服裝類 SKU 和近 6000 萬個家居類。

And our newest remodeled Supercenters, take a differentiated approach to showcasing general merchandise with more brand shops, digital displays, manikins, wider aisles and updated fixtures. We're very encouraged by the early reads on customer response to these initiatives, and we plan to update 300 stores with these features this year. In addition, as I mentioned earlier, we're making progress in improving our business mix as we scale a portfolio of highly attractive growth initiatives that reinforce our core retail model and will directly reshape our e-commerce and enterprise profit trajectory. This set of initiatives drive stronger returns and includes advertising, data and membership in many markets. Collectively, these initiatives generate operating margins that are appreciably higher than our core business, and we expect we'll begin to positively influence operating profit growth relative to sales growth this year.

我們最新改建的超級中心採用差異化的方式展示一般商品，包括更多品牌商店、數字顯示器、人體模型、更寬的過道和更新的固定裝置。我們對客戶對這些舉措的反應的早期閱讀感到非常鼓舞，我們計劃今年為 300 家商店更新這些功能。此外，正如我之前提到的，隨著我們擴大一系列極具吸引力的增長計劃，加強我們的核心零售模式，並將直接重塑我們的電子商務和企業利潤軌跡，我們在改善業務組合方面取得了進展。這套舉措推動了更強勁的回報，包括在許多市場的廣告、數據和會員資格。總的來說，這些舉措產生的營業利潤率明顯高於我們的核心業務，我們預計今年我們將開始對相對於銷售增長的營業利潤增長產生積極影響。

The third building block of the model includes improving returns by scaling proven high-return investments in our supply chain that drive operating leverage and improve incremental margins. We're investing capital to optimize our distribution and fulfillment nodes with automation that we expect will drive a significant improvement in unit economics in the coming years. Our capital structure and cash flow generation are an advantage, and we're allocating capital responsibly with a bias toward increasing returns.

該模型的第三個組成部分包括通過擴大我們供應鏈中經過驗證的高回報投資來提高回報，這些投資可以推動運營槓桿並提高增量利潤率。我們正在投資資本以通過自動化優化我們的分銷和履行節點，我們預計這將在未來幾年推動單位經濟效益的顯著改善。我們的資本結構和現金流產生是一個優勢，我們正在負責任地分配資本，並傾向於增加回報。

I'll reiterate what I said at our Investor Day. We like our strategic position. Over time, we expect revenue growth across a diversified set of drivers, improved category mix and increasingly accretive business mix, coupled with improved unit economics. This is all fueled by supply chain investments with attractive payback cycles. We expect the outcome will be operating income growing faster than sales.

我將重申我在投資者日所說的話。我們喜歡我們的戰略地位。隨著時間的推移，我們預計收入將在一系列多元化驅動因素、品類組合的改善和業務組合的增加以及單位經濟效益的改善下實現增長。這一切都得益於具有誘人回報週期的供應鏈投資。我們預計結果將是營業收入增長快於銷售額。

Turning to guidance. There continues to be a great deal of uncertainty looking out over the balance of this year as macro pressures on the consumer have gradually intensified. As such, we continue to maintain a prudent approach to our outlook while, at the same time, having a high level of confidence in what we can control.

轉向指導。隨著消費者面臨的宏觀壓力逐漸加大，展望今年的平衡仍然存在很大的不確定性。因此，我們繼續對我們的前景保持審慎的態度，同時對我們可以控制的事情充滿信心。

It's also not our historic practice to always update guidance exiting Q1, and we don't necessarily want to establish precedent. But we think in this unique environment, it's important to provide an ongoing framework as our views evolve. We're raising our full year guidance to reflect Q1 performance and our expectations for Q2. We now expect net sales in constant currency to grow approximately 3.5%. Our expectations are for Walmart U.S. and International to grow slightly faster than our prior view, and for Sam's Club growth to be consistent with our February guidance.

總是更新退出第一季度的指南也不是我們的歷史慣例，我們不一定要建立先例。但我們認為，在這種獨特的環境中，隨著我們觀點的發展提供一個持續的框架非常重要。我們正在提高全年指導以反映第一季度的業績和我們對第二季度的預期。我們現在預計以固定匯率計算的淨銷售額將增長約 3.5%。我們預計沃爾瑪美國和國際的增長速度將略快於我們之前的預期，而山姆俱樂部的增長將與我們 2 月份的指引保持一致。

We expect operating income in constant currency to increase approximately 4% to 4.5%, including an expected 100 basis point impact from LIFO charges. And we estimate adjusted EPS to be in a range of $6.10 to $6.20, including an expected $0.14 impact from LIFO.

我們預計以固定匯率計算的營業收入將增長約 4% 至 4.5%，其中包括後進先出費用預計帶來的 100 個基點影響。我們估計調整後的每股收益在 6.10 美元到 6.20 美元之間，包括後進先出法帶來的預期 0.14 美元影響。

There are also a few changes below the line. Our recent debt issuance yielded a more favorable interest rate than estimated, and as such, our net interest expense is expected to grow $600 million versus last year. NCI or noncontrolling interest is expected to be closer to a $0.20 drag to EPS year-over-year, including strength in Walmex. And our tax expectations have moved toward the upper end of our prior range at approximately 26.5%.

線下也有一些變化。我們最近發行的債券產生了比預期更優惠的利率，因此，我們的淨利息支出預計將比去年增長 6 億美元。 NCI 或非控股權益預計將對 EPS 同比產生 0.20 美元的拖累，包括 Walmex 的強勢。我們的稅收預期已接近我們先前範圍的上限，約為 26.5%。

Looking at Q2, we're offering the following view: net sales growth in constant currency of approximately 4%. Operating income in constant currency is expected to decline approximately 2% versus last year. Excluding the $173 million benefit from Walmart Chile insurance proceeds last year, operating income growth in constant currency is expected to be flat to up slightly.

展望第二季度，我們提供以下觀點：按固定匯率計算的淨銷售額增長約 4%。按固定匯率計算的營業收入預計將比去年下降約 2%。不包括去年沃爾瑪智利保險收益的 1.73 億美元收益，按固定匯率計算的營業收入增長預計將持平或略有上升。

As you compare EPS versus the prior year, we're lapping the $0.05 benefit from Chile insurance proceeds and other income and $0.05 from JD's dividend and other gains and losses, resulting in a total of $0.10 of comparable EPS headwinds. We expect adjusted EPS of $1.63 to $1.68 in Q2 this year.

當您將 EPS 與上一年進行比較時，我們將從智利保險收益和其他收入中獲得 0.05 美元的收益，從 JD 的股息和其他損益中獲得 0.05 美元，從而導致可比 EPS 總計 0.10 美元的逆風。我們預計今年第二季度調整後的每股收益為 1.63 美元至 1.68 美元。

In closing, the year is off to a good start. We're positioning our business to succeed with an expanding omni ecosystem that allows us to grow our top and bottom line throughout any economic environment. If the consumer environment tightens further, we have a compelling value proposition with everyday low prices and a suite of conveniences to continue to gain wallet share.

總而言之，這一年開局良好。我們將我們的業務定位為通過不斷擴展的全方位生態系統取得成功，該生態系統使我們能夠在任何經濟環境中增加我們的收入和利潤。如果消費環境進一步收緊，我們有一個令人信服的價值主張，即每天的低價和一系列便利，以繼續獲得錢包份額。

If the macro environment proves, we have the opportunity to sell more general merchandise and improve our margin mix through both our first-party stores and e-commerce and third-party marketplace businesses. And the transformation of our business mix toward higher-margin streams of value is underway, helping to protect our profits today and to drive better profit growth in the future.

如果宏觀環境證明，我們有機會通過我們的第一方商店以及電子商務和第三方市場業務銷售更多的一般商品並改善我們的利潤率組合。我們的業務組合正在向利潤率更高的價值流轉型，這有助於保護我們今天的利潤並推動未來更好的利潤增長。

I look forward to seeing many of you at our shareholders' meeting activities next month here in Northwest Arkansas. And with that, let me turn it over to the operator for questions.

我期待著在下個月在阿肯色州西北部舉行的股東大會活動中見到你們中的許多人。有了這個，讓我把它交給接線員提問。

(Operator Instructions) And our first question comes from the line of Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Michael Lasser。

Given the prospect of this inflation and the increasingly difficult traffic comparison and consumer environment that you're facing over the rest of the year, how much do you expect you will need to invest in price and other actions in order to maintain an overall stable comp in the U.S. in the coming quarters? And has -- how have you factored these investments into your updated guidance?

鑑於這種通貨膨脹的前景以及您在今年剩餘時間裡面臨的日益困難的交通比較和消費環境，您預計您需要在價格和其他行動上投入多少才能維持整體穩定的競爭未來幾個季度在美國？並且 - 您如何將這些投資納入您更新的指南？

And is it fair to think that given your commentary around doing better than the 2% to 2.5% prior expectation for the Walmart U.S. comp that it could be as high as 4% to 5%, just given the momentum of that business?

考慮到您對沃爾瑪美國公司 2% 至 2.5% 的預期表現優於之前的預期，考慮到該業務的發展勢頭，它可能高達 4% 至 5%，這樣認為是否公平？

Michael, it's John Furner. I want to start first by thanking our entire team for delivering a strong quarter and investing in the future. At the same time, it was great to see both of those things happen.

邁克爾，我是約翰弗納。首先，我要感謝我們整個團隊交付了強勁的季度業績並投資於未來。同時，很高興看到這兩件事都發生了。

First, let me just reiterate our purpose of the company is to help people save money and live better. And certainly, in the last few quarters, we have seen new shoppers. As John David mentioned, many are higher income and younger and those shoppers are coming to us looking for value.

首先，讓我重申一下我們公司的宗旨是幫助人們省錢和生活得更好。當然，在過去幾個季度，我們看到了新的購物者。正如 John David 提到的，許多人收入更高，更年輕，這些購物者來找我們是為了尋找價值。

I think what's important for us as we look forward is price is really important to the Walmart shopper. We are pleased with the price gaps that we see in the market. Those are consistent with where they have been the last few quarters. Certainly, some shifting that you heard about earlier from brands to private brands.

我認為在我們期待的時候對我們來說重要的是價格對沃爾瑪購物者來說真的很重要。我們對市場上的價格差距感到滿意。這些與過去幾個季度的情況一致。當然，您之前聽說過從品牌到自有品牌的一些轉變。

And then most important right now is the flexibility that we offer consumers all across the country. We've seen quite a few customers shift to pick up in delivery. Our transaction count has been strong. And as far as our plan, the rest of the year, of course, we have built into the plan, room for adjustments should the consumer change or the macro environment change. As we mentioned, some softness in general merchandise, strength in food and consumables, we could -- we'll be able to manage things well, should that continue. We certainly think weather and other factors have played into some of our mix shifts. So we have a plan that will enable us to deliver value across the entire year.

現在最重要的是我們為全國各地的消費者提供的靈活性。我們已經看到不少客戶轉而選擇送貨上門。我們的交易量一直很強勁。就我們的計劃而言，今年剩餘時間，當然，我們已將調整空間納入計劃，以應對消費者變化或宏觀環境變化。正如我們所提到的，一般商品的一些疲軟，食品和消耗品的強勢，我們可以 - 如果這種情況繼續下去，我們將能夠很好地管理事情。我們當然認為天氣和其他因素影響了我們的一些組合轉變。因此，我們制定了一項計劃，使我們能夠在全年實現價值。

Michael, this is Doug. I'll just add to what John said to remind everybody when we were together in Florida, we talked about this being a bit of a pivot where our investments are more focused on capital investments than income statement investments. And we'll continue to proceed to invest in the supply chain, things we talked about a few weeks ago, of course, but also would remind you about our remodel investments. So I think that -- when I think of the word, investment, I think more about those things than I do necessarily income state investments -- income statement investments.

邁克爾，這是道格。當我們在佛羅里達州在一起時，我會補充約翰所說的話以提醒大家，我們談到這是一個支點，我們的投資更側重於資本投資而不是損益表投資。我們將繼續投資供應鏈，當然，我們幾週前談到的事情，但也會提醒您我們的改造投資。所以我認為——當我想到投資這個詞時，我更多地考慮這些事情，而不是我做的必然收入狀態投資——損益表投資。

I think the other thing I would say is it's a great time just to be a really good merchant. Like in our stores, when I think about general merchandise, whether that's apparel or hardlines, we're focusing our store leadership and our store associates on standing tall in those areas. And because inventory is in a better spot than it was last summer, for example, they can focus more on that rather than just dealing with the flow of inventory that was coming in. So we can impact mix and do other things to drive our business beyond just considering income statement investments.

我想我要說的另一件事是，現在是成為真正優秀商人的好時機。就像在我們的商店裡一樣，當我想到一般商品時，無論是服裝還是硬線商品，我們都會讓我們的商店領導和我們的商店員工專注於站在這些領域的高處。而且由於庫存比去年夏天更好，例如，他們可以更多地關注這一點，而不僅僅是處理即將到來的庫存流。因此我們可以影響組合併做其他事情來推動我們的業務不僅僅是考慮損益表投資。

The next question is from the line of Kate McShane from Goldman Bank.

下一個問題來自高盛銀行的 Kate McShane。

We wondered if we could ask around quarter-to-date trends for sales and if the moderation from Q1 has continued? And can you remind us when the mix lap starts to get easier with consumables?

我們想知道我們是否可以詢問季度至今的銷售趨勢以及第一季度的放緩是否繼續？你能提醒我們什麼時候混合圈開始變得更容易使用消耗品嗎？

Sure, Kate. This is John David. The second quarter -- rather the first quarter, the way that progressed, as I noted in my remarks, we saw a moderation as we went through the quarter, February was stronger and March and April were a bit of a tick down. And that follows some of the trends that we saw and other consumer behavior related to like SNAP benefits, tax refunds and such. This quarter has started off basically how the last quarter ended. So nothing notable really to say about the shift that we've seen thus far.

當然，凱特。這是約翰大衛。第二季度——而不是第一季度，正如我在發言中指出的那樣，我們在整個季度中看到了緩和，2 月份表現強勁，3 月份和 4 月份略有下降。這遵循了我們看到的一些趨勢以及與 SNAP 福利、退稅等相關的其他消費者行為。本季度基本上是上一季度結束的開始。因此，關於我們迄今為止所看到的轉變，沒有什麼值得一提的。

In terms of mix, mix is going to continue to be an impact on us this year. We began to -- I think it was most pronounced in the mid part of last year, where we saw the effect of that. And certainly, as we got into the back half of the year, consumer pocket books were continuing to be stretched. We saw that shift in our business pre-pronounced from food to general merchandise.

就混合而言，今年混合將繼續對我們產生影響。我們開始 - 我認為它在去年年中最為明顯，我們看到了它的影響。當然，隨著我們進入今年下半年，消費者的錢包繼續捉襟見肘。我們看到我們的業務從食品轉向日用商品。

The thing that I will say that's different this year is it's not just a shift to food and consumables, we've also seen in the first quarter a shift to health and wellness more. And part of that is related to these GLP-1 drugs that are to treat diabetes. We're certainly seeing an uptick in that. For us, that comes at a lower margin, and so that has some impact on our business as well.

我要說的是，今年的不同之處在於，這不僅僅是向食品和消費品的轉變，我們在第一季度也看到了更多向健康和保健的轉變。其中一部分與這些治療糖尿病的 GLP-1 藥物有關。我們當然看到了這種情況的上升。對我們來說，利潤率較低，因此對我們的業務也有一定影響。

I think the persistent inflation in dry grocery and consumables is the biggest issue. When you think about what we're up against and what we'll lap, we started to see inflation occur in the back half of '21. It accelerated in the beginning of '22 much faster than what we expected, it got to a higher level than what we expected. Since then, you've seen general merchandise start to come back down, but dry grocery and consumables have held.

我認為乾貨和消費品的持續通脹是最大的問題。當您考慮我們面臨的挑戰以及我們將要完成的任務時，我們開始看到通貨膨脹發生在 21 世紀的後半段。它在 22 年初的加速比我們預期的要快得多，它達到了比我們預期更高的水平。從那以後，您會看到一般商品價格開始回落，但乾貨和消耗品價格卻保持不變。

And so as a customer, particularly if it's a customer living paycheck to paycheck, they now have a 2-year stack that's a problem and eventually becomes a 3-year stack that's a problem. So working with those suppliers that are on the prepared foods and consumable categories to get costs down more as fast as we possibly can would help them drive unit volume, would help us with mix and free up cash for customers to use for discretionary goods. And that's what we're focused on, have been focused on, and it's just taking longer in those categories than we want.

因此，作為客戶，特別是如果客戶靠薪水生活，他們現在有 2 年的堆棧，這是一個問題，最終變成 3 年的堆棧，這是一個問題。因此，與那些在預製食品和消費品類別上的供應商合作，以盡可能快地降低成本將幫助他們提高單位銷量，將幫助我們混合併釋放現金供客戶用於非必需品。這就是我們關注的重點，一直關注的重點，只是在這些類別上花費的時間比我們想要的要長。

Our next question is from the line of Oliver Chen with TD Cowen.

我們的下一個問題來自 Oliver Chen 和 TD Cowen。

These tech-enabled retail ecosystems continues to scale really impressively. What are some of the key priorities for advertising in marketplace and how they may intersect with artificial intelligence as well as -- helping the margin mix?

這些技術支持的零售生態系統繼續以令人印象深刻的方式擴展。市場廣告的一些關鍵優先事項是什麼？它們如何與人工智能相交以及 - 幫助利潤率組合？

And a follow-up for Judith. China continues to be really impressive on sustained momentum as well as better margins. Just highlights about how that reopening has gone relative to your expectations, and any thoughts on India as well.

以及朱迪思的後續行動。中國在持續發展勢頭和更高的利潤率方面繼續給人留下深刻印象。只是強調重新開放相對於您的期望如何，以及對印度的任何想法。

Oliver, it's John. First, really proud of the team for the performance in e-commerce in the first quarter. The 27% is something they should all feel great about. That's a combination of a few things. We noted the growth in pickup and delivery, the significant growth in marketplace sellers.

奧利弗，是約翰。首先，為團隊第一季度在電子商務方面的表現感到非常自豪。 27% 是他們都應該感到高興的事情。這是幾件事的結合。我們注意到取貨和送貨的增長，以及市場賣家的顯著增長。

And I think what's encouraging behind that number are the number of sellers who are using the services that we offer like our fulfillment services, which gets more of the assortment delivered in 1 or 2 days, and we see pretty significant increasing conversion rates when a seller is using fulfillment services, you can deliver within 2 days, that also leads to growth in the advertising business.

而且我認為這個數字背後令人鼓舞的是使用我們提供的服務（例如我們的履行服務）的賣家數量，這些服務在 1 或 2 天內交付了更多的商品，而且我們看到當賣家時轉化率顯著提高使用履行服務，您可以在 2 天內交付，這也導致了廣告業務的增長。

This ability that the team has developed for sellers and suppliers to reach groups of customers that are targeted, it's really improving. And I think that's definitely driving the results there. So those business units, the way we've described them, they do help overall mix. At the same time, we have some mix challenges, as John David mentioned. But within the mix challenges, the first, which is a real positive, is the performance of the supply chain.

團隊為賣家和供應商開發的這種能力，可以接觸到目標客戶群，它確實在進步。我認為這肯定會推動那裡的結果。所以這些業務部門，正如我們描述的那樣，它們確實有助於整體組合。同時，正如 John David 提到的，我們面臨一些混合挑戰。但在混合挑戰中，第一個真正積極的是供應鏈的表現。

The supply chain versus last year is in much better shape. The team is performing. So there's a lot of tailwind that's coming from our supply chain team, and they're ahead of our internal plan. So that's a real positive. And then as John David mentioned, there's the mix issue that we're seeing between food, consumables and general merchandise and then growth of health and wellness at a lower margin.

與去年相比，供應鏈的狀況要好得多。團隊正在表演。所以我們的供應鏈團隊有很多順風，他們領先於我們的內部計劃。所以這是一個真正的積極因素。然後正如約翰大衛提到的那樣，我們在食品、消費品和一般商品之間看到了混合問題，然後是健康和保健的增長利潤率較低。

Just on that first point on the kind of tech-enabled ecosystem and marketplace, we've seen some really strong progress on that internationally with a lot of leverage from U.S. learnings that we've been able to apply particularly from a marketplace perspective where we're building out a global marketplace capability. We've just launched Walmart fulfillment services in a number of our markets. So that's really been enabling that on the ecosystem.

就技術支持的生態系統和市場的第一點而言，我們已經看到國際上在這方面取得了一些非常強勁的進展，我們從美國的經驗中學到了很多東西，我們已經能夠應用這些知識，特別是從市場的角度來看，我們'建立全球市場能力。我們剛剛在我們的一些市場推出了沃爾瑪履行服務。所以這真的在生態系統上實現了這一點。

India is probably one of the better examples that we have, although Walmex is another great example of building out that ecosystem, putting the customer at the center of it and using our digital capabilities to figure out how we serve them best in a simple and effective manner. And you heard John David talk about the work that we're doing, for example, in travel, where we can also cross-sell in India for products as well in our marketplace at the same time as selling tickets for people, whether that be for air or for buses, which we've just launched.

印度可能是我們擁有的更好的例子之一，儘管 Walmex 是構建該生態系統的另一個很好的例子，將客戶置於其中心並利用我們的數字能力來弄清楚我們如何以簡單有效的方式為他們提供最好的服務方式。你聽到約翰大衛談到我們正在做的工作，例如，在旅遊方面，我們也可以在印度交叉銷售產品以及我們的市場，同時為人們銷售門票，無論是用於飛機或公共汽車，我們剛剛推出。

As far as China is concerned, they undoubtedly had a very strong quarter. It was one of the important drivers of the quarter for International, although we saw strength across the board from most of our markets. In particular, as you commented, the reopening of Chinese New Year -- for Chinese New Year made a profound effect on the quarter.

就中國而言，他們無疑有一個非常強勁的季度。這是本季度國際業務的重要推動力之一，儘管我們從大多數市場中看到了全面的實力。特別是，正如您所評論的那樣，中國新年的重新開放對本季度產生了深遠的影響。

Just to give you an idea of the scale of what happened there and the response of our teams, we had all of our product positioned for a Chinese New Year event based in the cities where most people were. What happened is actually everybody went home into the more rural areas. And our team had to pivot completely within a 10-day window and reallocate all of the inventory that we had around the country. It was a remarkable effort, which just demonstrated their agility and resilience.

為了讓您了解那裡發生的事情的規模以及我們團隊的反應，我們將所有產品定位為在大多數人居住的城市舉辦中國新年活動。發生的事情實際上是每個人都回到了更偏遠的農村地區。我們的團隊必須在 10 天的時間窗口內完全調整併重新分配我們在全國擁有的所有庫存。這是一項了不起的努力，恰恰證明了他們的敏捷性和韌性。

The Chinese economy is still patches. Undoubtedly, consumer sentiment, if you look externally, is better than it was. It's not all the way to bright yet, to pre-COVID, but both of our businesses there are benefiting from the reopening. So Sam's Club continues to do well. We have 6 new clubs opening this year.

中國經濟仍然是補丁。毫無疑問，如果從外部看，消費者信心比以前要好。還沒有完全到光明，到 COVID 之前，但我們在那裡的兩家企業都從重新開放中受益。因此，山姆會員店繼續經營良好。今年我們有 6 家新俱樂部開業。

And then on hypers, really focusing on doubling down on how we think about fulfilled -- store fulfilled for e-commerce. That e-commerce penetration remains at about 40%, which is a slight softening from where it was, but that's also partly seasonal because of the Chinese New Year time.

然後在 hypers 上，真正專注於加倍考慮我們對履行的看法——電子商務商店履行。電子商務滲透率仍保持在 40% 左右，與之前的水平相比略有下降，但由於農曆新年的原因，這在一定程度上也是季節性的。

On India, as Doug commented, we were there recently. Both Flipkart and PhonePe continue to impress us and meet our expectations. The build-out of the ecosystem for Flipkart, I think we've talked about. But at PhonePe, it's really impressive to see their results as well, leveraging over the 1 trillion TPV mark, 36 million merchants online and enabling those merchants to be able to grow their businesses as well was really impressive to see.

關於印度，正如道格評論的那樣，我們最近才到過那裡。 Flipkart 和 PhonePe 都繼續給我們留下深刻印象並滿足我們的期望。我想我們已經討論過 Flipkart 生態系統的構建。但在 PhonePe，看到他們的成果也確實令人印象深刻，利用超過 1 萬億的 TPV 大關，3600 萬在線商戶，並使這些商戶能夠發展他們的業務，這真是令人印象深刻。

And what we're seeing in India is a build-out of an ecosystem in its own right between our tech capabilities, between our sourcing capabilities, Flipkart and PhonePe, it's becoming a mutually reinforcing flywheel of strength for that market, and we're excited on what they're going to do in the future.

我們在印度看到的是在我們的技術能力、我們的採購能力、Flipkart 和 PhonePe 之間建立一個生態系統，它正在成為該市場相互增強的力量飛輪，我們正在對他們將來要做的事情感到興奮。

Our next question is from the line of Simeon Gutman of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I have a question for John David. The Q2 outlook, can you share if expectations has changed at all since you guided the full year? And relatedly, you talked about how the second half spread with EBIT for sales growth should be stronger than the first half. Can you talk about does that shape or that spread change at all? Does it widen or roughly stay the same?

我有一個問題要問約翰大衛。 Q2 展望，自從您指導全年以來預期是否發生了變化，您能否分享一下？與此相關的是，您談到了下半年銷售增長的息稅前收益應該如何強於上半年。你能談談這種形狀或傳播是否有任何變化？它會擴大還是大致保持不變？

Sure, Simeon. Good to speak with you. You might recall on our last earnings call, we gave a little bit of a head nod into Q2 performance because of some of the specific issues that occurred in Q2 last year. And we said that at the time, we expected to be roughly flat. Right now, we're saying the guidance is -- and I'm speaking about operating income, down 2%. That's most impacted by, again, the insurance proceeds that we received last year.

當然，西蒙。很高興和你說話。您可能還記得在我們上次的財報電話會議上，由於去年第二季度發生的一些具體問題，我們對第二季度的業績做出了一點點頭。我們當時說過，我們預計會大致持平。現在，我們說的是指導——我說的是營業收入，下降了 2%。這再次受到我們去年收到的保險收益的最大影響。

Mix will continue to be an issue in 2Q. We do see some improvement in some of our supply chain costs, freight costs that we're benefiting from. But that's the anomalous quarter for us as you think about this year. As we get into the back half of the year, and we see a more pronounced impact from some of the initiatives that we discussed at our Investor Day around these higher-margin, higher growth areas, that will begin to have a more outsized impact.

混合將繼續成為第二季度的一個問題。我們確實看到我們的一些供應鏈成本有所改善，我們從中受益的運費成本。但正如您對今年的看法，這對我們來說是反常的一個季度。隨著我們進入今年下半年，我們看到我們在投資者日圍繞這些更高利潤、更高增長領域討論的一些舉措產生了更顯著的影響，這些舉措將開始產生更大的影響。

But relative to where we were in the last quarter, the expectation for that inflection has not changed. We still expect that to be about the same. It just so happens that, frankly, we just outperformed on the operating income line in the first quarter relative to what we thought. So really, really strong performance there.

但相對於上個季度的情況，對這種拐點的預期沒有改變。我們仍然希望它大致相同。碰巧的是，坦率地說，相對於我們的預期，我們在第一季度的營業收入線上表現出色。那裡的表現真的非常強勁。

Our next question is coming from the line of Kelly Bania with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Kelly Bania。

John David, you mentioned the 360 basis point mix shift between food and general merchandise, and you kind of touched on it a little bit, but should we expect that Q1 is the peak of that mix pressure? And should that moderate throughout the year? Just help us understand what's in your plan.

John David，你提到了食品和日用商品之間的 360 基點混合轉變，你稍微提到了一點，但我們是否應該期望第一季度是這種混合壓力的峰值？全年都應該溫和嗎？只需幫助我們了解您的計劃中的內容即可。

And then also on general merchandise, can you just help us understand what you're seeing in terms of units versus net pricing at this point? And also the 300 stores that you're rolling out the new general merchandise initiative too, can you share the lift that you're seeing there?

然後在一般商品方面，您能否幫助我們了解您目前在單位與淨定價方面所看到的情況？還有 300 家商店，你們也正在推出新的一般商品計劃，你們能分享你們在那裡看到的提升嗎？

Sure. I'm writing down all these questions here, Kelly. So first on mix shift, I don't think it's fair to assume that the first quarter is necessarily going to be the peak. When we gave our full year guidance, you might recall that we talked about an additional incremental impact relative to the 330-ish basis points we had last year. And so I think we'll continue to see that through the year.

當然。我在這裡寫下所有這些問題，凱利。因此，首先在混合轉變方面，我認為假設第一季度一定會達到頂峰是不公平的。當我們給出全年指導時，您可能還記得我們談到了相對於去年 330 個基點的額外增量影響。所以我認為我們將在今年繼續看到這一點。

A lot of that too, depends upon consumer behavior, which is difficult to predict at best right now, and our guidance assumes a rather cautious outlook there. On units, if you just take the first quarter and you break it down by segment. Both Sam's in the U.S. where if you look at it like, say, real sales, they were basically flat. The International segment, I believe, was up around 6%, 6.5% inflation adjusted. So certainly, we're seeing the impact of higher prices and the effect of consumer behavior on purchasing as it relates to units.

其中很多也取決於消費者的行為，目前充其量很難預測，我們的指導假設那裡的前景相當謹慎。在單位方面，如果你只拿第一季度，然後按部分細分。 Sam's 在美國，如果你把它看成實際銷售額，它們基本上是持平的。我認為，國際部分增長了 6% 左右，通脹調整後為 6.5%。因此，當然，我們看到了價格上漲的影響以及消費者行為對與單位相關的購買的影響。

And then with respect to the stores that we're remodeling, before I answer this, I just want to caution that we're early on here. We've only done a couple of stores, but very excited about the results. We've seen a quite sizable increase a couple of percentage points in terms of uplift of sales. Now to be clear, that would be expected. In any store where you do a remodel, you're going to see that initial uptick. I think what we need to continue to monitor is how that levels out over time.

然後關於我們正在改造的商店，在我回答這個問題之前，我只想提醒我們，我們還處於早期階段。我們只做了幾家商店，但對結果感到非常興奮。我們已經看到在銷售額提升方面有幾個百分點的相當大的增長。現在要明確一點，這是意料之中的。在您進行改造的任何商店中，您都會看到最初的增長。我認為我們需要繼續監測的是隨著時間的推移如何趨於平穩。

But when -- if you got the chance to go into one of these stores, you certainly recognize the difference that it is versus the rest of the network. And so we're quite excited about this and the early response.

但是當——如果你有機會進入這些商店之一，你肯定會認識到它與網絡其他商店的區別。因此，我們對此以及早期的反應感到非常興奮。

How many stores have been done so far?

目前做了多少家店？

Well, we have a couple of dozen now that are around the country. And what we did is pilot it here in Arkansas, then we went to the Northeast, and we put these now in a number of markets. And additionally, what's encouraging beyond just the merchandising, whether it's the great brands that you see in apparel or layouts, a lot of really exciting changes. What we see is success in a number of markets. So we think this has more broad appeal than perhaps what we may have believed when we did the first one. So the program is going well, and we see several hundred of these in construction and on the way this year.

好吧，我們現在在全國各地有幾十個。我們所做的是在阿肯色州進行試點，然後我們去了東北部，現在我們將這些產品投放到許多市場。此外，除了商品陳列之外，令人鼓舞的是，無論是您在服裝或佈局中看到的偉大品牌，還有許多真正令人興奮的變化。我們看到的是在許多市場上的成功。所以我們認為這可能比我們在做第一個時所相信的具有更廣泛的吸引力。所以這個項目進展順利，今年我們看到有數百個這樣的項目正在建設和建設中。

As it relates to the GM versus food and consumables mix, you might comment on what you're seeing in e-commerce general merchandise, and then how you would answer the question for Walmart U.S. specifically, how you view Q2 through Q4 as it relates to that mix.

由於它涉及到通用汽車與食品和消耗品的組合，您可能會評論您在電子商務一般商品中看到的內容，然後您將如何回答沃爾瑪美國的問題，特別是您如何看待相關的第二季度至第四季度到那種混合。

Yes. Definitely some interesting points when you dig into that, Doug. General merchandise is certainly stronger in e-commerce and stronger in the marketplace. The trend, as John David said, for the quarter to date was just a couple of weeks is very reflective of what was happening at the end of the first quarter. But where we have new items, new brands, we have a lot of examples of digitally-native brands that we found somewhere in the media or social media that are doing well, that actually includes -- is inclusive in food as well.

是的。道格，當你深入研究時，肯定會發現一些有趣的觀點。日用百貨在電商方面當然更強大，在市場上也更強大。正如 John David 所說，本季度迄今只有幾週的趨勢非常反映了第一季度末發生的情況。但是，在我們有新產品、新品牌的地方，我們有很多數字本土品牌的例子，我們在媒體或社交媒體的某個地方發現了表現良好的品牌，實際上包括——在食品中也具有包容性。

And so the mix right now, as I said earlier, has some positives between supply chain. Food has definitely grown faster along with the consumables. The health and wellness growth is something that we didn't really expect going into the year that has accelerated quite a bit over the last couple of months.

因此，正如我之前所說，現在的組合在供應鏈之間有一些積極因素。食物肯定隨著消耗品增長得更快。健康和保健的增長是我們真正沒想到的，在過去幾個月裡已經加速了很多。

And so as we look forward, some of the things that are harder to tell right now, the general merchandise impact has been going on for the last 3 quarters or so, but there are impacts from other things like tax refunds, the weather, some funds out there. So a little unclear how much of this is temporary in the month that we're in versus what we'll see the rest of the year.

因此，當我們展望未來時，有些事情現在很難說，一般商品的影響在過去 3 個季度左右一直在持續，但退稅、天氣等其他因素也有影響，一些資金在那裡。因此，與我們將在今年餘下時間看到的情況相比，我們目前尚不清楚其中有多少是暫時的。

But I certainly expect that just the trends in food and consumables and the strength that we have in those as well as health and wellness will persist over the next few quarters. I think that if anything, health and wellness, the impact that it's having on the mix and penetration could get larger based on the growth rates we're seeing in these drug types that John David mentioned.

但我當然希望，在接下來的幾個季度中，食品和消費品的趨勢以及我們在這些方面以及健康和保健方面的優勢將持續存在。我認為，如果有的話，健康和保健，它對混合和滲透的影響可能會根據我們在約翰大衛提到的這些藥物類型中看到的增長率而變得更大。

Our next question comes from the line of Rupesh Parikh, Oppenheimer.

我們的下一個問題來自奧本海默的 Rupesh Parikh。

I also wanted to go back to your U.S. e-commerce acceleration during the quarter. What are you seeing from a category perspective? And then for the balance of the year, do you also expect to continue significant contribution to your U.S. comp from e-commerce?

我還想回到本季度的美國電子商務加速。您從品類角度看到了什麼？然後在今年餘下的時間裡，您是否還希望電子商務繼續為您的美國公司做出重大貢獻？

Rupesh, definitely excited about the quarter. The team has done a lot of work in the last year to improve overall customer experience. We measure something called CX scores, which looks at our assortment, the number of sellers, the quality of the product display pages and they are really in the details of the business. And the last quarter acceleration really across the board in e-commerce, pickup and delivery were very strong.

Rupesh，對本季度感到非常興奮。去年，團隊為提升整體客戶體驗做了大量工作。我們衡量一種叫做 CX 分數的東西，它著眼於我們的分類、賣家數量、產品展示頁面的質量，它們確實體現在業務的細節中。上個季度在電子商務、取貨和送貨方面真正全面加速。

But we do look at this entire business as part of the total omnichannel offering, and that's really important because when we talk about pickup and delivery at stores, that does include e-commerce orders where a customer is ordering something in general merchandise, it just happened to be that the merchandise, the items were in the store. So in effect, we shortened the last mile, which helps not only speed and time, but also helps the cost of the transaction.

但我們確實將整個業務視為全渠道產品的一部分，這非常重要，因為當我們談論商店的提貨和送貨時，這確實包括電子商務訂單，客戶在這些訂單中訂購一般商品，它只是碰巧是商品，物品在商店裡。所以實際上，我們縮短了最後一英里，這不僅有助於提高速度和時間，而且有助於降低交易成本。

Categories though that are strong, we've been strong in food and consumables, really encouraged by accelerations in marketplace, in categories like apparel, some acceleration in certain home categories, that's great to see.

類別雖然很強大，但我們在食品和消費品方面一直很強大，這真的受到市場加速的鼓舞，在服裝等類別，某些家居類別的一些加速，這很高興看到。

And I think that will continue as both the seller count and the item count continue to expand. So we're really looking at customer [channel] and driving the business with search to ensure that the customer gets whatever they want when they want it from Walmart.

而且我認為隨著賣家數量和商品數量的繼續增加，這種情況將繼續下去。因此，我們真正關注客戶 [渠道] 並通過搜索推動業務，以確保客戶在需要時從沃爾瑪獲得他們想要的任何東西。

Our next question is from the line of Scott Mushkin with R5 Capital.

我們的下一個問題來自 R5 Capital 的 Scott Mushkin。

So I'll just pile them all into one here. I guess I was wondering, obviously, you guys have brought out some brand partnerships and exclusive partnerships. How do you see that evolving store within a store? It seems like there's a lot of opportunity in certain categories like electronics and pet. That's the first one. The second one is Walmart+ adding benefits, and do you see that as a driver of more high-income consumers? And three, is just the grocery climate. You've been taking a lot of share from some of your bigger competitors in traditional grocery. And do you think they're ever going to respond? And that's it.

所以我會把它們全部堆成一個在這裡。我想我想知道，很明顯，你們已經建立了一些品牌合作夥伴關係和獨家合作夥伴關係。您如何看待商店中不斷發展的商店？電子產品和寵物等某些類別似乎有很多機會。這是第一個。第二個是沃爾瑪+增加福利，你認為這是吸引更多高收入消費者的驅動力嗎？第三，只是雜貨店的氣候。在傳統食品雜貨領域，你們從一些更大的競爭對手那裡搶走了很多份額。你認為他們會做出回應嗎？就是這樣。

Good morning, Scott. First, let me take all 3 of these. First, brands, we really like the brand shops that we set up physically in stores that are in the remodel. I know you've seen a few, but the results are really encouraging.

早上好，斯科特。首先，讓我把這 3 個都拿走。首先，品牌，我們非常喜歡我們在改造中的商店中開設的品牌商店。我知道您已經看到了一些，但結果確實令人鼓舞。

I think additionally, in apparel, what I really liked that the team did is they brought everything together for the customer. So if you're in the men's shop, you'll see the brands at the front of the department, men's denim just behind it, shoes, accessories, all there together, so we're traditionally -- we've broken these things up by category. Now they're more holistic. Pets are certainly exciting, with some of the things that are coming.

我認為另外，在服裝方面，我真正喜歡的是團隊所做的是他們為客戶將所有東西整合在一起。所以如果你在男裝店，你會看到品牌在部門的前面，男裝牛仔布就在後面，鞋子，配飾，都放在一起，所以我們傳統上 - 我們已經打破了這些東西按類別向上。現在它們更全面了。寵物當然令人興奮，其中一些即將到來。

Then online, you'll start -- you will see now and you'll see a lot more in the future, a lot of branded shops inside the digital experience, which enables brands to be able to put their entire assortment online whether it's first P -- or 1P that's online or sold in the store, the rest of the assortment there can be shopped by brand. And I think these are -- they're going really well. The first dozen or so are pretty exciting.

然後在網上，你會開始——你現在會看到，將來你會看到更多，數字體驗中有很多品牌商店，這使品牌能夠將他們的整個產品系列放在網上，無論是第一個P——或 1P，即在線或實體店銷售，其餘的分類可以按品牌購買。我認為這些 - 他們進展順利。前十幾個非常令人興奮。

Walmart+, continue to make progress. It's an important part of the offer. It's not the only thing that we're doing, obviously, but it's an important part of the offer. We're encouraged by the growth of new members. And importantly, what we are really ensuring on these new members is that we are helping them see the entire path to get to all the benefits we offer. The core offer, of course, is based in deliveries that are unlimited without cost once you buy into the membership, that's the most important thing that we get right. We measure ourselves really carefully. It's something we call the perfect order, which is exactly what you ordered on time. And then we continue to work on things like substitutions.

Walmart+，不斷進取。這是報價的重要組成部分。顯然，這不是我們正在做的唯一事情，但它是報價的重要組成部分。我們對新成員的增長感到鼓舞。重要的是，我們真正向這些新成員保證的是，我們正在幫助他們了解獲得我們提供的所有好處的完整途徑。當然，核心優惠是基於您購買會員後無限制免費送貨，這是我們做對的最重要的事情。我們非常仔細地衡量自己。這就是我們所說的完美訂單，這正是您按時訂購的。然後我們繼續研究替代品之類的東西。

And then the last thing on grocery. We're focused on ensuring that our stores are in stock each and every day. We feel better about the supply chain versus a year ago. That would include in-stock availability, but also include the cost of supply chain. Stores I've been at recently from Virginia to New Mexico and Texas and Tennessee are seeing much better execution in grocery and then stock and availability, which does help the order fillers and order pickers, which makes the Walmart+ experience much better. So we'll really continue to focus on merchandising and pricing.

然後是雜貨店的最後一件事。我們專注於確保我們的商店每天都有庫存。與一年前相比，我們對供應鏈感覺更好。這將包括庫存可用性，但也包括供應鏈成本。我最近去過的從弗吉尼亞州到新墨西哥州、得克薩斯州和田納西州的商店都看到雜貨店的執行情況好得多，然後是庫存和可用性，這確實有助於訂單填寫者和訂單選擇者，這使沃爾瑪 + 體驗更好。因此，我們將真正繼續專注於商品銷售和定價。

Just the other day, I was with the team and saw this item called Bachan's Barbecue Sauce, which is a digitally-native Japanese flavor barbecue sauce. It's just doing really well. Also, I'm just personally encouraged by the way the merchants are looking at new ways to find new items, bring those to life and drive sales all across the country.

就在前幾天，我和團隊一起看到了這款名為 Bachan's 燒烤醬的產品，這是一種數字原生日本風味燒烤醬。它只是做得很好。此外，我個人對商家尋找新方法來尋找新商品、將它們帶入生活並推動全國銷售的方式感到鼓舞。

Our next question is from the line of Seth Sigman with Barclays.

我們的下一個問題來自巴克萊銀行的 Seth Sigman。

My question is really on advertising. I think it's a relatively small quarter for this, but the 40% growth obviously, it's accelerating, it's very impressive. Can you elaborate on that and what you're doing to drive that? And then maybe more specifically for Sam's, the advertising opportunity there, seeing a lot of growth in sellers on map there. So curious, the opportunity.

我的問題實際上是關於廣告的。我認為這是一個相對較小的季度，但 40% 的增長顯然正在加速，令人印象深刻。你能詳細說明一下嗎？你正在做什麼來推動它？然後可能更具體地說是 Sam's，那裡的廣告機會，看到那里地圖上的賣家有很大的增長。很好奇，機會來了。

So first, I'll talk about Walmart U.S. with advertising. There's been considerable momentum really that started last year when we launched our second place auction capability. So this is a -- it's a 2-sided market. But ultimately, what we're trying to do is connect our sellers, our suppliers to customers, and that can be at the 1:1 level, it can be at the cohort level.

所以首先，我會談談美國沃爾瑪的廣告。去年我們推出第二名拍賣功能時，確實出現了相當大的勢頭。所以這是一個——這是一個雙向市場。但最終，我們要做的是將我們的賣家、供應商與客戶聯繫起來，這可以是 1:1 的水平，也可以是隊列水平。

And so the team has done a lot to really increase our capacity and capability to handle those transactions really well. What's driving it, of course, over time will be better -- a stronger, bigger marketplace. So more marketplace sellers and helping them connect to customers and then more assortment, that's easier to find with search and also helps the advertising business grow.

因此，團隊做了很多工作來真正提高我們處理這些交易的能力和能力。當然，隨著時間的推移，驅動它的會更好——一個更強大、更大的市場。因此，更多的市場賣家並幫助他們與客戶建立聯繫，然後是更多的分類，這更容易通過搜索找到，也有助於廣告業務的增長。

And I'll turn it over to Judith to talk about International.

我會把它交給朱迪思來談談國際。

Yes. So same story really, which is, as the ecosystem builds out, there continues to be better strength in our advertising businesses everywhere. So the Flipkart growth is about 50% year-on-year, but Walmex equally had very strong growth at about 64% year-on-year. So those businesses continue to grow. We continue to learn and learn new skills about how to best serve the advertisers who want to come on to our platform. And I think that's one of the areas that we've seen a lot of good global leverage and global learning as well to really help reinforce that.

是的。同樣的故事真的是，隨著生態系統的建立，我們各地的廣告業務繼續有更好的實力。因此，Flipkart 的同比增長率約為 50%，但 Walmex 的同比增長率同樣非常強勁，約為 64%。因此，這些業務繼續增長。我們將繼續學習和學習新技能，了解如何最好地為想要進入我們平台的廣告商提供服務。而且我認為這是我們已經看到很多良好的全球影響力和全球學習以及真正幫助加強這一點的領域之一。

Yes. And I'll just say from the Sam's. We talk about -- it's a little bit different from Sam's in that we don't have a marketplace. But what we are doing is stitching together. You have our e-com growth, and then you need to also look at our scan & go growth, because both of those are indicative of a digitally enabled sale.

是的。我只想說來自山姆的。我們談論 - 它與 Sam 的有點不同，因為我們沒有市場。但我們正在做的是拼接在一起。你有我們的電子商務增長，然後你還需要看看我們的掃描和增長，因為這兩者都表明數字化銷售。

And so what we've been doing is working with our advertising community on how do you influence the sales whether they are in-club or offline, online or offline. And you can nudge, you can encourage, you can advertise. And now we're giving those advertisers visibility to the in-club sales and the online sales and stitching them together. They're seeing this lift on their return on advertising spend. So it's a different model to what John and Judith have, but we're happy with the tools and capabilities we're building out and how that's resonating with our advertisers.

因此，我們一直在與我們的廣告社區合作，研究如何影響銷售，無論是在俱樂部內還是線下，線上還是線下。你可以推動，你可以鼓勵，你可以做廣告。現在，我們讓這些廣告商了解俱樂部內銷售和在線銷售，並將它們結合在一起。他們看到了廣告支出回報率的提升。所以它與 John 和 Judith 擁有的模型不同，但我們對我們正在構建的工具和功能以及它如何與我們的廣告商產生共鳴感到滿意。

Our next question is from the line of Edward Kelly with Wells Fargo.

我們的下一個問題來自富國銀行的愛德華凱利。

I wanted to ask you about the gross margin. As we think about gross margin and progression through the year, could you maybe give us a little bit more color on how some of the pieces progress? We think about things like freight markdowns, how that might influence the P&L in the back half.

我想問你關於毛利率的問題。當我們考慮全年的毛利率和進展時，您能否給我們更多關於某些部分進展情況的顏色？我們考慮諸如運費降價之類的事情，這可能會如何影響後半部分的損益表。

And then related to you shrink, you haven't spoken about shrink. We have heard it, others, it seems like it's a big industry issue. Just kind of curious as to how that's impacting you.

然後跟你shrink有關，你還沒說shrink。我們聽說過，其他人，這似乎是一個大的行業問題。只是有點好奇這對你有何影響。

Yes, I'll take it. Good morning. So first, supply chain. In the first quarter, we definitely felt a tailwind from supply chain versus prior periods and including the execution all across the business. It becomes more of an issue as we lap Q2 last year, Q2 last year, and late Q1 last year would have been the peak of inventories as we worked through a backlog of something like 100,000 containers that had been delayed at ports. So lapping those costs gets bigger as you look forward to the next quarter or so. And then as you get into the back half of the year, things tend to normalize a bit.

是的，我會接受的。早上好。首先，供應鏈。在第一季度，我們確實感受到了供應鏈與前期相比的順風，包括整個業務的執行。隨著我們去年第二季度、去年第二季度和去年第一季度末的存貨高峰期，它變得更成為一個問題，因為我們處理了在港口延誤的 100,000 個集裝箱的積壓。因此，隨著您對下一個季度左右的期待，這些成本會變得更大。然後當你進入今年下半年時，情況會趨於正常化。

As far as markdowns. Last year, we had markdown pressure throughout the entire year as we unloaded that freight and moved it from the ports to the distribution centers to the stores and through the entire chain. So the markdown comparisons will moderate slightly forward. But every year, including this year, we always leave room for seasonal markdowns. And at the end of each season, we want to ensure that we are clean on inventory so that we don't carry any liabilities for it. And what happens -- when that happens is it makes it harder to set the next season, which backs things up.

至於降價。去年，當我們卸下貨物並將其從港口轉移到配送中心再到商店並通過整個鏈條時，我們全年都面臨降價壓力。因此，降價比較將略微向前緩和。但每年，包括今年，我們總是為季節性降價留出空間。在每個季節結束時，我們要確保我們的庫存是乾淨的，這樣我們就不會為此承擔任何責任。會發生什麼——當這種情況發生時，下個賽季的安排就會變得更加困難，這就支持了事情的發展。

So we'll stay really focused on taking markdowns on time. In fact, in some categories like apparel, we're pulling some markdowns forward within the quarter to take advantage of the traffic that we'll see over the Memorial Day holiday. So this is something that we pay a lot of attention to.

因此，我們將真正專注於按時降價。事實上，在服裝等某些類別中，我們將在本季度內提前進行一些降價促銷，以利用我們將在陣亡將士紀念日假期看到的客流量。所以這是我們非常關注的事情。

The last part of your question, can you repeat again, please?

你問題的最後一部分，你能再重複一遍嗎？

Shrink.

收縮。

Shrink. Sorry, there were several in there. On shrink, no, it is a factor. Mix as I said a few moments ago, is affected by supply chain, it's affected by food, consumable, general merchandise mix and then health and wellness. So below that level, there is, of course, shrink. And as we've said in the past, it's been challenging for us. It's been challenging really for all of retail.

收縮。對不起，裡面有好幾個。收縮，不，這是一個因素。正如我剛才所說，混合受到供應鏈的影響，它受到食品、消費品、一般商品組合的影響，然後是健康和保健。因此，低於該水平，當然會收縮。正如我們過去所說，這對我們來說一直是挑戰。對於所有零售業來說，這確實是一個挑戰。

So we're going to actively manage this issue. We always do, we always have. And we're going to continue to take the steps that are reasonable and required to make sure we're protecting our customers, protecting our associates and protecting our assets and inventory. We know a lot of communities have been affected by this, but it's also important to note that retail can't solve this issue all on its own. It will take communities stepping up and enforcing the law to be able to bring this issue back under control.

所以我們將積極管理這個問題。我們總是這樣做，我們總是如此。我們將繼續採取合理且必要的步驟，以確保我們保護我們的客戶、我們的員工以及我們的資產和庫存。我們知道很多社區都受到了影響，但同樣重要的是要注意，零售業無法獨自解決這個問題。這將需要社區加強和執行法律才能使這個問題重新得到控制。

Our next question is from the line of Karen Short with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Karen Short。

I had one clarification and then one question. John, David, I think in your remarks, you made a comment that alternative investments will protect profits. And that comment is a little different from the Analyst Day where I believe you said it would be additive and not subsidizing, I guess, [4 walls], for a lack of a better word. So I wanted to clarify that.

我有一個澄清，然後是一個問題。約翰、大衛，我想在你的發言中，你曾說過另類投資將保護利潤。那個評論與分析師日有點不同，我相信你說這將是附加的而不是補貼，我猜，[4 面牆]，因為沒有更好的詞。所以我想澄清一下。

But then bigger question I had is, could you maybe give a little color on what the spend pattern is with the higher income demographics? And maybe you could quantify what you think their share is today versus what your share is with them today versus prior to the pandemic?

但我有一個更大的問題是，你能不能稍微說明一下高收入人群的消費模式？也許你可以量化你認為他們今天的份額與你今天與大流行之前的份額相比？

Certainly, Karen. To clarify my comments in the prepared remarks, all of these, first of all, work together. It's hard to just look at core retail and then separate out advertising, membership, fulfillment services. They are mutually reinforcing, which is what makes them so attractive to us. And it's those very new businesses that we think will make our profits inflect in terms of the growth rate relative to sales going forward. So the protect profits that -- please don't read too much into that, that's -- we clearly are excited about this part of our business, and this is the opportunity to have our profits go faster than sales.

當然，凱倫。為了澄清我在準備好的發言中的評論，所有這些首先是協同工作的。很難只看核心零售，然後將廣告、會員、履行服務分開。它們是相輔相成的，這就是它們對我們如此有吸引力的原因。我們認為正是這些非常新的業務將使我們的利潤在相對於未來銷售額的增長率方面得到體現。因此，保護利潤——請不要過多解讀——我們顯然對我們業務的這一部分感到興奮，這是讓我們的利潤增長快於銷售的機會。

On the high income cohort, I'll start there, and maybe John or others might want to jump in. But that was probably most pronounced. And by that, I mean, the shift that we saw, it was most pronounced in the second quarter last year. When we got to the third and the fourth quarter, there was a little more balance between the various income cohorts in terms of share gain. And that's what we saw in the most recent quarter as well.

關於高收入群體，我將從那裡開始，也許 John 或其他人可能想加入。但這可能是最明顯的。我的意思是，我們看到的轉變在去年第二季度最為明顯。當我們進入第三和第四季度時，就份額收益而言，不同收入群體之間的平衡有所增加。這也是我們在最近一個季度看到的。

But I think the big story here is that -- it's around how value proposition for convenience is resonating. We've always been known for price, but I think the steps we've taken in the last 3 to 5 years to expand our e-commerce capabilities, to expand online pickup and delivery, you see that resonate with customers. And it doesn't matter what your monthly income is, everybody values convenience the same, so that's the big takeaway here.

但我認為這裡的大故事是——它圍繞著便利的價值主張如何引起共鳴。我們一直以價格著稱，但我認為我們在過去 3 到 5 年中採取的措施來擴展我們的電子商務能力，擴大在線取貨和送貨，你會看到這引起了客戶的共鳴。不管你的月收入是多少，每個人都同樣重視便利，所以這就是這裡的重要內容。

And I think it's an important point as you think about the future of Walmart as we have these new shoppers coming to us, as we have higher-income shoppers coming to shop for not only grocery but general merchandise. We want to retain those. We want to retain them with better experiences, better product offerings, and we're seeing that in the actions that we're taking today.

我認為，當您考慮沃爾瑪的未來時，這一點很重要，因為我們有這些新的購物者來到我們這裡，因為我們有高收入的購物者不僅來購買雜貨，還購買一般商品。我們想保留那些。我們希望通過更好的體驗、更好的產品來留住他們，我們在今天採取的行動中看到了這一點。

And we spend a lot of time, of course, working on ensuring that we have flexible options for any customer. And in the case of the group that you asked about, we definitely see in the data that there is a higher usage of e-commerce and pickup and delivery. And then when you click into the things they're buying, you do see some differences. So we do see within pickup and delivery, higher purchase rates of categories like prime beef versus regular Cattleman's-grade beef.

當然，我們花了很多時間來確保我們為任何客戶提供靈活的選擇。對於您詢問的群體，我們在數據中肯定看到電子商務和取貨和送貨的使用率更高。然後當你點擊他們購買的東西時，你確實會看到一些差異。因此，我們確實看到在取貨和送貨方面，優質牛肉等類別的購買率高於普通 Cattleman 級牛肉。

So you see trade-ups, we see it in apparel, definitely seeing some growth in apparel and marketplace. And that is definitely being driven by some of our newer higher-income customers. I'm really excited about the growth of not only transactions, but the number of digital users that we have on year-on-year which is accelerating.

所以你看到了以舊換新，我們在服裝中看到了它，肯定看到了服裝和市場的一些增長。這肯定是由我們一些新的高收入客戶推動的。我真的很興奮，不僅是交易量的增長，而且我們擁有的數字用戶數量同比也在加速增長。

Yes. And I have to say, I think there's a couple of behavioral trends that we're keeping an eye on. So I do think our lower price point units like, say, in patio sold quicker. And what we're seeing is people being very choiceful about where they spend their money, but they're also shopping a lot later. So in the past, when we set patio, it sold really quickly. And now we're seeing people wait a little bit later into the season. We're seeing that like with Mother's Day sales.

是的。我不得不說，我認為我們正在關註一些行為趨勢。所以我確實認為我們的低價單元，比如露台，賣得更快。我們看到的是，人們對花錢的地方非常挑剔，但他們也會在很晚的時候購物。所以過去，當我們設置露台時，它賣得非常快。而現在，我們看到人們在本賽季晚些時候等待。我們在母親節的銷售中看到了這一點。

So those demand profiles are looking a lot like they used to in 2018-2019 versus pandemic spend. So people are buying a little later. We also saw kind of cooler weather, which kind of changed the shape of how people are buying. But what we are seeing is that where you get this really fabulous quality value equation right, sales are up.

因此，與大流行支出相比，這些需求概況看起來很像 2018-2019 年的情況。所以人們會晚一點購買。我們還看到了涼爽的天氣，這改變了人們的購買方式。但我們看到的是，如果你正確地理解了這個非常棒的質量價值方程式，銷量就會上升。

So we were looking at beef brisket at the other day. Our beef brisket AUR is down 17%, our tonnage is up 29%. Our roses or amazing value. Roses sales are up 60%. So where you get this great kind of value-quality combination together, we're seeing members engage and spend. And also I've been looking at kind of convenience and traffic drivers. Hot baked pizzas in our cafes are up 29%.

所以前幾天我們在看牛胸肉。我們的牛腩 AUR 下降了 17%，我們的噸位增加了 29%。我們的玫瑰還是物超所值。玫瑰銷量增長了 60%。因此，當您將這種價值與質量的完美結合在一起時，我們就會看到會員參與並消費。而且我一直在尋找便利和交通司機。我們咖啡館的熱烤披薩價格上漲了 29%。

So there are areas where you see if you get that quality equation, you can drive traffic into the club, and we're just watching cautiously as how they spend on those bigger ticket items and when those sales will come.

因此，在某些領域，如果你獲得了質量方程式，你就可以將客流帶入俱樂部，我們只是謹慎地觀察他們如何花在那些更大的門票項目上以及這些銷售何時到來。

Our next question is from the line of Greg Melich with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to follow up on inflation because it seemed to be a theme on your prepared comments. I guess, what is the outlook when you talk to the merchants for inflation, both in grocery and across the store? And what can Walmart do to sort of help alleviate that? And then is the industry being rational in terms of pricing and promotion?

我想跟進通貨膨脹，因為它似乎是您準備好的評論的主題。我想，當您與雜貨店和整個商店的商家談論通貨膨脹時，前景如何？沃爾瑪可以做些什麼來幫助緩解這種情況？那麼行業在定價和促銷方面是否理性？

Yes, as you look forward, it's important to compare what we've been up against the last couple of years. And if you go all the way back into late '21, that's when we started to see prices starting to rise. And then in '22 February, March and April, it was quite acute, obviously, and rose at a rate that we weren't expecting going into the year with the peak of inflation in the end year, in July and August of last year, we saw high double digits in categories like food and consumables.

是的，正如您所期待的那樣，比較我們過去幾年所遇到的情況很重要。如果你一直回到 21 世紀末，那就是我們開始看到價格開始上漲的時候。然後在 2 月 22 日、3 月和 4 月，很明顯，它以我們沒有預料到的速度上漲，並在去年年底，即去年 7 月和 8 月達到了通貨膨脹的頂峰，我們在食品和消費品等類別中看到了兩位數的增長。

And as you get into the period that we're in now, we're still seeing around high single digits to double digits in parts of dry grocery and other places. But when you add that up over the 3 years, it gets to be a really high number, which is clearly driving part of the shift.

當你進入我們現在所處的時期時，我們仍然會看到部分乾貨店和其他地方的高個位數到兩位數。但是當你將這 3 年加起來時，它會變成一個非常高的數字，這顯然是推動轉變的一部分。

The way we think of value, first, we are always, always comparing ourselves to the prices that are out in the market. We feel good about our price positioning. The second, we've been able to look at key holidays like Thanksgiving last year, Easter that we just went through, and we've been able to keep a number of items on either a rollback program or base prices where customers can buy key important holiday meals at the same price that they bought them for the year before.

我們思考價值的方式，首先，我們總是，總是將自己與市場上的價格進行比較。我們對我們的價格定位感到滿意。第二，我們已經能夠查看去年的感恩節、我們剛剛經歷的複活節等關鍵假期，並且我們已經能夠將一些商品保留在回滾計劃或客戶可以購買關鍵商品的基本價格上重要的節日大餐，價格與他們前一年購買的價格相同。

As you look forward, it's not easy to predict. Clearly, we are not happy with the inflation that we see in categories like dry grocery and those persist. As you get into the later part of the second quarter and third quarter, the in-year number may look lower because we'll be comparing against such high numbers last year. But it's important to keep in mind that the 2-year stack at that point was still -- we still think will be in the mid-20s.

當你向前看時，這並不容易預測。顯然，我們對在乾貨等類別中看到的通貨膨脹感到不滿，而且這些通貨膨脹持續存在。當你進入第二季度和第三季度的後期時，年內數字可能看起來會更低，因為我們將與去年如此高的數字進行比較。但重要的是要記住，當時的 2 年堆棧仍然是——我們仍然認為會在 20 多歲左右。

So consumer is under a lot of stress. Therefore, we see the shift to private brand that John mentioned -- John David mentioned in his earlier remarks. So more shift this year than the year before. And the year before, there was more of a shift than '21. So that trend continues.

所以消費者承受著很大的壓力。因此，我們看到了約翰提到的向自有品牌的轉變——約翰大衛在他之前的發言中提到過。所以今年的轉變比前一年更多。而前一年，比 21 年發生了更大的轉變。所以這種趨勢仍在繼續。

We can be good mix managers within food but across the box as well from -- for the U.S. and around the world. General merchandise prices, as they're coming down, present an opportunity leading down, number one; number two, finding items and categories that have above-average margins and shaving the margin off there to mix sales up. As customers want to buy discretionary items, we are in a position to be able to show them value through the rest of this year that they might not find elsewhere. We can be aggressive there.

我們可以成為食品領域的優秀組合管理者，但也可以跨界——為美國和世界各地。一般商品價格在下降時，提供了導致下降的機會，第一；第二，找到利潤率高於平均水平的項目和類別，並削減那裡的利潤率以混合銷售。由於客戶想要購買可自由支配的物品，我們能夠在今年餘下的時間裡向他們展示他們在其他地方可能找不到的價值。我們可以在那裡積極進取。

Private brand share is another thing. You're seeing that number come up. We have more influence over what's happening with private brands than we do with branded product. And we do need some of these branded suppliers that are in dry grocery and consumables to get top line focused more than they have been for a while.

自有品牌份額是另一回事。你看到那個數字出現了。與品牌產品相比，我們對自有品牌的影響力更大。我們確實需要一些從事干雜貨和消費品的品牌供應商，讓他們比以往任何時候都更加關注收入。

It's a generalization, not everybody is in the same place, but we're looking for those that want to be aggressive. So if we can make a difference on dry grocery and consumables, lead with general merchandise and then deal with what's happening in the fresh food categories, which are less consistent, more volatile that some are up, some are down relative to dry grocery and consumables, that's the way we pull off a basket that generates the best value for our customers.

這是一個概括，不是每個人都在同一個地方，但我們正在尋找那些想要積極進取的人。因此，如果我們能在干雜貨和消費品方面有所作為，以一般商品為先導，然後處理新鮮食品類別中發生的事情，與乾貨和消費品相比，新鮮食品類別不太穩定，波動性更大，有些上升，有些下降，這就是我們為客戶創造最大價值的購物籃的方式。

Our last question will be from the line of Paul Lejuez with Citi.

我們的最後一個問題將來自花旗銀行的 Paul Lejuez。

Last year, 2022, you gave some numbers around SKU count, big increases and cut count on marketplace throughout the year. I'm curious if you can give us an update on your total SKU count currently, and how do you expect that to change in 2023 and beyond. And if you can give any color, what percent of your marketplace customers can you also count as advertising and fulfillment services customers, and what the targets are there?

去年，也就是 2022 年，你給出了一些關於 SKU 數量、全年市場數量大幅增加和減少的數字。我很好奇您是否可以向我們提供您目前的 SKU 總數的最新信息，以及您預計這在 2023 年及以後會如何變化。如果你能給出任何顏色，你的市場客戶中有多少可以算作廣告和履行服務客戶，目標是什麼？

Sure. Good growth in the marketplace in the U.S. and there may be other comments for other markets. But a lot of growth last year. SKU count, as I mentioned late -- I think it was Q4, Q1, both in the $400 million range. We expect that to grow, probably not at the rate that it grew last year. We made a lot of progress in both SKU count and seller count. And there is continued acceleration with a number who are using fulfillment services and advertising.

當然。美國市場增長良好，其他市場可能會有其他評論。但是去年增長了很多。 SKU 數量，正如我最近提到的——我認為是第四季度，第一季度，都在 4 億美元的範圍內。我們預計它會增長，但可能不會達到去年的增長速度。我們在 SKU 數量和賣家數量方面都取得了很大進步。許多使用履行服務和廣告的人在持續加速。

What's important about both of those services is -- let me start with fulfillment. It helps with the customer time to promise and it helps customers know when they're going to receive their item. Customers want to get their delivery when they ordered it. They don't want it early, they don't want it late, they want it the day of. And when sellers move their assortment, their inventory into our fulfillment channels, then it's more certain for a customer that it's going to be next-day delivery or 2-day delivery. And that just helps with conversion rates.

這兩項服務的重要之處在於——讓我從實現開始。它有助於縮短客戶承諾的時間，並幫助客戶知道他們何時會收到他們的物品。客戶希望在訂購時收到貨物。他們不想要早，他們不想要它，他們想要它的那一天。當賣家將他們的分類、他們的庫存轉移到我們的履行渠道時，那麼對於客戶來說，這將是次日送達或 2 日送達。這有助於提高轉化率。

So if you're a marketplace seller and you want to know how to drive business at Walmart, it's to list on the marketplace, put inventory and fulfillment services. And then Walmart Connect is just a great way for the seller to be able to find audiences, targeted audiences who are looking for products in categories like the ones that are offered.

因此，如果您是市場賣家，並且想知道如何推動沃爾瑪的業務發展，那就是在市場上列出商品、投放庫存和履行服務。然後，Walmart Connect 是賣家找到受眾的好方法，目標受眾正在尋找所提供產品類別中的產品。

So it's really the 3 of those things that are put -- that all come together that make the customer experience much greater, and the data supports everything I just described.

因此，實際上是將其中的三樣東西放在一起，使客戶體驗更加出色，並且數據支持我剛才描述的一切。

From an international perspective on marketplaces, we continue to see SKU growth across Mexico and Canada, but both of those marketplaces are quite nascent in their development and provide a lot of opportunity for the future. Walmex added 50% of SKUs in Q1 versus the same time in the previous year.

從市場的國際角度來看，我們繼續看到墨西哥和加拿大的 SKU 增長，但這兩個市場的發展還處於起步階段，並為未來提供了很多機會。與去年同期相比，Walmex 在第一季度增加了 50% 的 SKU。

Of course, our most mature marketplace is in India, which has hundreds of millions of products on that. It continues to find new ways to serve customers. But when they recently launched Flipkart fulfillment services, that connectivity between the advertising, providing the services to help sellers wherever they are in India be able to get items to customers and our business is working really well. Again, we've only recently launched that, and we're already seeing really good traction right across the country.

當然，我們最成熟的市場是在印度，那裡有數億種產品。它繼續尋找新的方式來為客戶服務。但是當他們最近推出 Flipkart 履行服務時，廣告之間的連接性，提供的服務可以幫助賣家在印度任何地方都能將物品送到客戶手中，我們的業務運作得非常好。同樣，我們最近才推出它，我們已經在全國范圍內看到了非常好的牽引力。

This is Doug. I think I'll go ahead and wrap up here. We ran a little over. I hope that's okay. I appreciate your questions. I'm grateful to work with such a strong team, the people that have been on this call, but all those that are working our stores and clubs and throughout the company. I think you can see in our results that we've got a very strong and capable team and one that can adapt to environments. There have been a lot of pivots over the last few years, in particular, and they've done a terrific job of navigating all of that.

這是道格。我想我會繼續並在這裡結束。我們跑了一點。我希望沒關係。感謝您的提問。我很高興能與如此強大的團隊一起工作，這些人一直在接聽電話，但所有在我們的商店和俱樂部以及整個公司工作的人。我想你可以從我們的結果中看到，我們擁有一支非常強大和有能力的團隊，並且能夠適應環境。特別是在過去幾年中，出現了很多關鍵點，他們在駕馭所有這些方面做得非常出色。

We feel strong about our position to grow the top line. We're positioned to serve customers and members how they want to be served. I think the e-com growth this quarter being up 20% -- 26% is an example of that. But if they want to come to stores and clubs, we're there. If they want to do a pickup order, we're there. If they want to have it delivered, we can do that.

我們對我們在增加收入方面的地位感到很堅定。我們的定位是為客戶和會員提供他們想要的服務方式。我認為本季度電子商務增長了 20%——26% 就是一個例子。但如果他們想來商店和俱樂部，我們就在那裡。如果他們想下訂單，我們就在那裡。如果他們想交付，我們可以做到。

We are positioned to grow profit faster than sales through productivity and through the mix of businesses, caring in an additive way. And then on ROI, we'll be disciplined with capital, but we are excited about our opportunities to invest, and really grateful that you all came down to Florida, so many of you and saw what we were doing there.

我們定位於通過生產力和業務組合實現比銷售更快的利潤增長，並以附加方式進行關懷。然後在投資回報率上，我們將受到資本的約束，但我們對我們的投資機會感到興奮，並且非常感謝你們都來到佛羅里達，你們中的很多人都看到了我們在那裡所做的事情。

And we'd just wrap up by inviting you to come in a couple of weeks. We'll show you an MFC. We'll go to a store. We'll go to a club. We'll answer more of your questions. We feel like we're in a position to outperform and to continue to outperform because of the work that's been done to date and our ability to manage the business and pivot as we need to looking forward.

最後，我們將邀請您在幾週後前來。我們將向您展示一個 MFC。我們去一家商店。我們會去一個俱樂部。我們會回答您的更多問題。由於迄今為止所做的工作以及我們管理業務和向前看的能力，我們覺得我們有能力超越並繼續超越。

Thanks for your attention today.

感謝您今天的關注。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。