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.

大家好！歡迎參加沃爾瑪2024財年第一季財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。

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

現在，我將會議交給投資人關係資深副總裁Steph Wissink。 Steph，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！我們很高興能與大家分享我們第一季強勁的業績以及我們上調的全年業績展望。沃爾瑪執行長道格·麥克米倫和財務長約翰·戴維·雷尼將與我一同參加電話會議。道格和約翰·戴維的演講結束後，我們將回答大家的提問。屆時，我們各部門的執行長也將與我們一同出席，包括沃爾瑪美國公司的約翰·弗納 (John Furner)、沃爾瑪國際公司的朱迪思·麥肯納 (Judith McKenna) 和山姆會員商店的凱絲·麥克萊 (Kath McLay)。 （操作員指示）

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.

今天的電話會議正在錄音中，管理層可能會做出前瞻性陳述。這些陳述受風險和不確定性因素的影響，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性包括但不限於我們向美國證券交易委員會 (SEC) 提交的文件中確認的因素。請參閱我們的新聞稿和隨附的幻燈片演示文稿，以了解有關前瞻性陳述的警示性聲明，以及我們網站 stock.walmart.com 上的完整安全港聲明和非公認會計準則 (Non-GAAP) 對帳表。

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，我們現在可以開始了。

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%.

早安，感謝您與我們分享第一季業績。我們第一季業績表現強勁。全球銷售額成長強勁，其中電商業務成長26%。利潤成長遠超銷售額，庫存水準也取得了進一步提升。我們正在建立的全通路模式持續受到客戶和會員的青睞。如預期，食品和消費品類別的銷售額佔比較高，對毛利產生了負面影響，但強勁的費用管理以及我​​們新的、相互促進的業務的進展，幫助我們的利潤增長超過銷售額，增幅達到17.3%。

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逐漸成型。國際業務本季表現出色，延續了去年的強勁勢頭。以固定匯率計算，銷售額成長了12.9%，利潤成長更快，達到41%。中國區、沃爾瑪墨西哥和Flipkart的營收均實現了兩位數成長。在中國，經濟重啟恰逢農曆新年，這帶動了我們會員店和門市的客流量。山姆會員商店中國區持續保持強勁表現。

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.

至於印度，我們上週派了一群人去了那裡，離開時我們對未來的機會更加興奮。 Flipkart 和 PhonePe 表現良好。我們在那裡的沃爾瑪技術團隊實力雄厚，我們有很大機會在印度增加相當多商品類別的出口。

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，沃爾瑪和山姆會員商店均表現優異，交易額成長良好，食品業務銷售成長強勁，電商業務成長強勁。我們在食品雜貨類別的市場份額持續增長，尤其是在高收入和年輕購物者群體的推動下，兩家店的會員收入均實現了良好增長。山姆會員商店美國店的會員數量和Plus會員滲透率在本季創下歷史新高。如今，除了價格之外，便利性也成為我們成長的驅動力。我們看到，便利性在各個業態和常見年齡層的顧客群中都得到了體現。

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.

就庫存而言，我們的狀況良好。庫存正在改善，過剩庫存持續下降。我們從數據上看到了這一點，而且我在門市和俱樂部的客流量中也看到了這一點。

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.

鑑於通貨膨脹的影響，全球消費者仍在追求價值。我們在美國以及墨西哥、加拿大和智利等其他市場都看到了這種情況。沃爾瑪美國自有品牌滲透率較去年上升了約110個基點，沃爾瑪墨西哥分部的滲透率則上升了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.

我們持續管理價格差距，為顧客創造價值。沃爾瑪美國分部的日用百貨價格目前低於一年前，這很好，但同類商品的價格仍高於兩年前。在乾貨雜貨和紙製品等消耗品類別中，我們繼續看到高個位數到低兩位數的成本上漲。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.

這些類別的通膨率長期居高不下，給我們服務的一些家庭帶來了壓力。乾貨和消費品的持續通膨是造成我們下半年不確定性的關鍵因素之一，因為它對其他類別（尤其是日用百貨）的可自由支配支出產生了累積影響。

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，鑑於外部環境，我們目前的績效指引應該反映出適度的保守性。我們對我們的業績、多年來的成長動能以及我們以顧客需求為導向、以實惠的價格提供優質服務的能力感到非常滿意。我們在所有三個業務領域都執行良好，業績也表現優異。 John David 稍後會詳細介紹我們對業績指引的思考。

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.

展望第二季及今年剩餘時間，我們將專注於降低商品成本和零售價，以對抗通貨膨脹，造福我們的客戶和會員，這將有助於我們進行商品組合；提貨和送貨執行，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.

有些地方可以進攻，有些地方則需要更保守。我們不應該對每個類別都一視同仁，而且我們也沒有這樣做。我們在該進攻的地方進攻，同時控制我們能控制的。

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，我們在佛羅裡達州舉辦了投資者會議，參觀了配送中心、門市和山姆會員商店。非常感謝所有參加此次會議的朋友們。我們非常享受這次會議，希望你們也是。我們點了三份外送。

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，我們有能力實現成長，因為我們能夠以客戶和會員希望的方式為他們提供服務。其次，隨著時間的推移，我們預期利潤成長速度將超過銷售額，由於生產力的提升和業務組合的優化，營業利潤率也將有所提升。第三，我們將嚴格控制資本使用，在提高營業收入的同時，提高投資報酬率。

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.

我希望大家能看到我們近年來的投資是如何推動績效的。第一季度，我們的銷售額增加了近110億美元，費用槓桿率提高了58個基點，營業利潤率也提高了34個基點。至於回報，我們希望營業利潤的成長速度快於銷售額，隨著我們開始消化過去幾季產生的一次性大額項目，我們預計未來幾季的投資報酬率將出現拐點。

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.

投資者會議也讓我們有機會展示我們正在研發的自動化環境配送中心（DC）的一部分。雖然這是我們正在建立的重要組成部分，但我們的整體能力遠不止於此。我們正在建立一個更互聯、智慧和自動化的網路。我們正在增加利用自動化倉儲和檢索系統的市場配送中心（MFC），並且預計將增加數千輛電動車，以支援我們的最後一哩配送能力。這是為了打造一個更優的供應鏈，而不僅僅是更大的供應鏈。

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.

我們很高興看到這些新功能將如何幫助我們的員工，將一些體力要求更高的工作轉化為更有回報、更高技能的職涯發展道路。幾週後，我們將在阿肯色州西北部舉辦年度股東週活動。活動的一部分將包括參觀我們剛剛開業的MFC。這將是一個了解我們正在建立的另一個成果的好機會。

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，我要向各位表示感謝。感謝我們的同事們幫助我們實現了又一個強勁的季度業績。我們為他們感到驕傲，也很高興沃爾瑪和美國山姆會員商店最近都獲得了行業卓越工作場所領導者的認證，成為「最佳工作場所」。感謝您對我們公司的關注。

Now over to John David.

現在輪到約翰·戴維了。

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、同事和合作夥伴，感謝他們幫助我們在新的一年伊始取得了強勁的季度業績。儘管宏觀環境充滿挑戰，但團隊執行力十足，各項策略措施也取得了進展。首先，我將以成長、利潤率和回報為框架，回顧本季的亮點，然後，我將用幾分鐘時間回顧我們最近投資者日活動的關鍵主題，最後詳細介紹我們最新的業績指引。

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.

首先從成長說起。第一季度，以固定匯率計算，銷售額成長近8%，約110億美元，所有業務部門均表現強勁。沃爾瑪美國同店銷售額（不含燃油）成長7.4%，其中電商業務成長27%。開局強勁後，隨著季度推進，銷售額成長放緩。同店銷售額成長較第四季下降90個基點，主要原因是價格上漲以及去年同期通膨率上升的影響。我們食品雜貨業務的市佔率和銷售量持續成長。這符合我們的預期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.

從整體來看，消費者支出已展現出韌性。但在表象之下，我們持續看到消費者依然選擇性十足的跡象，尤其是在非必需消費品類別方面。第一季度，我們看到美國商品銷售結構從日用百貨轉向食品雜貨和健康保健品，轉變幅度接近360個基點。相較之下，這項轉變的幅度超過了去年全年330個基點的品類結構轉變。

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.

除了食品和消費品價格持續上漲外，消費者也受到SNAP福利減少和退稅額度降低的影響。這些影響被與社會安全福利生活成本調整增加相關的支出增加部分抵銷。

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，銷售額表現強勁，以固定匯率計算成長近13%，其中中國、沃爾瑪墨西哥和Flipkart的兩位數成長尤為突出。美國消費者支出受到的許多影響也波及了我們的國際市場。山姆會員商店美國同店銷售額成長7%，會員費收入成長6.3%。每位會員的平均消費額實現了中等個位數成長。

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.

再來說說利潤率。受全球品類銷售組合持續承壓的影響，合併毛利率下降了18個基點。供應鏈和運費成本相對於去年同期的上漲有所下降，但部分抵銷了此不利因素的影響。

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.

品類組合是跨地域和跨業態的顯著阻力。沃爾瑪美國日用百貨銷售額下降了中等個位數，而食品和消費品銷售額則實現了低兩位數增長。食品和消費品的整體通膨率從第一季初到本季末下降了超過400個基點，但價格仍然高企，消費者在非必需消費品類別的支出上持謹慎態度。雖然我們在食品和消費品領域的利潤率頗具吸引力，但它們的利潤率低於日用百貨。我們預計，在2024財年餘下時間裡，品類組合仍將是對毛利率的阻力。

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.

與我們核心的全零售業務相關的高利潤項目，包括市場、廣告和會員服務，其成長持續顯著超過基數。我將逐一討論這些項目。首先是市場和訂單履行服務。

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.

我們正在透過推出新商品、新賣家以及更優質的體驗來拓展我們的平台。我們在美國市場的賣家數量年增超過40%，使用沃爾瑪物流服務的數量也增加了一倍以上。我們正在添加一些客戶正在搜尋但通常不在沃爾瑪銷售的高知名度、高需求品牌，從而提升我們作為數位購物平台的形象。

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 的商業平台規模不斷擴大，首次電商客戶數量不斷成長，其覆蓋範圍也不斷擴大到二、三線城市。 Flipkart 的 Ekart 業務目前擁有超過 35,000 家 kirana 合作夥伴，並為 Flipkart 賣家和其他第三方提供配送服務。

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.

再來說說廣告業務。我們的全球廣告業務在第一季實現了超過30%的強勁成長。在美國，沃爾瑪Connect廣告銷售額成長了近40%，這得益於新廣告主（尤其是來自電商平台的賣家）的強勁成長動能。過去12個月，使用我們廣告功能的第三方賣家數量翻了一番。

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%.

山姆會員商店的廣告業務，即會員訪問平台，實現了兩位數增長，活躍廣告商數量較去年增長了50%以上。廣告主對我們近期推出的店內銷售歸因功能反應熱烈，此功能可協助廣告主清楚洞察線上和店內數位廣告支出的回報，同時提升會員體驗。在國際市場，廣告業務持續展現強勁勢頭，其中Flipkart的廣告業務成長超過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，關於會員。山姆會員商店的會員數量多年來一直保持強勁增長，第一季再創歷史新高。過去三年，會員人數增加了近30%，我們越來越吸引千禧世代和Z世代的注意。

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.

我們也看好沃爾瑪+會員的趨勢。近50%的沃爾瑪+會員來自線上提貨和配送通路。會員消費比非會員更高。他們在我們這裡購物的頻率更高，會員資格加深了顧客的參與度，有助於實現個人化，使我們能夠提供更多服務，並在顧客關心的方面提供更多優惠。

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.

回到損益表的中間部分。銷售、一般及行政費用（SG&A）上漲了58個基點，這得益於整個公司銷售額的強勁增長、持續關注成本控制，從而隨著通膨放緩而抑制了銷售額增長，以及去年抵消了美國部分與新冠疫情相關的工資成本。綜合以上因素，我們的營業收入成長了17%以上。這與近8%的銷售額成長相對應，銷售額成長導致營業利潤率提升了34個基點，鞏固了我們在投資者日制定的財務架構。

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.

正如我們在2月發布2024財年業績指引時所暗示的，幾項低於預期的項目影響了我們第一季的獲利結果，其中包括更高的淨利息支出。第一季淨利息支出超過5.5億美元，我們以優惠利率發行了50億美元的債券。本季非控股權益也有所增加，部分原因是沃爾瑪墨西哥公司業績強勁。調整後每股收益為1.47美元，好於我們的預期，因為銷售額超出了我們的計劃，成本槓桿也超過了計劃。 GAAP每股收益為0.62美元。調整後每股盈餘與GAAP每股盈餘之間的差異反映了股權投資未實現損益0.85美元的影響。

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.

團隊在庫存管理方面繼續表現出色，本季末我們的銷售額下降了7%，其中沃爾瑪美國銷售額下降了9%以上。在充滿不確定性的宏觀環境下，成本和庫存管理是兩個關鍵的可控因素。我們正在提升庫存效率和商品週轉，並解決商品擺放問題，以便更好地服務顧客，提高門市庫存水平，同時降低未來需求疲軟帶來的風險。

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.

請容許我花點時間討論一下我們的回報，特別是投資報酬率（ROI），本季下降了120個基點。我們計算投資報酬率是基於過去12個月的數據。因此，第一季的下降是由於我們去年第三季和第四季產生的近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的拆分有關。

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.

這些費用加起來對第一季的投資報酬率造成了約140個基點的負面影響。這些費用將在第二季再次成為不利因素，在第三季的影響將會減弱。隨著這些費用的扣除，我們預計今年下半年的投資報酬率將顯著改善。撇開這些特殊項目不談，我們的基礎營運投資報酬率正穩定上升。在四月的投資人日上，我曾表示，我們希望投資報酬率每年都能提高，我仍然相信今年也能如此。

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.

讓我簡要回顧一下第一季的主要業務亮點。沃爾瑪美國公司同店銷售額強勁成長7.4%，反映了門市客流量的上升趨勢以及門市自提和配送業務的強勁成長。從品類來看，同店銷售額的成長主要得益於食品和健康保健類別的強勁成長，但部分抵銷了日用百貨銷售額的下滑。春季天氣異常涼爽，對某些季節性耐用品類（包括草坪和花園用品）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，主要原因是品類組合變化帶來的持續壓力。如前所述，供應鏈成本和運輸成本有所下降，因為我們追平了去年的高點。通貨膨脹率仍然高企，食品類別的通貨膨脹率略有兩位數上漲。需要注意的是，雖然同比通貨膨脹率隨著本季的推進開始回落，但這主要是由於通貨膨脹率追平了去年的高點。

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.

以兩年累積計算，食品通膨率仍超過20%，並持續對消費者的可自由支配支出帶來壓力。食品雜貨市場份額持續增長，其中包括來自高收入家庭的份額，因為我們強大的價格差距引起了越來越注重價值和便利性的顧客的共鳴。我們在日用百貨領域的市佔率也在成長，我們已在這些領域進行投資，以提升客戶體驗，例如娛樂和汽車領域。

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，隨著客戶更加嚴格地管理家庭預算並將支出偏向於日常必需品，我們正在加強整個商品供應的價值主張，包括以高品質自有品牌為特色的季節性活動優惠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.

復活節假期期間，我們為顧客精心準備了復活節大餐和傳統的復活節禮籃，價格與去年相同。繼第四季成長160個基點、第三季成長130個基點之後，第一季自有品牌在食品雜貨品類的滲透率又成長了近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.

電商銷售額的強勁成長主要得益於門市自提和配送業務持續兩位數的成長。顧客越來越重視配送的便利性和速度。我們在這方面擁有優勢，因為我們可以利用門市的便利性來配送數位訂單，並將其送到顧客家中。

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，我們能夠更快地將訂單交付給客戶，同時建立可持續的全能經濟模式。銷售額成長帶來的強勁流轉推動了銷售、一般及行政費用槓桿率的提升，從而抵消了毛利壓力，最終實現11.7%的強勁營業收入增長，而同期銷售額僅增長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.

我們的國際業務部門本季表現出色，銷售額和利潤均實現強勁增長，延續了去年下半年的強勁勢頭。國際業務的營收和利潤成長均快於企業業務。以固定匯率計算，銷售額成長近13%，其中中國、沃爾瑪墨西哥和Flipkart的兩位數成長尤為突出。

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，營業收入成長速度是銷售額成長的三倍多，達到41%，每個市場都達到了年成長。強勁的利潤流尤其令人鼓舞，因為團隊在強勁的銷售成長的基礎上，也不斷提高營運效率。

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，銷售額成長了28%，這得益於團隊在春節期間的優異表現，以及隨著中國經濟重啟，客流量也隨之增加。各業績和通路的業績均表現強勁，山姆會員商店的會員數量持續增長，會員留存率也更高，大型超市的銷售趨勢有所改善，電商銷售額增長超過50%。

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.

沃爾瑪墨西哥公司本季業績表現優異，Bodega 超市、山姆會員商店和電商平台的銷售表現強勁。我們持續把握機遇，拓展實體店佈局，在過去 12 個月內開設了 120 多家門市，同時不斷提升全通路能力。隨著顧客對便利性的需求日益增長，團隊已在墨西哥 80% 的沃爾瑪超市和快速門市推出了 60 分鐘送達服務。

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，貢獻利潤也有所提升。團隊持續拓展產品和服務。例如，Flipkart 旅遊服務在本季透過其 Cleartrip 平台推出了巴士預訂服務，進一步豐富了其產品組合，目前已能夠為客戶提供 100 萬次巴士連接。我們對 PhonePe 的出色表現持續感到滿意。

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，我們實現了一個重要的里程碑：年度總支付額（TPV）首次突破1兆美元。山姆會員商店美國同店銷售額強勁成長，第一季成長7%。除了交易量和票據量均穩定成長外，山姆會員商店的電商銷售額也成長了19%，其中路邊取貨業務的強勁成長功不可沒。山姆會員商店會員數再創季度新高，會員收入成長率達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%.

本季，Plus會員滲透率也創下歷史新高。本季度，山姆會員商店迎來了成立40週年，我們舉辦了一系列會員促銷和活動，這真是太棒了。新舊會員的反應熱烈，包括創下季度會員註冊人數紀錄的季度新高。由於與通貨膨脹相關的後進先出法費用4800萬美元，營業收入略有下降。若不計入該費用，營業收入將成長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.

在四月份的投資界會議上，我概述了我們圍繞三大策略財務目標構建的計劃，旨在實現營業收入成長快於銷售額成長。首先，我們專注於透過全通路業務模式推動有機銷售額成長。顯然，我們的全通路模式正在引起不同收入群的共鳴，他們透過線上線下、實體店、路邊取貨和配送方式尋找沃爾瑪。此外，我們便利性的消費者認知度也不斷提升，幾乎與價格的消費者認知度持平。隨著我們在全球市場持續拓展數位化能力，我們有機會在未來幾年實現營收的大幅成長。

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透過改進產品和業務組合來實現盈利來源多元化。為了改善產品組合，我們專注於透過擴大電商平台的商品種類，以及升級改造後的門市的展示和體驗，來提高服裝和家居等高利潤品類的銷售滲透率。我們的電商商品種類已擴展至服裝類超過2億個SKU，家居類近6000萬個SKU。

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.

我們最新改造的超級購物中心採用差異化的方式展示日用百貨，包括更多品牌商店、數位展示、人體模型、更寬的貨架和升級的設備。這些措施的早期客戶反應令我們備受鼓舞，我們計劃今年在300家門市中採用這些功能。此外，正如我之前提到的，我們正在不斷優化業務組合，不斷擴展一系列極具吸引力的成長計劃，這些計劃將強化我們的核心零售模式，並將直接重塑我們的電商和企業利潤軌跡。這一系列計劃將帶來更強勁的回報，包括在許多市場開展廣告、數據和會員業務。整體而言，這些計畫產生的營業利潤率遠高於我們的核心業務，我們預計今年這些計畫將開始對營業利潤成長產生相對於銷售額成長的正面影響。

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.

此模式的第三大基石是透過擴大供應鏈中已證實的高回報投資來提高回報，從而提升營運槓桿率並增加增量利潤率。我們正在投入資金，透過自動化來優化我們的配送和履行節點，我們預計這將在未來幾年顯著提升單位經濟效益。我們的資本結構和現金流量產生能力是一大優勢，我們正在負責任地配置資本，並致力於提高回報。

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.

我重申我在投資者日上說的話。我們看好我們的戰略定位。隨著時間的推移，我們預期營收將在多元化驅動因素的驅動下實現成長，品類組合得到改善，業務組合增值，單位經濟效益也將提升。這一切都歸功於我們具有誘人回報週期的供應鏈投資。我們預期最終結果是營業收入的成長速度將快於銷售額的成長速度。

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.

談到業績指引。隨著消費者面臨的宏觀壓力逐漸加劇，今年餘下時間的前景仍存在諸多不確定性。因此，我們將繼續保持審慎的展望，同時對我們能夠掌控的領域充滿信心。

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.

我們一貫不會在第一季結束後不斷更新業績指引，也未必想開創先例。但我們認為，在當前特殊環境下，隨著我們觀點的演變，提供一個持續的框架至關重要。我們上調了全年業績指引，以反映第一季的業績以及我們對第二季的預期。我們目前預計，以固定匯率計算的淨銷售額將成長約3.5%。我們預期沃爾瑪美國及國際業務的成長速度將略高於我們先前的預期，山姆會員商店的成長速度將與我們2月的業績指引保持一致。

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利潤將成長約4%至4.5%，其中包括後進先出法（LIFO）預計帶來的100個基點的影響。我們預計調整後每股盈餘將在6.10美元至6.20美元之間，其中包括後進先出法預計帶來的0.14美元的影響。

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。我們近期發行的債券獲得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加6億美元。 NCI（非控股權益）預計將對每股收益造成約0.20美元的同比拖累，其中包括沃爾瑪墨西哥業務的強勁表現。我們的稅率預期已接近先前預期的上限，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，我們給出以下預測：以固定匯率計算，淨銷售額成長約4%。以固定匯率計算，預計營業利潤將較去年下降約2%。若不計入去年沃爾瑪智利保險收益帶來的1.73億美元收益，以固定匯率計算，預計營業利潤成長將持平或略有上升。

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.

當您將每股收益與去年同期進行比較時，我們將智利保險收益及其他收入的0.05美元收益與京東股息及其他損益的0.05美元收益疊加，從而得出每股收益可比逆差總計0.10美元。我們預計今年第二季調整後每股收益為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，新的一年開局良好。我們正致力於打造一個不斷擴展的全方位生態系統，助力我們在任何經濟環境下實現營收和利潤的成長，從而助力業務取得成功。即使消費環境進一步收緊，我們也能憑藉每日低價和一系列便利服務，以極具吸引力的價值主張繼續贏得消費者的青睞。

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.

如果宏觀環境證明這一點，我們有機會透過自營商店、電商和第三方市場業務銷售更多日用百貨商品，並改善我們的利潤結構。我們正在進行業務結構向更高利潤價值流的轉型，這有助於保障我們當前的利潤，並在未來推動更好的利潤成長。

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.

我期待下個月在阿肯色州西北部的股東大會上與各位見面。好了，現在請接線生回答您的問題。

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

（操作員指示）我們的第一個問題來自瑞銀的麥可‧拉瑟 (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?

考慮到通貨膨脹的前景，以及今年剩餘時間您將面臨的日益嚴峻的客流量和消費環境，您預計需要在價格和其他措施上投入多少，才能在未來幾季保持美國市場整體的穩定？您是如何將這些投入納入最新業績指引的？

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?

您是否認為，鑑於您對沃爾瑪美國公司業績表現優於之前 2% 至 2.5% 的預期，僅憑該業務的發展勢頭，沃爾瑪美國公司的業績可能會高達 4% 至 5%？

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在本季取得了強勁的業績，並投資於未來。同時，看到這兩件事的發生，我感到非常高興。

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，我想重申一下，我們公司的宗旨是幫助人們省錢，生活更美好。當然，在過去幾個季度，我們看到了新的購物者。正如約翰·戴維所提到的，很多都是高收入、更年輕的購物者，他們來我們這裡是為了尋求價值。

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，展望未來，對我們來說最重要的是價格對沃爾瑪的消費者來說至關重要。我們對目前市場上的價格差距感到滿意。這些差距與過去幾季的情況一致。當然，您之前也提到過，有些產品正在從品牌轉向自有品牌。

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.

目前最重要的是我們為全國各地的消費者提供的彈性。我們已經看到不少客戶轉向送貨上門取貨。我們的交易量一直很強勁。至於我們的計劃，今年剩餘時間，當然，我們已經在計劃中預留了調整空間，以應對消費者或宏觀環境的變化。正如我們所提到的，日用百貨市場略顯疲軟，而食品和消費品市場則表現強勁，如果這種情況持續下去，我們能夠妥善應對。我們當然認為天氣和其他因素影響了我們的產品組合調整。因此，我們制定了一項計劃，使我們能夠在全年創造價值。

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，我是道格。我想補充約翰說的話，提醒大家我們在佛羅裡達見面時，我們談到了這項投資將是一個轉捩點，我們的投資將更側重於資本投資，而不是損益表投資。我們將繼續投資供應鏈，當然，我們幾週前就討論過這些，但同時也想提醒大家我們的改造投資。所以我認為——當我想到「投資」這個詞時，我更多地考慮的是這些方面，而不是損益表投資——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.

我想說的另一件事是，現在是成為真正優秀商家的絕佳時機。例如在我們的店，當我想到日用百貨，無論是服裝還是雜貨，我們都致力於讓門市領導和店員在這些領域保持領先地位。由於庫存狀況比去年夏天更好，他們可以更加專注於此，而不是僅僅關注庫存的流入。因此，我們可以影響產品組合，並採取其他措施來推動業務發展，而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凱特‧麥克沙恩 (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?

我們想問您能否了解本季迄今的銷售趨勢，以及第一季以來的放緩趨勢是否還在持續？您能否提醒我們，消耗品的混合循環什麼時候會變得更容易？

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。我是約翰·戴維。第二季度——或者說第一季——正如我在發言中提到的，我們看到了整個季度的放緩，二月表現強勁，而三月和四月則略有下降。這符合我們所觀察到的一些趨勢，以及其他與SNAP福利、退稅等相關的消費者行為。本季的開局基本上與上一季的結束情況相同。因此，到目前為止，我們觀察到的變化並沒有什麼值得注意的。

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.

就產品組合而言，今年產品組合將持續對我們產生影響。我認為這種影響在去年年中最為明顯，當時我們就看到了它的影響。當然，進入下半年，消費者的錢包越來越鼓。我們看到業務從食品轉向日用百貨的轉變已經提前顯現。

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.

我想說的是，今年的不同之處在於，不僅是轉向食品和消費品，我們在第一季也看到了向健康和保健領域的轉變。這部分與治療糖尿病的GLP-1藥物有關。我們確實看到了這方面的成長。對我們來說，這會帶來較低的利潤率，因此也對我們的業務產生了一些影響。

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.

我認為乾貨雜貨和消費品的持續通膨是最大的問題。想想我們面臨的挑戰以及我們將要克服的困難，我們發現通膨在21年下半年就開始出現。 22年初通膨加速的速度比我們預期的要快得多，達到了比我們預期更高的水平。從那時起，你會看到日用百貨的價格開始回落，但乾貨雜貨和消費品的價格卻保持穩定。

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，作為顧客，尤其是月光族，他們現在兩年的庫存積壓是個問題，最終會變成三年的庫存積壓。因此，與熟食和消費品類別的供應商合作，盡快降低成本，將有助於他們提高銷量，幫助我們優化產品組合，並釋放現金供顧客購買非必需品。這正是我們一直以來的重點，但這些類別的進度比我們預期的要慢。

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

我們的下一個問題來自 TD Cowen 的 Oliver Chen。

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?

這些科技賦能的零售生態系統正以驚人的速度擴張。市場廣告的關鍵重點是什麼？它們如何與人工智慧結合，並幫助提升利潤率？

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.

還有茱蒂絲的後續問題。中國市場持續保持強勁成長勢頭，利潤率也更高，令人印象深刻。我想重點談談中國經濟重啟的進展是否符合您的預期，以及您對印度市場的看法。

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.

奧利佛，我是約翰。首先，我為團隊第一季在電商領域的出色表現感到自豪。 27%的增幅值得所有人驕傲。這得益於多種因素的共同作用。我們注意到自提和配送業務的成長，以及平台賣家數量的顯著成長。

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.

我認為這個數字背後令人鼓舞的是，使用我們提供的服務（例如我們的配送服務）的賣家數量眾多，這些服務可以在 1 到 2 天內送達更多商品，而且當賣家使用配送服務時，我們看到轉換率顯著提高，可以在 2 天內送達，這也帶來了廣告業務的成長。

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觸達目標客戶群的能力正在不斷提升。我認為這無疑推動了業績的成長。正如我們所描述的，這些業務部門確實有助於整體產品組合。同時，正如約翰·戴維所提到的，我們也面臨一些產品組合挑戰。但在這些挑戰中，第一個，也是真正正面的，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，供應鏈狀況好得多。團隊表現良好。因此，我們的供應鏈團隊帶來了極大的推動力，而且他們的進度領先於我們的內部計劃。這確實是一個正面的信號。正如約翰·戴維所提到的，我們看到食品、消費品和日用百貨之間存在產品組合問題，而健康和保健品的利潤率增長也較低。

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.

就第一點而言，關於科技賦能的生態系統和市場，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，我們能夠從美國的經驗中獲益良多，尤其是在市場方面，我們正在建立全球市場能力。我們剛剛在多個市場推出了沃爾瑪的配送服務。這確實為生態系的建設提供了助力。

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.

印度或許是我們目前最好的例子之一，儘管沃爾瑪墨西哥是建立生態系統的另一個很好的例子，我們以客戶為中心，並利用我們的數位能力，以簡單有效的方式為客戶提供最佳服務。您剛剛聽到約翰·戴維談到了我們正在進行的工作，例如在旅遊領域，我們在印度市場進行產品交叉銷售，同時為人們銷售機票，無論是飛機票還是公車票，我們剛剛推出了這項服務。

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.

就中國市場而言，其本季表現無疑非常強勁。儘管我們看到大多數市場都表現強勁，但中國市場仍然是本季國際業務的重要驅動力之一。尤其值得一提的是，正如您所說，中國農曆新年的重新開放對本季產生了深遠的影響。

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.

為了讓大家大致了解那裡發生的事件規模以及我們團隊的反應，我們所有的產品都定位在了春節期間，主要在人們聚集的城市。結果實際上大家都回到了更偏遠的農村地區。我們的團隊必須在10天之內徹底調整策略，重新分配我們在全國各地的所有庫存。這是一項非凡的努力，展現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.

中國經濟仍處於低谷。毫無疑問，從外部來看，消費者信心比以往有所改善。雖然目前還沒有完全恢復到疫情前的水平，但我們在中國的兩家業務都受益於重新開業。山姆會員商店繼續表現良好。今年我們有6家新店開幕。

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.

關於超級訂單，我們真正專注於加倍思考如何實現電商的實體店配送。電商滲透率仍維持在40%左右，與先前相比略有下降，但這也部分是由於春節期間的季節性因素。

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Doug所說，我們最近也進入了印度市場。 Flipkart和PhonePe都持續讓我們留下深刻印象，並滿足了我們的預期。我想我們已經討論過Flipkart生態系統的建構。但PhonePe的業績也令人印象深刻，他們的TPV超過1萬億，擁有3600萬在線商家，並且幫助這些商家發展業務，這真的令人印象深刻。

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，我們的技術能力、採購能力、Flipkart 和 PhonePe 之間正在建立一個生態系統，它正在成為該市場相互促進的飛輪，我們對他們未來的發展感到興奮。

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西緬古特曼 (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?

我有個問題想問John David。關於第二季的展望，您能否分享一下，自從您給予全年業績指引以來，預期是否發生了變化？另外，您之前提到，下半年息稅前利潤（EBIT）的銷售成長應該會比上半年更強。您能否談談這種形態或利差是否會改變？是擴大了還是大致不變？

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，西緬。很高興和你聊天。你可能還記得，在上次財報電話會議上，由於去年第二季發生的一些具體問題，我們對第二季的業績略有預期。當時我們預期第二季業績基本持平。目前，我們的預期是──我指的是營業收入──下降了2%。這主要受到我們去年收到的保險收益的影響。

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.

產品組合在第二季仍將是一個問題。我們確實看到部分供應鏈成本和運費有所改善，並從中受益。但考慮到今年的情況，這對我們來說是一個異常的季度。隨著進入下半年，我們看到我們在投資者日討論的一些圍繞高利潤、高成長領域的舉措將產生更顯著的影響，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.

但相對於上一季的情況，我們對這拐點的預期並沒有改變。我們仍然預計情況會大致相同。坦白說，我們第一季的營業利潤表現確實超出了我們的預期。所以，這方面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.

約翰戴維，您提到了食品和日用百貨之間360個基點的商品組合變化，您稍微談了一下，但我們是否應該預期第一季是這種組合壓力的峰值？這種壓力在全年會有所緩和嗎？請幫助我們了解您的計劃。

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?

還有日用百貨方面，能否介紹一下目前銷售量與淨價之間的比較？另外，您還在300家門市推行新的日用百貨計劃，能否分享一下您看到的業績提升？

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。凱利，我把這些問題都記在這裡了。首先，關於組合調整，我認為假設第一季必然會達到高峰是不公平的。你可能還記得，當我們發布全年業績指引時，提到了相對於去年330個基點左右的額外增量影響。所以我認為我們全年都會繼續看到這種情況。

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.

這很大程度上也取決於消費者行為，而消費者行為目前很難預測，我們的指引假設我們對此持相當謹慎的態度。就銷售量而言，如果只看第一季並按細分市場細分，你會發現美國兩家山姆會員店的實際銷售額基本上持平。我認為，國際市場經通膨調整後成長了約6%，達到6.5%。因此，我們當然看到了價格上漲的影響，以及消費者行為對購買量的影響，這與銷售息息相關。

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.

關於我們正在改造的門市，在回答這個問題之前，我想先聲明一下，我們才剛開始。我們只改造了幾家門市，但對結果非常滿意。我們看到銷售額成長了相當可觀的幾個百分點。需要明確的是，這是意料之中的。任何一家進行改造的門市，初期都會出現成長。我認為我們需要持續關注的是，銷售額會隨著時間的推移逐漸趨於平穩。

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，如果你有機會走進其中一家店，你肯定會感受到它與其他門市的不同之處。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?

到目前為止已經開了多少家店？

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.

嗯，我們現在在全國各地有幾十個這樣的門市。我們先在阿肯色州試行，然後去了東北部，現在我們把它們推廣到很多市場。此外，除了商品陳列之外，令人鼓舞的是，無論是服裝還是佈置方面，都有很多令人興奮的變化。我們看到的是，這些門市在許多市場都取得了成功。因此，我們認為，它的吸引力可能比我們第一次嘗試時想像的還要大。這個項目進展順利，我們看到今年有數百家這樣的門市正在建設中，並即將投入使用。

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.

由於它與基因改造與食品和消耗品組合有關，您可能會評論您在電子商務百貨商品中看到的情況，然後您將如何回答針對沃爾瑪美國的具體問題，您如何看待第二季度到第四季度與該組合的關係。

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，深入研究一下，確實有一些有趣的觀點。日用百貨在電商和行銷方面無疑表現更強勁。正如約翰戴維所說，本季迄今的趨勢僅持續了幾週，這非常反映了第一季末的情況。但是，我們推出了新產品、新品牌，我們在媒體或社群媒體上發現了許多表現良好的數位原生品牌的例子，這實際上也包括食品業。

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.

所以，正如我之前所說，目前的供應鏈結構有一些正面的面向。食品和消費品的成長速度肯定更快。健康和保健品的成長是我們今年之前沒有預料到的，在過去幾個月裡，健康和保健品的成長速度加快了不少。

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，展望未來，有些因素目前尚難預測，例如日用百貨的影響已經持續了大約三個季度，但退稅、天氣、一些基金等其他因素也會產生影響。因此，目前尚不清楚這些影響在本月有多少是暫時的，以及今年剩餘時間的趨勢如何。

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.

但我確信，食品和消費品領域的趨勢以及我們在這些領域的優勢，以及健康和保健領域在未來幾季將持續下去。我認為，如果有什麼不同的話，那就是健康和保健領域，根據我們在約翰·戴維提到的這些藥品類型中看到的增長率，它對產品組合和滲透率的影響可能會更大。

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公司的 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?

我還想回顧一下本季貴公司在美國電商業務的加速發展。從品類角度來看，您看到了什麼？在今年餘下的時間裡，您是否預期電商業務將繼續為貴公司在美國的業務做出重大貢獻？

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，對本季的表現感到非常興奮。團隊在過去一年做了很多工作來提升整體客戶體驗。我們衡量的指標叫做“客戶體驗評分”，它考察的是我們的商品組合、賣家數量、產品展示頁面的質量，這些都體現在業務的細節上。上個季度，電商、取貨和配送業務的全面成長都非常強勁。

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通路服務的一部分，這一點非常重要，因為當我們談到門市取貨和送貨時，這確實包括電商訂單，即顧客訂購日用百貨時，商品恰好就在店裡。因此，實際上，我們縮短了“最後一英里”，這不僅有助於提高速度和節省時間，還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.

雖然類別很強大，但我們在食品和消費品方面表現強勁，這確實受到市場加速發展的鼓舞，在服裝等類別中，某些家居類別也出現了一些加速發展，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.

我認為，隨著賣家數量和商品數量的不斷增加，這種情況還會持續下去。因此，我們非常關注客戶（通路），並透過搜尋推動業務發展，確保客戶能夠在沃爾瑪隨時隨地買到他們想要的商品。

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.

所以我在這裡就把它們都歸納一下。我想問的是，顯然你們已經建立了一些品牌合作夥伴關係和獨家合作關係。您如何看待店中店模式的演變？某些類別，例如電子產品和寵物用品，似乎有很多機會。這是第一個。第二個是沃爾瑪+帶來的福利，您認為這會吸引更多高收入消費者嗎？第三個是食品雜貨市場環境。你們在傳統食品雜貨領域從一些規模更大的競爭對手那裡搶佔了大量市場。您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.

早安，史考特。首先，我想談談這三個方面。首先，品牌。我們非常喜歡在正在改造的門市開設的實體品牌店。我知道你已經看到了一些，但效果確實令人鼓舞。

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.

此外，我認為在服裝方面，我真正欣賞團隊的做法是，他們把所有東西都整合在一起，方便顧客選購。所以，如果你在男裝店，你會看到品牌在部門前面，男士牛仔系列就在後面，鞋子、配件等等，都擺放在一起。我們傳統上是按類別來劃分這些商品的。現在，它們更加全面了。寵物當然也令人興奮，其中一些即將推出。

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，在線上，你會看到——現在就可以看到，將來還會看到更多——很多品牌商店都融入了數位體驗，這使得品牌能夠將其全部商品放到線上，無論是首件商品，還是線上或線下實體店銷售的商品，其餘商品都可以按品牌進行選購。我認為這些都進展順利。前十幾家商店的表現非常令人興奮。

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+ 持續進步。這是我們服務的重要組成部分。當然，這不是我們唯一在做的事情，但它確實是我們服務的重要組成部分。新會員的成長令我們備受鼓舞。更重要的是，我們真正要確保的是，我們能幫助這些新會員了解獲得我們所有福利的完整途徑。當然，我們的核心服務是，一旦您成為會員，即可享受無限次免費送貨服務，這是我們做得最好的一點。我們非常謹慎地衡量自己。我們稱之為“完美訂單”，也就是您準時訂購的商品。之後，我們會繼續努力改進，例如替換商品。

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.

最後再說說食品雜貨。我們專注於確保門市每天都有貨。與一年前相比，我們對供應鏈的感受有所改善。這不僅包括庫存情況，也包括供應鏈成本。我最近去過的從維吉尼亞州到新墨西哥州、德克薩斯州和田納西州的門市，食品雜貨、庫存和供應情況都得到了顯著改善，這確實對訂單處理員和揀貨員有所幫助，從而提升了沃爾瑪+的體驗。因此，我們將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一款名為Bachan's燒烤醬的產品，這是一款線上和線下融合的日式燒烤醬。它的銷量非常好。此外，我個人也對商家們不斷探索新途徑、開發​​新品、將其推向市場並推動全國銷售的做法感到鼓舞。

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.

我的問題其實是關於廣告的。我覺得這個季度的廣告業務相對較小，但40%的成長顯然還在加速，非常令人印象深刻。您能詳細解釋一下這一點嗎？您是如何推動這項成長的？再具體說說Sam's的廣告機會，以及看到Sam's地圖上賣家數量大幅增加。所以，我對這個機會很好奇。

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.

首先，我想談談沃爾瑪美國公司的廣告業務。自去年我們推出第二位拍賣功能以來，廣告業務發展勢頭強勁。所以，這是一個雙邊市場。但最終，我們的目標是將我們的賣家、供應商與消費者聯繫起來，這種聯繫可以是一對一的，也可以是群組層級的。

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，團隊付出了很多努力，真正提升了我們處理這些交易的能力。當然，隨著時間的推移，推動這一進程的因素會變得更好——一個更強大、更大的市場。這樣一來，平台賣家數量會更多，幫助他們與客戶建立聯繫，商品種類也會更多，更容易透過搜尋找到，同時也有助於廣告業務的成長。

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

接下來我將請朱迪絲來談國際議題。

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。所以，實際上情況是一樣的，隨著生態系統的完善，我們在各地的廣告業務也持續增強。 Flipkart 的年成長率約為 50%，而沃爾瑪墨西哥的年成長率也同樣強勁，約為 64%。所以，這些業務都在持續成長。我們不斷學習新技能，學習如何更好地服務那些希望加入我們平台的廣告商。我認為，這是我們看到許多良好全球影響力和全球學習成果的領域之一，這些都有助於鞏固我們的業務。

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。我只想從山姆會員店說起。我們討論的是──它和山姆會員店有點不同，因為我們沒有市場平台。但我們所做的是整合。你可以看到我們的電商業務成長，然後你還需要看看我們的「掃描即走」業務成長，因為這兩者都顯示了數位化銷售的成效。

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，我們一直在與廣告界合作，研究如何影響銷售，無論是店內、線下，或是線上線下。我們可以推動、鼓勵，還可以投放廣告。現在，我們讓廣告主看到店內和線上的銷售情況，並將它們整合在一起。他們看到了廣告支出回報率的提升。所以，這與John和Judith的模式不同，但我們對正在建立的工具和功能以及它們與廣告商的共鳴感到滿意。

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 (Edward Kelly)。

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.

我想問一下毛利率的問題。我們考慮的是毛利率和全年的進展，能否稍微詳細講一下一些專案的具體進展？我們會考慮運費降價之類的因素，看看這會如何影響下半年的損益表。

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.

關於你的收縮，你還沒談過收縮。我們聽說過，其他人也聽說過，這似乎是業界一個很大的問題。我只是好奇這對你有什麼影響。

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，我來回答。早安.首先是供應鏈。第一季度，我們明顯感受到了供應鏈帶來的順風，比起前幾季度，包括整個業務的執行情況都好多了。隨著去年第二季的結束，這個問題變得更加嚴重。去年第二季和第一季末，庫存高峰期到來，我們處理了大約10萬個滯留在港口的貨櫃積壓貨。因此，展望下個季度左右，這些成本的疊加效應會越來越大。而進入下半年，情況往往會逐漸恢復正常。

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，我們全年都面臨降價的壓力，因為我們要卸貨，把貨物從港口運到配送中心，再到門市，最後貫穿整個供應鏈。所以降價幅度會稍微下降。但每年，包括今年，我們都會為季節性降價留出空間。每個季度末，我們都希望確保庫存清空，以免承擔任何責任。而這種情況的發生，會讓下一季的安排變得更加困難，進而導致庫存積壓。

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，我們將繼續專注於按時進行降價促銷。事實上，對於服裝等某些類別，我們會提前在本季度進行降價促銷，以充分利用陣亡將士紀念日假期期間的客流量。因此，我們非常重視這一點。

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

您問題的最後一部分，您能再重複一次嗎？

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.

損耗。抱歉，這裡面有好幾個因素。至於損耗，不，這是一個因素。正如我剛才所說，產品組合受供應鏈影響，受食品、消費品、日用百貨以及健康和保健品的影響。所以低於這個水平，當然會有損耗。正如我們過去所說，這對我們來說是一個挑戰。實際上，對整個零售業來說，這都是一個挑戰。

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.

因此，我們將積極應對這個問題。我們一直以來都是這樣做的。我們將繼續採取合理且必要的措施，確保保護我們的客戶、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，但同樣需要注意的是，零售業無法獨自解決這個問題。需要社區加強執法力度，才能將這個問題重新控制。

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凱倫·肖特 (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.

我先澄清一點，然後問一個問題。約翰、大衛，我記得你們在發言中提到另類投資將保護利潤。這個說法和分析師日上的說法略有不同，我記得你們當時說的是，另類投資是附加的，而不是補貼性的，我猜，我找不到更合適的詞來形容它了。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?

但我更大的問題是，您能否稍微解釋一下高收入者的消費模式？您能否量化一下，您認為他們目前的支出佔比是多少，以及疫情之前您在他們身上的佔比是多少？

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，Karen。首先，為了澄清我在準備好的發言稿中的觀點，所有這些業務都是協同工作的。光是專注在核心零售業務，然後把廣告、會員和物流服務分開是很困難的。它們是相輔相成的，這正是它們對我們如此有吸引力的原因。我們認為，正是這些新業務將使我們的利潤在未來的銷售額成長率方面有所變化。所以，保護利潤——請不要過度解讀——我們顯然對這部分業務感到興奮，這是一個讓我們的利潤成長速度超過銷售額成長速度的機會。

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，我先從這裡開始說起，也許約翰或其他人也想補充。但高收入群體可能是最明顯的。我的意思是，我們看到的這種轉變在去年第二季最為明顯。到了第三季和第四季，不同收入群體在份額成長方面略有平衡。我們在最近一個季度也看到了同樣的情況。

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.

但我認為這裡最重要的一點是──便利性的價值主張如何引起共鳴。我們一直以價格而聞名，但我認為，過去3到5年裡，我們為拓展電商能力、擴大在線提貨和配送服務而採取的舉措，你會看到，這些舉措引起了顧客的共鳴。而且，無論你的月收入是多少，每個人都同樣重視便利性，所以這就是我們最大的收穫。

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，當你思考沃爾瑪的未來時，這一點至關重要，因為我們不斷湧現新的購物者，不斷湧現出高收入的購物者，他們不僅購買食品雜貨，還購買日用百貨。我們希望留住這些顧客。我們希望透過更好的體驗、更好的產品來留住他​​們，而我們今天採取的行動也反映了這一點。

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，我們投入了大量時間，致力於確保為所有客戶提供靈活的選擇。就您提到的那組顧客而言，我們確實從數據中看到，他們使用電商和自提自送服務的比例更高。點擊查看他們購買的商品時，您確實會看到一些差異。因此，我們確實發現，在自提自送服務中，像優質牛肉這樣的商品的購買率高於普通的「牧牛人級」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.

所以你會看到消費升級，我們在服裝領域也看到了這一點，服裝和電商平台的銷售額肯定有所成長。這肯定是由我們一些新的高收入客戶所推動的。我不僅對交易量的成長感到興奮，而且對我們數位用戶數量的逐年加速成長感到非常興奮。

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。而且我必須說，我們正在密切關註一些行為趨勢。我確實認為，我們低價位的商品，像是露台商品，賣得更快。我們發現，人們在選擇消費地點時非常謹慎，但他們的購物時間也更晚。所以，過去我們把商品放在露臺上，很快就賣光了。現在，我們發現人們會等到銷售季稍晚​​再買。我們在母親節促銷中就看到了這種情況。

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，這些需求狀況與2018-2019年疫情期間的支出狀況非常相似。人們的購買時間有所推遲。我們也看到了天氣的轉涼，這在某種程度上改變了人們的購買方式。但我們看到的是，只要你能掌握好這個真正優質的價值方程，銷售就會上升。

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%.

前幾天我們關注的是牛腩。我們的牛腩平均銷售量下降了17%，但噸位卻增加了29%。我們的玫瑰花價格驚人，銷售額成長了60%。所以，當你擁有這種物超所值的組合時，我們看到會員參與度和消費額都在成長。而且，我一直在關注便利性和客流量驅動因素。我們咖啡館的熱烤披薩銷量成長了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，如果你能獲得品質方程式，你就能吸引流量進入俱樂部，我們只是謹慎地觀察他們在那些大件商品上的支出以及這些銷售額何時會到來。

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?

我想跟進通貨膨脹的問題，因為這似乎是您準備好的評論中的一個主題。我想問一下，當您與商家討論通貨膨脹時，無論是在食品雜貨市場還是其他商店，前景如何？沃爾瑪可以採取哪些措施來緩解通貨膨脹？此外，該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，展望未來，重要的是要將我們面臨的情況與過去幾年進行比較。如果你回顧2021年末，那時我們開始看到價格上漲。然後在2022年的2月、3月和4月，價格上漲顯然相當劇烈，上漲速度超出了我們預期，尤其是在年底通膨達到頂峰的時候，也就是去年7月和8月，我們看到食品和消費品等類別的價格上漲了兩位數。

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.

就目前而言，我們仍然看到部分乾貨雜貨店和其他場所的銷售額成長在個位數到兩位數之間。但如果把三年的銷售額加起來，就會發現一個非常高的數字，這顯然是推動轉變的部分原因。

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.

我們看待價值的方式是，首先，我們總是會將價格與市場價格進行比較。我們對自己的價格定位感到滿意。其次，我們能夠參考一些重要的節日，例如去年的感恩節和剛剛經歷過的復活節，並且能夠將一些商品保留在折扣計劃或基準價格中，這樣顧客就可以以去年相同的價格購買重要的節日餐食。

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.

展望未來，預測起來並不容易。顯然，我們對乾貨雜貨等類別的通膨感到不滿，而且這些通膨情況仍在持續。進入第二季末和第三季度，年內數據可能看起來會更低，因為我們要與去年的高數據進行比較。但重要的是要記住，當時的兩年期累積成長率仍然——我們仍然認為會在25%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·戴維（John David）之前提到的向自有品牌的轉變。所以今年的轉變比前一年更大。而前一年的轉變比2021年更大。所以這種趨勢還在持續。

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.

我們不僅在食品領域，而且在跨領域，都能出色地進行產品組合管理——面向美國乃至全球。日用百貨價格的下降，首先提供了一個機會，可以引導價格下降；其次，我們可以找到利潤率高於平均水平的商品和品類，並降低這些商品和品類的利潤率，從而提升銷售組合。由於顧客希望購買非必需品，我們可以在今年剩餘時間內向他們展示他們在其他地方可能找不到的價值。我們可以在這方面採取積極主動的策略。

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。你會看到這個數字在上升。我們對自有品牌的影響力比對品牌產品的影響力更大。我們確實需要一些專注於乾貨和消費品的品牌供應商比以往更專注於營收。

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.

這只是泛泛而談，每個人的情況都不一樣，但我們正在尋找那些想要積極進取的人。所以，如果我們能在乾貨和消費品領域有所作為，先以日用百貨為龍頭，然後再應對生鮮食品類別的現狀——這些類別的市場波動性較小，波動性更大，相對於乾貨和消費品，有漲有跌，那麼我們就能打造一個能為客戶創造最大價值的購物籃。

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

我們的最後一個問題來自花旗銀行的 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，您發表了一些關於SKU數量的數據，包括全年平台SKU數量的大幅成長和減少。請問您能否更新一下目前平台SKU總數的最新情況，以及您預計2023年及以後SKU數量將如何變化。請問，平台客戶有多少比例可以算是廣告和訂單履行服務客戶？具體目標是什麼？

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。美國市場成長良好，其他市場可能還有其他評論。但去年成長很快。正如我之前提到的，SKU數量——我認為第四季和第一季的銷售額都在4億美元左右。我們預期SKU數量會成長，但成長速度可能不如去年。我們在SKU數量和賣家數量方面都取得了巨大進展。而且，隨著越來越多的賣家使用物流服務和廣告，SKU數量也持續成長。

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.

這兩項服務的關鍵在於──首先從履行開始。它有助於客戶兌現承諾，並幫助客戶了解何時能收到商品。客戶希望在下單時就能收到貨品。他們既不想提前，也不想晚，他們希望當天就能收到。當賣家將他們的商品和庫存轉移到我們的履行管道時，客戶就能更確定是隔天達還是兩日達。這有助於提高轉換率。

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.

所以，如果你是沃爾瑪平台賣家，想知道如何在沃爾瑪拓展業務，那就是在平台上架設商品、增加庫存並提供配送服務。沃爾瑪 Connect 是賣家找到目標受眾的絕佳途徑，目標受眾正在尋找沃爾瑪平台提供的產品類別。

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.

所以這三件事實際上是結合在一起的，讓客戶體驗變得更好，而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.

從國際市場角度來看，我們看到墨西哥和加拿大的SKU數量持續成長，但這兩個市場都處於發展初期，未來潛力巨大。沃爾瑪第一季的SKU數量年增了50%。

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，我們最成熟的市場在印度，那裡有數億種產品。我們一直在尋找新的方式來服務客戶。最近，他們推出了 Flipkart 的物流服務，這種廣告與服務之間的連接，幫助賣家無論身在何處都能將商品送到客戶手中，我們的業務進展非常順利。我們最近才剛推出這項服務，但我們已經看到了它在全國範圍內的良好發展勢頭。

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.

我是道格。我想就此結束吧。我們稍微超時了一點，希望沒問題。感謝您的提問。我很感激能與如此強大的團隊合作，包括參加這次電話會議的各位，以及所有在我們門市、俱樂部以及整個公司工作的員工。我想您可以從我們的業績中看到，我們擁有一支非常強大、能力出眾的團隊，並且能夠適應各種環境。尤其是在過去幾年裡，我們經歷了許多轉型，而他們出色地應對了所有挑戰。

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.

我們堅信自己能夠提升營收。我們致力於以客戶和會員的需求為導向，為他們提供所需的服務。我認為本季電商業務成長20%到26%就是一個例子。如果他們想去門市和俱樂部，我們隨時待命。如果他們想自取，我們隨時待命。如果他們想送貨上門，我們也能做到。

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.

我們的定位是透過提高生產力和業務組合，以附加價值的方式關懷員工，而實現利潤成長快於銷售額成長。至於投資報酬率，我們會嚴格控制資金，但我們對投資機會感到興奮，也非常感謝大家來到佛羅裡達，這麼多人見證了我們在那裡的工作。

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，我們邀請您幾週後再來。我們會帶您參觀MFC，去商店，去俱樂部，解答您的更多問題。我們覺得，憑藉迄今為止所做的工作，以及我們管理業務和未來調整的能力，我們有能力超越並繼續保持優異表現。

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.

謝謝大家。今天的會議到此結束。大家現在可以掛斷電話了。感謝大家的參與。