沃爾瑪 (WMT) 2024 Q3 法說會逐字稿

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

大家好！歡迎參加沃爾瑪2024財年第三季財報電話會議。 （操作員指示）請注意，本次會議正在錄音。現在，我將把電話交給投資者關係高級副總裁Steph Wissink。 Steph，你可以開始了。

Thank you, and happy holidays, everyone. Joining me today at our home office in Bentonville, Walmart's CEO, Doug McMillon; and CFO, John David Rainey. Doug will begin with his reflections on the quarter and year. John David will follow with his view of enterprise results and segment highlights using our financial framework of growth, margins and returns before speaking to our updated guidance for the year.

謝謝大家，節日快樂！今天，沃爾瑪執行長道格·麥克米倫和財務長約翰·戴維·雷尼將來到我們位於本頓維爾的總部，與我一同分享這一時刻。道格將首先回顧本季和全年業績。隨後，約翰·戴維將運用我們基於成長、利潤率和回報的財務框架，闡述他對企業業績和各部門亮點的看法，之後我們將討論最新的年度業績指引。

For specific segment level results, please see our earnings release and accompanying presentation on our website. Following prepared remarks, we'll take your questions. At that time, we will be joined by our segment CEOs: John Furner from Walmart U.S.; Kath McLay from Walmart International; and Chris Nicholas from Sam's Club. (Operator Instructions)

如欲了解各部門的具體業績，請參閱我們網站上的財報及隨附簡報。在準備好的發言之後，我們將回答您的提問。屆時，各部門執行長將與我們一同出席：沃爾瑪美國公司的 John Furner、沃爾瑪國際公司的 Kath McLay 以及山姆會員商店的 Chris Nicholas。 （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, over to you.

感謝您對沃爾瑪的關注。道格，交給你了。

Good morning, everyone, and thanks for joining us to talk about our third quarter results and how we're seeing the rest of the year. Our value proposition continues to resonate with customers, helping us gain share and drive eCommerce growth. We're on track to grow adjusted operating income at a faster rate than sales for the year, consistent with what we discussed at our investor meeting earlier this year.

大家早安，感謝大家與我們分享我們第三季的業績以及今年剩餘時間的展望。我們的價值主張持續與客戶產生共鳴，幫助我們提升市場佔有率並推動電商成長。我們預計全年調整後營業利潤的成長速度將快於銷售額，這與我們今年稍早在投資者會議上討論的一致。

We had strong revenue growth for the quarter across each of our segments. Comp sales for Walmart U.S. were 4.9% and 3.8% for Sam's Club U.S. Sales for Walmart International were up 5.4% in constant currency, led by Walmex and China. Sam's Club continues to perform well, both in Mexico and China. And while strength was broad-based for Walmex, our Bodega Aurrera business is worth calling out as it continues to deliver outstanding growth.

本季度，我們各業務部門的營收均實現強勁成長。沃爾瑪美國和山姆會員商店美國同店銷售額分別成長4.9%和3.8%。沃爾瑪國際銷售額以固定匯率計算成長5.4%，其中墨西哥沃爾瑪和中國業務表現強勁。山姆會員商店在墨西哥和中國市場均表現良好。雖然墨西哥沃爾瑪業績普遍強勁，但我們的奧雷拉酒莊（Bodega Aurrera）業務值得一提，因為它繼續保持著卓越的成長勢頭。

ECommerce sales were up 24% in Walmart U.S., 16% in Sam's Club U.S. and 15% globally. Timing of our Flipkart Big Billion Days event, which moved from Q3 last year to Q4 this year, affected comparisons in our international segment, leading to a decline of 3%. So we'll see the benefit from the timing shift as we report next quarter.

沃爾瑪美國電商銷售額成長了24%，山姆會員商店美國銷售額成長了16%，全球銷售額成長了15%。 Flipkart Big Billion Days 活動的時間從去年第三季度推遲到今年第四季度，這影響了我們國際業務的同比數據，導致其下降了3%。因此，我們將在下個季度的報告中看到時間調整的好處。

Across markets, the team did a nice job driving our seasonal events. Our in-stock and inventory levels are in good shape. We finished down 1.2% in inventory for the total company, including down 5% for Walmart U.S. Both our top line and adjusted EPS came in better than what we projected at the beginning of the quarter, but we could have done a better job on expenses, which is reflected in adjusted operating income growing less than we expected.

在各個市場，團隊在推動季節性活動方面表現出色。我們的庫存和存貨水準良好。公司整體庫存下降了1.2%，其中沃爾瑪美國庫存下降了5%。我們的營收和調整後每股盈餘均優於我們本季初的預期，但我們在支出方面本可以做得更好，這反映在調整後營業利潤的成長低於我們的預期。

We had a couple of unexpected expense increases in SG&A, and you'll hear more about those when John David walks through the numbers.

我們的銷售、一般及行政費用 (SG&A) 出現了幾項意外的增加，當 John David 介紹這些數字時，您會聽到更多有關這些費用的資訊。

In the U.S., pricing levels in many food categories continue to be a concern. Overall, our product costs are up versus last year, and they remain up even more on a 2-year stack, which is putting pressure on our customers. Meat prices are high, but we're happy to see lower pricing in dairy, on eggs and with chicken and seafood. The pockets of disinflation we are seeing are helping, but we'd like to see more faster, especially in the dry grocery and consumables categories.

在美國，許多食品類別的價格水平仍然令人擔憂。總體而言，我們的產品成本較去年有所上漲，而且兩年來漲幅更大，這給我們的客戶帶來了壓力。肉類價格高企，但我們很高興看到乳製品、雞蛋、雞肉和海鮮的價格下降。我們看到的通貨緊縮正在有所幫助，但我們希望看到更多價格下降，尤其是在乾貨雜貨和消費品類別。

The other good news is that general merchandise prices continue to come down. GM is down low to mid-single digits versus last year. That enables us to roll back pricing, which will help our customers during this holiday season when general merchandise is so important for gift giving.

另一個好消息是，日用百貨價格持續下降。與去年相比，每日百貨價格下降了低至中個位數。這使我們能夠降低價格，這將在節日季節為顧客帶來便利，因為日用百貨是重要的送禮選擇。

We still see pressure from mix, including outside the U.S., which we expected, but I like the market share gains we're seeing in this category. In the U.S., we may be managing a period of deflation in the months to come. And while that would put more unit pressure on us, we welcome it because it's better for our customers.

我們仍然面臨來自產品組合的壓力，包括美國以外的市場，這在我們預料之中，但我看好我們在這一類別中看到的市場份額成長。在美國，未來幾個月我們可能會面臨一段通貨緊縮時期。雖然這會給我們帶來更大的單位壓力，但我們對此表示歡迎，因為這對我們的客戶更有利。

When I look at our P&L, it's continuing to change shape. Mentally, I break it down as a combination of a traditional retail P&L and a newer version that starts with our digital businesses. It flows from first and third-party eCommerce pickup and delivery to businesses like membership, advertising and fulfillment as a service. It includes some faster-growing, higher-margin components that combined with the more traditional P&L, gives us a business model that's more profitable in percentage terms as it grows.

當我查看我們的損益表時，它的形狀不斷變化。在腦海中，我將其分解為傳統零售損益表和以我們的數位業務為起點的新版本的組合。它涵蓋了自營和第三方電商的提貨和配送，以及會員、廣告和履行即服務等業務。它包含一些成長更快、利潤率更高的組成部分，這些組成部分與更傳統的損益表相結合，使我們的商業模式在成長過程中，其利潤率會更高。

We saw strong growth in all these areas for the quarter. And when you put it together with the supply chain automation work we're doing, you get a more sustainable business that can grow more effectively over time and create a better mix along the way.

本季度，我們在所有這些領域都實現了強勁成長。如果將這些成長與我們正在進行的供應鏈自動化工作結合起來，我們將獲得更永續的業務，能夠隨著時間的推移更有效地成長，並在此過程中創造更優的組合。

Marketplace is one of our engines for these mutually reinforcing businesses, meaning that marketplace growth pulls other businesses like fulfillment through. Back in September, we held our first ever Marketplace Seller Summit. We hosted thousands of current and potential sellers to let them see firsthand our commitment to this business and how we'll grow it together.

平台是我們這些相輔相成業務的引擎之一，這意味著平台的成長會帶動其他業務（例如物流）的發展。今年九月，我們舉辦了首屆平台賣家高峰會。我們邀請了數千名現有和潛在的賣家，讓他們親眼見證我們對這項業務的承諾，以及我們將如何共同發展。

Since the beginning of last year, we've more than doubled the number of items available to customers on our U.S. marketplace. It's an important piece of what we're building. And it's growing fast and not just in the U.S., we have a unique opportunity to grow in India, Mexico, Canada and Chile. We love the opportunity to grow our assortment this way. So customers can get what they want, when and how they want it.

自去年年初以來，我們在美國市場上可供顧客選擇的商品數量增加了一倍以上。這是我們建構的重要策略之一。它正在快速成長，不僅在美國，我們在印度、墨西哥、加拿大和智利也擁有獨特的成長機會。我們非常樂意以這種方式擴大我們的商品種類。這樣，顧客就可以隨時隨地以他們想要的方式獲得他們想要的商品。

We're making shopping easier and more convenient. Our Net Promoter Scores for pickup and delivery in Walmart U.S. are improving, and we started using generative AI to improve our search and chat experience. We've released an improved beta version of search to some of our customers who are using our app on iOS. In the coming weeks and months, we'll enhance this experience and roll it out to more customers.

我們正在讓購物變得更輕鬆、更方便。沃爾瑪美國門市的取貨和送貨淨推薦值 (NPS) 正在提升，我們開始使用生成式人工智慧 (Generic AI) 來改善搜尋和聊天體驗。我們已向部分使用我們 iOS 應用程式的客戶發布了改進的搜尋測試版。在接下來的幾週和幾個月裡，我們將進一步提升這項體驗，並將其推廣到更多客戶。

When I step back and look at the company overall, I love what we're building and how we're building it. We've got a good hand to play and a strong team making things happen. It's our recipe for growth and improved margin and returns we've been discussing with you.

當我回過頭來審視公司整體時，我非常欣賞我們正在建立的一切以及建構的方式。我們擁有強大的實力和強大的團隊，能夠推動一切的實現。這正是我們一直與大家討論的成長、利潤率和回報的秘訣。

Every day low prices are a foundational component of us fulfilling our purpose. We bring EDLP to life on a year-round basis by doing things like offering a Thanksgiving meal in the U.S. and Canada that costs less than last year. We're offering tremendous value for things like fashion, electronics and seasonal decorations and helping remind people that when they're looking to buy toys, we're the place to come because we have the right product at the right price.

每日低價是我們實現目標的基石。我們透過各種活動，例如在美國和加拿大提供比去年更低價格的感恩節大餐，全年為EDLP注入活力。我們為時尚、電子產品和季節性裝飾品等商品提供超值優惠，並提醒人們，當他們想購買玩具時，我們就是他們的首選，因為我們以合適的價格提供合適的產品。

This same focus on purpose and execution came through when I was visiting Chile, Canada and China earlier this quarter. It was my first time back in China since before the pandemic. Our team there runs some of the most incredible Sam's Clubs in the world, and they continue to be a leader for us in terms of digital penetration and innovation.

本季早些時候，我訪問智利、加拿大和中國時，也同樣體現了對目標和執行力的關注。這是我疫情爆發後第一次回到中國。我們在那裡的團隊經營著一些全球最出色的山姆會員商店，他們在數位滲透和創新方面繼續引領我們。

At a wrap-up, I know we're all concerned about events across the world or acts of terror, political unrest, impacts from storms like those in Mexico from Hurricane Otis, the pressure we're feeling from stubborn inflation in some categories and other challenges beyond our control.

總而言之，我知道我們都關心世界各地發生的事件或恐怖行為、政治動盪、墨西哥颶風奧的斯等風暴的影響、某些類別的頑固通貨膨脹給我們帶來的壓力以及其他我們無法控制的挑戰。

As for our company, we care about everyone. We want to be a place where literally everyone feels comfortable and welcomed to shop or work. We want to live our values and create a warm, safe and fun place for the hundreds of millions of people that will shop with us in the days and weeks ahead. I'm grateful to be part of this big team, grateful to work alongside our associates.

至於我們公司，我們關心每個人。我們希望成為一個讓每個人都感到舒適和受歡迎的地方，無論是購物還是工作。我們希望實踐我們的價值觀，為未來數日乃至數週內將在我們這裡購物的億萬顧客創造一個溫暖、安全、充滿樂趣的環境。我很榮幸能成為這個龐大團隊的一員，也很榮幸能與我們的同事們並肩作戰。

Now I'll turn it over to John David.

現在我將把發言權交給約翰‧戴維 (John David)。

I'd like to start by thanking our customers, members, associates and partners for helping us deliver a good quarter. We're pleased overall with how the team executed and how our strong value proposition and omnichannel strategy continue to resonate with customers. We're gaining share, seeing strong eCommerce growth and excited about the contributions from higher-margin businesses like advertising.

首先，我要感謝我們的客戶、會員、員工和合作夥伴，感謝他們幫助我們取得了一個良好的季度表現。我們對團隊的出色表現以及我們強大的價值主張和全通路策略持續獲得客戶的認可感到十分滿意。我們的市佔率不斷成長，電子商務業務強勁成長，我們也對廣告等高利潤業務的貢獻感到興奮。

Sales grew more than 4%. Gross profit was better than expected and we exceeded our guidance for EPS. These results reinforce the benefits of our highly diversified business with broad-based contributions across segments and markets, channels and formats and strategic growth areas.

銷售額成長超過4%。毛利好於預期，每股盈餘也超出預期。這些業績鞏固了我們高度多元化業務的優勢，在各個細分市場、通路和績效以及策略成長領域都貢獻了廣泛的貢獻。

While we're pleased with our top line results, operating income was below our guidance due to higher-than-anticipated expenses, largely certain legal accruals. I'll provide more details on guidance shortly but the key takeaway is that we're raising our full year sales and EPS guide while reiterating our prior operating income guidance.

雖然我們對營收業績感到滿意，但由於費用高於預期，尤其是某些法律應計項目，營業利潤低於我們的預期。我稍後將提供更多關於預期的細節，但關鍵在於，我們上調了全年銷售額和每股收益預期，同時重申了先前的營業利潤預期。

We expect the relationship between profit and sales growth to favor profitability in Q4 and for the full year to align with our goal of operating income growing faster than sales.

我們預計利潤和銷售成長之間的關係將有利於第四季度和全年的獲利能力，以符合我們的營業收入成長快於銷售額的目標。

Now let me review the key financial highlights for Q3 using our financial framework of growth, margins and returns.

現在，讓我使用我們的成長、利潤和回報財務框架來回顧第三季度的主要財務亮點。

First, growth. Constant currency sales increased 4.4% or nearly $7 billion. Importantly, we saw traffic growth across both in-store and digital channels. All 3 operating segments experienced mid-single-digit sales growth with comp sales for Walmart U.S., up 4.9%; and Sam's Club U.S. up 3.8%, excluding fuel. International grew sales 5.4% in constant currency with Walmex sales up more than 9% and China up 25% with strong performance in Sam's Club and eCommerce.

首先是成長。以固定匯率計算，銷售額成長了4.4%，接近70億美元。重要的是，我們看到店內和數位通路的客流量均有所成長。三個營運部門均實現了中等個位數的銷售額成長，其中沃爾瑪美國同店銷售額增長4.9%，山姆會員商店美國分部的銷售額增長3.8%（不包括燃油）。以固定匯率計算，國際銷售額成長了5.4%，其中沃爾瑪墨西哥分部的銷售額成長超過9%，中國區銷售額成長25%，山姆會員商店和電商業務表現強勁。

The timing of Flipkart's Big Billion Days pressured international sales growth as the event moved from Q3 last year to Q4 this year. So we expect the timing to be a benefit to Q4's growth rate for the segment.

Flipkart 的「Big Billion Days」活動從去年第三季推遲到今年第四季度，給國際銷售成長帶來了壓力。因此，我們預計這一時機將有利於該領域第四季度的成長率。

PhonePe also continued its strong momentum with annualized TPV, or total payment volume, reaching 1.2 trillion on nearly 5.8 billion monthly transactions. And PhonePe recently achieved an impressive milestone, eclipsing 500 million registered users.

PhonePe 也延續了強勁的發展勢頭，年化支付額（TPV）達到 1.2 兆美元，月交易量近 58 億筆。此外，PhonePe 最近也實現了一個令人印象深刻的里程碑，註冊用戶突破 5 億。

We continue to grow share in key categories, particularly in Walmart U.S. grocery where we delivered positive comps and saw strong share gains in both units and dollars. Grocery inflation moderated nearly 300 basis points from Q2 levels to a mid-single-digit increase versus last year. But on a 2-year stack, it was still elevated at a high teens percentage.

我們在關鍵品類的份額持續成長，尤其是在沃爾瑪美國食品雜貨領域，我們實現了同比正增長，銷量和銷售額均實現了強勁的份額增長。食品雜貨通膨率較第二季下降近300個基點，較去年同期實現中等個位數成長。但以兩年期計算，通膨率仍處於高點十幾個百分點。

We see our customers showing ongoing discretion and seeking value to manage within their household budget. While general merchandise sales were down low single digits year-over-year in Q3, the rate of change was stable to Q2 levels and -- share across categories.

我們看到，顧客持續展現出謹慎的購物態度，並在家庭預算範圍內尋求物有所值的商品。雖然第三季日用百貨銷售額年減了個位數，但變動率與第二季持平，各類別的市佔率也保持穩定。

As we enter the holiday season, we're working hard to lower grocery prices to ease the pressure for customers, giving them more capacity for general merchandise spend.

隨著假期的到來，我們正在努力降低食品雜貨價格，以減輕顧客的壓力，讓他們有更大的能力進行一般商品消費。

Our business is rooted in a timeless purpose: To save customers money so they can live better. Against any economic backdrop, we're there for customers, how and where they need us. And we're making shopping with Walmart and Sam's Club more convenient.

我們的業務根植於一個永恆的宗旨：為顧客省錢，讓他們生活得更美好。無論經濟狀況如何，我們始終以顧客需要的方式和地點為他們服務。我們致力於讓沃爾瑪和山姆會員店的購物體驗更加便利。

Omni services, including pickup and store fulfill delivery continue to drive strong growth, leading to a 24% increase in Walmart U.S. eCommerce sales and 16% growth at Sam's Club. Multi-channel shoppers are more valuable, engaging more often and spending more with us. Pickup and delivery for Walmart U.S. has been a key source of growth and share gains among upper-income households and has become the most productive channel for acquiring Walmart Plus members.

包括自提和門市配送在內的全通路服務持續推動強勁成長，沃爾瑪美國電商銷售額成長24%，山姆會員商店銷售額成長16%。多通路購物者的價值更高，他們參與度更高，消費也更高。自提和配送服務一直是沃爾瑪美國高收入家庭業務成長和市場份額提升的關鍵來源，並已成為獲取沃爾瑪Plus會員最有效的管道。

In international, Walmex' expansion of omni offerings led to 1.5 million Bodega store-fulfilled digital orders in Q3. In Canada, we continue to roll out our unlimited next-day store delivery subscription called Delivery Pass, which is now available from 2/3 of our Canada stores. And I was in China recently where our business is nearly a 50-50 split of physical and digital. I was impressed with how we're serving omni customers with speed and accuracy through new engagement and delivery models.

在國際市場，沃爾瑪墨西哥店拓展了全方位服務，在第三季促成了150萬份Bodega門市自配送的數位訂單。在加拿大，我們繼續推出名為Delivery Pass的無限隔日送達門市訂購服務，目前我們三分之二的加拿大門市均可使用這項服務。我最近在中國，我們的實體店和數位業務幾乎各佔一半。我們透過新的互動和配送模式，快速且準確地為全方位客戶提供服務，這給我留下了深刻的印象。

Turning to margins. Gross margins expanded 32 basis points, reflecting the timing shift of Big Billion Days in India and lapping last year's LIFO charge at Sam's Club U.S. Walmart U.S. gross margins increased 5 basis points, reflecting lower markdowns in supply chain costs, but we're still seeing ongoing category mix pressure as health and wellness and grocery sales outperformed general merchandise.

談到利潤率。毛利率擴大了32個基點，反映了印度「十億購物日」促銷活動的時間變化，並涵蓋了去年美國山姆會員店的後進先出法收費。沃爾瑪美國毛利率增加了5個基點，反映了供應鏈成本的降低，但我們仍然看到品類組合持續承壓，因為健康和保健品以及食品雜貨的銷售表現優於一般商品。

Continued disinflation, along with the success of our merchants at Sam's Club and bringing down the cost of inventory resulted in us not taking the expected $50 million LIFO charge in Q3. We no longer expect any further LIFO charges in Sam's Club this year.

持續的通貨緊縮，加上山姆會員商店商戶的成功以及庫存成本的下降，導致我們未在第三季度提列預期的5000萬美元後進先出法費用。我們預計今年山姆會員商店將不再收取任何後進先出法費用。

As we've said previously, over the next several years, we expect margins to move higher as we modernize our supply chain and scale higher-margin growth initiatives. We made good progress on both during the quarter.

正如我們之前所說，未來幾年，隨著我們供應鏈的現代化以及更高利潤率的成長計畫的規模化，我們預計利潤率將會進一步提升。本季度，我們在這兩方面都取得了良好的進展。

We continue to deploy capital to build technologies and optimize our next-generation supply chain with automation and productivity benefits starting to appear in our results. We now operate nine regional distribution centers servicing U.S. stores with varying levels of automation with 6 more centers in active stages of construction. Currently, more than 15% of stores receive merchandise from these facilities, helping to get product to shelves faster and more efficiently.

我們持續投入資金，用於技術研發和優化下一代供應鏈，自動化和生產力效益已開始體現在業績中。我們目前經營九個區域配送中心，為美國門市提供服務，這些中心的自動化程度各不相同，另有六個中心正在積極建設中。目前，超過15%的門市從這些配送中心購貨，有助於更快、更有效率地將產品送上貨架。

During the quarter, we opened our third next-generation eCommerce fulfillment center. These 1.5 million square feet facilities are expected to more than double the storage capacity, enable 2x the number of customer orders fulfilled daily and will expand next- and 2-day shipping to nearly 90% of the U.S. including marketplace items shipped by Walmart fulfillment services. They also unlock new opportunities for our associates to transition to higher skilled tech-focused positions.

本季度，我們啟用了第三家新一代電商配送中心。這座佔地150萬平方英尺的設施預計將使倉儲容量增加一倍以上，每日客戶訂單量增加一倍，並將隔天達和兩日達服務擴展到近90%的美國地區，包括沃爾瑪配送服務配送的電商平台商品。這些中心也為我們的員工提供了新的機會，幫助他們轉型到更高技能、更注重技術的職位。

To support the store-fulfilled digital business, we're on track to have seven stores with automated market fulfillment centers or MFCs, operational by the end of this month. These MFCs stock thousands of the most sought-after items and are expected to increase order capacity and productivity while also increasing inventory accuracy, which helps us deliver perfect orders for customers.

為了支援門市自營的數位業務，我們計劃在本月底前在七家門市部署自動化市場履行中心（MFC）。這些MFC庫存著數千種熱門商品，預計將提升訂單處理能力和生產效率，同時提高庫存準確性，幫助我們為客戶交付完美的訂單。

As we focus on improving eCommerce margins, we're making good progress in lowering digital fulfillment cost and densifying the last mile by tapping our broad store and club network. Over the past year, Walmart U.S. has increased the percentage of digital orders fulfilled by stores by 800 basis points and Sam's Club fulfills nearly 60% of online orders from its clubs.

我們專注於提升電商利潤率，同時透過利用我們廣泛的門市和會員商店網絡，在降低數位訂單履行成本和提升最後一公里配送密度方面取得了良好進展。過去一年，沃爾瑪美國門市的數位訂單履行比例提高了800個基點，山姆會員商店則承擔了其會員商店近60%的線上訂單。

With the growth of our Spark Driver platform, we've lowered store-to-home delivery costs by 15%, even as we shortened delivery times to same day for more than 80% of our stores and in some cases, as quick as 30 minutes. As we scale Walmart Go Local, we're densifying the last mile, and we're approaching a milestone of 12 million deliveries for other retailers with this service.

隨著Spark Driver平台的發展，我們將門市到家配送成本降低了15%，同時將超過80%門市的配送時間縮短至當日送達，部分門市甚至最快30分鐘送達。隨著Walmart Go Local的規模不斷擴大，我們正在提升最後一哩配送密度，並即將實現為其他零售商提供1,200萬次配送服務的里程碑。

I'd like to touch on our portfolio of higher growth initiatives. These businesses reinforce our core omni retail model and are key to driving operating income growth ahead of sales over time. In Q3, this portfolio positively contributed to gross margins.

我想談談我們高成長業務組合。這些業務強化了我們的核心全零售模式，並且是推動營業收入成長超過銷售額成長的關鍵。在第三季度，這些業務組合對毛利率做出了積極貢獻。

Global advertising grew approximately 20% in Q3, with Sam's MAP growing over 27% and Walmart Connect up 26%. As an illustration of the omnichannel benefits of our ad platforms, more than 75% of Sam's MAP active advertisers are investing in search and sponsored ads as in-club sales attribution has improved returns of digital ad spend by over 30%. International's ad revenue growth was impacted by the timing of Big Billion Days, but we're on track to deliver strong growth of approximately 45% for the full year.

第三季度，全球廣告收入成長約 20%，其中山姆會員專屬廣告 (MAP) 成長超過 27%，沃爾瑪連網 (Walmart Connect) 成長 26%。作為我們廣告平台全通路優勢的體現，超過 75% 的山姆會員專屬廣告 (MAP) 活躍廣告主正在投資搜尋廣告和推廣廣告，因為店內銷售歸因已將數位廣告支出回報率提升超過 30%。國際廣告收入成長受到「十億大促」 (Big Billion Days) 時間的影響，但我們預計將在全年實現約 45% 的強勁成長。

Moving to marketplace and fulfillment services. Customer engagement continues to validate our strategies to invest in ways to grow this business on a global basis. As Doug mentioned, we held the inaugural Marketplace Seller summit to help accelerate our marketplace growth.

轉向市場和訂單履行服務。客戶參與持續驗證了我們在全球範圍內投資發展業務的策略。正如Doug所提到的，我們舉辦了首屆市場賣家高峰會，以加速我們的市場成長。

For cross-border sellers in the U.S., we're expanding access to more customers beyond the U.S., Canada and Mexico by opening our eCommerce marketplace in Chile to cross-border products next year. Over the past year, we've increased marketplace sellers by more than 20%, and the number of sellers utilizing Walmart fulfillment services is up over 55%.

對於美國的跨境賣家，我們將於明年開放智利電商平台，為跨境產品提供更多服務，從而拓展其在美國、加拿大和墨西哥以外地區的客戶。過去一年，我們的平台賣家數量增加了 20% 以上，使用沃爾瑪物流服務的賣家數量增加了 55% 以上。

Next, membership remains a compelling way we deepen engagement with our customers. Sam's Club membership income grew over 7%, reflecting record member counts and plus member penetration. During Q3, we held events that were focused on member acquisition and digital engagement. We'll take a similar approach again during Q4, offering discounted access to Walmart+ memberships while providing members early access to the best savings event throughout the holiday season.

其次，會員制仍是我們深化與顧客互動的重要途徑。山姆會員商店會員收入成長超過7%，反映出會員數和Plus會員滲透率均創歷史新高。在第三季度，我們舉辦了以會員獲取和數位互動為重點的活動。我們將在第四季再次採取類似的策略，為會員提供沃爾瑪+會員折扣，同時讓會員提前參與整個假期季節最划算的優惠活動。

Turning back to the middle of the P&L. SG&A expenses deleveraged 37 basis points on an adjusted basis, impacted by higher year-over-year wage-related costs in Walmart U.S. including higher variable pay expenses relative to last year when we were below our planned performance. Store remodel costs were also higher as we rolled out 117 of our flagship design stores earlier this month. And legal expenses increased.

回到損益表的中間部分。調整後，銷售、一般及行政費用（SG&A）去槓桿率下降了37個基點，這受到沃爾瑪美國公司工資相關成本同比上升的影響，其中包括與去年業績低於預期時相比，浮動工資支出有所增加。由於我們本月初開設了117家旗艦設計店，門市改造成本也隨之增加。此外，法律費用也有所增加。

Lastly, the timing shift of Big Billion Days pressured international expense leverage in Q3. We'll see the benefit come through in Q4. Third quarter adjusted operating income grew 3%, including 270 basis points of currency tailwind, while adjusted EPS of $1.53 increased 2% and compared favorably to guidance of $1.45 to $1.50. Relative to our guidance, Q3 EPS benefited by $0.01 from releasing the LIFO reserve we had earmarked for Sam's Club.

最後，Big Billion Days 的時間變動給第三季的國際費用槓桿帶來了壓力。我們將在第四季度看到這一利好。第三季調整後營業利潤成長3%，其中包括270個基點的匯率利好，調整後每股收益為1.53美元，成長2%，優於1.45美元至1.50美元的預期。相對於我們的預期，第三季每股收益因釋放我們為山姆會員店預留的後進先出儲備金而受益0.01美元。

Moving to returns. Over the last 12 months, sales have grown more than 60% and operating income increased about 22%. And when combined with a disciplined capital approach, return on investment improved 130 basis points to 14.1%. The primary driver was lapping last year's Q3 charge related to the opioid legal settlement framework. ROI also reflects some benefits from productivity initiatives that we initially expected to realize in FY '25. We continue to expect our ROI to increase over the coming years. In addition to our strategy, our financial position is an advantage and enables us to compete in an increasingly dynamic retail environment.

談到回報。過去12個月，銷售額成長超過60%，營業利潤成長約22%。結合嚴謹的資本管理方法，投資報酬率提高了130個基點，達到14.1%。主要驅動力是抵消了去年第三季與阿片類藥物法律和解框架相關的費用。投資報酬率也反映了我們最初預計在2025財年實現的生產力提升措施帶來的一些效益。我們預計未來幾年投資回報率將繼續成長。除了我們的策略之外，我們的財務狀況也是一個優勢，使我們能夠在日益動態的零售環境中競爭。

Turning to guidance. We're confident in our agility and our ability to execute, and we're focusing our investment in areas where we can widen our omni advantage, deepen engagement and drive sustained growth in new revenue streams. We like our position relative to competitors as we've maintained strong price gaps and increased share while preserving flexibility to respond to competitive dynamics, but we're not immune from the vagaries of the economy.

談到未來展望。我們對自身的敏捷性和執行力充滿信心，並將投資重點放在能夠拓展全方位優勢、深化參與度並推動新收入來源持續成長的領域。我們看好自身相對於競爭對手的優勢，因為我們保持了強勁的價格差距和更高的市場份額，同時保持了應對競爭動態的靈活性，但我們也無法免受經濟波動的影響。

We see our customers showing ongoing discretion and making trade-offs to be able to afford the things they want, given the sustained high cost of the things they need. Recently, we've experienced a higher degree of variability and weekly performance in between holiday events in the U.S., including seeing a softening in the back half of October that was off trend to the rest of the quarter.

我們看到，鑑於必需品價格持續高企，客戶持續保持謹慎，並為了能夠負擔得起所需物品而做出權衡。最近，在美國假日期間，我們經歷了更高的波動性和每週業績表現，其中10月下半月的銷售疲軟趨勢與本季其他時間的走勢不符。

Sales during November have turned higher as unseasonal weather abated and we kicked off holiday events. So sales have been somewhat uneven, and this gives us reason to think slightly more cautiously about the consumer versus 90 days ago. We still expect sales growth to moderate in Q4 versus prior quarters as grocery inflation further normalizes towards historic levels. And we're encouraged by the increased traffic and share gains we've seen and expect them to continue.

隨著異常天氣的消退以及節慶活動的開啟，11月份的銷售額有所回升。因此，銷售額略有波動，這讓我們有理由比90天前更謹慎地考慮消費者的消費行為。我們仍然預計，隨著食品雜貨價格進一步向歷史水準正常化，第四季度的銷售額成長將較前幾個季度有所放緩。客流量和市場份額的成長令我們感到鼓舞，並預期這種勢頭將持續下去。

As such, we're modestly raising our full year sales guidance to 5% to 5.5% from 4% to 4.5% previously, primarily to reflect Q3's outperformance. For operating income, we're maintaining the guidance range of 7% to 7.5% growth, in addition to the 40 basis points of unexpected legal expenses in Q3. We also expect to record charges in Q4, totaling approximately 20 to 30 basis points related to unplanned store closures and recovery costs associated with the recent hurricane near Acapulco, Mexico. This impacted 28 of our stores and less than half of them have been reopened at this time. Partially offsetting these costs is the approximate 40 basis point benefit from lower-than-expected LIFO charges compared to our prior guide. The net effect is a 20 to 30 basis point headwind to our prior guide and as such, we currently expect to be in the lower end of the operating income growth range for the year.

因此，我們將全年銷售預期從先前的 4% 至 4.5% 小幅上調至 5% 至 5.5%，主要是為了反映第三季的優異表現。對於營業收入，我們維持 7% 至 7.5% 的成長預期，此外還有第三季 40 個基點的意外法律費用。我們還預計第四季度將計入費用，總計約 20 至 30 個基點，這些費用與最近墨西哥阿卡普爾科附近的颶風造成的計劃外門市關閉和恢復成本有關。這場颶風影響了我們的 28 家門市，目前不到一半的門市重新開幕。與我們先前的預期相比，後進先出法費用低於預期，這部分抵銷了這些成本，約 40 個基點。淨效應是我們先前預期的 20 至 30 個基點的阻力，因此，我們目前預計今年的營業收入成長將處於區間的低端。

We expect merchandise mix pressure to continue in Q4 with grocery and health and wellness sales rates outpacing general merchandise and potentially be a bit more pronounced given the uncertain consumer environment.

我們預計第四季度商品組合壓力將持續存在，雜貨和保健品的銷售率將超過一般商品，而且鑑於不確定的消費環境，這種壓力可能會更加明顯。

Based on Q3 results, and less of an increase in interest cost for the year than we previously expected, we're raising our full year EPS guidance range to $6.40 to $6.48.

根據第三季的業績，由於今年利息成本的增幅低於我們先前的預期，我們將全年每股收益預期範圍上調至 6.40 美元至 6.48 美元。

In closing, let me reiterate what I said previously, aligned with our financial framework, we expect the relationship between profit and sales growth to favor profitability in Q4 and for the full year operating income to grow faster than sales.

最後，讓我重申我之前所說的，根據我們的財務框架，我們預計利潤和銷售成長之間的關係將有利於第四季度的獲利能力，並且全年營業收入的成長速度將快於銷售額。

We like our competitive position. Our financial results clearly demonstrate that our omnichannel strategy is winning. We're growing our share across categories, deepening customer engagement across channels while investing in areas to widen our competitive advantage. The holidays are here and our value proposition resonates with customers looking to save money as they celebrate.

我們看好自己的競爭優勢。我們的財務表現清晰地表明，我們的全通路策略正在取得成功。我們正在擴大各品類的市場份額，深化跨通路的客戶互動，同時在各個領域進行投資，以擴大我們的競爭優勢。節日季節即將到來，我們的價值主張與那些希望在節日期間省錢的顧客產生了共鳴。

Operator, we'd now like to open the line for questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) And our first question today comes from the line of Simeon Gutman with Morgan Stanley.

（操作員指示）我們今天的第一個問題來自摩根士丹利的西緬古特曼。

I have one question. I'll make it maybe two parts. The first part, the legal expense, it -- so that we can judge whether or not we should keep it in. It sounds like you're keeping it in. I'm not sure you're able to share what the nature of it is, but it seems like it was unexpected. So if there's any more color on it?

我有個問題。我大概把它分成兩個部分。第一部分是法律費用，這樣我們才能判斷是否應該保留。聽起來你打算保留它。我不確定你能否透露它的性質，但似乎是意外的。所以，還有其他細節嗎？

And then the second real question is alternative revenue and profit. Was it hidden in any way this quarter? Do we get an inflection into next year? That seems to be the big investment question. And are we going to see it ramp up? And does it happen in a certain period or it just continues to build?

第二個真正的問題是替代收入和利潤。本季這方面是否有任何隱憂？明年會出現拐點嗎？這似乎是一個重要的投資議題。我們會看到它加速成長嗎？它會在某個時期發生，還是會持續成長？

Simeon, I'll start and others may want to jump in. On the legal expenses, those were related to -- largely related to prior periods, and that was not anticipated within the quarter, is around $70 million to $75 million. So we would not expect that to recur into the fourth quarter.

Simeon，我先開始，其他人可能也想補充。關於法律費用，這些費用主要與前期相關，本季沒有預料到，約7,000萬至7,500萬美元。因此，我們預計這種情況不會在第四季再次出現。

On the alternative revenue, perhaps I'll start and let others jump in. Our plan is -- that we shared at better day is somewhat dependent upon the level of investment that we're in and seeing improving unit economics, but it's also growing these parts of our business that are much higher margin. We talked about the growth in advertising across all segments, quite frankly. And international, while it was slower in this quarter, we'll see strong growth for the year.

關於另類收入，或許我會先說，然後讓其他人加入討論。我們的計劃是——我們在Better Day分享的計劃在一定程度上取決於我們目前的投資水平以及單位經濟效益的改善，但同時也在增長我們業務中利潤率更高的部分。坦白說，我們談到了所有細分市場的廣告成長。至於國際業務，雖然本季成長放緩，但全年我們將看到強勁成長。

All of these as they become a larger part of our overall business mix are going to have an outsized contribution to our margin performance. So if you go back and you think about what we shared at Investor Day saying that we expect over the next several years to grow sales 4% and operating income greater than 4%, we would expect with each passing year, we're going to see a greater contribution from these higher-margin profit streams, which help us to improve our margin each year.

隨著這些業務在我們整體業務結構中佔據越來越大的比重，它們將對我們的利潤率表現產生巨大的貢獻。所以，如果你回顧一下我們在投資者日上分享的內容，我們預計未來幾年銷售額將增長4%，營業利潤將增長4%以上，那麼我們預計，這些利潤率更高的利潤流將逐年貢獻更多，從而幫助我們逐年提高利潤率。

Simeon, this is Doug. I would just add that I think you should have it in the continue to build category rather than an inflection.

西緬，我是道格。我只想補充一點，我認為你應該把它歸類為「繼續建造」類別，而不是「變格」。

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 資本市場的凱利·巴尼亞 (Kelly Bania)。

Just another follow-up, I guess, on the legal expense, assuming that impacted the U.S. EBIT number, but maybe you can clarify that. And just anything in particular that impacted the U.S. EBIT beyond maybe some unexpected expenses. Did that come in relatively in line with your expectations? And I guess that's sort of my first question.

我想再問一下關於法律費用的問題，假設這會影響美國息稅前利潤，也許您可以解釋一下。除了一些意外支出之外，還有什麼具體因素影響了美國息稅前利潤？這是否與您的預期相對一致？我想這是我的第一個問題。

And then longer term, as you think about this plan to grow EBIT faster than sales in coming years, anything you're seeing with the consumer, and it sounds like it's still choppy, that maybe leaves you to reconsider how much you might flow through to the bottom line?

然後從長遠來看，當您考慮在未來幾年內使息稅前利潤 (EBIT) 成長速度超過銷售額時，您在消費者方面看到的任何情況，聽起來似乎仍然不穩定，這也許會讓您重新考慮有多少資金可以流向底線？

Sure. I'll start, and then John's probably going to want to jump in. Yes, the legal expenses hit the U.S. segment. There were some other items in there. Like I'll point out that we spend a little more on remodels. We did an all-time high level of remodels in the quarter. But this is an -- this is investing in our business, which we definitely want to lean into.

當然。我先說，然後約翰可能想插話。是的，法律費用影響了美國業務。這裡面還有其他一些物品。例如，我想指出的是，我們在裝修方面的支出略有增加。本季我們的裝修量達到了歷史最高水準。但這是對業務的投資，我們絕對希望充分利用這一點。

We're excited about the returns we're seeing around that. We're excited about the returns we're seeing on eCommerce. And so there were some investments related to that. But the vast majority of the delta between our guidance and actual performance was related to the legal accrual.

我們對這方面的回報感到興奮。我們對電商業務的回報感到興奮。因此，我們有一些相關的投資。但我們的預期與實際業績之間的差異，絕大部分與法定應計利潤有關。

In terms of our long-term plan and as it pertains to like possible changes in the consumer, I think our value proposition resonates more than ever when the consumer is pressured. And we've seen this year that they not only are coming to us for the value that we provide, but also for the convenience. And these are areas that we're investing in.

就我們的長期計劃以及消費者可能出現的變化而言，我認為當消費者面臨壓力時，我們的價值主張比以往任何時候都更能引起共鳴。今年我們看到，他們不僅因為我們提供的價值而選擇我們，也因為我們提供的便利。而這些正是我們正在投資的領域。

So we have a ton of conviction and the strategy that we have in place and our ability to execute on that. We should separate that from calling out some maybe potential weakness or wobbling among the consumer that we saw in the back half of October. But we're very excited about the plan we have in place.

因此，我們擁有堅定的信念、既定的策略以及執行力。我們應該將這一點與我們在10月下半月觀察到的消費者可能存在的一些潛在疲軟或動搖區分開來。但我們對目前製定的計劃感到非常興奮。

Kelly, it's John. First, I'm also excited about the top line results of -- and then eCommerce at 24%, and the team has made a lot of improvements, and they should get the credit for that.

凱利，我是約翰。首先，我對電商業務的營收成長感到很興奮，成長了24%。團隊取得了很大的進步，他們應該為此獲得讚譽。

You heard a couple of things there. One about remodels, as John David mentioned, we had 117 remodels complete all in November 3. We think that's the largest number of remodels we've ever had complete in a single day. And then if you add together late October and November, it was 197 remodels. And those remodels have improved apparel, improved home, they have wider aisles, we're really happy with the way the signing that. And they also have more investment for our online pickup and delivery business, which is a key catalyst for eCommerce growth and help us with being flexible for customers in any type of situation they want to shop in. So there are some costs associated with that in the quarter, but we feel great about this being investments for the long term.

您剛才聽到了一些消息。首先是關於改造，正如約翰·戴維所提到的，我們在11月3日完成了117個改造項目。我們認為這是我們有史以來單日完成改造數量最多的一次。如果把10月下旬和11月的改造計畫加起來，總共是197個。這些改造項目改進了服裝和家居產品，拓寬了貨架通道，我們對這些改造的進度感到非常滿意。此外，他們還增加了對線上取貨和配送業務的投資，這是電商成長的關鍵催化劑，能夠幫助我們靈活地為各種購物場景的顧客提供服務。因此，本季確實會產生一些相關的成本，但我們對這些長期投資感到非常滿意。

Kelly, this is Doug. Related to the last part of what you asked about, I don't think there's anything that causes us to think operating income won't grow faster than sales. We've had really strong sales performance now for a few years. Obviously, we're impacted by what happens in our environment, but we expect to grow share. We expect to have a healthy top line.

凱利，我是道格。關於你最後問到的問題，我認為沒有任何因素會讓我們覺得營業利潤的成長速度不會超過銷售額。幾年來，我們的銷售業績一直非常強勁。當然，我們也會受到周遭環境的影響，但我們預期市場佔有率會成長，營收也會保持健康。

And as it relates to operating income, we've got a really good multiyear plan with two primary dimensions. One is the automation investments that drives productivity improvements. And the other dimension is related to how the digital businesses change the shape of the income statement. Both of those things will be true, and it's a multiyear plan that shows progress along the way.

就營業收入而言，我們制定了一個非常好的多年期計劃，主要涵蓋兩個面向。一是推動生產力提升的自動化投資。二是數位化業務如何改變損益表的形態。這兩點都將實現，這是一個能夠展現進展的多年期計劃。

So you guys, from quarter-to-quarter, year-to-year, will see us make progress. And not every quarter maybe up into the right in every category. But if you look at what happens from a trend point of view, those are the things we expect to deliver. And because operating income is growing faster than sales, we -- our plan requires that we grow return on investment at a higher rate over time. That's the plan.

所以，各位，逐季逐年，你們都會看到我們進步。雖然並非每季都能在所有類別中取得進步，但如果從趨勢的角度來看，這些都是我們預期會實現的目標。而且，由於營業收入的成長速度快於銷售額的成長速度，我們的計畫要求我們隨著時間的推移以更高的速度提高投資報酬率。這就是我們的計劃。

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。

You have a really big eCom business that continues to grow at a rapid pace. I'm curious if you could talk about what's driving that growth from a traffic versus ticket perspective and how the growth in the marketplace sellers that you've seen are contributing to that growth. Also curious if you could talk a little bit about general merchandise performance online. I think you threw out some numbers last quarter about certain categories on the general merchandise side. Would love to hear how they performed online this quarter.

您的電商業務規模非常龐大，並且持續快速成長。請問您能否從流量和票務的角度談談推動這一成長的因素，以及您所看到的平台賣家的成長是如何促進這一成長的。另外，您能否談談日用百貨的線上表現？我記得您上個季度公佈了日用百貨某些品類的數據。我很想知道本季日用百貨的線上表現如何。

Paul, it's John. I'll start with Walmart U.S. and then pass it over to Kath and Chris to talk about the other segments. I think as you step back and look at the growth, one, we're pleased with our online and pickup delivery business from stores. We have strengthened food. The team has continued over the last few years to expand our capacity. And more importantly, they've made improvements on key metrics like the one we call perfect order, which is getting customers what they want, when they want. And I think that's a reflection of better in-stock and food overall. And that's helped us with our share gains in the food category.

保羅，我是約翰。我先從沃爾瑪美國開始，然後交給凱斯和克里斯談談其他部門。我認為，回顧一下成長情況，首先，我們對線上和門市自提配送業務感到滿意。我們加強了食品業務。過去幾年，團隊一直持續擴大產能。更重要的是，他們在關鍵指標上取得了進步，例如我們所說的“完美訂單”，即在顧客需要時為他們提供他們想要的東西。我認為這反映了整體庫存和食品供應的改善。這有助於我們在食品類別中提升市場佔有率。

But the marketplace, really pleased with the progress the team has made with Tom Ward and Manish having their first summit, as we mentioned earlier. In the quarter, we've seen more sellers come online. Our assortment has grown significantly. And just this week, I was in one of the new fulfillment centers that John David mentioned in Lancaster, Texas, which is a great facility, managed by a very qualified team. And it's, of course, reassuring to see the amount of marketplace inventory that's coming in and seeing the number of marketplace sellers, which we're grateful for those sellers who trust us to do their fulfillment, and that's been promising.

但正如我們之前提到的，市場對團隊的進展感到非常滿意，Tom Ward 和 Manish 也舉行了他們的首次峰會。本季度，我們看到更多賣家上線。我們的商品種類顯著增加。就在本週，我去了 John David 提到的德克薩斯州蘭開斯特的新營運中心，這是一個非常棒的設施，由一支非常合格的團隊管理。當然，看到市場庫存的流入量和市場賣家的數量，我們感到欣慰，我們感謝那些信任我們為他們提供配送服務的賣家，這令人鼓舞。

Now the month of November, we had our first event last week and getting into our holiday season. We have a long way to go from here until the end of the holidays, but really pleased with the results in marketplace, which is of course, reflective of results in apparel and gifting and other categories that are in line with the question you asked about general merchandise.

現在是十一月，我們上週舉辦了第一場活動，現在正進入假期季節。從現在到假期結束我們還有很長的路要走，但我們對平台的業績非常滿意，這當然反映了服裝、禮品和其他類別的業績，這些類別與您關於日用百貨的問題一致。

So these are important businesses because they help customers shop the way they shop, when -- the way they want to shop, when they want to shop. And marketplace over time, of course, will be a key driver to some of the other businesses like advertising. As more sellers find customers on the Walmart marketplace, they'll want to use services like our fulfillment services and our advertising business. So turn it over to Kath to talk about international.

這些業務非常重要，因為它們幫助顧客以他們想要的方式、在他們想要的時間購物。當然，隨著時間的推移，市場平台將成為廣告等其他業務的關鍵驅動力。隨著越來越多的賣家在沃爾瑪市場上找到客戶，他們會想要使用我們的物流服務和廣告業務等服務。接下來，請凱絲談談國際業務。

Yes. Thank you for that question. I think if you look at our eCom result, it's minus 3%, and that I don't think is a really -- it's distorted by BBD. If you actually look at the underlying growth across the businesses, Walmex grew by 16% from an eCom perspective. Canada grew in eCom by 16%. A part of that was rolling out delivery path to the number -- a significant number of stores. If you look at China, their business grew -- the eCom business grew by 38%.

是的，謝謝你的提問。如果你看一下我們的電商業績，你會發現是負3%，我認為這其實不是真的——它被大數據分析（BBD）扭曲了。如果你真正看一下各項業務的潛在成長，你會發現沃爾瑪墨西哥電商業務成長了16%。加拿大電商業務成長了16%。部分原因是我們為大量門市推出了配送路徑。如果你看看中國區，他們的業務成長了──電商業務成長了38%。

So I think all of the teams are really focused on really getting the disciplines right of Perfect Order and making sure that the experience to the customer is delightful.

所以我認為所有團隊都真正專注於真正掌握「完美訂單」的原則，並確保客戶獲得愉快的體驗。

I think we continue to learn from each of the different businesses. The Flipkart team were here with us yesterday, and it's fascinating to see what they're learning through using genAI in the -- through Big Billion Days. There's just some really clever capability that make it very seamless and easy to be able to shop online.

我認為我們會繼續向不同的企業學習。 Flipkart 團隊昨天也和我們一起在這裡，看到他們在 Big Billion Days 活動中運用 genAI 所學到的東西，真是令人著迷。他們有一些非常巧妙的功能，讓線上購物變得非常無縫且方便。

And then if you look at it from a marketplace perspective, we launched in Mexico, Canada, Chile and South Africa marketplace during the last 12 months. Obviously, Flipkart is our largest and most -- and more mature marketplace business. But we're seeing accelerated marketplace growth also through our cross-border trade. We opened that through Mexico and Canada to U.S. cross-border sellers. And lastly, we launched Walmart fulfillment services in Mexico, Canada and South Africa in the past 12 months.

從市場角度來看，我們在過去12個月在墨西哥、加拿大、智利和南非市場推出了服務。顯然，Flipkart 是我們規模最大、最成熟的市場業務。但我們也看到，透過跨境貿易，市場成長也在加速。我們透過墨西哥和加拿大向美國跨境賣家開放了這項服務。最後，我們在過去12個月在墨西哥、加拿大和南非推出了沃爾瑪的物流服務。

So we've seen good results, but we're really positive about the growth potential of both marketplace and Walmart fulfillment services.

因此，我們看到了良好的結果，但我們對市場和沃爾瑪履行服務的成長潛力非常樂觀。

That's it's an exciting time. Paul, thanks for the question. I think what's really interesting for all of us, but definitely for Sam's is that members want this. And so we're giving them what they want. And we're at 13% of sales, 16% growth in the quarter. But we think it's a really huge opportunity.

這真是一個令人興奮的時刻。保羅，謝謝你的提問。我認為對我們所有人來說，尤其是對Sam's來說，真正有趣的是會員想要這個。所以我們會滿足他們的要求。我們的銷售額佔13%，本季成長了16%。我們認為這是一個巨大的機會。

And as I think about eCommerce for and omnichannel sales for Sam's, I think about a digitally connected member. So Scan & Go teaches our members that were in digitally relevant business and they look to shop online and on the -- whether on the web or on the apps, and we feel really good about that. And we've got all-time highs in that space.

當我想到山姆會員店的電商和全通路銷售時，我會想到數位化連接的會員。 Scan & Go 會指導我們那些從事數位化相關業務的會員，他們希望在線上和線上購物——無論是在網頁端還是在應用程式上——我們對此感到非常高興。我們在這個領域取得了歷史性的進步。

The other thing that's really interesting is as we look at the new members, we've got an all-time high number of membership in Sam's. And a lot of those people that are coming in now with digitally engaged members, they're coming in and they're buying new memberships digitally. So we're feeling good.

另一件非常有趣的事情是，看看新會員，我們發現Sam's的會員數量創下了歷史新高。現在很多新加入的會員都是線上會員，他們來這裡是為了購買線上會員資格。所以我們感覺很好。

In terms of mix, GM and club pick, grocery, pantry, they're all strong, which we're feeling good about. We don't have a marketplace in Sam's yet. We're very focused on items and on curation of great items. And I think that's going to be really important for the Sam's business as we go forward.

就混合、通用和俱樂部自選、食品雜貨、廚房而言，它們都表現強勁，我們對此感到滿意。我們目前還沒有在山姆會員商店開設市場。我們非常注重商品本身以及優質商品的甄選。我認為這對山姆會員商店未來的業務發展至關重要。

And the thing that I've finished with there is the great items drive organic traffic. So we'll continue to focus on those great items. And I think we'll get a lot -- we'll continue to get a lot of organic traffic there.

我之前說的重點是，優質商品能帶來自然流量。所以我們會繼續專注於這些優質商品。我相信我們能在那裡獲得大量自然流量。

You also asked about general merchandise, would you repeat that part of the question?

您還詢問了日用百貨，您能重複問題的這部分嗎？

I was just curious how general merchandise performed online within the U.S. business. I think last time, you said there were several categories that were up double digits. Curious how some of those general merch categories perform.

我只是好奇美國線上日用百貨的表現如何。我記得上次您說過，有幾個品類的銷售額成長了兩位數。我很好奇其中一些日用百貨類的表現如何。

Yes, Paul, really, really positive strength in categories like hardlines. Our Auto Care center is running really well. And the events we talked about or I mentioned earlier, it's great to see momentum with strong toy items. Customers are responding to great gifts like the Barbie Malibu House, which is selling for $69, $89 before it went on rollback. So those types of items are working really well with customers.

是的，保羅，像耐用品這樣的品類確實非常有優勢。我們的汽車護理中心運作得很好。我們之前談到的，或者說我之前提到的，很高興看到玩具類商品的強勁成長動能。顧客們對像芭比馬里布小屋這樣的好禮物反應很好，它在降價前的售價是69美元，89美元。所以這類商品很受顧客歡迎。

Also great to see -- after the redesign of the app, how the team is merchandising, general merchandise reflective of the seasons we're in. The site was really on point for Halloween before that for Labor Day. And you'll see the site flip quite frequently. So the team is doing a nice job reacting in categories to the plans that they have.

同樣令人欣喜的是，在應用程式重新設計後，團隊的商品銷售策略，尤其是日常商品的銷售，都與我們所處的季節相呼應。在萬聖節和勞動節之前，該網站的銷售表現都相當出色。而且你會看到網站更新頻率很高。所以，團隊在根據現有計劃對產品類別做出反應方面做得很好。

But there are some categories there with strength. And as I said, there's still a long way between here and the holidays. We have a good plan or our people are ready. Our inventory is in position. So we're ready for our customers.

但有些品類的銷售表現強勁。正如我所說，距離假期還有很長的路要走。我們有一個完善的計劃，我們的員工也做好了準備。我們的庫存已經到位。所以我們已經為客戶做好準備了。

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。

We were wondering if you could go into any more detail as to what would explain a softening in late October. Do you think it could partially be due to student loans? Or is it more of a function of being a shoulder period or a lull before the holiday? And does the variability you're seeing week-to-week that you noted increase the risk in being more promotional than maybe it was originally planned and expected in Q4?

我們想請您更詳細地解釋一下十月下旬銷售疲軟的原因。您認為這部分是因為學生貸款的影響嗎？還是說這更像是假日前的平季或淡季？您注意到的每週變化是否會加大促銷力度，使其在第四季度的促銷活動超出原始計劃和預期？

Kate, this is John David. I'll take this. You're right to call out some of the economic factors that may be driving this. We're seeing credit tightening. We're in a period of time, 12 months after the Fed has begun raising rates. We've seen consumer balance sheets that are getting back close to pre-pandemic levels. We've got the repayment of student loans, which affects about 27 million Americans. So all of these be contributing.

凱特，我是約翰‧戴維。我接聽。你說得對，一些可能導致這種情況的經濟因素。我們正在經歷信貸緊縮。聯準會開始升息12個月後，我們正處於一個時期。我們看到消費者資產負債表正在恢復到接近疫情前的水準。我們還有學生貸款的償還，影響了大約2700萬美國人。所以這一切都是造成這種情況的原因。

I do want to point out, John talked about the impact that weather can have on our business. I'm learning that, that can have profound effects on consumer shopping patterns. And we saw anomalous weather in the back half of October. So there's a number of different reasons. We can't put our finger on it exactly.

我想指出的是，約翰談到了天氣對我們業務的影響。我了解到，天氣會對消費者的購物模式產生深遠的影響。十月下半月我們經歷了異常天氣。所以有很多不同的原因。我們無法確切指出原因。

And so that's why we take a little bit more of a cautious stance as we go into the fourth quarter calling out perhaps more variability because there are some trends that have been different than what we saw the first 11 weeks of the quarter. Not to be alarmed. I think our business is still performing really well. And that's why we called out what we've seen thus far in November. In particular, the events that we've had in Walmart U.S., some of the more festive events internationally. We've seen strong response from our customers. But this is -- this was -- the trend we saw in the back half of October was different than anything else we've seen this year, and so we simply want to call that out.

因此，在進入第四季度時，我們採取更謹慎的態度，並指出市場可能會出現更多波動，因為有些趨勢與我們在本季前 11 週看到的趨勢不同。不必驚慌。我認為我們的業務表現仍然非常好。這就是為什麼我們會指出 11 月迄今為止所看到的情況。特別是沃爾瑪美國分店舉辦的活動，以及一些國際上的節慶活動。我們看到了顧客的強烈迴響。但是，我們在 10 月下半月看到的趨勢與今年以往任何時候都不同，所以我們只是想指出這一點。

In regards to promotion, maybe the segment CEOs want to comment on this, but I feel like we're in a good place from overall an inventory level, I don't necessarily see a more promotional holiday season than what we are currently planning.

關於促銷，也許各部門的首席執行官想對此發表評論，但我覺得從整體庫存水平來看，我們處於一個良好的狀態，我不一定會看到比我們目前計劃的更多的促銷假日季。

This is John, Kate. I think what's encouraging is that our traffic, our transaction counts remained strong and consistent throughout the quarter. At the end of October, we did grow our Halloween business a little less than we expected. I'm sure there's something to do with weather and it being on a Tuesday, which is different than prior years.

我是約翰，凱特。我認為令人鼓舞的是，我們的流量和交易量在整個季度都保持強勁且穩定。十月底，我們的萬聖節業務成長確實略低於預期。我確信這與天氣和周二有關，這與往年不同。

And then as we get in November, with the cold weather, we saw cold weather categories respond right away. Our event was strong. So John David said it right, we're just cautious of a shift that we did see. But overall, seeing the number of customers who shop continue to grow. We've seen new customers all year across a wide variety of income groups. We'll be ready for all those customers. We would be ready for anything that they need at the time.

進入11月，天氣轉冷，我們看到寒冷天氣類別的商品迅速回溫。我們的活動很火爆。約翰戴維說得對，我們只是對確實出現的變化保持謹慎。但總體而言，我們看到購物的顧客數量持續成長。我們全年都看到了來自不同收入群體的新顧客。我們會為所有這些顧客做好準備，為他們當時的任何需求做好準備。

I really like the flexibility the team has built in. We delivered Halloween up until 6:00 p.m. on the date of the holiday, which is something we haven't been able to do before. So our express and same-day delivery service continues to grow, which is helping us right up until the point the customers need product.

我非常喜歡團隊的靈活性。萬聖節當天，我們最快可以在下午6點前送達，這以前是做不到的。因此，我們的快遞和當日送達服務持續成長，這讓我們能夠一直送達，直到客戶需要產品為止。

Our next question is from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀的麥可‧拉瑟 (Michael Lasser)。

Looking towards next year, how linear will the relationship be between Walmart's overall comp and the operating income growth? So if you only comp 2%, let's say, could you still grow operating income at the higher end of your range, call it, 7% to 8%? And how does the prospect of broad-based deflation impact that, especially as some of the naysayers say that Walmart's comp in recent quarters has just been driven by the impact of inflation?

展望明年，沃爾瑪的整體營收與營業利潤成長之間的關係會是怎樣的線性關係？假設營收僅成長2%，那麼營業利潤還能成長到預期區間的高端嗎？比如說7%到8%？普遍通貨緊縮的前景將如何影響這一成長？尤其是在一些持反對意見的人認為沃爾瑪最近幾季的營收成長只是受通膨影響的情況下。

Well, Michael, it's good to speak with you. One of the things that we're looking at closely in our business is units and we've seen good growth in units. So it has not been entirely driven by just higher prices. We think we're positioned well as we go into the end of this year and into next year.

邁克爾，很高興和你聊天。我們業務中密切關注的一點是銷量，而且我們看到了良好的銷量成長。所以這並非完全是由價格上漲所推動的。我們認為，在進入今年年底和明年之際，我們處於有利地位。

To answer your question, it would depend upon what's driving the 2% comp. And so it's hard to extrapolate trends from this year into that. The team here though is very focused on what could happen in a more deflationary environment, making sure that we're -- we have a cost structure that supports the revenue environment that we operate in.

回答你的問題，這取決於推動2%的年增幅的因素。因此，很難將今年的趨勢推斷到2%的年增幅。不過，我們的團隊非常關注在通貨緊縮的環境下可能出現的情況，確保我們的成本結構能夠支持我們營運的收入環境。

So when you think about the relationship between operating income and sales, on a multiyear basis, we actually feel like we're in a really strong position given what's happening in the business. From one quarter to the next, that may not always be the case as we manage through certain headwinds, but we feel like we're positioned well for virtually any economic environment.

所以，當你思考營業收入和銷售額之間的關係時，從多年的經驗來看，考慮到目前的業務狀況，我們實際上感覺自己處於非常有利的地位。從一個季度到下一個季度，情況可能並非總是如此，因為我們要克服某些不利因素，但我們感覺自己幾乎可以應對任何經濟環境。

And I'll remind you, like I know there's maybe trepidation or concern among consumer health. This is when we shine. This is when Walmart is at its best when we can deliver value for our members and customers. And so we look forward to being able to put up financial results in any economic environment.

我要提醒大家，我知道消費者的健康可能有擔憂或不安。這正是我們大放異彩的時刻。當我們能夠為會員和顧客創造價值時，沃爾瑪正處於最佳狀態。因此，我們期待在任何經濟環境下都能取得良好的財務表現。

Michael, we want to make sure we're doing everything we can to keep prices as low as possible for our customers. I'm really pleased in the U.S. business that our rollback count is up significantly over last year. It was a lot of fun to be able to tell all of our customers that Thanksgiving at Walmart this year will be a lower price than what it was a year ago. We worked really hard the last 2 years to keep it flat and it's coming down. And that's great for customers.

邁克爾，我們希望竭盡全力為顧客提供盡可能低的價格。我很高興看到美國業務的降價數量比去年大幅增加。很高興能告訴所有顧客，今年沃爾瑪感恩節的商品價格將比去年更低。過去兩年，我們一直努力保持價格平穩，價格正在下降。這對顧客來說很棒。

You had really stubborn inflation in categories like dry grocery. So I'm excited when I'm in stores, and I was in Uvalde, Texas the other day, the number of rollbacks that we have out on feature, in front of customers, right up front in categories like dry grocery, a lot of our fresh categories have come in line, eggs and dairy have come back in line from a year ago, that's great for customers. And as John David said, that's the time that we win. We deliver value and our teams are ready to do that in any condition.

乾貨雜貨等類別的價格上漲確實非常頑固。所以當我走進門市，例如前幾天我在德州的尤瓦爾迪，看到我們把價格回落的幅度擺在顧客面前，尤其是在乾貨雜貨等類別上，我感到很興奮。許多生鮮品類的價格已經回落，雞蛋和乳製品的價格也比一年前回落了，這對顧客來說是個好消息。正如約翰戴維所說，這正是我們獲勝的時刻。我們創造價值，我們的團隊隨時準備在任何情況下做到這一點。

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

我們的下一個問題來自奧本海默公司的 Rupesh Parikh。

And I had a question just on the SG&A line. So at least in the Walmart U.S. business, it appears both wage inflation and remodels appeared to be a significant headwind on that line. So just curious if you expect those headwinds to continue into next year?

我有個關於銷售、一般及行政費用（SG&A）的問題。至少在沃爾瑪美國業務中，薪資上漲和裝修改造似乎都對這部分業務構成了重大阻力。您覺得這些阻力是否會持續到明年？

Rupesh, it's John. The remodels, really, that was a big number of remodels we hit. I mentioned earlier, 197 remodels completed between late October and November 3. Of course, we'll continue our remodel program throughout next year. We have a good plan on the number of sites. We're excited about the results that we're seeing from those. We definitely hear and know that our results change for categories like apparel, home. So I think we have a good plan there.

我是約翰，魯佩什。說到改造，我們真的完成了大量的改造工程。我之前提到過，從10月底到11月3日，我們完成了197個改造工程。當然，我們明年還會繼續推進我們的改造計畫。我們對改造點的數量有一個很好的計劃。我們對從中看到的成果感到興奮。我們確實聽說並知道，在服裝、家居等類別中，我們的表現會有所變化。所以我認為我們在這方面有一個不錯的計劃。

It was a higher number at the end of the quarter and the end of the month than what we had originally planned for. Some had slipped into later periods. So I think we'll have a good balance as we move forward.

季度末和月末的數字都高於我們原計劃。有些業務已經拖到了後製。所以我認為我們未來會保持良好的平衡。

On wages, we're staffed ready for the holiday. For the most part, stores and distribution centers are completely staffed. There are some locations that will continue to hire. And we didn't go out this year with a large number of people that we intend to hire for the holiday. We're happy with our full-time, part-time ratio. And where we need hours the next few weeks, which is really next week for food leading into the event Wednesday, going into the Thanksgiving holiday and Black Friday, we'll be ready to manage the business with our existing associates.

關於工資，我們已經為節日做好了人員配備。大多數門市和配送中心都已滿員。有些門市將繼續招募。今年我們並沒有計劃在節日期間招募大量員工。我們對全職和兼職員工的比例感到滿意。接下來幾週，也就是下週，我們需要一些時間來處理週三活動前的食品供應，以及感恩節和黑色星期五的銷售，屆時我們將與現有員工一起做好業務管理的準備。

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。

On general merchandise, the low to mid-single-digit deflation that you're seeing relative to the cost that you put up would imply maybe that the units have improved sequentially. So one, can you talk about what you are seeing in units, your current price gap this today? And how might you be thinking about price versus unit dynamic into next year? And then two, I just wanted to see if Kath and Chris would like to share their initial reflections on the new goals?

對於日用百貨商品，相對於您提出的成本，您看到的低至中等個位數的通貨緊縮可能意味著單位數量有所環比增長。那麼，第一，您能否談談您目前看到的單位數量情況，以及目前的價格差距？您如何看待明年價格與單位數量的動態變化？第二，我想問Kath和Chris是否願意分享他們對新目標的初步想法？

So the first question on units in general merchandise. And as prices have come down, are we seeing -- units go up?

所以第一個問題是關於日用百貨的單位。隨著價格下降，我們是否看到單位數量上升了？

So let's talk about general merchandise first. Customers are responding to rollback. So I mentioned one earlier in the Barbie category, which is the Malibu Dream House. So we see that consistently across other items and toys. And Toys is top of mind because it's the Christmas, whether it's the Melissa and Doug home set that's rolled by $10 to $25. We have the old classic Barbie that's $49 down from $59, really good unit movements.

那麼，我們先來談談日用百貨。顧客對降價反應良好。我之前提到過芭比娃娃類別中的馬里布夢幻屋。我們在其他商品和玩具中也經常看到這種情況。玩具是聖誕節期間最受關注的商品，無論是梅麗莎和道格家居套裝，價格都從10美元降到了25美元。我們還有經典芭比娃娃，價格從59美元降到了49美元，銷售表現非常好。

We're also happy to see, as I said earlier, the number of rollbacks that are across the entire store and the assortment, over 50% over last year. So customers are responding, but most importantly, our team is proud to offer great values and lower prices to customers. We've been in a pretty steep inflationary environment the last couple of years. So it's good to see some of these prices come back in line.

正如我之前所說，我們也很高興看到，整個門市和所有商品的降價幅度比去年增加了50%以上。顧客們反應熱烈，但最重要的是，我們的團隊很自豪能夠為顧客提供物超所值的商品和更低的價格。過去幾年，我們一直處於通貨膨脹相當嚴重的環境。所以，很高興看到部分商品的價格回落到正常水準。

And as far as how we think about that going forward, we mentioned this earlier, the results in e-commerce are quite encouraging at plus 24% for the quarter and the breadth of the offer in eCommerce as it develops, I think, is quite encouraging with growth in the marketplace, continued acceleration of the online pickup delivery business and our first-party business.

至於我們對未來的看法，我們之前提到過，電子商務的業績相當令人鼓舞，本季度增長了 24%，而且隨著市場的增長，電子商務的服務範圍也越來越廣，我認為，在線提貨業務和我們的第一方業務的持續加速發展是相當令人鼓舞的。

And as we get into the holiday season, the team has worked really hard on inventory positioning, the condition in stores, our NPS levels are at a really good spot and have continued to improve. And I think the result of that is we've had consistent traffic growth throughout the quarter, and we continue to see that, which is a good sign for what may be to come.

隨著假期季節的到來，團隊在庫存定位、門市狀況等方面投入了大量精力，我們的淨推薦值 (NPS) 水準也處於良好狀態，並且持續提升。我認為，這促成了我們整個季度的客流量持續成長，而這種趨勢仍在持續，這對未來可能的發展是一個好兆頭。

It's going to be interesting to watch how the dynamic plays out between general merchandise and food. So if you've got food prices, if you double-click on that, dry grocery versus fresh, and think about where prices are compared to a year ago, in general, they're still up and the 2-year stack is high. But in some fresh categories, as we mentioned earlier, we are seeing prices come down.

觀察日用百貨和食品之間的動態變化將會很有趣。如果你關注食品價格，雙擊乾貨和新鮮食品的價格，並思考一下與一年前相比，你會發現總體而言，價格仍在上漲，而且兩年的漲幅也很高。但正如我們之前提到的，在一些新鮮食品類別中，我們看到價格正在下降。

On the GM side, as things have come down, it's come down kind of steep in the last few weeks, maybe relative to what we've seen before. And so I think it's to be seen. If the food prices come down in dry grocery and consumables and we start seeing deflation in those categories, that will free up dollars to be spent in general merchandise. And with the rollback positioning and some of the prices we're hitting, it makes sense that people would be able to shift back to GM as they shop the box or the app.

就通用汽車而言，隨著情況的惡化，過去幾週降幅相當大，可能與我們之前看到的相比有所下降。所以我認為這還有待觀察。如果乾貨雜貨和消費品的價格下降，我們開始看到這些類別的通貨緊縮，這將釋放出更多資金用於日用百貨的支出。考慮到我們調整了定位，並降低了部分價格，人們在實體店或應用程式上購物時，重新轉向通用汽車也是合理的。

The great thing about our position is we don't really care. Like they can buy whatever they want to buy. We're positioned for food. We're positioned with fresh. We're positioned with apparel and with hardlines and with holiday season with the categories like toys. So we've got a good value regardless of which category and department you look at and we'll play the shift as it happens. And if we end up where both sides, food and GM, are deflated some that we just need to focus on driving even more units to your point.

我們的優勢在於，我們真的不在乎。他們想買什麼就買什麼。我們定位於食品，定位於生鮮，定位於服裝、輕工業產品，以及像玩具這樣的節慶季品類。所以，無論你關注哪個品類和部門，我們都能提供良好的價值，並且我們會根據情況進行調整。如果最終食品和通用汽車兩邊都萎縮了一些，我們只需要專注於推動更多業務成長。

But if they've got dollars to spend, they'll spend them. And we're there for them. And we can do it in store club, we can do it with pickup, we can do it with delivery. So we feel good about our position, and we'll just manage it as the weeks and months play out and are as fascinated to watch it as you are.

但只要他們有錢，他們就會花。我們隨時為他們服務。我們既可以在門市會員店購物，也可以自提，還可以送貨上門。所以我們對自己的定位很滿意，我們會根據情況逐步調整，就像你們一樣，我們非常期待看到這一切。

Kath, how's the job going?

凱絲，工作進展如何？

Yes. Krisztina, thanks for the question. I would say, first of all, it's incredible that it's only been a quarter since I stepped into the role. It's Judith and the team have honed a really exciting portfolio of businesses, and it's been great to be able to get out into the market over the last quarter being in Mexico, China and India. And just looking at the pace of transformation and the way the team rise to the challenge to be relevant in those local communities is extraordinary. And the ability to cross-learn between markets is such a great gift that we have in the international business.

是的。 Krisztina，謝謝你的提問。首先，我想說，我上任才一個季度，真是不可思議。 Judith 和團隊已經打造出一系列令人振奮的業務組合，而且在過去一個季度，我們能夠進軍墨西哥、中國和印度市場，這真是太棒了。光是看看他們的轉型速度，以及團隊應對挑戰、融入當地社區的方式，就令人驚嘆不已。跨市場學習的能力，是我們國際業務的一大優勢。

So I've been impressed by the strength of the teams that we have out there. And also just really impressed by how they're translating our purpose and mission to save people money so they can live better into being really relevant. So whether it's in Canada where they're able to actually be Thanksgiving meal at a price lower than last year, whether it was in Walmex -- or sorry, in Mexico, where there's held down price on a basket of essential items, no matter where it is, where you are in the international portfolio, the teams are working really hard to be relevant and help those communities celebrate the holiday and festivals that are rolling out over this -- over Q3 and into Q4. So excited to join the team.

所以，我們團隊的實力給我留下了深刻的印象。更讓我印象深刻的是，他們如何將我們的宗旨和使命——為人們省錢，讓他們過得更好——轉化為真正的現實。無論是在加拿大，人們能夠以低於去年的價格享用感恩節大餐；無論是在沃爾瑪，還是在墨西哥，一籃子必需品的價格被壓低；無論身處何處，無論您在國際業務中的哪個階段，我們的團隊都在努力保持現實，幫助這些社區慶祝即將在第三季度和第四季度到來的節日。我很高興加入我們的團隊。

Okay. Thanks, Kath. And Krisztina, thanks for the question. I think probably I'd just like to start with the prerogative that I have of now running this business to thank the Sam's Club associates for such a brilliant quarter and for the hard work that they have done to deliver that set of results. The team I'm really proud of, and I'm grateful to part that club. And honestly, it's kind of a lot of fun to be here and Kath and tell me that, that would be the case.

好的。謝謝凱絲。克里斯蒂娜，謝謝你的提問。我想先感謝山姆會員商店的員工們，感謝他們在本季取得如此輝煌的業績，以及他們為實現這一業績所付出的辛勤努力。我為這個團隊感到非常自豪，也很感激能成為這個團隊的一員。說實話，很高興來到這裡，凱絲告訴我，情況就是這樣。

I'm really grateful for the strong foundation that the Sam's Club team has built. Brilliant talent, a deep bench of merchant talent and it's -- I mean, it really is a merchant-led business. We've got amazing member-led culture, fantastic clubs and associates, great items, strong brand in Member's Mark and the beginnings of a world-class eCommerce business. All of that drives strong member value.

我非常感謝山姆會員商店團隊所建立的堅實基礎。他們擁有傑出的人才、深厚的商家資源，而且——我的意思是，這確實是一個以商家為主導的業務。我們擁有卓越的會員主導文化、優秀的俱樂部和合作夥伴、優質的商品、強大的會員品牌，以及世界級電商業務的雛形。所有這些都推動著強大的會員價值。

So I see a really unique opportunity for Sam's to use this momentum as a jumping off point to accelerate. So driving growth through digital engagement, offering unique value through great items that consumers can't get anywhere else and a deep understanding of members in a way that will make us more relevant to them, both in club and digitally. So we can appeal to an even broader set of consumers. So yes, a lot to go for really exciting. So thanks for asking.

所以，我認為山姆會員店有一個非常獨特的機會，可以利用這股勢頭作為加速發展的起點。透過數位互動來推動成長，透過消費者在其他地方買不到的優質商品提供獨特的價值，並深入了解會員，從而讓我們在俱樂部和數位化管道中與他們更加緊密地聯繫在一起。這樣我們就能吸引更廣大的消費者群。是的，我們還有很多事情要做，這真的非常令人興奮。謝謝你的提問。

Our next question comes from the line of Robby Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

Actually, it's a follow-up question on deflation. I was hoping Doug or anyone else could just talk about -- just to clarify what's driving the LIFO tailwinds. Is it all general merchandise right now? Or is there a grocery in there?

實際上，這是一個關於通貨緊縮的後續問題。我希望Doug或其他人能談談——只是想澄清一下推動後進先出法順風的因素是什麼。現在都是日用百貨嗎？還是也包括食品雜貨？

And Doug, you mentioned lowering grocery prices, but you also mentioned, I think, stubborn inflation still out there in your opening comments. And so is there just maybe a little more color, like is dry grocery getting set to deflate? Is that what you guys are seeing? And then also where do wage pressures come in? Do you think wage pressures are also sort of disinflating now?

道格，您提到了降低食品雜貨價格，但我想您在開場白中也提到了頑固的通貨膨脹仍然存在。所以，能否再多說幾句，例如乾雜貨價格是否即將下降？你們看到這種情況了嗎？還有，薪資壓力又從何而來？您認為現在薪資壓力也正在某種程度上減弱通膨嗎？

Robby, good to speak with you. It's John David. I'll start and address the LIFO part of the question and then maybe hand it over to Doug and others. On the improvements that we've made there, that is, as you know, dependent upon the cost of goods that we're buying. And we've seen the pricing level come down overall broadly. But I don't want to miss the point to mention that our teams have actually done a really good job of working with suppliers to help affect that outcome.

Robby，很高興與您交談。我是 John David。我先來談談後進先出法的問題，之後再交給 Doug 和其他人。至於我們在這方面所做的改進，如您所知，這取決於我們採購商品的成本。我們已經看到物價水準整體下降。但我不想忽略這一點，我們的團隊在與供應商合作方面做得非常出色，這有助於實現這一目標。

So this is not something that just happens to us. The team has worked to actually have this outcome. So it's far better than what we expected when we went into the beginning of the year, and we're actually pleased to see this outcome.

所以這不是偶然發生在我們身上的事。團隊一直努力才最終取得了這樣的成果。所以，這比我們年初的預期要好得多，我們真的很高興看到這樣的結果。

And John David, is that -- just to clarify, is that general merchant vendors? Or is that all vendors, including grocery vendors?

約翰戴維，請問您指的是一般商家嗎？還是包括食品雜貨商在內的所有商家？

It's across all categories. It probably skews a little bit more to consumables and GM.

它涵蓋所有類別。可能更側重於消耗品和通用汽車。

I think, Rob, this is Doug. Generally across markets, we have an inflationary environment. The U.S. and what we went through here the last few years is more dramatic than what I had seen in the U.S., but of course, had experience out of Brazil and Argentina and other places.

我想，羅布，我是道格。一般來說，各個市場都處於通膨環境。美國的情況以及我們過去幾年在這裡經歷的情況比我在美國看到的更為劇烈，當然，我也在巴西、阿根廷和其他地方經歷過類似的情況。

China is not really inflated. That's an outlier as it relates to this conversation. But in the U.S. specifically, as I mentioned a few minutes ago, in the fresh categories, you see beef up, but dairy, eggs, chicken, seafood down. So commodities will do what commodities will do.

中國實際上並沒有通貨膨脹。就本次討論而言，這是一個例外。但具體到美國，正如我幾分鐘前提到的，在生鮮品類中，牛肉價格上漲，而乳製品、雞蛋、雞肉和海鮮價格則下降。所以，大宗商品的價格會隨大宗商品價格的波動而波動。

General merchandise had been coming down and came down a little more aggressively in the last few weeks or months than the trend before that, which we think is a really good thing. But it does start to have an impact on dollars when units don't go up enough to offset the deflationary impact as it relates to GM.

過去幾週或幾個月，日用百貨商品的價格一直在下降，而且降幅比之前的趨勢略大一些，我們認為這確實是一件好事。但當日用百貨商品的銷售漲幅不足以抵銷通貨緊縮的影響時，它確實會開始對美元產生影響。

The dry grocery and consumables question feels like the key question. Will it come down? Will those categories come down? We hope they will. On a 2-year stack in Walmart U.S., John, I think we're still mid-double digits, slightly up versus a year ago. But we think we may see dry grocery and consumables start to deflate in the coming weeks and months.

乾貨雜貨和消費品的問題似乎是關鍵問題。它會下降嗎？這些類別會下降嗎？我們希望它們會下降。約翰，就沃爾瑪美國公司過去兩年的業績來看，我認為我們的銷售額仍保持在兩位數左右，比一年前略有成長。但我們認為，未來幾週和幾個月，乾貨雜貨和消費品的銷售額可能會開始下降。

And so as we look ahead to next year, we could find ourselves in Walmart U.S. with a deflationary environment. And John David mentioned earlier that causes us to think about what are we doing with expenses? Are we ready for that? It's too early to call how dramatic it will be. And as we mentioned earlier, we are happy about it. We want our customers and members to have lower prices, and we'll manage mix and we'll manage through better than anyone, and it doesn't change anything about our plan.

因此，展望明年，沃爾瑪美國公司可能會面臨通貨緊縮的環境。約翰戴維之前提到，這促使我們思考該如何處理開支？我們準備好了嗎？現在判斷通貨緊縮的影響程度還為時過早。正如我們之前提到的，我們對此感到高興。我們希望我們的客戶和會員能夠享受更低的價格，我們會管理好產品組合，並且比任何人都更好地應對這種情況，這不會改變我們的計劃。

All the things that we've been doing to change to be able to serve people in new ways like with pickup and delivery, the expansion of the marketplace, all the things that flow from that, that help us with operating income, all those things are still true regardless of what the top line dollar growth rate looks like as a total enterprise.

我們一直在做的所有改變，都是為了能夠以新的方式為人們服務，例如提貨和送貨，擴大市場，所有由此產生的事情，都有助於我們提高營業收入，無論整個企業的營收增長率如何，所有這些事情仍然是真實的。

For a while now, we've been talking about 4 and greater than 4. If you look back at the last 3 years, hard pressed to remember 2019, seems like a long time ago, but 2019 grew faster than 2018, on a calendar year basis. So we had a trending growth rate moving in the right direction and then the pandemic hits and then inflation hits. So if you look back at the last 3 or 4 years, we've been growing faster than 4.

一段時間以來，我們一直在談論4和大於4。如果你回顧過去三年，很難記得2019年，這似乎是很久以前的事了，但以自然年計算，2019年的成長速度比2018年更快。因此，我們的成長率趨勢朝著正確的方向發展，然後疫情來襲，通貨膨脹也隨之而來。所以，如果你回顧過去三、四年，我們的成長速度一直超過4。

If we find ourselves in a deflationary environment next year and we grow at 4 or a little less than or around 4, as long as we're growing share and improving what we're doing for customers and members on the top line, that will be what it will be. We'll get as much as we earn. But the operating income percentage will still go up because we've got this automation plan, and we've got the digital businesses reshaping income statement, which will help returns.

如果明年我們面臨通貨緊縮的環境，成長率維持在4%左右，或略低於4%，只要我們繼續擴大市場份額，並改善為客戶和會員提供的服務，我們的收入就一定會成長。我們賺多少就賺多少。但營業利潤率仍會上升，因為我們有自動化計劃，而且我們的數位業務正在重塑損益表，這將有助於提高回報。

So the plan is the plan. We are executing. We're just trying to communicate with you today as we release our results, what we saw the last part of October in Walmart U.S., in particular, communicate what happened with expenses, but fundamentally, what's happening here is exactly what was happening here 3 months ago, 6 months ago. We're executing our plan.

所以計劃就是計劃，我們正在執行。今天發布業績之際，我們只是想跟大家溝通一下，特別是沃爾瑪美國10月下旬的業績，以及支出方面的狀況。但從根本上來說，現在的情況和3個月前、6個月前的情況完全一樣。我們正在執行我們的計劃。

And just anything on wage pressures, Doug?

還有關於工資壓力的問題嗎，道格？

Wage inflation is not as bad as it was before. We -- John mentioned earlier what happened in Walmart U.S. I'm not worried about wages. We've got an appropriate wage improvement for our associates planned for next year. I think we're in good shape. We're staffed. We've got a good plan. Not concerned about that aspect of it.

薪資通膨不像以前那麼嚴重了。約翰之前提到了沃爾瑪美國公司的情況。我不擔心工資問題。我們計劃明年為員工提供適當的薪資成長。我認為我們的狀況良好。我們人員充足。我們有一個好的計劃。我不擔心這方面的問題。

Our next question is from the line of Scot Ciccarelli with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Scot Ciccarelli。

So another question actually on remodels. I know you had a lot over the last couple of months as you referred to. But given the strong returns on the remodels, does it make sense to continue to accelerate that process even if it holds earnings flow through a bit in the near term? And then related to that, if you do accelerate the process, where do you have to go on the time line to where you start to see more benefit than incremental expense on a net basis?

所以，其實還有一個關於改造的問題。我知道您在過去幾個月裡做了很多改造，正如您所提到的。但是，考慮到改造帶來的強勁回報，即使短期內獲利會下降，繼續加快改造進程是否合理？與此相關的是，如果您確實加快了改造進程，那麼在時間線上，您需要走到哪裡才能看到比淨增量支出更大的收益？

I think the short answer is that it does make sense to accelerate and we have accelerated. So we will complete this year a couple hundred more than we did in the last few years. So the number of remodels has gone up. Our team has gotten much more, I'd say we've got their arms around the process, the new fixtures, the changes. So the remodels are happening a bit quicker and more smoothly than they were in years past.

我認為簡而言之，加速確實有意義，而且我們已經加速了。所以今年我們將比過去幾年多完成幾百個專案。所以改造工程的數量有增加。我們的團隊得到了更多，我想說，我們已經完全掌握了整個流程、新的設備和改造方案。所以改造比過去幾年進展得更快、更順利。

And also the supply chain is helping. We were doing remodels in '21 and '22, where we had a hard time getting fixtures and getting parts and getting the equipment in on time. So we're feeling better about the way these are all coming together.

供應鏈也起了幫助作用。我們在2021年和2022年進行改造時，很難及時獲得固定裝置、零件和設備。現在，我們對這些工作的進展感到安心多了。

The performance of the remodels, we are -- we continue to be pleased with on the top line. We continue to be pleased with the NPS numbers we see, the customer reaction of the new assortment particularly as I mentioned earlier, apparel, pets, beauty, home, a number of categories is really great. And I mentioned when they completed just a couple of weeks ago in Uvalde, Texas and just such great -- is such a great investment in the community, it makes the store fill new, refreshed, the people are -- there's a different look in their eye and a smile, the associates are thrilled with the results, and they were really proud of it.

我們對改造後的業績感到滿意，我們對營收表現也十分滿意。我們對看到的淨推薦值（NPS）數據也十分滿意，顧客對新商品的反應也很好，尤其是我之前提到的服裝、寵物、美妝、家居等多個品類。我之前提到過，幾週前他們在德州尤瓦爾迪的改造剛剛完工，這對社區來說是一項巨大的投資，它讓門市煥然一新，煥然一新，顧客們的眼神和笑容都煥然一新，員工們對改造結果非常滿意，並為此感到無比自豪。

And as we go in the holidays, I think that customers will really love to see in these communities all across the U.S. more access to different products than they had before. And one of the things that's important in all these remodel process is that the customer notices the difference, and they notice the difference, not only in a facility, but in the product and I think we're delivering both of those in the remodels. So we'll continue an aggressive plan for the remodel locations into next year.

隨著假期的到來，我認為顧客們一定會非常高興看到全美各地的這些社區都能比以前更方便地購買到不同的產品。在所有這些改造過程中，最重要的一點是顧客能夠注意到差異，他們不僅注意到設施的差異，也注意到產品的不同。我認為我們在改造中實現了這兩點。因此，我們明年將繼續積極推進改造計劃。

And so is there a headwind to profit flow through as that process continues at that pace?

那麼，如果這一進程繼續以這樣的速度發展，利潤流是否會遭遇阻力呢？

No, it's in the plan. What happened in Q3 is a few that had been in process, slipped into late October and then 117 on 1 day was quite a big number. So what you'll see going forward is a more balance of remodels completing by quarter. Ideally, we would have liked to complete -- we wouldn't want to have those so close to the holiday. I think the teams have done a nice job finishing the remodels and then getting back right into merchandising for the holiday, so to be more even across quarters, but that's all built into our plan.

不，這在計劃中。第三季的情況是，一些原本正在進行的項目拖到了10月下旬，一天就完成了117個，這是一個相當大的數字。所以，未來你會看到，各季度的改造完成情況會更均衡。理想情況下，我們希望能夠完成——我們不希望這些改造在節日季前完成。我認為團隊在完成改造後，又立即投入到節日季的商品銷售工作，這方面做得很好，所以各季度的完成情況會更加均衡，但這一切都在我們的計劃中。

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 have a question on the gross margin in the U.S. The margin was up 5, year-over-year. I think the expectation was that it maybe could have been better than that. I was hoping if you could provide some of the puts and takes around that. I'm not sure if GLP-1 is maybe having a bigger impact there. So just thoughts on the gross margin this quarter and then maybe how we should think about that in Q4?

我有一個關於美國市場毛利率的問題。毛利率年增了5%。我認為我們原本的預期是可能會更好。希望您能提供一些相關的優缺點分析。我不確定GLP-1在美國市場的影響是否更大。所以，請問您對本季的毛利率有何看法？以及我們該如何看待第四季的毛利率？

And then a clarification around the legal charge. I think you said $70 million -- $75 million, but then 40 basis points. So I'm not really sure. I'm a little bit confused about that.

然後是關於法律費用的澄清。我記得你說的是7000萬到7500萬美元，但之後是40個基點。所以我不太確定。我對此有點困惑。

Yes. The legal charge is 40 basis points with that number. And then as it relates to our guidance for the year, I'll point out that 7% to 7.5% operating income on our business is $125 million. That is really more -- it's kind of a precise number for the size of business that we are. And so that the magnitude of some of these things, like the hurricane, like the legal charges, push us to the lower end of that range for the year.

是的。法律費用以這個數字計算，是40個基點。然後，關於我們今年的業績指引，我要指出的是，我們業務的7%到7.5%的營業利潤是1.25億美元。這確實有點高——就我們目前的業務規模而言，這是一個精確的數字。因此，颶風、法律費用等一些因素的嚴重程度，將我們今年的業績推到了這個範圍的低端。

On general merchandise, we did see some of the impact from business mix in the quarter. We benefited from that. U.S. was up I think 5 bps, if I remember correctly. But as Doug noted, too, like we're certainly trying to be -- to lower prices for our customers and make sure that we're providing the value that they need. So there's a balance of all of that that's impacting those numbers.

在日用百貨方面，我們確實看到了本季業務組合帶來的一些影響。我們從中受益。如果我沒記錯的話，美國市場的銷售額上漲了5個基點。但正如Doug所說，我們確實在努力降低客戶價格，並確保提供他們所需的價值。所以，所有這些因素的平衡都會影響這些數字。

Our next question is from the line of Peter Benedict with Baird.

我們的下一個問題來自貝爾德的彼得·本尼迪克特。

Just GLP-1 just came up here in that last question. Just curious, we hear it's a thing. Maybe expand on maybe what you're seeing there, how it's impacting your business currently and what you see for that going forward?

剛才在最後一個問題中提到了GLP-1。只是好奇，我們聽說它很流行。能否詳細談談您在這方面的觀察，它目前對您的業務有何影響，以及您對未來發展的展望？

Peter, thanks for the question. No, it's still early to -- and time will tell how this affects the customer, affects the business. As we said before, we're seeing some shifts in categories. But right now, we really don't have anything else to add above and beyond what we've said in the past.

彼得，謝謝你的提問。不，現在下結論還為時過早——時間會告訴我們這會如何影響客戶和業務。正如我們之前所說，我們看到產品類別正在發生一些變化。但目前，除了我們過去說過的內容之外，我們真的沒有什麼可以補充的。

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

我們的最後一個問題來自巴克萊銀行的 Seth Sigman。

I wanted to follow up on the consumer. I know it was discussed quite a few times today, but you guys throughout the year, have discussed a number of different signals of sensitivity, buying more around paycheck cycles, seeking more value coming out for the promotional events. So just curious if you can provide a little bit more perspective on that and maybe more specifically what you are seeing in terms of market share across income cohorts.

我想跟進一下消費者的狀況。我知道今天已經討論過很多次了，但你們全年都討論過各種不同的敏感信號，比如在薪資週期前後購買更多產品，以及在促銷活動中尋求更多價值。所以，我很好奇您能否提供一些更深入的視角，或者更具體地說，您觀察到的各收入群體的市場份額情況。

Yes. for Walmart U.S. specifically, John, as it relates to share?

是的。約翰，具體來說，對沃爾瑪美國公司來說，這與股票有關嗎？

Yes. Thanks for asking, Seth. We've been pleased to see share growth all year, and we've talked about that across the income groups. And what's been encouraging as of late is a bit higher share growth in general merchandise categories. We saw that month by month throughout the third quarter.

是的。謝謝你的提問，Seth。我們很高興看到全年的市場份額都在成長，我們也在不同收入群體中討論過這一點。最近令人鼓舞的是，日用百貨類別的市佔率成長略有提高。我們在第三季逐月看到了這個趨勢。

I don't know that we have a lot more to add on the consumer than what we've already said. I think we covered it. We're well positioned, and I think our value proposition across category and the way we're serving people, which help some save time as well as save money causes us to feel good about our position for the quarter.

除了我們已經說過的，我不知道我們還能為消費者提供多少補充。我想我們已經涵蓋了。我們定位良好，而且我認為我們跨品類的價值主張以及我們為顧客服務的方式，有助於節省時間和成本，這讓我們對本季的業績感到滿意。

We get a lot of questions about what's happening in the U.S. economy and other economies and what's happening to the consumer and we feel compelled sometimes to try and help explain what we're seeing. But to be clear, from our point of view, we are front-footed, offensive and feeling good about our opportunities. Stores and clubs look good. So that's the way we're thinking about the quarter.

我們收到很多關於美國經濟和其他經濟體以及消費者狀況的問題，有時我們覺得有必要嘗試解釋我們所看到的情況。但需要明確的是，從我們的角度來看，我們處於領先地位，積極進取，並且對我們的機會充滿信心。門市和俱樂部的前景看好。這就是我們對本季的展望。

Yes. I'll just wrap up here. We've got a little over time. I'm as excited as I have been. We're executing our plan. We've got a good plan. Customers and members are choosing us. And I think they have been choosing us not only because of price leadership, which they can count on and will continue, but also because we're making it easier to shop with us.

是的，我就講到這裡。我們還有一點時間。我和以前一樣興奮。我們正在執行我們的計劃。我們有一個很好的計劃。顧客和會員都在選擇我們。我認為他們選擇我們，不僅是因為我們價格領先——他們可以信賴並且會繼續保持這種領先地位——還因為我們讓購物變得更便捷。

Our NPS scores in stores and clubs are encouraging. Our NPS scores, as they're improving across pickup and delivery, are encouraging. We just want to save people money on time and make this easy and help them have a great holiday season. And I think as it relates to the top line, we can continue to expect that we will outperform and do well. And as it relates to operating income growth, we'll grow it faster than sales over time because we've got this really good automation plan. The metrics that John David outlined when we started the call are really encouraging. We continue to feel very good about what that's going to mean for our business.

我們在門市和會員店的NPS評分令人鼓舞。我們的NPS評分在提貨和送貨方面都有所提升，令人鼓舞。我們只想幫助顧客節省時間，讓購物變得輕鬆便捷，並幫助他們度過一個美好的假期。我認為，就營收而言，我們可以繼續期待我們能夠超越預期，並取得優異的業績。就營業利潤成長而言，隨著時間的推移，我們的營業利潤成長速度將超過銷售額，因為我們制定了非常有效的自動化計畫。 John David在我們開始電話會議時概述的指標確實令人鼓舞。我們仍然對這將對我們的業務產生的影響感到非常樂觀。

And then as it relates to the business mix, having eCommerce grow so much across our segments is awesome and encouraging. And as a reminder, that's a combination of first and third party. And as we grow with our suppliers and also with our marketplace sellers, we get those opportunities to serve them with ads, to serve them through fulfillment services, to monetize our data in different ways. So the business model change will continue, which will enable that operating income growth to help us improve returns over time.

就業務組合而言，電子商務在我們各個細分市場都實現瞭如此迅猛的成長，這令人欣喜，也令人鼓舞。需要提醒的是，這涵蓋了第一方和第三方業務。隨著我們與供應商以及平台賣家的共同發展，我們有機會為他們提供廣告、透過物流服務為他們提供服務，並透過不同的方式將我們的數據貨幣化。因此，商業模式的轉變將持續下去，這將推動營業收入的成長，從而幫助我們逐步提高回報。

So we're antsy about Christmas every year. This is my 33rd year, and I feel like it's a bit of a rerun in that -- it seems like we're always talking about customers being price conscious, and we always will be. And they're always looking for the hot toy and the right gift for Christmas. And they'll come by food for us for Thanksgiving and for the Christmas meal and then New Year's will come, and we'll have clearance prices after Christmas, and we'll have a strong January because customers will react to clearance, at least the first couple of weeks when that's happening. And we'll update you on the fourth quarter and tell you how it went.

所以我們每年都會對聖誕節翹首以盼。今年是我第33年了，感覺有點像去年的重演——我們好像總是說顧客很注重價格，而且我們以後也一直如此。他們總是在尋找熱門玩具和合適的聖誕禮物。他們會在感恩節和聖誕大餐時來買食物，然後新年就來了，聖誕節過後我們就會清倉。一月份的銷售會很火爆，因為顧客會對清倉活動做出反應，至少在清倉後的前幾週是如此。我們會更新第四季的銷售狀況，告訴大家進展如何。

But we feel really good about our position and excited about executing this plan, and appreciate your ongoing support and interest in our company.

但我們對我們的立場感到非常滿意，並對執行該計劃感到興奮，並感謝您對我們公司的持續支持和關注。

Thank you. This concludes 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。您可以掛斷電話了。感謝您的參與。