沃爾瑪 (WMT) 2024 Q2 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal Year 2024 Second Quarter Earnings Call. (Operator Instructions) Please note that this conference is being recorded. At this time, I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may now begin.

問候。歡迎參加沃爾瑪 2024 財年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在，我將把會議交給投資者關係高級副總裁 Steph Wissink。斯蒂芬，你現在可以開始了。

Thank you, and welcome, everyone. We're excited to discuss with you the results of a strong second quarter and our upwardly revised outlook for the year. Joining me 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，也歡迎大家。我們很高興與您討論第二季度的強勁業績以及我們上調的今年前景。與我一起的還有沃爾瑪首席執行官道格·麥克米倫 (Doug McMillon)；首席財務官約翰·大衛·雷尼。在道格和約翰·大衛準備好的發言之後，我們將回答您的問題。屆時，我們的部門首席執行官將加入我們：來自沃爾瑪美國的 John Furner；沃爾瑪國際公司的朱迪思·麥肯納 (Judith McKenna)；和來自山姆會員店的凱絲·麥克萊。 （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.

今天的通話正在錄音。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向 SEC 提交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公認會計原則對賬。

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

感謝您對沃爾瑪的興趣。道格，我們現在準備開始了。

Good morning, everyone, and thanks for joining us. We had another strong quarter. We're gaining share across markets and formats, growing units sold, transaction counts are positive across markets and growth in operating income is outpacing sales. We're really pleased with our first half performance.

大家早上好，感謝您加入我們。我們又經歷了一個強勁的季度。我們正在各個市場和業態中獲得份額，銷售量不斷增長，各個市場的交易數量呈正數，營業收入的增長超過了銷售額的增長。我們對上半場的表現非常滿意。

For the quarter, comp sales for Walmart U.S. were ahead of where we thought they would be at 6.4%. Sam's Club U.S. was 5.5% and sales for International were up 11%, led by double-digit growth at Walmex and China. Flipkart's GMV was also strong. The team is driving results in the short term and building for the future. We're a people-led, tech-powered omnichannel retailer dedicated to helping people save money and live better. We like who we are and we like who we are becoming.

本季度，沃爾瑪美國公司的銷售額增長了 6.4%，超出了我們的預期。山姆會員店美國銷售額增長 5.5%，國際銷售額增長 11%，其中 Walmex 和中國銷售額實現兩位數增長。 Flipkart 的 GMV 也很強勁。該團隊正在推動短期成果並為未來建設。我們是一家以人為本、以技術為動力的全渠道零售商，致力於幫助人們省錢並改善生活。我們喜歡自己是誰，也喜歡自己正在成為誰。

We're positioned for growth. We can serve people how they want to be served, whether that's in a store or a club, picking up an order curbside or having it delivered. We continue to grow some of our newer businesses, which shape the overall model in a positive way, helping to enable us to grow profit faster than sales. We're setting the right capital priorities. And you can expect us to continue investing in the areas we've talked about, like technology, including automation, store and club remodels and with new stores and clubs in select markets.

我們已做好增長準備。我們可以按照人們想要的方式為他們提供服務，無論是在商店還是俱樂部，在路邊取貨還是送貨上門。我們繼續發展一些新業務，這些業務以積極的方式塑造了整體模式，幫助我們實現利潤增長快於銷售額增長。我們正在設定正確的資本優先順序。您可以期待我們繼續投資於我們討論過的領域，例如技術，包括自動化、商店和俱樂部改造以及在特定市場開設新商店和俱樂部。

As it relates to technology, our approach to new tools like generative AI is to focus on making shopping easier and more convenient for our customers and members and helping our associates enjoy more satisfying and productive work. Ultimately, the power of generative AI or any technology is only as good as the data that powers it. Our data assets are unique. And we're excited about the potential to leverage them in new and impactful ways.

由於它與技術相關，我們對生成人工智能等新工具的方法是專注於讓我們的客戶和會員購物更輕鬆、更方便，並幫助我們的員工享受更令人滿意和更有成效的工作。最終，生成式人工智能或任何技術的力量都取決於為其提供動力的數據。我們的數據資產是獨一無二的。我們對以新的、有影響力的方式利用它們的潛力感到興奮。

We're taking large language models developed by our partners and by the broader tech community and adding retail context to create models that are uniquely suited to the needs of our customers, our associates and our supply chain. We'll unlock value for shareholders through the combination of our physical automation work with our data and increasingly intelligent software.

我們正在採用由我們的合作夥伴和更廣泛的技術社區開發的大型語言模型，並添加零售環境來創建獨特地適合我們的客戶、我們的員工和我們的供應鏈的需求的模型。我們將通過將物理自動化工作與數據和日益智能的軟件相結合，為股東釋放價值。

We have a sharp focus on ROI as we drive results and set our capital priorities. The financial framework we laid out at our Investment Community Meeting in April is evident in our results from the last 2 quarters. The remodel program I mentioned includes items to support our goal of becoming a regenerative company as we put things like new refrigeration equipment and EV charging stations in place. I was in Chile last week, where I got to participate in the grand opening of a new hydrogen plant in Santiago that supports our strong business in that country.

在推動成果和設定資本優先事項時，我們高度關注投資回報率。我們在四月份的投資界會議上製定的財務框架在我們過去兩個季度的業績中得到了體現。我提到的改造計劃包括支持我們成為一家再生公司目標的項目，因為我們安裝了新的製冷設備和電動汽車充電站等設施。上週我在智利，參加了聖地亞哥一家新氫工廠的盛大開業儀式，該工廠支持我們在該國的強大業務。

While I'm on the subject of regeneration, we recently announced a new collaboration focused on supporting U.S. and Canadian farmers to help improve soil health and water quality. Our collective goal is to enable and accelerate the adoption of regenerative agricultural practices on more than 2 million acres of farmland and deliver 4 million metric tons of greenhouse gas emission reductions and removals by 2030. Some days I still get amazed by all the good work happening across our company.

當我談論再生主題時，我們最近宣布了一項新的合作，重點支持美國和加拿大農民幫助改善土壤健康和水質。我們的集體目標是到 2030 年在超過 200 萬英畝的農田上實現並加速採用再生農業實踐，並實現 400 萬噸溫室氣體排放量減少和清除。有些日子我仍然對所有正在發生的出色工作感到驚訝我們公司的各個角落。

As a global retailer, we see how our customers and members are affected by what's happening at a macro level and how that influences their behaviors. Jobs, wages and pockets of disinflation are helping our customers. But rising energy prices, resuming student loan payments, higher borrowing costs and tightening lending standards and a drawdown in excess savings mean that household budgets are still under pressure.

作為一家全球零售商，我們了解宏觀層面發生的事情如何影響我們的客戶和會員以及他們的行為。就業、工資和部分通貨緊縮正在幫助我們的客戶。但能源價格上漲、學生貸款支付恢復、借貸成本上升、貸款標準收緊以及超額儲蓄減少，意味著家庭預算仍面臨壓力。

I was in Calgary visiting stores a couple of weeks ago. And our Canadian customers are feeling the pinch of higher interest rates faster than in the U.S., given their shorter-term mortgages. When you put all this together, we see families that are discerning about what they're spending on. They're setting priorities and spending on the things they care most about. We saw that during the first half of the year with Chinese New Year and Easter and more recently with July 4 and the start of back-to-school, where sales are ahead of plan so far.

幾週前我在卡爾加里參觀商店。鑑於加拿大客戶的抵押貸款期限較短，他們比美國客戶更快地感受到利率上升的壓力。當你把所有這些放在一起時，我們發現家庭對自己的支出很挑剔。他們會確定優先順序並在他們最關心的事情上花錢。我們看到，在今年上半年的農曆新年和復活節期間，以及最近的 7 月 4 日和返校開始時，迄今為止的銷售量都超出了計劃。

We see them buying more private brand items. And they're buying more grocery staples and in-home meal options consistent with eating at home. Our customers and members are resilient. They're looking for value and they trust us to be there for them. We see people across income cohorts come to us more frequently looking to save money on everyday needs. That gives us an opportunity to drive conversion in more discretionary categories.

我們看到他們購買更多的自有品牌商品。他們購買更多的雜貨主食和與在家吃飯一致的家庭膳食選擇。我們的客戶和會員具有彈性。他們正在尋找價值，並且相信我們會為他們提供幫助。我們發現不同收入群體的人們更頻繁地來找我們，希望在日常需求上省錢。這使我們有機會推動更多可自由支配類別的轉化。

We're encouraged by how general merchandise performed during the second quarter versus our expectations. We still expect food, consumables and health and wellness primarily due to the popularity of some GLP-1 drugs to grow as a percent of total in the back half. But the trends we see in general merchandise sales make us feel more optimistic about those categories in the back half of the year.

我們對第二季度一般商品的表現超出我們的預期感到鼓舞。我們仍然預計食品、消耗品以及健康和保健（主要是由於一些 GLP-1 藥物的受歡迎程度）在下半年佔總量的百分比將增長。但我們看到的百貨銷售趨勢讓我們對下半年這些品類感到更加樂觀。

Our stores and clubs give us a competitive advantage and power our omnichannel model. Our curbside pickup business continues to grow as people look for ways to save time. And store fulfill delivery is now growing faster than pickup across all three segments. Delivery speed and accuracy are obviously important. And we like how we're leveraging our physical assets.

我們的商店和俱樂部為我們提供了競爭優勢，並為我們的全渠道模式提供動力。隨著人們尋找節省時間的方法，我們的路邊取貨業務持續增長。現在，在這三個細分市場中，商店配送的增長速度都快於提貨速度。交付速度和準確性顯然很重要。我們喜歡我們利用實物資產的方式。

In the U.S., we have more than 4,000 stores and nearly 600 Sam's Club making same-day deliveries and nearly 2,000 stores and clubs internationally. We're increasingly measuring those deliveries in hours rather than days. In China, where we deliver from all our stores, nearly 80% of digital orders are delivered in under 1 hour.

在美國，我們有超過 4,000 家商店和近 600 家山姆會員店提供當日送達服務，在國際上有近 2,000 家商店和俱樂部。我們越來越多地以小時而不是幾天來衡量這些交付。在中國，我們所有門店均提供送貨服務，近 80% 的數字訂單均在 1 小時內送達。

I like how we're constantly improving delivery speed. It's important to our customers and to our strategy. And I like how we're building mutually reinforcing businesses. Running great stores and scaling e-commerce are and will be our top priorities. The way we design them, along with our Marketplace, fulfillment services and advertising business, is key.

我喜歡我們不斷提高交付速度的方式。這對我們的客戶和我們的戰略都很重要。我喜歡我們如何建立相輔相成的業務。經營優質商店和擴大電子商務現在和將來都是我們的首要任務。我們設計它們的方式以及我們的市場、履行服務和廣告業務是關鍵。

We'll keep prioritizing omni-retail. But we have good opportunities in health care and financial services in multiple markets. The growth of PhonePe has been fantastic. And we're building other financial products, like Cashi in Mexico and through ONE here in the U.S.

我們將繼續優先考慮全零售。但我們在多個市場的醫療保健和金融服務領域擁有良好的機會。 PhonePe 的發展非常驚人。我們正在開發其他金融產品，例如墨西哥的 Cashi 和美國的 ONE。

We continue to build our health care services capabilities with clinic expansion. As I look at the remainder of the year, our immediate focus is on getting product costs and retails down to fight inflation, which will help with mix; improving execution of pickup and delivery orders; expense management; and inventory management by item and category.

我們繼續通過診所擴張來增強我們的醫療保健服務能力。展望今年剩餘時間，我們當前的重點是降低產品成本和零售量以對抗通脹，這將有助於混合；改善提貨和送貨訂單的執行；費用管理；以及按項目和類別進行庫存管理。

I'll wrap up by saying a big thank you to our associates. As always, they're making a difference every day for our customers and members. As we close out back-to-school and get ready for the holidays, their execution day-to-day and commitment to our customers and members is as critical as ever. Thank you for your interest in our company. Over to you, John David.

最後，我要向我們的同事表示衷心的感謝。一如既往，他們每天都在為我們的客戶和會員帶來改變。當我們結束返校並為假期做好準備時，他們的日常執行以及對客戶和會員的承諾一如既往地至關重要。感謝您對我們公司的關注。交給你了，約翰·大衛。

Thanks, Doug. I'd like to start by thanking our customers, associates and partners for helping us deliver another strong quarter with better-than-expected results in sales, operating income and adjusted EPS.

謝謝，道格。首先，我要感謝我們的客戶、員工和合作夥伴幫助我們實現了又一個強勁的季度，在銷售、營業收入和調整後每股收益方面取得了好於預期的業績。

Sales were strong across all segments. And we gained U.S. market share in grocery in both units and dollars while delivering gross margin rate expansion. Our focus on saving customers' time and money continues to resonate, especially in high-volume seasonal periods. We have good momentum in the business. Year-to-date, we grew sales by over 6.5%, adjusted operating income by about 12% and adjusted EPS by roughly 8%.

所有細分市場的銷售都很強勁。我們獲得了美國食品雜貨市場份額（以單位和美元計），同時實現了毛利率的擴張。我們對節省客戶時間和金錢的關注繼續引起共鳴，特別是在高銷量的季節性時期。我們的業務勢頭良好。今年迄今為止，我們的銷售額增長了 6.5% 以上，調整後的營業收入增長了約 12%，調整後的每股收益增長了約 8%。

With our Q2 results coming in better than expected, we're increasing our full year guidance. And we're well positioned as we enter the back half. I'll discuss guidance shortly. But first, I'd like to review highlights of our Q2 results using our financial framework of growth, margins and returns.

隨著我們第二季度的業績好於預期，我們正在提高全年指導。當我們進入後半場時，我們的位置很好。我很快就會討論指導。但首先，我想使用我們的增長、利潤和回報財務框架回顧一下我們第二季度業績的亮點。

Starting with growth. For the second quarter, constant currency sales increased 5.5% or more than $8 billion. Walmart U.S. comp sales, excluding fuel, increased 6.4% with growth in both store and digital transactions. Grocery and health and wellness sales continued to outperform. And we're encouraged by the modest sequential improvement in general merchandise.

從成長開始。第二季度，按固定匯率計算銷售額增長 5.5%，即超過 80 億美元。隨著商店和數字交易的增長，沃爾瑪美國公司銷售額（不包括燃料）增長了 6.4%。雜貨和保健品銷售繼續跑贏大盤。我們對一般商品的適度連續改善感到鼓舞。

E-commerce sales were up 24%, driven by store fulfilled pickup and delivery and advertising. We like the trends we're seeing in e-commerce. Customers are increasingly counting on us for convenience and they're visiting our app and sites more often. In Q2, weekly active digital users grew more than 20%.

在商店自提和送貨以及廣告的推動下，電子商務銷售額增長了 24%。我們喜歡電子商務中看到的趨勢。客戶越來越依賴我們的便利，並且他們更頻繁地訪問我們的應用程序和網站。第二季度，每週活躍數字用戶增長超過 20%。

Similar to Q1, consumer spending remains resilient at the headline level. Customers are stretching their dollars further and seeking better value across more categories more often. We see grocery staples and in-home meal options being purchased more often. Sales of general merchandise kitchen tools, like hand blenders and stand mixers, have inflected higher as customers are preparing more food at home. They're also buying more necessities and focusing on lower-priced items and brands.

與第一季度類似，整體消費者支出仍然保持彈性。客戶正在進一步花錢，並更頻繁地在更多類別中尋求更高的價值。我們發現雜貨主食和家庭膳食的購買頻率越來越高。隨著顧客在家準備更多食物，手動攪拌機和立式攪拌機等日用廚房工具的銷量出現了更高的變化。他們還購買更多必需品，並專注於價格較低的商品和品牌。

And customers still want to celebrate key moments. Over the last year here in the U.S., we partnered with suppliers to utilize rollbacks and offer select seasonal baskets of goods at the same prices as last year, essentially removing the impact of inflation. Customer response has been strong and sales have exceeded plan for events like Memorial Day, Fourth of July and our Walmart Plus Week savings event. We're taking a similar inflation-fighting approach to back-to-school with a basket of 14 of the most popular classroom essentials for under $13.

客戶仍然希望慶祝關鍵時刻。去年在美國，我們與供應商合作，利用回滾的方式，以與去年相同的價格提供精選的季節性商品，從根本上消除了通貨膨脹的影響。客戶反應強烈，銷售額超出了陣亡將士紀念日、國慶節和沃爾瑪 Plus 周折扣活動等活動的計劃。我們在返校時採取了類似的抗通脹措施，推出一籃子 14 種最受歡迎​​的課堂必需品，價格不到 13 美元。

In our International segment, sales were strong, up 11% on a constant currency basis, led by double-digit growth in Walmex, China and Flipkart, e-commerce grew 26%. And we experienced positive store traffic across markets. Similar to the U.S., customers are still pressured by elevated inflation with spend over-indexing towards food and consumables. We're seeing higher private brand penetration across markets as customers globally look for a combination of value and quality.

在我們的國際業務中，銷售額強勁，按固定匯率計算增長了 11%，其中 Walmex、中國和 Flipkart 實現了兩位數增長，電子商務增長了 26%。我們在各個市場都經歷了積極的商店客流量。與美國類似，消費者仍然面臨通脹上升的壓力，食品和消費品的支出過度指數化。隨著全球客戶尋求價值和質量的結合，我們看到自有品牌在市場上的滲透率不斷提高。

In Sam's Club U.S., comp sales, excluding fuel, increased more than 5% with member fee income up 7%. On margins, consolidated gross margins increased 50 basis points as we lapped last year's elevated levels of inventory markdowns and supply chain costs. These tailwinds were partially offset by ongoing category mix pressure as grocery and health and wellness sales outperformed general merchandise.

在美國山姆會員店，不包括燃料的銷售額增長了 5% 以上，會員費收入增長了 7%。在利潤率方面，由於我們超越了去年庫存降價和供應鏈成本的較高水平，綜合毛利率增長了 50 個基點。這些有利因素被持續的品類混合壓力所部分抵消，因為雜貨和保健品的銷售表現優於一般商品。

One of our strategic priorities is improving digital margins with an eye towards e-commerce profitability. I'm pleased with the progress we're making, particularly in Walmart U.S. contribution profit, which has been driven by fulfillment efficiencies and better product margins. We're leveraging our stores to fulfill more than 50% of digital orders and activating our local delivery networks to get product to customers faster at lower cost.

我們的戰略重點之一是提高數字利潤，著眼於電子商務盈利能力。我對我們所取得的進展感到高興，特別是沃爾瑪美國貢獻的利潤，這是由履行效率和更好的產品利潤推動的。我們正在利用我們的商店來履行 50% 以上的數字訂單，並激活我們的本地配送網絡，以更低的成本更快地將產品交付給客戶。

At our Investment Community Meeting in April, I said that we expected 200 basis points of improvement in contribution profit this year. And we're on track to achieve that goal. We're also pleased with the performance of our higher-margin growth initiatives that reinforce our core omni-retail model. I'll provide highlights on each of these.

在我們四月份的投資界會議上，我曾說過，我們預計今年的貢獻利潤將提高 200 個基點。我們正在實現這一目標。我們還對高利潤增長計劃的表現感到滿意，這些計劃加強了我們的核心全零售模式。我將重點介紹其中每一項。

First, Marketplace. We're continuing to scale our Marketplace in the U.S. with new items and sellers. The number of customers buying items on our Marketplace increased 14% in Q2. Sales were strong in both consumables and general merchandise categories with double-digit growth across home, apparel and hardlines. And the number of sellers utilizing our fulfillment services increased more than 50%.

首先，市場。我們將繼續通過新商品和新賣家擴大我們在美國的市場。第二季度在我們的 Marketplace 上購買商品的客戶數量增加了 14%。消費品和一般商品類別的銷售均強勁，家居、服裝和耐用品類別均實現兩位數增長。使用我們的配送服務的賣家數量增加了 50% 以上。

In Mexico, we also expanded the number of sellers and items available on the Marketplace, resulting in 40% GMV growth for the quarter. In Canada, we opened our first automated e-commerce fulfillment center in Alberta, which includes Walmart Fulfillment Services and expands 2-day shipping to 97% of households. And in India, Flipkart's Myntra is the country's largest e-commerce marketplace for fashion and lifestyle products, offering top brands to customers across India. Myntra now provides access to more than 6,000 brands on its marketplace.

在墨西哥，我們還擴大了市場上的賣家和商品數量，導致本季度 GMV 增長 40%。在加拿大，我們在艾伯塔省開設了第一個自動化電子商務履行中心，其中包括沃爾瑪履行服務，並將 2 天送貨範圍擴大到 97% 的家庭。在印度，Flipkart 的 Myntra 是該國最大的時尚和生活方式產品電子商務市場，為印度各地的客戶提供頂級品牌。 Myntra 現在可以訪問其市場上的 6,000 多個品牌。

Moving to advertising. Our global advertising business delivered strong growth of approximately 35%. In the U.S., Walmart Connect sales increased 36% in Q2. And the business has nearly doubled in size over the past 2 years. We're seeing strong growth in sponsored ads and increased demand for in-store activation. Advertiser count grew 60% with strong momentum in new advertisers.

轉向廣告。我們的全球廣告業務實現了約 35% 的強勁增長。在美國，第二季度 Walmart Connect 銷售額增長了 36%。過去兩年，該業務規模幾乎翻了一番。我們看到搜索廣告的強勁增長以及店內激活需求的增加。廣告商數量增長了 60%，新廣告商勢頭強勁。

Sam's advertising business grew 33%. The in-club sales attribution feature for search and sponsored ads has generated strong interest from advertisers. On average, advertisers are seeing a nearly 30% improvement on the returns of digital ad spend as they gain full visibility to the member journey from intent to purchase, both online and in clubs. And in International, the advertising business grew nearly 40%.

Sam 的廣告業務增長了 33%。搜索和讚助廣告的俱樂部內銷售歸因功能引起了廣告商的強烈興趣。平均而言，廣告商發現數字廣告支出的回報率提高了近 30%，因為他們可以全面了解在線會員和俱樂部會員從意向到購買的整個過程。在國際市場，廣告業務增長了近 40%。

And lastly, membership. Sam's Club U.S. member counts increased mid-single digits with strong Plus membership growth in renewals as Plus penetration is up 1.3 percentage points versus last year. During the quarter, we achieved record member acquisition tied to Walmart Plus Week and continue to enhance the value of the Walmart+ membership. We introduced Walmart+ Assist, which provides a 50% discount off the regular membership fee for customers receiving government assistance. We also partnered with Expedia Group to launch new travel benefits for members.

最後，會員資格。隨著 Plus 會員續訂量的強勁增長，山姆會員店美國會員數量實現了中個位數增長，Plus 滲透率比去年提高了 1.3 個百分點。本季度，我們實現了與 Walmart Plus Week 相關的創紀錄的會員獲取量，並繼續提升 Walmart+ 會員的價值。我們推出了 Walmart+ Assist，為接受政府援助的客戶提供常規會員費 50% 的折扣。我們還與 Expedia Group 合作，為會員推出新的旅行優惠。

Turning back to the middle of the P&L. As expected, SG&A expenses were higher versus last year and deleveraged 33 basis points. This reflects higher variable pay expenses relative to last year, when we were below our planned performance, tech investments and increased store remodel costs in the U.S. Partially offsetting this, International expenses leveraged significantly on strong sales growth.

回到損益表的中間部分。正如預期，SG&A 費用高於去年，去槓桿化達 33 個基點。這反映出與去年相比，可變薪酬支出有所增加，當時我們的業績低於計劃的業績，技術投資和美國商店改造成本的增加部分抵消了這一點，國際支出在強勁的銷售增長中發揮了重要作用。

As we increasingly utilize technology in our business, we're pleased with the performance metrics from our newly automated distribution and fulfillment nodes. Our automated e-commerce fulfillment centers are achieving efficiencies of 30% higher units per hour than nonautomated buildings. We're also seeing increased productivity from the more than 15% of stores now being served by automated regional distribution centers. It's early in the rollout process, but we're encouraged that some of these facilities are driving operating leverage well beyond our initial expectations.

隨著我們在業務中越來越多地利用技術，我們對新的自動化分銷和履行節點的性能指標感到滿意。我們的自動化電子商務履行中心每小時的效率比非自動化建築高 30%。我們還看到，超過 15% 的商店現在由自動化區域配送中心提供服務，生產力得到了提高。目前還處於推出過程的早期階段，但我們感到鼓舞的是，其中一些設施正在推動運營槓桿遠遠超出我們最初的預期。

Second quarter adjusted operating income grew more than 8% and our adjusted EPS of $1.84 was up 4%. Our plan is to grow operating income faster than sales. And our second quarter performance achieved this despite lapping the $173 million insurance settlement that benefited International's other income last year. Similar to Q1, below the line items were pressured by higher net interest expense, reflecting the increase in rates, and noncontrolling interest due in part to stronger results from Walmex.

第二季度調整後營業收入增長超過 8%，調整後每股收益 1.84 美元，增長 4%。我們的計劃是營業收入的增長速度快於銷售額的增長速度。儘管去年國際公司的其他收入受益於 1.73 億美元的保險賠償，但我們第二季度的業績還是實現了這一目標。與第一季度類似，以下項目受到淨利息支出增加的壓力，這反映了利率的增加，以及非控股利息的部分原因是 Walmex 的強勁業績。

The team continued to do a good job managing inventory. And we ended the quarter down 5%, including an 8% decline in Walmart U.S. We feel good about the progress we've made on in-stock levels as supply chain has normalized and the composition of our inventory mix has improved. We're maintaining discipline in how we're buying general merchandise during this uncertain macro environment to mitigate future risk if demand softens.

該團隊繼續做好庫存管理工作。本季度末，我們下降了 5%，其中沃爾瑪美國公司下降了 8%。隨著供應鏈的正常化和庫存組合的構成的改善，我們對庫存水平取得的進展感到滿意。在這種不確定的宏觀環境下，我們在購買一般商品方面保持嚴格的紀律，以減輕需求疲軟時的未來風險。

ROI, or return on investment, declined 100 basis points. As a reminder, we calculate ROI on a trailing 12-month basis. And the decline in Q2 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. Together, these negatively impacted second quarter ROI by 140 basis points.

ROI（投資回報率）下降了 100 個基點。提醒一下，我們以過去 12 個月為基礎計算投資回報率。第二季度的下降是我們去年第三季度和第四季度產生的近 42 億美元費用的結果，這些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。這些因素總共對第二季度的投資回報率產生了 140 個基點的負面影響。

As we lap these discrete charges in the coming quarters, we expect a stronger ROI inflection in the back half of the year. We're also starting to realize some benefits from productivity initiatives that were initially planned for fiscal year '25. And we continue to expect our ROI to increase over the coming years.

隨著我們在未來幾個季度中處理這些離散費用，我們預計今年下半年的投資回報率會出現更強的變化。我們還開始認識到最初計劃在 25 財年實施的生產力計劃帶來的一些好處。我們繼續預計未來幾年我們的投資回報率將會增加。

I'll now briefly discuss some additional Q2 highlights for each segment. For Walmart U.S., our 6.4% sales comp included a high single-digit increase in grocery and a high-teens increase in health and wellness. Although general merchandise sales declined low single digits versus last year, these results were 300 basis points better than Q1, aided by outperformance from early back-to-school shopping in our Walmart+ savings event.

現在，我將簡要討論每個細分市場的一些其他第二季度亮點。對於沃爾瑪美國公司來說，我們 6.4% 的銷售額增長包括食品雜貨的高個位數增長以及健康和保健領域的高雙位數增長。儘管一般商品銷售額與去年相比下降了較低的個位數，但由於沃爾瑪+儲蓄活動中早期返校購物的出色表現，這些結果比第一季度好 300 個基點。

We saw a 240 basis point shift in sales mix from general merchandise to grocery and health and wellness in Q2. Grocery inflation moderated more than 400 basis points from Q1 levels and more than 700 basis points year-over-year to a high single-digit increase as we lapped higher levels from last year. On a 2-year stack, grocery inflation remained over 20%.

第二季度，我們看到銷售組合從一般商品轉向食品雜貨和健康保健，發生了 240 個基點的轉變。食品雜貨通脹較第一季度水平緩和 400 多個基點，同比緩和 700 多個基點，達到高個位數增幅，較去年水平更高。兩年來，食品雜貨通脹率仍保持在 20% 以上。

We're encouraged by the growth in units sold, particularly in food categories where disinflation is more pronounced, such as fresh meats, seafood and eggs. In addition, private brand sales in grocery were up more than 9% with penetration up nearly 40 basis points in Q2 and up more than 170 basis points on a 2-year stack.

我們對銷量的增長感到鼓舞，特別是在通貨緊縮更為明顯的食品類別中，例如鮮肉、海鮮和雞蛋。此外，雜貨自有品牌銷售額增長超過 9%，第二季度滲透率增長近 40 個基點，兩年增長超過 170 個基點。

Lower markdowns and supply chain costs resulted in a gross margin rate increase of 40 basis points despite ongoing pressure from category mix shifts. The negative impact to margin mix from outsized growth in branded drugs accelerated in Q2. Other income grew nearly 4%, led by continued growth in Walmart+ memberships. And overall, Walmart U.S. operating income increased 7.6%.

儘管品類組合變化帶來持續壓力，但較低的降價和供應鏈成本導致毛利率增長了 40 個基點。品牌藥的大幅增長對利潤率的負面影響在第二季度加速。在 Walmart+ 會員數量持續增長的帶動下，其他收入增長了近 4%。總體而言，沃爾瑪美國營業收入增長了 7.6%。

Our International segment delivered another impressive quarter with double-digit sales growth and strong underlying profit growth. Operating income increased 2.2% but was negatively impacted by 20 percentage points from lapping last year's insurance recovery that I mentioned earlier. Walmex had another strong quarter with sales up 10%, reflecting strength in our Bodega stores, Sam's Club and e-commerce. E-commerce sales grew in the low 20s with traffic up more than 5%.

我們的國際部門又一個令人印象深刻的季度，銷售額實現兩位數增長，基本利潤增長強勁。營業收入增長了 2.2%，但由於我之前提到的去年的保險回收率下降了 20 個百分點，因此受到了 20 個百分點的負面影響。 Walmex 季度業績再次強勁，銷售額增長 10%，反映出我們的 Bodega 商店、山姆會員店和電子商務的強勁表現。電子商務銷售額增長了 20 多歲，流量增長了 5% 以上。

Walmex is an excellent example of our omnichannel retail strength across formats and channels. Bodega Aurrera is celebrating its 65th anniversary and has become the most valuable retail brand in Mexico. These Bodega stores have consistently delivered strong performance and continue to accelerate e-commerce to better serve customers, now offering more than 60,000 SKUs from 586 stores in 299 cities.

Walmex 是我們跨業態和渠道的全渠道零售實力的一個很好的例子。 Bodega Aurrera 正在慶祝其成立 65 週年，並已成為墨西哥最有價值的零售品牌。這些 Bodega 商店始終保持強勁業績，並繼續加速電子商務以更好地服務客戶，目前在 299 個城市的 586 家商店提供超過 60,000 個 SKU。

In China, sales increased 22%, led by strength from Sam's Club and e-commerce. We're executing well with increased online and offline traffic across both the Sam's and hypermarket formats. In India, Flipkart delivered strong GMV and net sales growth as the core business continues to perform well. The team continues to focus on expanding the ecosystem of products and services like advertising, travel and health care and on delivering continued contribution profit improvement.

在山姆會員店和電子商務的帶動下，中國銷售額增長了 22%。我們的業績表現良好，山姆百貨和大賣場的線上和線下流量均有所增加。在印度，由於核心業務繼續表現良好，Flipkart 實現了強勁的 GMV 和淨銷售額增長。該團隊繼續專注於擴大廣告、旅遊和醫療保健等產品和服務的生態系統，並持續貢獻利潤的提高。

Flipkart's consistent progress and performance reinforces our confidence in the long-term value of this business. India is leading the largest digital transformation in the world. And Flipkart is the leading marketplace in India. And we continue to be super impressed with PhonePe's strong and consistent performance. Annualized TPV, or total payment volume, has surpassed $1.15 trillion. And for the first time, we processed more than 5 billion transactions in a single month.

Flipkart 的持續進步和業績增強了我們對該業務長期價值的信心。印度正在引領世界上最大的數字化轉型。 Flipkart 是印度領先的市場。 PhonePe 強大而穩定的性能仍然給我們留下了深刻的印象。年化 TPV（即支付總額）已超過 1.15 萬億美元。我們首次在一個月內處理了超過 50 億筆交易。

Sam's Club delivered another strong quarter with solid unit growth in e-commerce, up 18%. It's encouraging to see members embrace omnichannel with strong in-club traffic gains and increasing engagement with our digital tools in and outside the club. In Q2, utilization of Scan & Go increased 570 basis points and curbside pickup saw double-digit growth.

山姆會員店再次實現強勁的季度業績，其電子商務業務量實現穩健增長，增長 18%。令人鼓舞的是，看到會員採用全渠道，俱樂部內流量增長強勁，並且俱樂部內外數字工具的參與度不斷提高。第二季度，Scan & Go 的利用率增加了 570 個基點，路邊取貨出現了兩位數的增長。

Similar to Walmart, sales strength at Sam's was led by grocery and health care categories as the members focused on value and essentials. While discretionary categories were pressured overall, items with compelling price and quality and strong value to market are driving sales. Sam's Club operating income was up 22% due in part to lower LIFO charges.

與沃爾瑪類似，山姆百貨的銷售實力以雜貨和醫療保健品類為主，因為會員專注於價值和必需品。儘管非必需品類總體上受到壓力，但具有令人信服的價格和質量以及強大的市場價值的商品正在推動銷售。山姆會員店營業收入增長了 22%，部分原因是 LIFO 費用降低。

Turning to guidance. There continues to be a reasonable level of uncertainty in the economic backdrop for the balance of this year. While inflation has moderated and employment levels have been steady, credit markets have tightened, energy prices are higher and some customers face additional expense from the resumption of student loan payments in October. As such, we continue to be appropriately measured in our outlook.

轉向指導。今年餘下的經濟背景仍然存在一定程度的不確定性。雖然通脹有所緩和，就業水平保持穩定，但信貸市場收緊，能源價格上漲，一些客戶因 10 月份恢復學生貸款支付而面臨額外費用。因此，我們繼續適當衡量我們的前景。

We're raising our full year guidance to reflect Q2 performance and our expectations for Q3. I'll highlight the key changes, but please refer to the press release for a full list of updated metrics.

我們正在提高全年指導，以反映第二季度的業績和我們對第三季度的預期。我將重點介紹主要變化，但請參閱新聞稿以獲取更新指標的完整列表。

For the full year, we now expect net sales in constant currency to grow approximately 4% to 4.5%. We now anticipate LIFO will be a $200 million charge to operating income versus the $500 million charge that was in our prior guide. We expect operating income in constant currency to increase approximately 7% to 7.5%. This now assumes a 30 basis point year-over-year tailwind from LIFO compared to our prior guidance, which assumed a 100 basis point headwind.

對於全年，我們現在預計按固定匯率計算的淨銷售額將增長約 4% 至 4.5%。我們現在預計 LIFO 將在營業收入中扣除 2 億美元，而我們之前的指南中的費用為 5 億美元。我們預計按固定匯率計算的營業收入將增長約 7% 至 7.5%。現在假設後進先出法將帶來 30 個基點的同比順風，而我們之前的指導則假設有 100 個基點的逆風。

And we estimate adjusted EPS to be in a range of $6.36 to $6.46, including an expected $0.05 impact from LIFO. To bridge to our prior guide, we flowed through the Q2 beat, removed the Walmart U.S. LIFO charges that were previously expected in Q3 and Q4 and modestly raised our sales expectations.

我們預計調整後每股收益將在 6.36 美元至 6.46 美元之間，其中包括 LIFO 預計的 0.05 美元影響。為了銜接我們之前的指導，我們經歷了第二季度的節拍，取消了之前預計在第三季度和第四季度的沃爾瑪美國後進先出費用，並適度提高了我們的銷售預期。

Looking at Q3, we're now offering the following view. We expect net sales growth in constant currency of approximately 3%. Operating income growth in constant currency is expected to be approximately 1%. This year-over-year growth is impacted by several comparison factors. We expect ongoing mix pressure impacts to gross margin to continue in Q3. We also expect a negative impact from fuel margins at Sam's Club versus last year's elevated levels.

看看第三季度，我們現在提供以下觀點。我們預計按固定匯率計算的淨銷售額增長約為 3%。按固定匯率計算，營業收入預計增長約 1%。這一同比增長受到多個比較因素的影響。我們預計第三季度毛利率將持續受到混合壓力的影響。我們還預計山姆會員店的燃油利潤率與去年的較高水平相比將產生負面影響。

And similar to Q2, variable pay expense is expected to be higher in Q3 versus last year, when we were below our planned performance. We don't typically guide currency, but it's worth noting that if rates stayed where they are currently, we'd see a $1.6 billion benefit to Q3 reported sales and reported operating income growth would be closer to 3.5%. And lastly, we expect Q3 adjusted EPS of $1.45 to $1.50.

與第二季度類似，預計第三季度的可變薪酬費用將高於去年，當時我們的業績低於計劃的業績。我們通常不會指導貨幣，但值得注意的是，如果利率保持在目前的水平，我們將看到第三季度報告的銷售額將獲得 16 億美元的收益，報告的營業收入增長將接近 3.5%。最後，我們預計第三季度調整後每股收益為 1.45 美元至 1.50 美元。

In closing, we're pleased with the strong first half of the year. And we've positioned the business favorably for the back half. Our financial performance is validating our omnichannel strategy, driving organic sales growth while improving margins and returns. We're optimistic about our ability to improve our performance even more in the future. We like our position.

最後，我們對今年上半年的強勁表現感到滿意。我們對下半年的業務進行了有利的定位。我們的財務業績正在驗證我們的全渠道戰略，推動有機銷售增長，同時提高利潤和回報。我們對未來進一步提高業績的能力感到樂觀。我們喜歡我們的立場。

And now I'll hand it back to Doug for a few comments before the operator opens the line for questions.

現在，在接線員打開提問線路之前，我會將其交還給道格，徵求一些意見。

Thank you, John David. Before we take your questions, I want to say a few words about the leadership changes we shared yesterday.

謝謝你，約翰·大衛。在回答大家的問題之前，我想先談談我們昨天分享的領導層變動。

Let's start by celebrating Judith. She has done a fantastic job in many roles over the 27 years she's been part of our company. She leaves her most recent role having delivered strong results and having transformed the business. It's a different portfolio, better positioned for the future, it's better positioned for growth on the top and bottom line. She strengthened our culture and sets us up for a digital future at the same time. We're grateful.

讓我們首先慶祝朱迪思。在加入我們公司的 27 年裡，她在許多崗位上都表現出色。她離開了最近的職位，取得了強勁的業績並實現了業務轉型。這是一個不同的投資組合，更適合未來，更適合實現營收和利潤的增長。她強化了我們的文化，同時為我們打造數字化未來奠定了基礎。我們很感激。

Let's talk about Kath moving into the International leadership role. The results Kath and our team have delivered at Sam's speak for themselves. Her experience and passion to serve customers and members will take us to the next level. It will be fun to watch her impact around the world.

讓我們來談談凱絲擔任國際領導職務的情況。凱絲和我們的團隊在 Sam's 所取得的成果不言而喻。她的經驗和為客戶和會員服務的熱情將帶領我們更上一層樓。觀察她對世界各地的影響將會很有趣。

Some of you met Chris Nicholas and know how capable he is. He joined us 5 years ago in a finance role but with previous experience in merchandising and operations in several markets around the world. He'll keep our member obsession going in Sam's Club U.S. and pick right off where Kath left off.

你們中的一些人見過克里斯·尼古拉斯並知道他有多麼有能力。他於 5 年前加入我們，擔任財務職務，但之前在全球多個市場擁有銷售和運營經驗。他將使我們對美國山姆會員店的痴迷繼續下去，並接續凱絲留下的地方。

We also shared yesterday that Kieran Shanahan will join John's team and become our Walmart U.S. Chief Operating Officer. Kieran has 25 years with our company working in a wide variety of roles in all three segments. He is well prepared to lead this big team and the change that's coming through our automation investments in the supply chain.

昨天我們還透露基蘭·沙納漢將加入約翰的團隊並成為我們的沃爾瑪美國首席運營官。 Kieran 在我們公司工作了 25 年，在所有三個領域擔任過各種職務。他已做好充分準備來領導這個大團隊以及我們對供應鏈的自動化投資所帶來的變革。

As they build these new roles, John, Kath, Chris and Kieran will have all four worked in all three operating segments of our business. There's not only a lot of store and club expertise in this group, but there's also a great deal of digital and e-commerce experience. These are omnichannel merchants that are purpose-driven, proven leadership skills. The depth of leadership in our company is such an advantage. But times get passed and we keep running, keep changing and keep pushing things forward.

在建立這些新角色時，約翰、凱絲、克里斯和基蘭這四人將在我們業務的所有三個運營部門工作。該團隊不僅擁有豐富的商店和俱樂部專業知識，而且還擁有豐富的數字和電子商務經驗。這些全渠道商家具有目標驅動、經過驗證的領導能力。我們公司的領導深度就是這樣一個優勢。但時光流逝，我們不斷奔跑，不斷改變，不斷推動事情向前發展。

I want to say congratulations to all of them. And now I'll turn it back over to the operator. And we're happy to take your questions.

我想向他們所有人表示祝賀。現在我將把它轉回給操作員。我們很樂意回答您的問題。

(Operator Instructions) And our first question is from the line of Robby Ohmes with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Robby Ohmes。

Doug, you mentioned that you're seeing things in general merchandise, I think, that make you more optimistic about the back half. Can you maybe talk about what you're seeing? I think John David said something about disciplined buying in general merchandise.

道格，你提到你在一般商品中看到了一些東西，我認為這讓你對後半部分更加樂觀。你能談談你所看到的嗎？我認為約翰·大衛說過一些關於在一般商品中嚴格購買的事情。

What are you seeing that's making you optimistic? And how should we think about general merchandise? And maybe if you could also weave in there, I know that you guys have continued to mention the high-income customer shopping. I think it's been more grocery-focused. Have you seen high-income customers broadening out into the rest of the store?

你看到什麼讓你變得樂觀？我們應該如何看待日用百貨？也許如果你們也能插進去的話，我知道你們一直在提到高收入客戶的購物。我認為它更注重食品雜貨。您是否看到高收入顧客擴展到商店的其他區域？

Robby, this is Doug. I'll go first and then John or others can add if they want to. What's making me feel a little bit better is the run rate compared to the previous quarter and how back-to-school started. And typically, when back-to-school is strong, it bodes well for what happens with Halloween and Christmas in GM in the back half.

羅比，這是道格。我先說，然後約翰或其他人可以根據需要添加。讓我感覺好一點的是與上一季度相比的運行率以及返校的開始方式。通常情況下，當返校季勢頭強勁時，這對通用汽車後半段的萬聖節和聖誕節來說是個好兆頭。

I do think our food and consumables as a percent of total in Walmart U.S. will still go up. Part of it is what's happened with inflation and disinflation in the GM categories. But relative to what I would have thought 90 days ago, or when we started the year, GM is holding up better than I would have guessed. And I just -- I feel like that with our store managers and the merchants, we want to have an optimistic posture on GM as we go into the back half. Anybody want to add anything?

我確實認為我們的食品和消費品占美國沃爾瑪總量的百分比仍然會上升。部分原因是通用汽車類別中發生的通貨膨脹和通貨緊縮。但相對於我 90 天前或年初時的想法，通用汽車的表現比我想像的要好。我只是 - 我覺得我們的商店經理和商家希望在進入後半段時對通用汽車保持樂觀的態度。有人想添加什麼嗎？

Yes, Doug, I'd like to give credit to the team for improvements they made. If you think about where we were last year with inventory headwinds this year, I was in stores this week, and it's really clear that stores have the ability and are merchandising their store with discretion appropriately. They're on top of their markdowns. Back rooms are in much better shape. The second thing I think that's helping is the e-commerce team has done a nice job launching new products, things like registry for teachers and classrooms and parents and list. Those are all working and helping back-to-school.

是的，道格，我想讚揚團隊所做的改進。如果你想想去年我們在庫存逆風下的處境，那麼本週我在商店裡，很明顯商店有能力並且正在適當地謹慎地推銷他們的商店。他們正處於降價狀態。後面的房間狀況要好得多。我認為第二件有幫助的事情是電子商務團隊在推出新產品方面做得很好，例如教師、教室、家長的註冊表和列表。這些都在發揮作用並幫助重返校園。

And then the last thing that I'd say is the team is doing a really nice job with seasonal events and holidays. One of the things that we hear consistently from customers right now as they're looking forward to celebrating again like they used to. That's a bit of a theme that's coming through. And we certainly saw that from Memorial Day, July 4, back-to-school started strong. So we're looking forward to holiday. It's going to be a big holiday season. There are a lot of dynamics, as John David and Doug said, in the market. But we want to remain very flexible and prepared to help people get together and celebrate each of these holidays that are in front of us.

我想說的最後一件事是，團隊在季節性活動和假期方面做得非常好。這是我們現在從客戶那裡不斷聽到的事情之一，因為他們期待著像以前一樣再次慶祝。這是一個正在經歷的主題。我們當然看到，從 7 月 4 日陣亡將士紀念日起，返校活動開始強勁。於是我們就盼望著假期的到來。這將是一個盛大的假期。正如約翰·大衛和道格所說，市場上有很多動態。但我們希望保持非常靈活，並做好準備幫助人們聚集在一起慶祝我們面前的每一個節日。

There are also categories of general merchandise that on our Marketplace saw double-digit increases, things like home, apparel, hardlines, which really gives you an indication of how our business is changing as we're selling more third-party assortment.

我們的市場上還有一些日用商品類別出現了兩位數的增長，例如家居、服裝、耐用品，這確實可以讓您了解隨著我們銷售更多第三方品種，我們的業務正在發生怎樣的變化。

It is. And John David, I think our event, our Plus event you mentioned in your remarks as well, is a good example. We had a high level of participation from Marketplace sellers. We've talked about the number of items available in the sites, up almost 4x from a year ago. Our seller count has grown. The number of customers are growing. And Tom and the team have done a nice job building capabilities that will really help us in the future.

這是。約翰·大衛，我認為我們的活動，您在發言中提到的 Plus 活動，就是一個很好的例子。市場賣家的參與度很高。我們已經討論了網站上可用商品的數量，比一年前增加了近 4 倍。我們的賣家數量有所增加。客戶數量不斷增長。湯姆和他的團隊在能力建設方面做得很好，這將在未來真正幫助我們。

On the second part of your question, Robby, with respect to high-income consumers, we continue to see share gains across all income demographics. I think encouragingly for us in the quarter, the number of categories that we saw share gain in actually expanded. But this has been pretty consistent for 5 or 6 quarters now. And it really points to the fact that our value proposition is resonating with customers. It's not just about everyday low prices, it's also about convenience. And convenience matters to every household income demographic.

關於你問題的第二部分，羅比，關於高收入消費者，我們繼續看到所有收入人群的份額增長。我認為本季度對我們來說令人鼓舞的是，我們看到份額增長的類別數量實際上有所增加。但這一情況已經連續五、六個季度保持穩定。這確實表明我們的價值主張正在引起客戶的共鳴。這不僅涉及日常低價，還涉及便利性。便利性對每個家庭收入群體都很重要。

Our next question comes from the line of Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的凱特·麥克沙恩 (Kate McShane)。

With gross margin expanding about 50 basis points in the quarter, is there a way to quantify the buckets of contribution between the higher-margin businesses, like Marketplace and advertising, and the impact mix that's coming from the stronger grocery? And just given the more optimistic general merchandise commentary, is there any update to your mix assumptions in guidance for the second half when it comes to gross margins?

隨著本季度毛利率擴大約 50 個基點，是否有辦法量化利潤率較高的業務（例如市場和廣告）與來自實力較強的雜貨店的影響組合之間的貢獻？鑑於更加樂觀的一般商品評論，在毛利率方面，您對下半年指導的組合假設有任何更新嗎？

The biggest contributors to the gross margin expansion were really just the lapping of some of the markdowns that we had last year. I would point you to that as the single biggest contributor. But that's not to take away from some of the progress that we're seeing in terms of diversifying or expanding these other higher-margin initiatives. And advertising is one I mentioned in my prepared remarks, up 35% for the quarter.

毛利率擴張的最大貢獻者實際上只是去年我們進行的一些降價促銷。我想向您指出，這是最大的貢獻者。但這並不意味著我們在多元化或擴大其他高利潤舉措方面所取得的一些進展。我在準備好的發言中提到了廣告，該季度增長了 35%。

But equally as impressive or perhaps more impressive is the advertiser count was actually up 60% year-over-year in the quarter. And it stands to reason, if we're gaining share and customers are shopping with us, then advertisers are going to want to spend their money where the eyeballs are. So we're encouraged about this. And it really illustrates the sort of this flywheel element of our business. As we get stronger in Marketplace and some of these other initiatives, it enables us to go out and be better in advertising and other things that tend to have a higher margin.

但同樣令人印象深刻或更令人印象深刻的是，本季度廣告商數量實際上同比增長了 60%。按理說，如果我們的市場份額不斷增加，並且顧客在我們這裡購物，那麼廣告商就會想把錢花在吸引眼球的地方。所以我們對此感到鼓舞。它確實說明了我們業務中飛輪元素的類型。隨著我們在市場和其他一些舉措中變得越來越強大，它使我們能夠走出去，在廣告和其他往往具有更高利潤的事情上做得更好。

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 的對話。

Judith, congrats as well. The guidance could be conservative based on the great quarter you just had. How are you thinking about what's incorporated in ticket and traffic for next quarter? And also, as we look forward to holiday, what are some highlights of how you're planning inventory price points assortment? In fact, we often correlate it to holiday. So that's very encouraging that you're seeing good performance there.

朱迪思，也恭喜你。根據您剛剛經歷的出色季度，該指導可能會比較保守。您如何看待下季度的門票和客流量？另外，在我們期待假期的同時，您在計劃庫存價格點分類方面有哪些亮點？事實上，我們經常將其與假期聯繫起來。因此，您看到那裡的良好表現非常令人鼓舞。

And just a follow-up, you've done a great job with computer vision and neural networks, especially with inventory management. You called out generative AI and LLM. What are your thoughts about how that may intersect the Walmart+ and all the data you have on being tech-enabled in terms of context and customer interaction?

後續，您在計算機視覺和神經網絡方面做得非常出色，尤其是在庫存管理方面。您提出了生成式人工智能和法學碩士。您對這如何與沃爾瑪+以及您在背景和客戶互動方面技術支持的所有數據相交叉有何看法？

I'll take the last one first. This is Doug, Oliver. Thanks for the question. I'm really excited about what's possible. And we've been working for a few years now to try and get our data in better shape so that we can really put it to work. We've still got room to improve there, but we have made progress.

我先拿最後一個。這是道格，奧利弗。謝謝你的提問。我對一切可能的事情感到非常興奮。我們已經工作了幾年，試圖讓我們的數據處於更好的狀態，以便我們能夠真正將其投入使用。我們仍然有改進的空間，但我們已經取得了進步。

And when you start imagining what we can do to personalize for customers and members more effectively while still living in an EDLP world and driving the business model that way because that's the winning strategy for us, there's a great opportunity for us to be more anticipatory and to be more relevant to them and communicate in a way that shows that we know who they are in a healthy way while protecting privacy.

當您開始想像我們可以採取哪些措施來更有效地為客戶和會員提供個性化服務，同時仍然生活在EDLP 世界中並以這種方式推動業務模式（因為這是我們的製勝策略）時，我們就有了一個很好的機會，可以更加具有前瞻性和洞察力。與他們更加相關，並以一種表明我們以健康的方式了解他們是誰的方式進行溝通，同時保護隱私。

So having that data go to work with our own large language models and using large language models from others presents a tremendous opportunity. And I think it will unlock a lot of use cases on the customer and member side. As I mentioned in the prerecorded remarks, the opportunity with associates is also terrific. The supply chain is the third area that comes to mind. So I think this will be an opportunity for us for a really long time to try and grow top line and be more efficient as a company by putting that technology to work.

因此，讓這些數據與我們自己的大型語言模型一起使用並使用其他人的大型語言模型提供了巨大的機會。我認為它將解鎖客戶和會員方面的許多用例。正如我在預先錄製的講話中提到的，與同事合作的機會也很棒。供應鍊是我想到的第三個領域。因此，我認為這對我們來說將是一個很長一段時間的機會，可以通過將該技術投入使用來嘗試增加營收並提高公司效率。

I'll take the first part of your question on guidance and maybe start on holiday before I turn it to the segment CEOs. But on our assumptions on ticket and traffic, well, we saw a pretty equal balance between those in the second quarter. Both were up, call it, roughly 3%. It would stand to reason that as we get into the back half of the year and we lap some of these -- some of the higher inflation from last year that ticket and in terms of the balance between those two, we may see a little less in ticket. But we're really encouraged by, as we noted, the strength in units that we had in the quarter, so pleased about that. And again, we're gaining share here. So I think our value proposition is resonating.

我將回答您關於指導的問題的第一部分，也許在我將其交給部門首席執行官之前開始休假。但根據我們對門票和交通量的假設，我們發現第二季度的門票和交通量之間相當平衡。兩者都上漲了大約 3%。理所當然的是，當我們進入今年下半年時，我們會經歷其中一些——去年那張票上的一些較高的通脹率，以及就這兩者之間的平衡而言，我們可能會看到稍微少一些在票中。但正如我們所指出的，我們確實對本季度的單位實力感到鼓舞，對此感到非常高興。再一次，我們在這裡獲得了份額。所以我認為我們的價值主張引起了共鳴。

With respect to the holiday, I'll just say one comment and maybe turn it to John. Consumers are not compromising on some of the holiday seasons, so being choiceful in their spending, discerning. But around July 4 and some of the other holidays that we've seen, they're showing a willingness to spend. And we're -- our team is leaning into that, providing merchandise that they want to buy.

關於假期，我只想說一條評論，也許會把它轉給約翰。消費者不會在某些節日期間妥協，因此在消費時要精挑細選，眼光敏銳。但在 7 月 4 日左右以及我們看到的其他一些假期，他們表現出了消費意願。我們的團隊正在致力於這一點，提供他們想要購買的商品。

They are, John David. And we've talked about this for a while that the flexibility in terms of what we offer is meaningful for customers. And the transaction growth, we're proud of the team. We saw that in e-commerce. We mentioned Marketplace. Pickup and delivery have been strong. In-store traffic and transaction count has also been strong. So having an offering that's there for the customer, however they want to shop, whenever they want to shop, is helping us. And having as many locations as we do certainly is an important part of the equation when it comes to delivering.

他們是，約翰·大衛。我們已經討論了一段時間，我們提供的產品的靈活性對客戶來說是有意義的。交易的增長，我們為團隊感到自豪。我們在電子商務中看到了這一點。我們提到了市場。取貨和送貨都很強勁。店內客流量和交易量也很強勁。因此，為客戶提供適合他們想要購物的產品，無論他們想什麼時候購物，都對我們有幫助。在交付方面，擁有盡可能多的地點無疑是一個重要組成部分。

The last thing I would say is in general merchandise and other categories, where we have seen a number of rollbacks this year that are quite intentional. The results are really strong, whether it's the Justice 17-inch backpack or the Frito-Lay multi-pack, from general merchandise to food, we are seeing rollbacks work across the business and customers are responding. They're choiceful. They're being thoughtful about what they buy. And our merchants have done a nice job of leaning in seasonally to ensure that our rollbacks are in the right places for the customer.

我要說的最後一件事是在一般商品和其他類別中，今年我們看到了一些相當有意的回滾。無論是 Justice 17 英寸背包還是 Frito-Lay 多件裝，從普通商品到食品，結果都非常強勁，我們看到整個企業都在進行回滾，客戶也做出了回應。他們是有選擇的。他們對購買的東西深思熟慮。我們的商家在季節性方面做得很好，以確保我們的回滾是在適合客戶的地方。

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

我們的下一個問題來自魯佩什·帕里克（Rupesh Parikh）和奧本海默（Oppenheimer）的對話。

So I wanted to go to the International business and China specifically. I was hoping to get more color in terms of what you're seeing in the market. Now for the second consecutive quarter in a row, your results seem to stand out versus some of the weaker macro data points that we're seeing out there in China.

所以我特別想去國際業務和中國。我希望能夠根據您在市場上看到的內容獲得更多色彩。現在，與我們在中國看到的一些較弱的宏觀數據點相比，您的業績似乎已連續第二個季度脫穎而出。

Yes, thank you. I mean, the quarter was strong for International overall. And as you heard both John David and Doug mentioned, China was one of the stronger markets that we had along with Walmex, which had a 10% growth. And both of our businesses in India, Flipkart and PhonePe, both had strong quarters as well. A lot of that is driven from just really being close to the customer in those markets and the combination of value and convenience that we're now able to offer.

是的，謝謝。我的意思是，本季度國際整體表現強勁。正如約翰·戴維 (John David) 和道格 (Doug) 提到的那樣，中國是我們與 Walmex 一樣強勁的市場之一，增長了 10%。我們在印度的兩家公司 Flipkart 和 PhonePe 的季度業績也表現強勁。這在很大程度上是由於真正貼近這些市場的客戶以及我們現在能夠提供的價值和便利的結合。

Turning to China specifically. I actually got back to China this quarter for the first time in 3.5 years. And what really struck me when I was there was the speed with which the consumer has moved. So the move to online and digital penetration has been extraordinary in our business. It ranges in the mid-40% that we're seeing. And we have two formats there. We have the Sam's Club format and we have the hypermarket format. And what's interesting is both formats have got positive traffic and both are gaining market share.

具體轉向中國。實際上，這個季度我是 3.5 年來第一次回到中國。當我在那裡時，真正令我震驚的是消費者移動的速度。因此，向在線和數字化滲透的轉變對我們的業務來說是非同尋常的。我們看到的範圍在 40% 左右。我們有兩種格式。我們有山姆會員店模式，也有大賣場模式。有趣的是，這兩種格式都獲得了積極的流量，並且都在擴大市場份額。

And I think the reason for that is this back to this combination of value and quality and trust that we're able to provide. Sam's Club, in particular, had a really strong quarter again. And we opened a couple of new clubs. We now have 45 clubs across China, and they're really combining great items at great value. And they're seeing an interesting trend in higher penetration of very high ticket items in China, too. In the hypers, I got a chance to visit some of our remodeled, new version hypermarkets. You've heard me talk a couple of times about the transformation in hypers, that's ongoing.

我認為原因在於我們能夠提供價值、質量和信任的結合。尤其是山姆會員店，本季度再次表現強勁。我們開設了幾個新俱樂部。我們現在在中國擁有 45 個俱樂部，他們確實將優質的產品與超值的產品結合在一起。他們還發現了一個有趣的趨勢，即高價商品在中國的滲透率不斷提高。在大賣場，我有機會參觀了一些經過改建的新版大賣場。你已經聽我說過幾次關於超級跑車的轉變，這是正在進行的。

And I was really impressed with the thoughtful way in which the teams there have reduced assortment, brightened and freshened the stores, increased the signage, helped customers navigate not only through great fresh departments but also made the general merchandise shopping much simpler. So they have two formats there, both of which are leading in the segments in which they operate. And that's helping us win customers. And our associates, I will just say, there are doing a fantastic job. And it was just great to see them after such a long time.

那裡的團隊以周到的方式減少了品種，使商店煥然一新，增加了標牌，不僅幫助顧客瀏覽了很棒的生鮮部門，而且還使百貨商店的購物變得更加簡單，給我留下了深刻的印象。因此，他們有兩種業態，這兩種業態在其經營的細分市場中均處於領先地位。這有助於我們贏得客戶。我只想說，我們的同事做得非常出色。這麼長時間後見到他們真是太好了。

Our next question is from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

Curious within food and grocery how you would characterize the current landscape from a promotional perspective relative to last year and history. And how are you thinking about price investment as a tool to gain further market share, just given the changes in inflation expectations?

好奇在食品和雜貨領域，您如何從相對於去年和歷史的促銷角度來描述當前的情況。考慮到通脹預期的變化，您如何看待價格投資作為獲得進一步市場份額的工具？

Compared to a year ago, Paul, certainly inflation is at a lower rate than what it was. It's been relatively stubborn in dry grocery more than other places over the course of the year. Price gaps are something that we spend a lot of time on each and every week. We start Monday talking about trading and what's happening in the market. Price is always one of the major topics. We want to ensure that our value is done right. And we are pleased with where the value is today. The grocery business is gaining share. Certainly, we're going to watch the market.

保羅，與一年前相比，通貨膨脹率肯定低於以前。這一年來，乾貨雜貨店的情況比其他地方更加頑固。價格差距是我們每週花費大量時間的事情。我們從周一開始討論交易和市場上發生的事情。價格始終是主要話題之一。我們希望確保我們的價值得到正確體現。我們對今天的價值感到滿意。雜貨業務正在擴大份額。當然，我們會觀察市場。

As I said a moment ago, we do have a number of rollbacks that are effective in food. Our rollback count in food is higher than last year. It is lower in general merchandise than a year ago. But a reminder that last year, we were clearing a lot of inventory that had been backlogged. So the general merchandise rollbacks, which are very effective, are more choiceful and I think reflective of the seasons that people are in. So our job from here is to ensure that we're ready for people that are getting back to school all across the country in the next couple of weeks, colleges. We have tailgating season coming up, Labor Day and then right into the holiday food season.

正如我剛才所說，我們確實有一些在食品領域有效的回滾措施。我們的食品回滾數量高於去年。一般商品的價格低於一年前。但提醒一下，去年我們清理了大量積壓的庫存。因此，一般商品的回滾非常有效，而且更具選擇性，而且我認為反映了人們所處的季節。因此，我們的工作是確保我們為全國各地重返學校的人們做好準備。在接下來的幾週內，國家，大學。我們的車尾聚會季節即將到來，勞動節，然後就是節日食品季節。

I'd say, too, I felt promotions is the easy solution to inflation versus doing the hard work of working with your suppliers to walk back all the commodity and cost increases that kind of have been absorbed over the last 2 years. So there's a lot of work in just tracking the cost of transportation.

我還要說的是，我認為促銷是解決通貨膨脹的簡單方法，而不是與供應商合作以收回過去兩年中吸收的所有商品和成本增加。因此，僅僅跟踪運輸成本就需要做很多工作。

And then as that's come down, working back with each supplier to have a look at what proportion of the cost is impacted by that and how do you roll that back. So I know in Sam's, the team have a great big board. They ring a cowbell every time we get a cost decrease. And you flow it on to the member. And I think that's how we want to think about it versus thinking about how do we go out and do promotions.

然後，隨著成本的下降，與每個供應商合作，看看受此影響的成本比例以及如何回滾。所以我知道山姆的團隊有一個很棒的大董事會。每當我們降低成本時，他們就會敲響警鐘。然後你將其傳遞給會員。我認為這就是我們想要思考的方式，而不是思考我們如何出去進行促銷。

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

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

Judith, congratulations, and to every promotion, congratulations. My question is more medium term. I wanted to ask about the inflection on EBIT dollar growth. At Shareholders', we talked about how in fiscal '25, it should or could get better than where we are today, realizing we're lapping some easy compares from last year right now.

朱迪思，祝賀你，祝賀你的每一次晉升。我的問題是更中期的。我想問一下息稅前利潤增長的變化。在股東大會上，我們討論了在 25 財年應該或可能會比我們今天的情況更好，並意識到我們現在正在與去年進行一些簡單的比較。

Can we hone in on what needs to take place for this EBIT dollar growth inflection? Assuming healthy sales, leverage over fixed cost, Marketplace ramping, is it advertising? Can you talk about sort of what's in your control and what's more sales-driven as we think about EBIT growth going forward?

我們能否深入研究需要採取什麼措施來應對息稅前利潤增長的拐點？假設銷售健康、槓桿超過固定成本、市場增長，這是廣告嗎？當我們考慮未來的息稅前利潤增長時，您能否談談您可以控制哪些內容以及哪些內容更受銷售驅動？

Sure, Simeon. I'll start with maybe a bit of a victory lap here. Because the first half of the year has actually been pretty good in terms of the relationship of operating income and sales. We've grown the top line at, call it, 6% and operating income at almost twice that. And that's much better than what we've done historically. So we're very encouraged internally that we're executing so well right out of the gate after sharing our goals at our Investor Community Meeting in April.

當然，西蒙。我將從這裡開始，也許是勝利的一圈。因為上半年從營業收入和銷售額的關係來看，其實已經相當不錯了。我們的收入增長了 6%，營業收入幾乎增長了一倍。這比我們歷史上所做的要好得多。因此，在四月份的投資者社區會議上分享我們的目標後，我們一開始就執行得如此出色，這讓我們內部感到非常鼓舞。

As we get into next year, really what you're going to see is more of a continuation of the strategy that we laid out is we further diversified our earnings streams. A lot of these areas, like advertising and data ventures, these higher-margin businesses are growing at a rate much, much faster than the rest of our business. And so as you look at the math around that, our margins just want to go up.

當我們進入明年時，您實際上會看到更多的是我們制定的戰略的延續，即我們進一步實現收入來源多元化。在很多領域，比如廣告和數據企業，這些利潤率較高的業務的增長速度比我們其他業務快得多。因此，當你看看周圍的數學時，我們的利潤率只想上升。

The other thing is, as you're well aware of, Simeon, are the efficiencies that come from our supply chain. And so today, we have roughly 15% of our stores that are served by automated regional distribution centers. And when you think about something like an e-commerce FC, that gives us efficiencies of upwards of 30% on things like units per hour.

西蒙，正如您所知道的，另一件事是我們供應鏈的效率。因此，如今，我們大約 15% 的商店由自動化區域配送中心提供服務。當您考慮像電子商務 FC 這樣的東西時，我們會發現每小時單位數等方面的效率高達 30% 以上。

And so as we continue to roll out this automation to the rest of our network, we're going to see the benefits of that in our P&L. You're seeing it right now. And it gives us conviction and optimism as we look out over the next several years to be able to grow operating income at a rate that is faster than sales and perhaps appreciably faster than sales.

因此，當我們繼續將這種自動化推廣到網絡的其他部分時，我們將在損益表中看到它的好處。你現在就看到了。當我們展望未來幾年能夠以快於銷售額甚至可能明顯快於銷售額的速度增長營業收入時，它給了我們信心和樂觀。

Simeon, this is Doug. I'll just add on. I think John David said it well, the two threads, the two questions are how is the automation work going? And how is that playing through as it relates to productivity? And that's a multiyear implementation of these various forms of automated storage and retrieval systems that we've talked to you about.

西蒙，這是道格。我就補充一下吧。我認為約翰大衛說得很好，兩個線程，兩個問題是自動化工作進展如何？這與生產力的關係如何？這是我們與您討論過的各種形式的自動存儲和檢索系統的多年實施。

And then the second one is how is the business model changing? And the engine for that is what's the digital percent of total, how is e-commerce growing and what's the pull-through to advertising and the other components that shape that business model. And the reason I'm repeating it is because I wanted to make the point that it's not just the Walmart U.S. business that's going through that transformation.

第二個是商業模式如何變化？其引擎是數字佔總數的百分比是多少，電子商務如何增長以及廣告和塑造該商業模式的其他組成部分的影響是什麼。我之所以重複這一點，是因為我想表明，正在經歷這種轉變的不僅僅是沃爾瑪美國業務。

As I've been traveling in International in the last few weeks, the commonality from Canada to Chile, and Judith had that team from Mexico in town this week, what Gui and the team are doing there, it's very consistent as it relates to how omnichannel retail is coming to life across our company. So I think those are the two threads to keep your eye on.

由於我過去幾週一直在國際旅行，從加拿大到智利的共同點，朱迪思本週帶著來自墨西哥的團隊來到城裡，桂和團隊在那裡所做的事情，這是非常一致的，因為它與如何全渠道零售正在我們公司內蓬勃發展。所以我認為這是您需要關注的兩條線索。

You didn't frame the question, Simeon, in terms of return on investment. But I want to take an opportunity to talk about that. When we get to the end of this year and you look at our ROI on a trailing 12-month basis, we're going to see fairly material uptick if you look at our guidance, what's implied there.

西蒙，你沒有從投資回報的角度提出問題。但我想藉此機會談談這個問題。當我們到今年年底時，如果你看看我們過去 12 個月的投資回報率，如果你看看我們的指導以及其中暗示的內容，我們將會看到相當實質性的上升。

And that's more than what we expected at the beginning of the year. We actually anticipated that some of the improvements in ROI would be -- would come next year and some of the years thereafter. We are actually pulling forward some of those benefits that we expected next year. And so we're going to see some of that this year.

這超出了我們年初的預期。我們實際上預計投資回報率的一些改進將會在明年和此後的一些年出現。我們實際上正在推進明年預期的一些好處。今年我們將會看到其中的一些情況。

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

我們的下一個問題來自 BMO 資本市場的 Kelly Bania。

Congrats on your retirement as well, Judith. Wanted to just ask about e-commerce growth, 24%, I think, implies some pretty big market share gains but led by pickup and delivery. And I was curious if you could also just give us a sense of how Marketplace and 3P is ramping relative to your expectations and how, if at all, that's impacting the general merchandise comp.

也祝賀你退休，朱迪思。我想問一下電子商務的增長情況，我認為 24​​% 意味著相當大的市場份額增長，但主要是提貨和送貨。我很好奇您能否讓我們了解 Marketplace 和 3P 相對於您的期望如何增長，以及這對一般商品競爭（如果有的話）有何影響。

And related to that, I guess, as you think of long term about the profitability of advertising, is there a similar opportunity on the food and consumables side? Or is it better to have discretionary and 3P a greater mix of e-commerce as it relates to growing advertising profitability?

與此相關的是，我想，當您從長遠考慮廣告盈利能力時，食品和消費品方面是否也存在類似的機會？或者讓全權委託和 3P 更大程度地混合電子商務，因為這與不斷增長的廣告盈利能力有關？

Kelly, thanks for the question. One, really happy with the performance. And the team deserves credit for a lot of improvements that enabled the 24% growth. When we talk about pickup and delivery specifically, I think I would take a step back and just remind everyone what we talked about at our investor conference and what we're ultimately trying to do with supply chain in the entire e-commerce business, is densify our inventory at the first mile, make the middle mile as efficient as possible and then shorten the last mile.

凱利，謝謝你的提問。一，對錶演非常滿意。該團隊值得讚揚的是，他們做出了很多改進，實現了 24% 的增長。當我們具體談論提貨和送貨時，我想我會退後一步，提醒大家我們在投資者會議上談論的內容以及我們最終試圖在整個電子商務業務中的供應鏈上做的事情是在第一英里密集化我們的庫存，使中間一英里盡可能高效，然後縮短最後一英里。

And our store locations, over 4,700 locations in addition to the fulfillment centers, enable us to do that. So what's happened over the last year or so is more of our e-commerce business and deliveries have come from stores because that's where the inventory is closest to the customer and helps us with efficiency. So it's important to frame that, that is a part of the total. The way we measure this internally as we look at the number of transactions and customers and what they bought in the store, what they picked up and what was delivered.

除了履行中心之外，我們的商店地點（超過 4,700 個地點）使我們能夠做到這一點。因此，在過去一年左右的時間裡，我們的電子商務業務和送貨都來自商店，因為商店的庫存距離客戶最近，有助於提高我們的效率。因此，確定這一點很重要，這是總數的一部分。我們內部衡量這一點的方式是查看交易數量和客戶數量以及他們在商店購買的商品、他們提貨的商品和交付的商品。

The second part of your question, really pleased with the progress in Marketplace. Our Plus event was a good marker for us in terms of what's possible. With the Marketplace, a majority of our revenue from that event was driven by Marketplace sellers. And I'm thankful to the sellers who participated and helped us find customers or helped our customers find value at a time when they're looking for value. And that was across all categories, including general merchandise. In fact, much of the event was general merchandise. So I think the team has positioned the Marketplace well.

你問題的第二部分，我對 Marketplace 的進展感到非常滿意。我們的 Plus 活動對我們來說是一個很好的標誌，讓我們看到了一切的可能性。通過 Marketplace，我們從該活動中獲得的大部分收入都是由 Marketplace 賣家推動的。我感謝參與並幫助我們找到客戶或幫助我們的客戶在尋找價值時找到價值的賣家。這涉及所有類別，包括一般商品。事實上，這次活動的大部分內容都是日用百貨。所以我認為團隊對市場的定位很好。

And in terms of the second part of your question with advertising, there are opportunities for sellers. There are opportunities for suppliers. We'll continue to learn, grow and experiment in stores and on the site. We want to ensure that Walmart Connect, the name Walmart Connect, connects our buyers, suppliers and sellers all to our customers in a way that's accretive to the customer experience. We want to make sure that customers are finding what they want when they want it. And if this business can help people connect together, that's great. And we saw that happen in the quarter. And the growth was higher than our e-commerce growth.

就你的廣告問題的第二部分而言，賣家有機會。供應商有機會。我們將繼續在商店和網站上學習、成長和實驗。我們希望確保 Walmart Connect（名稱為 Walmart Connect）以一種有利於客戶體驗的方式將我們的買家、供應商和賣家與我們的客戶聯繫起來。我們希望確保客戶能夠在需要時找到他們想要的東西。如果這項業務可以幫助人們聯繫在一起，那就太好了。我們在本季度看到了這種情況的發生。而且增長高於我們的電子商務增長。

If we're talking about e-commerce and Marketplace, it would be particularly be remiss of me not to talk about Flipkart and the growth that we've seen there. We were there as well recently. And that business is just continuing to go from strength-to-strength. It's consistently performed in line with our expectations over the last few years. I'm really pleased to see the positive contribution margins continue. And then their business mix is really quite healthy, so seeing strength in hardlines, particularly across mobile and electronics as well.

如果我們談論電子商務和 Marketplace，那麼如果不談論 Flipkart 以及我們在那裡看到的增長，那就特別失職了。我們最近也去過那裡。該業務正在不斷發展壯大。過去幾年，它的表現始終符合我們的預期。我真的很高興看到積極的邊際貢獻持續存在。然後他們的業務組合確實非常健康，因此看到了強硬派的實力，特別是在移動和電子領域。

The scaling of their ecosystem is also helping contribute not only to the overall business but also to their advertising revenues well. So interesting, coming back to this theme of quality and convenience of people, they recently launched in their Cleartrip business, luxury packages of holidays in India, which are going incredibly well as well. Myntra, which is the largest fashion online retailer in India, as John David mentioned as well, they've just launched a MyFashionGPT capability as well, which is quite incredible.

他們生態系統的擴展不僅有助於整體業務的發展，也有助於他們的廣告收入的增長。有趣的是，回到人們的質量和便利這一主題，他們最近在 Cleartrip 業務中推出了印度豪華度假套餐，進展也非常順利。 Myntra 是印度最大的時尚在線零售商，正如 John David 所提到的，他們剛剛也推出了 MyFashionGPT 功能，這非常令人難以置信。

And I used it this morning. I put in, "What to wear to go to the airport." And they gave me, "To England, to the airport." And they gave me, "Black T-shirt, black leggings, a jacket and sunglasses," which I think was rather optimistic using the sunglasses for England. But it shows you the power of what I think gen AIs can do in the future. And it's really coming to life in India. It's just a great business, and be proud to be able to be associated with it for the last 5 years.

我今天早上用了它。我輸入了“去機場穿什麼衣服”。他們告訴我：“去英國，去機場。”他們給了我“黑色T卹、黑色緊身褲、夾克和太陽鏡”，我認為使用太陽鏡代表英格蘭隊是相當樂觀的。但它向你展示了我認為未來人工智能的力量。這在印度真的成為現實。這是一家偉大的企業，很自豪能夠在過去 5 年裡與它合作。

Our next question is from the line of Edward Yruma with Piper Sandler.

我們的下一個問題來自愛德華·尤魯瑪和派珀·桑德勒。

You guys have done a lot to enhance the accessibility at Walmart+. You've added a ton of new features. I guess, as you sit back and assess the success of the program, kind of what's turned the dial the most? And then in terms of the data you're able to now collect, where have you been able to kind of pivot and change the flow of business based on some of the stuff that you're collecting from these Walmart+ customers?

你們為提高 Walmart+ 的可訪問性做了很多工作。您添加了大量新功能。我想，當您坐下來評估該計劃的成功時，最有影響力的是什麼？然後，就您現在能夠收集的數據而言，您能夠根據從這些 Walmart+ 客戶那裡收集的一些信息來調整和改變業務流程嗎？

Edward, certainly, we want to have a digital relationship with as many customers as possible, pleased with the growth overall. And as we've talked about before, Plus is an important part of the offer we have. I would pull the reason back that Plus has had more success to the very core of the offer. The offer was established to limit the number of deliveries people get without having a charge on those deliveries from both the fulfillment centers and the stores.

愛德華，當然，我們希望與盡可能多的客戶建立數字關係，並對整體增長感到滿意。正如我們之前討論過的，Plus 是我們所提供服務的重要組成部分。我想說的是，Plus 在該產品的核心方面取得了更大的成功。該優惠旨在限制人們收到的送貨數量，而無需對來自運營中心和商店的送貨收取費用。

We launched this in 2020, certainly had issues at that point with availability. And we've had inventory imbalances. But in the last year or so, the focus continues to be and improvements have been in the core, where we measure every week something we call perfect order. The stores are very focused on what we call the first-time pick rate, which is picking the order the first time they look for it. And then another thing that we do very intentionally is measure what percent of the order was delivered before there were any substitution.

我們於 2020 年推出了此功能，當時確實遇到了可用性問題。我們也出現了庫存失衡的情況。但在過去一年左右的時間裡，焦點仍然是核心，改進一直是核心，我們每週都會衡量我們所謂的完美秩序。商店非常注重我們所說的首次提貨率，即他們第一次尋找訂單時就進行提貨。然後，我們非常有意做的另一件事是衡量在進行任何替代之前已交付的訂單百分比。

So what customers are looking for is exactly what they ordered at the time that they expected it to be delivered. And that's the way we hold ourselves accountable. Certainly, the other benefits are helpful. There are different features that people are using. And it is important to have a variety of benefits. But the core of the offer is the most important thing that we have to execute going forward.

因此，客戶所尋找的正是他們在預期交付時訂購的產品。這就是我們對自己負責的方式。當然，其他好處也是有幫助的。人們正在使用不同的功能。擁有多種好處也很重要。但要約的核心是我們未來必須執行的最重要的事情。

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塞思·西格曼。

I wanted to follow up on the value proposition that Walmart offers today. So private label seems to have a lot of momentum and is likely one of the factors that's helping drive market share here. How are you managing private label differently than in the past?

我想跟進沃爾瑪今天提供的價值主張。因此，自有品牌似乎有很大的動力，並且可能是幫助提高市場份額的因素之一。與過去相比，您對自有品牌的管理有何不同？

And how do you think that plays into the competitive gap here more from a basket-level perspective? And then ultimately, do you think that this advantage is sustainable even in an environment where maybe inflation moderates or prices decline? Love some perspective on that.

從籃子層面的角度來看，您認為這如何影響這裡的競爭差距？最後，您認為即使在通脹放緩或價格下降的環境下，這種優勢是否可持續？喜歡對此的一些看法。

It's important for us to have a wide range of assortment for a broad section of customers, where all over the country, situations are different for different customers. And whatever the situation is for any particular customer, then that's what we want to be there for. We've talked about this before. We don't set targets or percentages of the business that we expect private label to grow to or be a part of.

對我們來說，為廣大客戶提供廣泛的產品種類非常重要，在全國范圍內，不同客戶的情況有所不同。無論特定客戶的情況如何，我們都希望為他們提供幫助。我們之前已經討論過這個問題。我們不會設定我們期望自有品牌發展或參與的業務目標或百分比。

It's important that we have values on brands, on branded items. It's important that we have values and quality across the portfolio in e-commerce and stores. And in the last few quarters, customers have chosen the private brands at Walmart at an accelerated pace. I think there are a lot of reasons for that. But if our quality and price were in the position that it needs to be, then they wouldn't repeat. So we'll continue to stay focused on quality and value there.

重要的是我們對品牌和品牌產品有價值觀。重要的是，我們在電子商務和商店的產品組合中擁有價值和質量。過去幾個季度，顧客對沃爾瑪自有品牌的選擇加快了。我認為這有很多原因。但如果我們的質量和價格處於所需的位置，那麼他們就不會重複。因此，我們將繼續專注於質量和價值。

Yes. And I think from a Member's Mark perspective, we have seen our metrics around value for money and NPS and quality, our Member's Mark has continued to improve. And we're seeing members choose it because of the quality of the item, because of innovation into those products and also because the great value that they get out of the Member's Mark, price/quality combination.

是的。我認為從會員評分的角度來看，我們已經看到了圍繞物有所值、NPS 和質量的指標，我們的會員評分持續提高。我們看到會員選擇它是因為商品的質量，因為這些產品的創新，還因為他們從會員標記、價格/質量組合中獲得了巨大的價值。

We're seeing leverage across markets with private brands, too, whether it's Great Value or Member's Mark.

我們也看到自有品牌在整個市場上的影響力，無論是 Great Value 還是 Member's Mark。

Yes, Member's Market, of course, is available in our Sam's Clubs globally, around the world but also many other items as well. And I know you were in Chile recently, Doug. And they have a phenomenal international foods aisle, which is showing incredible growth, many of which are private brands, which are imported from around the world, from the rest of the Walmart world.

是的，會員市場當然可以在全球各地的山姆會員店購買，但也有許多其他商品。我知道你最近在智利，道格。他們擁有驚人的國際食品通道，正在呈現令人難以置信的增長，其中許多是自有品牌，從世界各地、沃爾瑪世界的其他地方進口。

When I was in Canada, they made me Great Value tomato ketchup potato chips. I'm out on that. But that's not -- I'm sure Canadians love it, but that's one private brand item that I'm not a fan of.

當我在加拿大時，他們給我做了超值番茄醬薯片。我對此不以為然。但這不是——我確信加拿大人喜歡它，但這是我不喜歡的一個自有品牌產品。

The next question is from the line of Corey Tarlowe with Jefferies.

下一個問題來自科里·塔洛（Corey Tarlowe）和杰弗里斯（Jefferies）。

I was wondering if we could just take a step back and assess the health of the overall customer maybe in the U.S. and also perhaps internationally versus the first quarter and into the second quarter and how you're thinking about the general health of the customer throughout the remainder of this year. And then just secondarily, on shrink, what are you seeing as it relates to shrink? And what are you expecting ahead as we think about that particular dynamic?

我想知道我們是否可以退後一步，評估美國乃至國際上整體客戶的健康狀況，與第一季度和第二季度相比，以及您如何看待整個客戶的總體健康狀況今年剩下的時間。其次，關於收縮，您認為與收縮相關的是什麼？當我們考慮這一特定動態時，您對未來有何期待？

From an enterprise point of view, just on the customer and member first, and others can chime in on that, I feel like that our position is one where if things do get tougher, they're going to increasingly look for value and we're going to be able to grow the top line. Hopefully, things do get better. And there are a lot of conflicting data points, but you guys see the same data that we do. There are reasons to be optimistic in areas like employment and the wage inflation that's happened. And there are other reasons to be concerned as consumer balance sheets potentially weaken over time.

從企業的角度來看，首先是客戶和會員，其他人也可以插話，我覺得我們的立場是，如果事情確實變得更加困難，他們將越來越多地尋找價值，而我們”我們將能夠增加收入。希望事情會變得更好。有很多相互矛盾的數據點，但你們看到的數據與我們看到的相同。我們有理由對就業和工資上漲等領域感到樂觀。隨著時間的推移，消費者資產負債表可能會減弱，因此還有其他原因值得關注。

But again, we like our position. We like it in terms of the breadth of product categories, we can sell whatever people want to buy. We like it in terms of the way we can serve people, whether it's curbside or it's delivery or it's in a store or club. So our job is to grow our share, to win through the customer value prop, which is price, assortment, experience and trust. And whether that's in Mexico or the United States, that's the position that we put ourselves in. And we just need to execute against that.

但同樣，我們喜歡我們的立場。我們喜歡產品類別的廣度，人們想買什麼我們就可以賣什麼。我們喜歡它為人們服務的方式，無論是路邊、送貨還是在商店或俱樂部。因此，我們的工作是擴大我們的份額，通過客戶價值支柱（即價格、品種、經驗和信任）贏得勝利。無論是在墨西哥還是在美國，這都是我們所處的位置。我們只需要針對這一點執行即可。

On shrink, John, you can comment, too, but I'd just remind everybody from a total enterprise point of view, we're more than a domestic retailer. And we've got 19 countries. We've got Sam's Club. We've got a variety of businesses. And so it's not necessarily the same answer as maybe some of the others that are in the news about shrink.

關於收縮，約翰，你也可以發表評論，但我只是從整個企業的角度提醒大家，我們不僅僅是一家國內零售商。我們有 19 個國家。我們有山姆會員店。我們有各種各樣的業務。因此，這不一定與新聞中有關收縮的其他一些答案相同。

And Doug, I'd add that, of course, shrink is an important part of margin. But there are many parts of margin that are important to be able to deliver for customers. And the first is we want to make sure that we're pricing as low as possible, so customers find the greatest value that they can possibly find. Shrink has increased a bit this year. It increased last year. It's uneven across the country. It's not in every market. Some markets are higher than others.

道格，我想補充一點，當然，收縮是保證金的重要組成部分。但利潤的許多部分對於能夠為客戶提供服務非常重要。首先，我們希望確保我們的定價盡可能低，以便客戶找到他們可能找到的最大價值。今年收縮幅度有所增加。去年有所增加。全國各地情況不平衡。並非每個市場都有。一些市場高於其他市場。

But we do have the tailwinds that we mentioned earlier, which are cost of supply chain and markdowns from last year. So a lot of components go into this. We'll keep watching it. We don't want it to go up obviously because it could cause prices to rise. And we've heard that across the market. But it is a part of what we're managing. And the team is doing a nice job with value. And the team is doing a nice job managing the margin in total.

但我們確實有前面提到的有利因素，即供應鏈成本和去年的降價。所以很多組件都涉及到這個。我們將繼續關注。我們不希望它明顯上漲，因為這可能會導致價格上漲。我們在整個市場上都聽到過這樣的說法。但這是我們正在管理的一部分。團隊做得很好，很有價值。該團隊在總體利潤管理方面做得很好。

Shrink is comprised of more than one thing. That's part of it. And we do think that in some jurisdictions here in the U.S., there needs to be action taken to help protect people from crime, including theft. The other part of shrink is more controllable. And we stay focused on that as a priority.

收縮由不止一件事組成。這是其中的一部分。我們確實認為，在美國的一些司法管轄區，需要採取行動來幫助保護人們免受犯罪（包括盜竊）的侵害。另一部分收縮更可控。我們始終將其作為優先事項。

Our next question is from the line of Krisztina Katai with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

I'll add my congratulations to Judith as well. I have a question on Sam's Club. I think I heard you say mid-single-digit member growth within the quarter. So can you talk about your membership gains and the momentum that you have been seeing in the business as well as the renewal rate and how you think about membership value for the consumer in the face of moderating food inflation?

我也會向朱迪思表示祝賀。我有一個關於山姆會員店的問題。我想我聽到你說本季度的會員增長為中個位數。那麼，您能否談談您的會員資格收益、您在業務中看到的勢頭以及續訂率，以及在食品通脹放緩的情況下您如何看待會員資格對消費者的價值？

And then secondly, if I could just ask on the private label penetration that is still increasing, just how are you generally anticipating volumes to play out in the back half of the year between your private brands versus your national brands as rollbacks are increasing?

其次，如果我能問一下仍在增加的自有品牌滲透率，隨著回滾的增加，您總體上預計今年下半年自有品牌與全國品牌之間的銷量會如何？

If I start with just talking about the member health, we've seen historic growth in our membership base over the last few years. And we continue to see growth in absolute member numbers. Our tenured renewal rate held, so it didn't increase or decrease, it held from quarter-to-quarter. And we are continuing to look at different ways to introduce people to the value of a Sam's Club membership.

如果我首先談論會員健康狀況，那麼過去幾年我們的會員基礎出現了歷史性增長。我們繼續看到會員絕對數量的增長。我們的終身續約率保持不變，所以它沒有增加或減少，而是每個季度都保持不變。我們正在繼續尋找不同的方式向人們介紹山姆會員商店的價值。

And so you've seen us over the years try a couple of different things. On our 40th birthday, we had a great price for new members. Really, that's just an opportunity to invite people in to experience for themselves what the value of membership looks like. And then we want to turn them into a tenured renewal member going forward. So we feel strong about the health of our membership and the growth that we've seen.

所以多年來你已經看到我們嘗試了一些不同的事情。在我們 40 歲生日那天，我們為新會員提供了優惠價格。事實上，這只是一個邀請人們親自體驗會員價值的機會。然後我們希望將他們變成未來的終身續約會員。因此，我們對會員的健康狀況和所看到的增長感到非常滿意。

At Walmart, on our membership, consistent growth last few quarters, but we really did have the successful Plus event, really good results all across the business. As I said earlier, the core of the offer is the most important thing that we deliver. And that includes perfect order or fill rates and availability. Customers trust us to be able to deliver their food, consumables and general merchandise items consistently and on time.

在沃爾瑪，我們的會員資格在過去幾個季度持續增長，但我們確實舉辦了成功的 Plus 活動，整個業務都取得了非常好的成績。正如我之前所說，優惠的核心是我們提供的最重要的東西。這包括完美的訂單或填充率以及可用性。客戶相信我們能夠持續、準時地交付他們的食品、消耗品和一般商品。

On the question on private brand volume, I would also just repeat consistency over the last couple of quarters. And we've talked about growth of private brands really since the beginning of 2022. Again, we don't have targets on that. We want to be there for customers regardless of what they choose. Whether it's a branded item or private brand item on private brands, we stay focused on quality and value.

關於自有品牌數量的問題，我也會重複過去幾個季度的一致性。自 2022 年初以來，我們一直在談論自有品牌的增長。同樣，我們對此沒有目標。無論客戶選擇什麼，我們都希望為他們服務。無論是品牌產品還是自有品牌的自有品牌產品，我們都始終專注於質量和價值。

And in some cases, like if you're in a store today, you would see a rollback on Great Value mustard, and it's working really well. It's a staple that has seen really great growth because of values that we offer. So getting prices back down in dry grocery is important for the consumer. And we want to be able to help them and lead that in any way that we can.

在某些情況下，比如如果你今天在商店裡，你會看到超值芥末的回滾，而且效果非常好。由於我們提供的價值，它是一種真正實現了巨大增長的主食。因此，降低干雜貨的價格對消費者來說很重要。我們希望能夠幫助他們，並以我們力所能及的方式引導他們。

If I can just say one other thing on private brand, we discussed that because I think it gives a good indication on how the consumer is being pressured right now. But that is not a driver of our margin performance.

如果我可以就自有品牌說另一件事，我們對此進行了討論，因為我認為它很好地表明了消費者目前面臨的壓力。但這並不是我們利潤率表現的驅動因素。

While the overall margin on private brand may be a little bit higher, the dollar profit is about the same. And if you look at the shift in composition year-over-year, we're only talking 40 basis points. So this is not a driver of our financial results. So if we see a reversion there, it's not going to have any outsized impact on our business.

雖然自有品牌的整體利潤率可能稍高一些，但美元利潤大致相同。如果你觀察一下同比構成的變化，你會發現我們只談論了 40 個基點。因此，這不是我們財務業績的驅動因素。因此，如果我們看到那裡出現逆轉，也不會對我們的業務產生任何過大的影響。

Our final question comes from the line of Michael Lasser with UBS.

我們的最後一個問題來自瑞銀集團的邁克爾·拉瑟 (Michael Lasser)。

Doug, is it fair to think that Walmart has more visibility into its gross margin rate heading into next year than it has in recent memory, given the inflection in the profitability of the e-commerce business, the contribution from alternative profits, presumably less of a drag from GLP-1 drugs and the prospect that general merchandise gets better? And if that is fair, do you take this as an opportunity to double down and accelerate some of the investments that clearly have been working and translating into share gain?

道格，考慮到電子商務業務盈利能力的變化、替代利潤的貢獻（可能會減少），可以公平地認為，沃爾瑪明年的毛利率比最近的記憶中更加清晰。 GLP-1藥物的拖累和日用百貨好轉的前景？如果這是公平的，您是否將此視為一個機會，加倍投資並加速一些顯然一直在發揮作用並轉化為股票收益的投資？

Michael, thanks for the question. We didn't see COVID coming. And we didn't anticipate inflation to be as high as it has been in the United States. So if you could tell me what we're not anticipating right now, I might be able to answer your question about next year. I think your underlying premise that we kind of know what the shape is and we're not in this position that we were 12 months ago with inventory has got some truth to it.

邁克爾，謝謝你的提問。我們沒有看到新冠病毒的到來。我們預計通貨膨脹率不會像美國那樣高。因此，如果您能告訴我我們現在沒有預料到什麼，我也許就能回答您關於明年的問題。我認為你的基本前提是，我們多少知道形狀是什麼，而且我們現在的庫存狀況並不像 12 個月前那樣，這是有一定道理的。

As it relates to doubling down, I think we are being aggressive. We are currently going through our long-range planning cycle. And as we look at our opportunities to invest next year and over the next 5 years, we look at that board and we get excited about it. John David made the point in a meeting earlier this week that isn't it cool to be a part of a company that started in 1962 that sees opportunities to drive strong returns with today's investments to help you contemporize the business for the future? And I agree with that. Like it's a really cool spot to be in, to have cash flow, to have this strong business and to have opportunities in front of us that transform the business and create another level of operational excellence through productivity, for example.

就加倍努力而言，我認為我們很有侵略性。我們目前正在經歷長期規劃週期。當我們審視明年和未來 5 年的投資機會時，我們會看到這個董事會，我們對此感到興奮。約翰·戴維(John David) 在本週早些時候的一次會議上指出，作為一家成立於1962 年的公司的一員，這家公司看到了利用今天的投資帶來豐厚回報的機會，幫助您實現未來業務的現代化，這不是很酷嗎？我同意這一點。就像這是一個非常酷的地方，擁有現金流，擁有強大的業務，並且在我們面前有機會改變業務並通過生產力創造另一個水平的卓越運營。

So I think we've got an aggressive plan. We talked at the investor conference about our capital plan. And we continue to see opportunities to invest to grow top and bottom line. And we expect ROI to go up over time. It may not happen that every quarter, operating income grows faster than sales. But over time, as we said at the investor conference, we expect that to be the case because of productivity in the business model's shape. So I just repeat what we said there. I think we're being appropriately aggressive, given the environment. And I'm excited about that.

所以我認為我們有一個積極的計劃。我們在投資者會議上討論了我們的資本計劃。我們繼續看到投資機會來增加收入和利潤。我們預計投資回報率會隨著時間的推移而上升。每個季度營業收入增長速度都快於銷售額增長的情況可能不會發生。但隨著時間的推移，正如我們在投資者會議上所說，由於商業模式的生產力，我們預計情況會如此。所以我只是重複一下我們在那裡所說的話。我認為考慮到環境，我們採取了適當的進取態度。我對此感到很興奮。

Yes. I would just add, Michael, just like you view a portfolio of stocks, you diversify because it reduces the risk. I think in some ways, we're doing the same thing with our business. We're not solely dependent upon just what's happening with brick-and-mortar retail. Like we've got other income streams that, by definition, sort of the diversification of that reduces our dependency on any one thing and also reduces the risk around that, too. So we feel pretty good about our outlook.

是的。我想補充一點，邁克爾，就像您查看股票投資組合一樣，您進行多元化投資，因為它可以降低風險。我認為在某些方面，我們正在對我們的業務做同樣的事情。我們不僅僅依賴於實體零售業的情況。就像我們有其他收入來源一樣，根據定義，這種收入來源的多樣化減少了我們對任何一件事的依賴，也降低了與之相關的風險。所以我們對我們的前景感到非常滿意。

Just maybe one more comment on strategy. As we go through this year's cycle, and I think this was true to a large degree last year, I mean, it's pretty common. But we know what the components are. And it's a challenge to execute it across multiple fronts. I mean, it's full-time work to run great stores and clubs. It's also full-time work to grow an excellent e-commerce business. And there are lots of components to that. And it's got to happen around the world.

也許只是對策略再發表一點評論。當我們經歷今年的周期時，我認為去年在很大程度上也是如此，我的意思是，這很常見。但我們知道這些組件是什麼。在多個方面執行它是一個挑戰。我的意思是，經營優秀的商店和俱樂部是全職工作。發展優秀的電子商務業務也是全職工作。其中有很多組成部分。這一定會在世界各地發生。

But we've got the resources. And importantly, we've got the talent to do it. And so I think the shape of that board, kind of the where-to-play aspect of our strategy, looks pretty consistent and that builds confidence. We just -- we're in execution mode and we like the plan that's right in front of us.

但我們有資源。重要的是，我們有能力做到這一點。因此，我認為董事會的形狀，即我們策略的玩法方面，看起來非常一致，這可以建立信心。我們只是——我們處於執行模式，我們喜歡眼前的計劃。

We've reached the end of the question-and-answer session. And I'll now turn the call over to Doug McMillon for closing remarks.

我們的問答環節已經結束了。現在我將把電話轉給道格·麥克米倫 (Doug McMillon) 作結束語。

Before I wrap things up, I just want to acknowledge the tragedy that happened in Hawaii and in Maui. The company has stepped forward with financial support for United Way and Red Cross. As you would expect, we're providing essentials and providing supplies. We're flying merchandise there. We're bulking up on what people need. And our team on the ground has done a fantastic job. Our store manager there is Chris Pierce. And Chris and his team have supported the community there, as you would expect them to, and we're really proud of them. That was a terrible tragedy.

在結束之前，我只想承認夏威夷和毛伊島發生的悲劇。該公司已向聯合之路和紅十字會提供財務支持。正如您所期望的，我們正在提供必需品和物資。我們在那裡空運商品。我們正在增加人們的需求。我們的實地團隊做得非常出色。我們那裡的商店經理是克里斯·皮爾斯。正如您所期望的那樣，克里斯和他的團隊為那裡的社區提供了支持，我們為他們感到自豪。那是一場可怕的悲劇。

As we wrap up, I'll thank you for your focus on our business. As I mentioned just a second ago, we are really excited about what's in front of us. I think you know what the plan is. We're positioned to grow the top line. Over time, we can grow profit faster than sales through productivity and shaping the business model differently, which will result in higher levels of return on investment. And we're excited about delivering that.

在我們結束時，我要感謝您對我們業務的關注。正如我剛才提到的，我們對眼前的事情感到非常興奮。我想你知道計劃是什麼。我們已準備好增加收入。隨著時間的推移，我們可以通過生產力和以不同方式塑造業務模式來比銷售額更快地增長利潤，這將帶來更高水平的投資回報。我們很高興能夠實現這一點。

And I'm grateful to what everyone did for this quarter. And I want to thank Judith for what she's contributed to this company. It's been really significant. And we're going to miss her, thankful she's sticking around for a little while to help with some things. And I'm excited for Kath and Chris and Kieran. Walmart has got a deep bench, and we'll keep going. Thank you all for your time.

我很感謝每個人在本季度所做的一切。我要感謝朱迪思為這家公司做出的貢獻。這確實意義重大。我們會想念她的，感謝她能留下來幫忙處理一些事情。我為凱絲、克里斯和基蘭感到興奮。沃爾瑪有一個很深的板凳，我們將繼續前進。感謝大家抽出寶貴的時間。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。