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.

問候。歡迎參加沃爾瑪 2024 財年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。這次，我將把會議交給投資人關係資深副總裁 Steph Wissink。史蒂芬，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，祝大家節日快樂。今天，沃爾瑪執行長 Doug McMillon 與我一起來到我們位於本頓維爾的總部。財務長約翰·大衛·雷尼。道格將從他對季度和年度的反思開始。約翰·戴維 (John David) 將使用我們的成長、利潤和回報財務框架來闡述他對企業業績和細分市場亮點的看法，然後再討論我們今年的最新指導。

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)

有關特定細分市場的結果，請參閱我們網站上的收益發布和隨附的簡報。在準備好發言後，我們將回答您的問題。屆時，我們的部門執行長將加入我們：來自沃爾瑪美國的 John Furner；沃爾瑪國際公司的凱絲‧麥克萊 (Kath McLay)；和山姆會員店的克里斯·尼古拉斯。 （操作員說明）

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

今天的電話會議正在錄音，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有重大差異。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，以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帳。

Thank you for your interest in Walmart. Doug, over to you.

感謝您對沃爾瑪的興趣。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，感謝您與我們一起談論我們的第三季業績以及我們對今年剩餘時間的看法。我們的價值主張繼續與客戶產生共鳴，幫助我們獲得份額並推動電子商務成長。我們預計以比今年銷售額更快的速度實現調整後營業收入的成長，這與我們在今年稍早的投資者會議上討論的內容一致。

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.

本季我們每個部門的營收都強勁成長。沃爾瑪美國公司的銷售額成長了 4.9%，山姆會員店美國公司的銷售額成長了 3.8%。以固定匯率計算，沃爾瑪國際公司的銷售額成長了 5.4%，其中 Walmex 和中國領先。山姆會員店在墨西哥和中國都繼續表現良好。雖然 Walmex 的實力基礎廣泛，但我們的 Bodega Aurrera 業務值得一提，因為它繼續實現出色的成長。

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.

美國沃爾瑪的電子商務銷售額成長了 24%，美國山姆會員店的電子商務銷售額成長了 16%，全球成長了 15%。我們的 Flipkart Big Billion Days 活動的時間從去年第三季度移至今年第四季度，影響了我們國際市場的比較，導致下降 3%。因此，我們將在下個季度的報告中看到時間轉變的好處。

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.

在整個市場中，團隊在推動我們的季節性活動方面做得很好。我們的庫存和庫存水準狀況良好。我們整個公司的庫存下降了1.2%，其中沃爾瑪美國公司的庫存下降了5%。我們的營收和調整後每股收益都好於我們在本季初的預期，但我們在費用方面本可以做得更好，這反映在調整後的營業收入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.

我們在銷售、管理和行政費用方面出現了一些意外的增長，當約翰·戴維（John David）詳細介紹這些數字時，您會聽到更多有關這些的信息。

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，許多食品類別的定價水準仍然令人擔憂。總體而言，我們的產品成本比去年有所上升，並且在兩年內仍然上漲，這給我們的客戶帶來了壓力。肉類價格很高，但我們很高興看到乳製品、雞蛋、雞肉和海鮮的價格較低。我們看到的通貨緊縮正在發揮作用，但我們希望更快地看到這種情況，特別是在乾貨和消費品類別中。

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.

另一個好消息是一般商品價格持續下降。與去年相比，通用汽車的業績下降至中個位數。這使我們能夠降低定價，這將有助於我們的客戶在這個假期季節，因為普通商品對於送禮來說非常重要。

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.

我們仍然看到來自混合的壓力，包括我們預期的美國以外的地區，但我喜歡我們在這一類別中看到的市場份額的成長。在美國，我們可能會在未來幾個月內應對一段通貨緊縮時期。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來說更好。

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，它的形狀正在不斷變化。在心理上，我將其分解為傳統零售損益表和從我們的數位業務開始的新版本的組合。它從第一方和第三方電子商務提貨和交付流向會員、廣告和履行即服務等業務。它包括一些成長更快、利潤率更高的組成部分，與更傳統的損益表相結合，為我們提供了隨著成長而按百分比計算利潤更高的商業模式。

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看到了強勁成長。當您將其與我們正在進行的供應鏈自動化工作結合時，您將獲得更永續的業務，隨著時間的推移，該業務可以更有效地成長，並在此過程中創建更好的組合。

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.

Marketplace 是我們這些相輔相成的業務的引擎之一，這意味著市場的成長會拉動履行等其他業務。早在九月份，我們就舉辦了首屆市場賣家高峰會。我們接待了數千名現有和潛在的賣家，讓他們親眼目睹我們對這項業務的承諾以及我們將如何共同發展它。

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，我們在美國市場上提供給客戶的商品數量增加了一倍以上。這是我們正在建造的一個重要部分。它的成長速度很快，不僅在美國，我們在印度、墨西哥、加拿大和智利也有獨特的發展機會。我們很高興有機會以這種方式擴大我們的品種。因此，客戶可以在他們想要的時間、以他們想要的方式獲得他們想要的東西。

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。我們在美國沃爾瑪的取貨和送貨淨推薦值正在提高，我們開始使用生成式人工智慧來改善我們的搜尋和聊天體驗。我們已經向一些在 iOS 上使用我們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，我們將增強這種體驗並將其推廣給更多客戶。

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.

當我退後一步審視公司的整體時，我喜歡我們正在建立的東西以及我們如何建立它。我們擁有一手好牌，一支強大的團隊可以讓事情發生。這是我們一直在與您討論的成長、提高利潤和回報的秘訣。

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.

每天的低價是我們實現目標的基本組成部分。我們全年都在實施 EDLP，例如在美國和加拿大提供比去年便宜的感恩節大餐。我們為時尚、電子產品和季節性裝飾品等商品提供巨大價值，並幫助提醒人們，當他們想要購買玩具時，我們就是您的最佳選擇，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.

當我本季早些時候訪問智利、加拿大和中國時，同樣注重目標和執行力。這是疫情爆發前我第一次回到中國。我們的團隊在那裡經營著一些世界上最令人難以置信的山姆會員店，他們在數位滲透和創新方面仍然是我們的領導者。

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的事件或恐怖行為、政治動盪、奧蒂斯颶風等墨西哥風暴的影響，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.

對於我們公司來說，我們關心每個人。我們希望成為一個讓每個人都感到舒適並歡迎購物或工作的地方。我們希望實踐我們的價值觀，為未來幾天和幾週內將在我們這裡購物的數億人創造一個溫暖、安全和有趣的地方。我很高興成為這個大團隊的一員，很高興與我們的同事一起工作。

Now I'll turn it over to John David.

現在我將把它交給約翰大衛。

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、同事和合作夥伴幫助我們實現了良好的季度業績。總體而言，我們對團隊的執行方式以及我們強大的價值主張和全通路策略如何繼續與客戶產生共鳴感到滿意。我們正在獲得份額，看到電子商務的強勁成長，並對廣告等利潤率較高的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，並且超出了每股盈餘指引。這些績效強化了我們高度多元化業務的優勢，在細分市場和市場、通路和績效以及策略成長領域做出了廣泛的貢獻。

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.

雖然我們對我們的營收結果感到滿意，但由於費用高於預期（主要是某些法定應計費用），營業收入低於我們的指導。我將很快提供有關指導的更多詳細信息，但關鍵要點是我們正在提高全年銷售額和每股收益指導，同時重申我們之前的營業收入指導。

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，從而與我們營業收入成長快於銷售額的目標保持一致。

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.

第一，成長。固定貨幣銷售額成長 4.4%，即近 70 億美元。重要的是，我們看到店內和數位通路的流量都在成長。所有 3 個營運部門的銷售額均實現中個位數成長，其中沃爾瑪美國公司的銷售額成長 4.9%；美國山姆會員店 (Sam's Club U.S.) 上漲 3.8%（不含燃料）。以固定匯率計算，國際銷售額成長 5.4%，Walmex 銷售額成長超過 9%，中國銷售額成長 25%，山姆會員店和電子商務表現強勁。

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 活動從去年第三季移至今年第四季度，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 也持續保持強勁勢頭，年化 TPV（支付總額）達到 1.2 兆，月交易量近 58 億。 PhonePe 最近實現了令人印象深刻的里程碑，註冊用戶數超過 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.

我們在關鍵類別的份額繼續增長，特別是在沃爾瑪美國雜貨店，我們提供了積極的業績，並在單位和美元方面看到了強勁的份額增長。雜貨通膨較去年第二季下降近 300 個基點，增幅為中個位數。但在兩年的堆疊中，它仍然以青少年的高百分比上升。

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.

我們看到我們的客戶表現出持續的謹慎態度，並尋求在家庭預算範圍內管理的價值。儘管第三季一般商品銷售額年減了較低的個位數，但變化率穩定在第二季的水平，且各類別的份額也保持穩定。

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，讓他們有更多的能力進行一般商品的消費。

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.

我們的業務植根於一個永恆的目標：為客戶省錢，讓他們生活得更好。在任何經濟背景下，我們都會以客戶的方式和地點為他們提供服務。我們正在讓沃爾瑪和山姆會員店的購物變得更加方便。

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.

包括取貨和商店配送在內的全方位服務持續推動強勁成長，導致沃爾瑪美國電子商務銷售額成長 24%，山姆會員店銷售額成長 16%。多通路購物者更有價值，更頻繁地參與我們的活動並在我們這裡花費更多。沃爾瑪美國的取貨和送貨服務一直是高收入家庭成長和份額成長的主要來源，並已成為獲得 Walmart 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.

在國際市場上，Walmex 全方位產品的擴張導致第三季 Bodega 商店履行了 150 萬份數位訂單。在加拿大，我們繼續推出名為「Delivery Pass」的無限次日商店送貨服務，現已在 2/3 的加拿大商店提供。我最近在中國，我們的業務幾乎是實體業務和數位業務的 50:50 比例。我們如何透過新的參與和交付模式快速、準確地為全方位客戶提供服務，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.

轉向邊緣。毛利率成長了32 個基點，反映了印度Big Billion Days 的時間轉變，以及美國山姆會員店去年的LIFO 費用。沃爾瑪美國毛利率成長了5 個基點，反映了供應鏈成本降價幅度較低，但我們仍然看到由於健康和保健以及雜貨銷售表現優於一般商品，持續的品類混合壓力。

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，加上山姆會員店商家的成功以及庫存成本的降低，導致我們沒有在第三季度收取預期的 5000 萬美元的 LIFO 費用。我們預計今年山姆會員店不會再收取任何後進先出費用。

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，在未來幾年中，隨著我們實現供應鏈現代化並擴大高利潤成長計劃，我們預計利潤率將會更高。本季我們在這兩方面都取得了良好進展。

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.

我們繼續部署資本來建立技術並優化我們的下一代供應鏈，自動化和生產力優勢開始出現在我們的業績中。我們現在經營九個區域配送中心，為美國商店提供不同程度的自動化服務，另外 6 個中心正處於積極建設階段。目前，超過 15% 的商店從這些設施接收商品，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.

在本季度，我們開設了第三個下一代電子商務履行中心。這些佔地150 萬平方英尺的設施預計將使儲存容量增加一倍以上，使每日履行的客戶訂單數量增加兩倍，並將隔天和兩天運送範圍擴大到美國近90% 的地區，包括由沃爾​​瑪履行服務運送的市場商品。它們還為我們的員工提供了過渡到更高技能的技術職位的新機會。

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.

為了支援商店配送的數位業務，我們預計將有 7 家商店配備自動化市場配送中心或 MFC，並在本月底投入營運。這些 MFC 庫存了數千種最受歡迎的商品，預計將提高訂單容量和生產力，同時提高庫存準確性，這有助於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.

當我們專注於提高電子商務利潤率時，我們透過利用我們廣泛的商店和俱樂部網絡，在降低數位履行成本和密集化最後一英里方面取得了良好進展。去年，沃爾瑪美國公司將商店履行的數位訂單百分比提高了 800 個基點，山姆會員店履行了其俱樂部近 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，我們將商店到家的送貨成本降低了 15%，儘管我們將超過 80% 的商店的送貨時間縮短到當天，在某些情況下甚至縮短到 30%分鐘。隨著我們擴展 Walmart Go Local，我們正在緻密最後一英里，並且我們正在接近透過這項服務為其他零售商交付 1,200 萬件貨物的里程碑。

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.

我想談談我們的更高成長計劃組合。這些業務強化了我們的核心全方位零售模式，並且是隨著時間的推移推動營業收入成長先於銷售成長的關鍵。第三季度，該投資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.

第三季全球廣告成長約 20%，其中 Sam's MAP 成長超過 27%，Walmart Connect 成長 26%。作為我們廣告平台全通路優勢的例證，超過 75% 的 Sam's MAP 活躍廣告商正在投資搜尋和搜尋廣告，因為俱樂部內銷售歸因已將數位廣告支出的回報率提高了 30% 以上。 International 的廣告收入成長受到 Big Billion Days 時間安排的影響，但我們預計將實現全年約 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.

轉向市場和履行服務。客戶參與繼續驗證我們的投資策略，以在全球範圍內發展這項業務。正如道格所提到的，我們舉辦了首屆市場賣家高峰會，以幫助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來說，我們明年將在智利向跨境產品開放我們的電子商務市場，從而擴大對美國、加拿大和墨西哥以外的更多客戶的覆蓋範圍。去年，我們的市場賣家數量增加了 20% 以上，使用沃爾瑪配送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，會員資格仍然是我們加深與客戶互動的一種引人注目的方式。山姆會員店會員收入成長超過 7%，反映出創紀錄的會員數量和會員滲透率。第三季度，我們舉辦了專注於會員獲取和數位參與的活動。我們將在第四季再次採取類似的方法，提供 Walmart+ 會員折扣，同時讓會員在整個假期期間儘早參與最佳優惠活動。

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。調整後的 SG&A 費用去槓桿化了 37 個基點，這是受到沃爾瑪美國公司工資相關成本同比上升的影響，包括相對於去年我們低於計劃業績時更高的可變薪酬費用。由於我們在本月初推出了 117 家旗艦設計店，商店改造成本也更高。法律費用也增加了。

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，「大十億天」的時間轉變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好處。第三季調整後營業收入成長 3%，包括 270 個基點的貨幣順風，而調整後每股收益 1.53 美元成長 2%，優於 1.45 至 1.50 美元的指引值。相對於我們的指導，第三季每股收益因釋放我們專門用於山姆會員店的後進先出儲備而受益 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.

轉向回報。過去 12 個月，銷售額成長超過 60%，營業收入成長約 22%。與嚴格的資本方法結合，投資報酬率提高了 130 個基點，達到 14.1%。主要推動因素是去年第三季與鴉片類藥物法律和解框架相關的指控。投資回報率也反映了我們最初預計在 25 財年實現的生產力計劃的一些好處。我們繼續預計未來幾年我們的投資回報率將會增加。除了我們的策略之外，我們的財務狀況也是一個優勢，使我們能夠在日益活躍的零售環境中競爭。

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.

轉向指導。我們對我們的敏捷性和執行能力充滿信心，我們將投資重點放在能夠擴大我們的全方位優勢、深化參與並推動新收入來源持續成長的領域。我們喜歡我們相對於競爭對手的地位，因為我們保持了巨大的價格差距並增加了份額，同時保持了應對競爭動態的靈活性，但我們也不能免受經濟變化的影響。

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.

鑑於他們所需物品的成本持續居高不下，我們看到我們的客戶表現出持續的謹慎態度並做出權衡，以便能夠負擔得起他們想要的東西。最近，我們在美國的假期活動之間經歷了更大程度的變化和每週表現，包括看到 10 月下半月的疲軟，這與本季剩餘時間的趨勢不同。

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.

由於反季節天氣的減弱以及我們開始舉辦節日活動，十一月的銷售額有所上升。因此，銷售情況有些不平衡，這讓我們有理由比 90 天前更謹慎地考慮消費者。我們仍然預計，隨著食品雜貨通膨進一步正常化至歷史水平，第四季度銷售成長將較前幾個季度放緩。我們對流量的增加和份額的成長感到鼓舞，並預計這種情況將持續下去。

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，我們將全年銷售指引從先前的 4% 至 4.5% 適度提高至 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，除了第三季意外法律費用增加 40 個基點外，我們維持 7% 至 7.5% 成長的指引範圍。我們還預計第四季度將記錄與計劃外商店關閉和最近墨西哥阿卡普爾科附近颶風相關的恢復成本相關的費用，總計約 20 至 30 個基點。這影響了我們的 28 家商店，目前其中只有不到一半已經重新開業。與我們先前的指南相比，後進先出費用低於預期約 40 個基點，部分抵銷了這些成本。淨效應是與我們先前的指導相比有 20 到 30 個基點的逆風，因此，我們目前預計今年的營業收入成長範圍處於較低水準。

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，雜貨和保健品的銷售率將超過一般商品，並且考慮到不確定的消費環境，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，今年利息成本的增幅低於我們先前的預期，我們將全年 EPS 指導範圍提高至 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盈利能力，並且全年營業收入的增長速度將快於銷售額的增長。

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.

我們喜歡我們的競爭地位。我們的財務表現清楚地表明我們的全通路策略正在取得勝利。我們正在擴大跨類別的份額，加深跨通路的客戶參與，同時投資擴大我們的競爭優勢的領域。假期即將到來，我們的價值主張與希望在慶祝時省錢的客戶產生共鳴。

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

接線員，我們現在要開通提問線路。

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

（操作員說明）今天我們的第一個問題來自摩根士丹利的西蒙·古特曼（Simeon Gutman）。

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?

我有一個問題。我會把它分成兩個部分。第一部分，法律費用，它——這樣我們就可以判斷是否應該保留它。聽起來你正在保留它。我不確定你是否能夠分享它的本質是什麼確實如此，但似乎是出乎意料的。那麼上面是否還有更多顏色呢？

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。本季是否以任何方式隱藏了這一點？明年我們會迎來轉折嗎？這似乎是一個重大的投資問題。我們會看到它的成長嗎？它是在某個時期發生的還是只是繼續發展？

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，其他人可能想插話。在法律費用方面，這些費用與前期有關，並且在本季度內沒有預期到，約為 7000 萬至 7500 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.

在替代收入方面，也許我會開始並讓其他人加入。我們的計劃是——我們在更好的日子里分享的收入在某種程度上取決於我們所處的投資水平，並看到單位經濟效益的改善，但它也在成長我們業務的這些部分的利潤率要高得多。坦白說，我們討論了所有細分市場的廣告成長。國際方面，雖然本季成長放緩，但今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.

所有這些隨著它們成為我們整體業務組合的重要組成部分，都將為我們的利潤表現做出巨大貢獻。因此，如果您回想一下我們在投資者日分享的內容，我們預計未來幾年銷售額將增長 4%，營業收入將增長超過 4%，我們預計，隨著時間的推移，我們將我們看到這些利潤率較高的利潤流做出了更大的貢獻，這有助於我們每年提高利潤率。

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.

西蒙，這是道格。我想補充一點，我認為你應該將它放在繼續建造類別中，而不是變形類別中。

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。

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，這只是法律費用的另一個後續行動，假設這影響了美國的息稅前利潤數字，但也許你可以澄清這一點。除了一些意外費用之外，任何對美國息稅前利潤有特別影響的事情都是如此。這相對符合您的預期嗎？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，當你考慮未來幾年息稅前利潤增長速度快於銷售額的計劃時，你在消費者身上看到的任何事情，聽起來仍然不穩定，這可能會讓你重新考慮你可能會流過多少資金到底線？

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。我先開始，然後約翰可能會想介入。是的，法律費用影響了美國市場。裡面還有一些其他的東西。就像我要指出的那樣，我們在改造上花了更多的錢。我們在本季進行了歷史最高水準的改造。但這是對我們業務的投資，我們絕對希望投入其中。

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.

我們對所看到的回報感到興奮。我們對電子商務的回報感到興奮。所以有一些與此相關的投資。但我們的指導與實際績效之間的絕大多數差異與法定應計費用有關。

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.

就我們的長期計劃而言，由於它涉及消費者可能發生的變化，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產生共鳴。今年我們看到，他們來找我們不僅是為了我們提供的價值，也是為了便利。這些都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，我們有充足的信念、我們已製定的策略以及執行該策略的能力。我們應該將其與我們在 10 月下旬看到的消費者中可能存在的一些潛在弱點或搖擺不定的情況區分開來。但我們對我們所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，這是約翰。首先，我也對電子商務的營收成長 24% 感到興奮，團隊已經做出了許多改進，他們應該為此得到讚揚。

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.

你在那裡聽到了一些事情。關於改造，正如 John David 所提到的，我們在 11 月 3 日完成了 117 項改造。我們認為這是我們在一天內完成的改造數量最多的一次。如果把 10 月底和 11 月加起來，就有 197 次改造。這些改造改善了服裝，改善了家居，擁有更寬的過道，我們對簽約方式感到非常滿意。他們還對我們的線上取貨和送貨業務進行了更多投資，這是電子商務成長的關鍵催化劑，並幫助我們在客戶想要購物的任何類型的情況下靈活地滿足他們的要求。因此，存在一些與此相關的成本這個季度，但我們對這是長期投資感到高興。

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，這是道格。與您所問問題的最後一部分相關，我認為沒有任何原因使我們認為營業收入的成長速度不會快於銷售額的成長速度。幾年來我們的銷售業績非常強勁。顯然，我們受到環境中發生的事情的影響，但我們預計份額會增加。我們期望擁有健康的營收。

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.

由於它與營業收入相關，我們有一個非常好的多年計劃，有兩個主要維度。一是推動生產力提高的自動化投資。另一個維度與數位業務如何改變損益表的形式有關。這兩件事都將成為現實，而且這是一個多年計劃，顯示出一路上取得的進展。

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.

所以你們每季、每年都會看到我們進步。並不是每個季度都能在每個類別中都達到正確的水平。但如果你從趨勢的角度來看會發生什麼，這些就是我們期望提供的東西。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成長投資回報。這就是計劃。

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.

您擁有一個非常龐大的電子商務業務，並且持續快速成長。我很好奇您能否從流量與門票的角度談談是什麼推動了這種增長，以及您所看到的市場賣家的增長如何促進了這種增長。我也很好奇您是否可以在線談論一下一般商品的表現。我認為您上個季度拋出了一些關於日用商品方面某些類別的數據。很想聽聽他們本季的線上表現。

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，是約翰。我將從沃爾瑪美國開始，然後將其交給 Kath 和 Chris 來討論其他部分。我認為，當你退後一步看看成長情況時，第一，我們對我們的線上和商店取貨業務感到滿意。我們加強了食物。團隊在過去幾年中不斷擴大我們的產能。更重要的是，他們對關鍵指標進行了改進，例如我們所說的完美訂單，即在客戶需要的時候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的改善。這幫助我們增加了食品類別的份額。

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，市場對湯姆沃德 (Tom Ward) 和曼尼什 (Manish) 首次峰會所取得的進展感到非常滿意。本季度，我們看到更多賣家上線。我們的產品種類顯著增加。就在本週，我來到了約翰大衛提到的位於德克薩斯州蘭卡斯特的新履行中心之一，這是一個很棒的設施，由非常合格的團隊管理。當然，看到市場庫存量和市場賣家數量令人放心，我們感謝那些信任我們履行承諾的賣家，這一直是有希望的。

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.

現在是十一月份，我們上週舉辦了第一場活動，並進入了假期季節。從這裡到假期結束，我們還有很長的路要走，但對市場的結果非常滿意，這當然反映了服裝和禮品以及其他類別的結果，這些結果與您提出的問題一致百貨。

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.

因此，這些都是重要的業務，因為它們幫助顧客以他們想要的方式、在他們想要的時間、他們想要的方式購物。當然，隨著時間的推移，市場將成為廣告等其他一些業務的關鍵驅動力。隨著越來越多的賣家在沃爾瑪市場上找到客戶，他們將希望使用我們的履行服務和廣告業務等服務。所以把它交給凱絲來談國際。

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。謝謝你提出這個問題。我想，如果你看一下我們的電子商務結果，你會發現它是負 3%，而且我認為這並不是真正的——它被 BBD 扭曲了。如果你實際觀察各個業務的潛在成長，從電子商務的角度來看，Walmex 成長了 16%。加拿大電子商務成長了 16%。其中一部分是向大量商店推出送貨路徑。如果你看看中國，他們的業務成長了——電子商務業務成長了 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.

因此，我認為所有團隊都真正專注於真正遵守完美訂單的紀律，並確保客戶獲得令人愉快的體驗。

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.

我認為我們繼續向每個不同的企業學習。 Flipkart 團隊昨天與我們在一起，很高興看到他們在 Big Billion Days 中透過使用 genAI 學到了什麼。有一些非常聰明的功能可以讓線上購物變得非常無縫和輕鬆。

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.

如果你從市場的角度來看，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產品。顯然，Flipkart 是我們最大、最成熟的市場業務。但我們也透過跨境貿易看到了市場的加速成長。我們透過墨西哥和加拿大向美國跨境賣家開放。最後，過去 12 個月我們在墨西哥、加拿大和南非推出了沃爾瑪配送服務。

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.

那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真正有趣的是，但對山姆來說絕對是會員想要這個。所以我們給他們想要的東西。本季我們的銷售額成長了 13%，成長了 16%。但我們認為這確實是一個巨大的機會。

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.

當我想到山姆百貨的電子商務和全通路銷售時，我想到的是數位連結的會員。因此，Scan & Go 教導我們從事數位相關業務的會員，他們希望在線上購物——無論是在網路上還是在應用程式上，我們對此感覺非常好。我們在該領域創下了歷史新高。

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.

另一件真正有趣的事情是，當我們觀察新會員時，我們發現 Sam's 的會員數量創歷史新高。現在很多人都加入了數位化會員，他們進來並以數位化方式購買新的會員資格。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.

在組合方面，通用汽車和俱樂部精選、雜貨、食品儲藏室，它們都很強大，我們對此感覺良好。我們 Sam's 還沒有市場。我們非常專注於物品和優質物品的規劃。我認為隨著我們的發展，這對山姆的業務來說非常重要。

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.

我已經完成的事情是，優秀的產品可以推動自然流量。因此，我們將繼續關注這些偉大的項目。我認為我們會得到很多——我們將繼續在那裡獲得大量的自然流量。

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

您還問到了日用百貨，您能重複一下那部分問題嗎？

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.

我只是好奇一般商品在美國的線上業務表現如何。我想上次您說過有幾個類別的漲幅達到了兩位數。很好奇其中一些普通商品類別的表現如何。

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，在強硬路線等方面確實非常積極。我們的汽車護理中心運作得非常好。我們談到或我之前提到的事件，很高興看到強大的玩具產品的動力。顧客們對像芭比馬里布屋這樣的精美禮物做出了回應，該禮物的售價為 69 美元，在降價前為 89 美元。因此，這些類型的產品非常適合客戶。

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.

同樣很高興看到 - 在重新設計應用程式之後，團隊如何進行商品推銷，一般商品反映了我們所處的季節。該網站在勞動節之前的萬聖節確實很重要。而且您會看到該網站非常頻繁地翻轉。因此，團隊對他們制定的計劃進行了分類反應，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.

但也有一些類別具有實力。正如我所說，距離假期還有很長的路要走。我們有一個好的計劃或我們的人員已經準備好了。我們的庫存已就位。所以我們已經為我們的客戶做好了準備。

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

我們的下一個問題來自凱特麥克肖恩 (Kate McShane) 與高盛的對話。

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?

我們想知道您是否可以更詳細地解釋如何解釋 10 月底的疲軟情況。您認為這可能部分歸因於學生貸款嗎？或者它更多的是作為假期前的一段休息時間或平靜期的功能？您注意到的每週變化是否會增加比第四季最初計劃和預期更多的促銷活動的風險？

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，這是約翰大衛。我要這個。您指出一些可能推動這一趨勢的經濟因素是正確的。我們看到信貸緊縮。我們正處於聯準會開始升息 12 個月後的一段時期。我們看到消費者的資產負債表正在恢復到接近疫情前的水準。我們已經償還了影響約 2700 萬美國人的學生貸款。所以所有這些都會有所貢獻。

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.

我確實想指出，約翰談到了天氣對我們業務的影響。我了解到，這會對消費者的購物模式產生深遠的影響。我們在十月下半月看到了反常的天氣。所以有很多不同的原因。我們無法準確地指出它。

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，這就是為什麼我們在進入第四季度時採取更加謹慎的立場，並指出可能存在更多的變化，因為有些趨勢與我們在本季度前 11 週看到的趨勢有所不同。不必驚慌。我認為我們的業務仍然表現得很好。這就是為什麼我們公佈了 11 月迄今為止所看到的情況。特別是我們在美國沃爾瑪舉辦的活動，以及國際上一些比較喜氣洋洋的活動。我們看到了客戶的強烈迴響。但這是——這是——我們在十月下旬看到的趨勢與我們今年看到的任何其他趨勢都不同，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，也許各細分市場的執行長想對此發表評論，但我覺得從整體庫存水準來看，我們處於一個良好的位置，我不一定會看到比我們目前計劃的更多的促銷假期。

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.

這是約翰，凱特。我認為令人鼓舞的是我們的流量和交易數量在整個季度保持強勁和穩定。十月底，我們的萬聖節業務成長確實比我們預期的要少一些。我確信這與天氣有關，而且是在星期二，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.

然後，當我們進入 11 月時，隨著天氣寒冷，我們看到寒冷天氣類別立即做出反應。我們的活動很精彩。所以約翰大衛說得對，我們只是對我們確實看到的轉變持謹慎態度。但總體而言，購物的顧客數量持續成長。我們全年都看到了各種收入群體的新客戶。我們將為所有這些客戶做好準備。我們會為他們當時需要的任何東西做好準備。

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.

我真的很喜歡團隊內建的靈活性。我們將萬聖節活動持續到下午 6:00。在假期當天，這是我們以前無法做到的。因此，我們的快遞和當日送達服務不斷成長，這為我們提供了幫助，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集團的 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，沃爾瑪的整體業績與營業收入成長之間的線性關係如何？因此，如果您的利潤率僅為 2%，那麼您是否還能以較高的範圍（即 7% 至 8%）實現營業收入成長？廣泛通貨緊縮的前景對此有何影響，尤其是一些反對者表示，沃爾瑪最近幾季的業績只是受到通膨影響的推動？

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.

好吧，邁克爾，很高興與你交談。我們在業務中密切關注的事情之一是單位，我們已經看到單位的良好成長。因此，這並不完全是由價格上漲所推動的。我們認為，在今年年底和明年，我們處於有利的位置。

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.

要回答你的問題，這取決於推動 2% 薪酬的因素。因此很難推斷今年的趨勢。不過，這裡的團隊非常關注在更通貨緊縮的環境中可能發生的情況，確保我們擁有支持我們營運的收入環境的成本結構。

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.

因此，當你考慮營業收入和銷售額之間的關係時，在多年的基礎上，我們實際上覺得，考慮到業務中發生的情況，我們處於非常有利的地位。從一個季度到下一個季度，當我們克服某些逆風時，情況可能並不總是如此，但我們感覺我們幾乎在任何經濟環境中都處於有利位置。

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.

我會提醒您，就像我知道消費者健康可能會感到恐懼或擔憂一樣。這就是我們發光的時候。這是沃爾瑪處於最佳狀態的時候，我們可以為我們的會員和客戶提供價值。因此，我們期待能夠在任何經濟環境下提供財務績效。

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，我們希望確保盡一切努力為客戶提供盡可能低的價格。我對美國業務感到非常高興，我們的回滾數量比去年大幅增加。能夠告訴所有顧客今年感恩節沃爾瑪的價格將比一年前更低，這真是太有趣了。過去兩年我們非常努力地保持穩定，但現在情況正在下降。這對客戶來說非常好。

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.

在乾雜貨等類別中，通膨確實很頑固。因此，當我在商店時，我很興奮，前幾天我在德克薩斯州尤瓦爾迪，我們在顧客面前，在乾貨雜貨等類別中，在功能上推出了很多回滾功能我們的生鮮品類已經恢復正常，雞蛋和乳製品也恢復了一年前的正常狀態，對顧客來說是件好事。正如約翰大衛所說，那是我們獲勝的時刻。我們提供價值，我們的團隊已準備好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魯佩什·帕里克 (Rupesh Parikh) 和奧本海默 (Oppenheimer) 的提問。

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?

我有一個關於 SG&A 的問題。因此，至少在沃爾瑪美國業務中，薪資上漲和改造似乎都是這方面的重大阻力。所以只是好奇你是否預期這些不利因素會持續到明年？

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.

魯佩什，我是約翰。改造，真的，我們進行了大量的改造。我之前提到，10 月下旬至 11 月 3 日期間完成了 197 次改造。當然，我們將在明年繼續我們的改造計畫。我們對站點數量有一個很好的計劃。我們對從中看到的結果感到興奮。我們肯定聽說並知道我們的結果在服裝、家居等類別上發生了變化。所以我認為我們有一個很好的計劃。

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高於我們最初的計劃。有些已經滑入後期。所以我認為我們在前進的過程中會保持良好的平衡。

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.

在工資方面，我們已經為假期做好了準備。大多數情況下，商店和配送中心都有配備齊全的人員。有一些地點將繼續招募。今年我們沒有和大量打算僱用的人一起出去度假。我們對全職和兼職的比例感到滿意。如果我們在接下來的幾週內需要幾個小時，實際上是下週的食物，直到週三的活動、感恩節假期和黑色星期五，我們將準備好與現有員工一起管理業務。

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?

對於一般商品，您所看到的相對於您投入的成本而言低至中個位數的通貨緊縮可能意味著單位數量已連續改善。那麼，您能談談您今天看到的單位狀況以及當前的價格差距嗎？您如何考慮明年的價格與單位動態？第二，我只是想看看凱思和克里斯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?

第一個問題是關於一般商品的單位。隨著價格下降，我們是否看到單位數量上漲？

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.

那我們先來說說一般商品。客戶正在響應回滾。我之前在芭比類別中提到過一個，那就是馬里布夢想屋。所以我們在其他物品和玩具中也看到了這一點。玩具是最受關注的，因為今天是聖誕節，無論是梅麗莎和道格的家居套裝，售價為 10 美元到 25 美元。我們有舊款經典芭比娃娃，價格從 59 美元降到 49 美元，單位動作非常好。

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商店和類別的回滾數量比去年增加了 50% 以上。因此，客戶正在做出反應，但最重要的是，我們的團隊很自豪能夠為客戶提供超值的價格和更低的價格。過去幾年我們一直處於相當嚴重的通貨膨脹環境。因此，很高興看到其中一些價格恢復正常。

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.

至於我們如何看待未來，我們之前提到過，電子商務的結果非常令人鼓舞，本季成長了 24%，而且我認為，隨著電子商務的發展，其提供的廣度是相當令人鼓舞的。市場的成長、線上取貨配送業務和我們的第一方業務的持續加速令人鼓舞。

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.

隨著假期的到來，團隊在庫存定位、商店狀況、NPS 水平方面付出了很大的努力，並且處於非常好的位置，並且持續改善。我認為這樣做的結果是我們整個季度的流量持續成長，我們繼續看到這一點，這對未來來說是一個好兆頭。

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.

觀察日用商品和食品之間的動態變化將會很有趣。因此，如果你有食品價格，如果你雙擊它，乾雜貨與新鮮雜貨，並考慮價格與一年前相比，一般來說，它們仍在上漲，並且 2 年堆疊很高。但正如我們之前提到的，在一些新鮮類別中，我們看到價格下降。

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.

在通用汽車方面，隨著情況的下降，過去幾週的下降幅度有些陡峭，也許與我們之前看到的情況相比。所以我認為這是有待觀察的。如果乾貨和消費品的食品價格下降，並且我們開始看到這些類別的通貨緊縮，這將釋放美元用於一般商品的支出。透過回滾定位和我們所達到的一些價格，人們在購買盒子或應用程式時將能夠轉向通用汽車，這是有道理的。

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.

我們的立場的偉大之處在於我們並不真正關心。就像他們想買什麼就可以買什麼一樣。我們的位置是為了食物。我們的定位是新鮮。我們的定位是服裝、硬派產品以及假日季節的玩具等類別。因此，無論您關注哪個類別和部門，我們都具有良好的價值，並且我們將在發生變化時發揮作用。如果我們最終導致食物和通用汽車雙方都感到沮喪，我們只需要專注於駕駛更多的單位來達到你的目的。

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.

但如果他們有錢可以花，他們就會花。我們隨時為他們服務。我們可以在商店俱樂部做到這一點，我們可以透過取貨來做到這一點，我們可以透過送貨來做到這一點。因此，我們對自己的處境感到滿意，隨著幾週和幾個月的過去，我們會管理好它，並且和你們一樣著迷於觀看它。

Kath, how's the job going?

凱絲，工作怎麼樣？

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。克里斯蒂娜，謝謝你的提問。我想說，首先，令人難以置信的是，自從我上任以來才過了四分之一。朱迪思和他的團隊已經磨練了一個非常令人興奮的業務組合，很高興能夠在上個季度進入墨西哥、中國和印度的市場。只要看看轉型的步伐以及團隊應對挑戰、與當地社區保持聯繫的方式就已經是非凡的了。市場之間交叉學習的能力是我們在國際業務中所擁有的偉大天賦。

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.

因此，我們團隊的實力給我留下了深刻的印象。他們如何將我們的宗旨和使命轉化為為人們省錢，以便他們能夠更好地生活，真正發揮作用，這也給他們留下了深刻的印象。因此，無論是在加拿大，他們實際上能夠以低於去年的價格購買感恩節大餐，無論是在 Walmex，還是抱歉，在墨西哥，一籃子必需品的價格都被壓低了。在哪裡，在國際投資組合中的哪裡，團隊正在非常努力地發揮作用，並幫助這些社區慶祝即將在第三季和第四季推出的假期和節日。很高興加入這個團隊。

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。我想我可能想先以我現在經營這項業務的特權來感謝山姆會員店的員工們度過瞭如此輝煌的季度，並感謝他們為實現這一成績而付出的辛勤工作。我真的為這支球隊感到自豪，我很感激能夠離開這個俱樂部。老實說，凱絲來到這裡並告訴我，情況就是如此，這很有趣。

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.

我真的很感謝山姆俱樂部團隊所建立的堅實基礎。才華橫溢，商人人才深厚，我的意思是，這確實是一個商人主導的行業。我們擁有令人驚嘆的會員主導文化、出色的俱樂部和合作夥伴、優質的商品、會員品牌的強大品牌以及世界級電子商務業務的開端。所有這些都推動了強大的會員價值。

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.

因此，我認為山姆有一個非常獨特的機會，可以利用這種勢頭作為加速的起點。因此，透過數位參與推動成長，透過消費者在其他地方無法獲得的優質商品提供獨特的價值，並深入了解會員，從而使我們在俱樂部和數位方面與他們更加相關。因此我們可以吸引更廣泛的消費者。所以，是的，有很多事情要做，真的很令人興奮。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羅比·歐姆斯 (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，這是通貨緊縮的後續問題。我希望道格或其他任何人都可以談談——只是為了澄清是什麼推動了後進先出的順風車。現在都是普通商品嗎？或是裡面有雜貨店嗎？

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，你提到了降低雜貨價格，但我認為你在開場白中也提到了頑固的通貨膨脹仍然存在。那麼是否還有更多的顏色，例如乾貨食品即將放氣？這就是你們所看到的嗎？那麼薪資壓力又來自哪裡呢？您認為現在薪資壓力是否也有所緩解？

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.

羅比，很高興與你交談。這是約翰大衛。我將開始解決問題的後進先出部分，然後可能將其交給道格和其他人。如您所知，我們在那裡所做的改進取決於我們購買的商品的成本。我們已經看到定價水準整體大幅下降。但我不想忽略這一點，要提到的是，我們的團隊實際上在與供應商合作以幫助影響這一結果方面做得非常好。

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.

所以這不是只發生在我們身上的事。團隊經過努力才真正取得了這項成果。所以這比我們年初時的預期要好得多，我們很高興看到這個結果。

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

約翰大衛，是不是——只是為了澄清一下，那是一般的商人供應商嗎？還是所有攤販，包括雜貨攤販？

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

它涵蓋所有類別。它可能更偏向消耗品和通用汽車。

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，這是道格。一般來說，在整個市場中，我們都面臨通貨膨脹的環境。美國以及我們過去幾年在這裡經歷的事情比我在美國看到的更加戲劇化，但當然，我在巴西、阿根廷和其他地方也有過經歷。

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.

中國並不是真正的通貨膨脹。這是與本次對話相關的異常值。但特別是在美國，正如我幾分鐘前提到的，在新鮮類別中，你會看到牛肉上漲，但乳製品、雞蛋、雞肉、海鮮下降。因此，商品會做商品會做的事情。

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.

一般商品一直在下跌，並且在過去幾週或幾個月裡比之前的趨勢下跌得更猛烈，我們認為這是一件非常好的事情。但當單位數量上升不足以抵消與通用汽車相關的通貨緊縮影響時，它確實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.

乾雜貨和消耗品問題感覺是關鍵問題。會掉下來嗎？這些類別會下降嗎？我們希望他們會的。約翰，在美國沃爾瑪的 2 年堆疊中，我認為我們仍然處於兩位數中間，比一年前略有上升。但我們認為，未來幾週和幾個月內，乾貨和消費品可能會開始緊縮。

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，當我們展望明年時，我們可能會發現美國沃爾瑪面臨通貨緊縮的環境。約翰大衛之前提到過，這讓我們思考我們在開支方面做了什麼？我們準備好了嗎？現在判斷這將有多戲劇化還為時過早。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有更低的價格，我們將管理組合，我們將比任何人都更好地管理，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事情都是為了能夠以新的方式為人們服務，例如提貨和送貨、市場的擴張，以及由此產生的所有事情，這些事情有助於我們增加營業收入，所有這些事情無論整個企業的營收成長率如何，這些結論仍然成立。

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。如果你回顧過去的3 年，很難記住2019 年，似乎是很久以前的事了，但在日曆上，2019 年的增長速度比2018 年更快年為基礎。因此，我們的趨勢成長率朝著正確的方向發展，然後大流行來襲，然後通貨膨脹來襲。所以如果你回顧過去的三、四年，我們的成長速度比四年還要快。

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.

如果我們發現明年我們處於通貨緊縮的環境中，並且我們的增長率為 4 或略低於 4，那麼只要我們不斷增加份額並改善我們為客戶和會員所做的工作，這將成為什麼樣的人。我們賺多少，就賺多少。但營業收入百分比仍然會上升，因為我們有這個自動化計劃，而且我們有數位業務重塑損益表，這將有助於回報。

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。我們今天只是想在發布結果時與您進行溝通，特別是我們在10 月下旬在美國沃爾瑪看到的情況，特別是與費用方面發生的情況進行溝通，但從根本上講，這裡發生的情況正是這裡發生的情況 3幾個月前，6個月前。我們正在執行我們的計劃。

And just anything on wage pressures, Doug?

道格，還有關於薪資壓力的任何事情嗎？

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.

薪資通膨並不像以前那麼嚴重。我們——約翰早些時候提到了美國沃爾瑪發生的事情。我不擔心工資。我們計劃明年對員工進行適當的工資提高。我認為我們的狀態很好。我們有人員配備。我們有一個很好的計劃。不關心這方面的事。

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?

所以另一個問題其實是關於改造的。我知道正如您所提到的，過去幾個月您經歷了很多事情。但考慮到改造帶來的強勁回報，即使短期內獲利流量略有下降，繼續加速這一進程是否有意義？與此相關的是，如果您確實加快了這一過程，那麼您必須在時間軸上的哪個位置開始看到比淨增量費用更多的收益？

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.

我認為簡短的答案是加速確實有意義，而且我們已經加速了。因此，今年我們將比過去幾年多完成幾百個項目。所以改造的數量增加了。我們的團隊已經得到了更多，我想說我們已經掌握了流程、新的賽程和變化。因此，改造比過去幾年進行得更快、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.

供應鏈也在提供幫助。我們在 21 年和 22 年進行改造，當時我們很難按時獲得固定裝置、零件和設備。因此，我們對這些組合在一起的方式感覺更好了。

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.

我們對改造的表現仍然感到滿意。我們仍然對我們看到的 NPS 數字感到滿意，客戶對新品種的反應特別是正如我之前提到的，服裝、寵物、美容、家居，許多類別真的很棒。我提到過，幾週前他們在德克薩斯州尤瓦爾迪竣工時，這真是太棒了——這是對社區的巨大投資，它讓商店煥然一新，煥然一新，人們——有一個不同的面貌他們的眼睛和微笑，員工們對結果感到興奮，他們真的為此感到自豪。

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，我認為客戶真的很高興看到美國各地的這些社區比以前有更多機會獲得不同的產品。在所有這些改造過程中，重要的事情之一是客戶注意到差異，他們注意到差異，不僅在設施中，而且在產品中，我認為我們在改造中提供了這兩種差異。因此，我們將在明年繼續實施積極的改造地點計畫。

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

那麼，隨著這個過程繼續以這樣的速度進行，利潤流是否會遇到阻力？

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，這已經在計劃之中了。第三季發生的事情是一些正在進行中的事情，到了 10 月下旬，然後 1 天內發生了 117 起，這是一個相當大的數字。因此，您未來將看到按季度完成的改造更加平衡。理想情況下，我們希望能夠完成——我們不希望在接近假期的時候完成這些任務。我認為團隊已經完成了很好的工作，完成了改造，然後又回到了假期的銷售工作中，以便跨季度更加均勻，但這一切都已納入我們的計劃中。

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。

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?

我有一個關於美國毛利率的問題。毛利率年增了 5 倍。我認為人們的期望是它可能會比這更好。我希望您能提供一些看跌期權和看跌期權。我不確定 GLP-1 是否可能在那裡產生更大的影響。那麼，我們只考慮本季的毛利率，然後我們應該如何考慮第四季的毛利率？

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.

然後對法律指控進行澄清。我想你說的是 7000 萬美元到 7500 萬美元，但隨後是 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。法定費用為 40 個基點。然後，由於與我們今年的指導相關，我要指出的是，我們業務的 7% 至 7.5% 營業收入為 1.25 億美元。這確實是更多——這是我們企業規模的精確數字。因此，其中一些事情的嚴重程度，例如颶風和法律指控，將我們推至今年該範圍的下限。

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.

在一般商品方面，我們確實看到了本季業務組合的一些影響。我們從中受益。如果我沒記錯的話，美國股市漲了 5 個基點。但正如道格也指出的那樣，我們確實在努力為我們的客戶降低價格，並確保我們提供他們所需的價值。因此，影響這些數字的所有因素之間存在平衡。

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

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德。

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?

GLP-1 剛剛在最後一個問題中出現。只是好奇，我們聽說這是一件事。也許可以擴展一下您在那裡看到的情況、它對您目前的業務有何影響以及您對未來的看法？

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，現在還為時過早——時間會告訴我們這將如何影響客戶、影響業務。正如我們之前所說，我們看到類別發生了一些變化。但現在，除了我們過去所說的之外，我們確實沒有其他可補充的。

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塞思‧西格曼。

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.

我想跟進消費者。我知道今天已經討論過很多次了，但是你們這一年來討論了許多不同的敏感信號，圍繞工資週期購買更多產品，為促銷活動尋求更多價值。因此，我很好奇您是否可以提供更多對此的看法，或者更具體地說，您在各個收入群體的市場份額方面所看到的情況。

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

是的。特別是對於美國沃爾瑪，約翰，因為它與分享有關？

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，賽斯。我們很高興看到全年的份額成長，並且我們已經在各個收入群體中討論了這一點。最近令人鼓舞的是日用商品類別的份額增長略高。我們在整個第三季度逐月看到了這一點。

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.

我不知道除了我們已經說過的之外，我們還需要向消費者補充更多內容。我想我們已經涵蓋了。我們處於有利位置，我認為我們跨類別的價值主張以及我們為人們服務的方式，這有助於節省時間和金錢，使我們對本季的地位感到滿意。

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正在發生的事情以及消費者正在發生的事情的問題，有時我們覺得有必要嘗試幫助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，我們是主動出擊的，進攻性的，並且對我們的機會感覺良好。商店和俱樂部看起來不錯。這就是我們思考本季的方式。

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。我就到此結束吧。我們已經有點超時了。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。客戶和會員選擇了我們。我認為他們選擇我們不僅是因為他們可以信賴並將繼續保持價格領先地位，而且還因為我們讓在我們這裡購物變得更容易。

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.

我們在商店和俱樂部的 NPS 分數令人鼓舞。我們的 NPS 分數在取貨和送貨方面不斷提高，令人鼓舞。我們只是想讓人們按時省錢，讓這一切變得簡單，並幫助他們度過一個愉快的假期。我認為，由於它與營收相關，我們可以繼續期望我們會表現出色並做得很好。由於它與營業收入成長相關，隨著時間的推移，我們的成長速度將快於銷售額，因為我們有這個非常好的自動化計劃。約翰大衛在我們開始通話時概述的指標確實令人鼓舞。我們仍然對這對我們的業務意味著什麼感到非常滿意。

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.

然後，由於它與業務組合相關，電子商務在我們的細分市場中取得如此大的成長是令人敬畏和令人鼓舞的。提醒一下，這是第一方和第三方的結合。隨著我們與供應商以及市場賣家一起成長，我們有機會為他們提供廣告，透過履行服務為他們服務，以不同的方式將我們的數據貨幣化。因此，商業模式的變革將持續下去，這將使營業收入成長，幫助我們隨著時間的推移提高回報。

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.

所以我們每年都對聖誕節感到焦躁不安。今年是我工作的第 33 個年頭，我覺得這有點重演——似乎我們總是在談論客戶對價格的敏感度，而且我們永遠都會如此。他們總是在尋找熱門玩具和合適的聖誕禮物。他們將為我們帶來感恩節和聖誕大餐的食物，然後新年就會到來，聖誕節後我們將有清倉價格，我們將度過一個強勁的一月，因為顧客至少會對清倉做出反應發生這種情況的前幾週。我們將向您通報第四季度的最新情況並告訴您進展。

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

但我們對我們的地位感到非常滿意，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興趣。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。