沃爾瑪 (WMT) 2024 Q4 法說會逐字稿

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

問候。歡迎參加沃爾瑪 2024 財年第四季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

At this time, I'll now turn the conference over to Steph Wissink, Senior Vice President of Investor Relations. Steph, you may begin.

現在，我將把會議交給投資者關係高級副總裁 Steph Wissink。史蒂芬，你可以開始了。

Thank you, and welcome, everyone. The format of today's call will follow prior quarters. First, our CEO, Doug McMillon, will share his reflections on the quarter and gear. Then our CFO, John David Rainey will review our Q4 and fiscal '24 results, provide perspective on the key drivers of our financial framework and offer initial guidance for fiscal '25. Following these 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.

謝謝大家，也歡迎大家。今天電話會議的形式將遵循前幾季的形式。首先，我們的執行長 Doug McMillon 將分享他對本季和裝備的看法。然後，我們的財務長 John David Rainey 將審查我們的第四季度和 24 財年業績，提供有關我們財務框架的關鍵驅動因素的觀點，並為 25 財年提供初步指導。在這些評論之後，我們將回答您的問題。屆時，我們的部門執行長、來自沃爾瑪美國公司的 John Furner 也將加入我們的行列；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。

(Operator Instructions) 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.

（操作員說明）今天的通話正在錄音，管理階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。

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.

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。

Doug, we are now ready to begin.

道格，我們現在準備開始了。

Good morning, and thanks for joining us to talk about our business. Our team delivered a great quarter, finishing off a strong year. We drove sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency. Highlights include higher transaction counts and unit volumes, gains in market share in the U.S. and internationally, improved in-stock levels with inventory being in great shape and down versus last year, strong performance in Walmart U.S. customer experience scores even during the high volume days before Christmas. Plus, this year, we passed $100 billion in global eCommerce sales for the first time.

早安，感謝您加入我們談論我們的業務。我們的團隊交付了出色的季度業績，為強勁的一年畫上了圓滿的句號。以固定匯率計算，我們的銷售額成長了 4.9%，調整後的營業利潤成長了 10.9%。亮點包括交易數量和單位數量的增加、美國和國際市場份額的增加、庫存水準的提高（庫存狀況良好且與去年相比有所下降）、沃爾瑪美國客戶體驗得分的強勁表現（即使在交易量高的日子）聖誕節前。此外，今年我們的全球電子商務銷售額首次突破 1,000 億美元。

We had a very good holiday season. We were strong in the U.S., Mexico, Canada and India, where we had the best Big Billion Days ever, and we continued the strong performance in China with the start of Chinese New Year.

我們度過了一個非常愉快的假期。我們在美國、墨西哥、加拿大和印度表現強勁，在這些地區我們實現了有史以來最好的“大十億日”，隨著農曆新年的開始，我們在中國繼續保持強勁表現。

Typically, we see some of our customer experience scores dip during the high-volume hours and days we experience during the holidays. But during Q4, the Walmart U.S. team delivered 3-year high customer scores in our stores, for pickup and delivery from stores and for those orders that flow directly from our eCommerce fulfillment centers. I'm excited about the omnichannel Net Promoter Score trends the team is driving.

通常，我們會發現我們的一些客戶體驗分數在假期期間經歷的高流量時段和日子裡會下降。但在第四季度，沃爾瑪美國團隊在我們的商店中取得了三年來的最高客戶評分，包括從商店提貨和送貨以及直接來自我們電子商務履行中心的訂單。我對團隊正在推動的全通路淨推薦值趨勢感到興奮。

Across countries, we continue to see a customer that's resilient, but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3.

在各個國家/地區，我們不斷看到有彈性但尋求價值的客戶。像往常一樣，我們正在努力為他們提供這項服務，包括透過回滾美國沃爾瑪的食品價格。繼第三季大幅上漲後，第四季食品價格較去年大幅上漲。

Our general merchandise prices are lower than a year ago, and even 2 years ago in some categories, which means our customers are finding value in areas like apparel and hardlines. In food, prices are lower than a year ago in places like eggs, apples and deli snacks, but higher in other places like asparagus and black berries. Dry grocery and consumables categories, like paper goods and cleaning supplies, are up mid-single digits versus last year and high teens versus 2 years ago. Private brand penetration is up in many of the countries where we operate, including the United States.

我們的一般商品價格低於一年前，某些類別的價格甚至低於兩年前，這意味著我們的客戶在服裝和耐用品等領域找到了價值。在食品方面，雞蛋、蘋果和熟食小吃等產品的價格低於一年前，但蘆筍和黑漿果等其他產品的價格則高於一年前。乾雜貨和消費品類別（例如紙製品和清潔用品）與去年相比增長了中個位數，與兩年前相比增長了十幾位數。在我們開展業務的許多國家（包括美國），自有品牌的滲透率都在上升。

During our Q3 call, I mentioned that we might find ourselves in a deflationary position early in calendar '24. In Walmart U.S., we're there in general merchandise, but the slope of the decline softened during Q4, meaning the prices are lower than a year ago, but not as much as the trend line would have suggested at the end of Q3.

在我們的第三季電話會議中，我提到我們可能會在 24 年初發現自己處於通貨緊縮的境地。在沃爾瑪美國，我們的商品是普通商品，但第四季度下降的斜率有所放緩，這意味著價格低於一年前，但沒有第三季末趨勢線所顯示的那麼低。

We saw the trend line for food and consumables in Walmart U.S. soften, too, resulting in our retail prices in food and consumables being slightly higher than a year ago. In total, for Walmart U.S., our year-end retail prices on like-for-like items were inflated by about 80 basis points. Importantly, we're encouraged by our strength in terms of units and transactions.

我們看到沃爾瑪美國食品和消費品的趨勢線也走軟，導致我們的食品和消費品零售價格略高於一年前。總體而言，沃爾瑪美國公司的同類商品年末零售價上漲了約 80 個基點。重要的是，我們在數量和交易方面的實力令我們感到鼓舞。

Sam's Club U.S. is in a similar pricing position to Walmart U.S.. And outside the U.S., our pricing comparisons to a year ago are in more of a normal range. We're excited about the momentum we see, and we're pleased with the quarter. But my focus stays primarily on what we're building for the longer term. That future is an omnichannel one, where we simultaneously strengthen our stores and clubs and build a more compelling eCommerce business.

美國山姆會員店的定價狀況與美國沃爾瑪相似。在美國以外，我們與一年前的定價比較處於正常範圍內。我們對看到的勢頭感到興奮，並對本季感到滿意。但我的注意力主要集中在我們正在建立的長期目標上。未來是全通路的，我們同時加強我們的商店和俱樂部，並建立更具吸引力的電子商務業務。

As it relates to strengthening our stores and clubs, we're investing in remodels and supply chain automation to improve the customer experience and increase productivity. Those things are going well. We'll remodel 928 stores and clubs globally over the next year, including 650 stores in the U.S.

由於這與加強我們的商店和俱樂部有關，我們正在投資改造和供應鏈自動化，以改善客戶體驗並提高生產力。這些事情進展順利。明年我們將改造全球 928 家商店和俱樂部，其中包括美國的 650 家商店。

Not long ago, we shared that we would be building 30 new Sam's Clubs in the U.S. over the next several years. And more recently, we announced we will add more than 150 supercenters and neighborhood markets in the U.S. over the next 5 years. Most of those are new builds in locations where we need a new store, but a few of them will be discount store conversions to a supercenter, where we're relocating in the same community.

不久前，我們宣布未來幾年將在美國新建 30 家山姆會員店。最近，我們宣布未來 5 年內將在美國增加 150 多個超級中心和社區市場。其中大部分是在我們需要新商店的地方新建的，但其中一些將是折扣店改建為超級中心，我們將在同一社區重新安置。

Outside the U.S., we'll open around 230 stores and clubs next year, mainly in Mexico and Central America and in China, where they'll mostly be Sam's Clubs. We ended the year with 47 Sam's Clubs in China, and they continue to be quite strong on the top and bottom line. We are, by far, the leading membership club operator in China with 28 years of experience there.

明年，我們將在美國以外開設約 230 家商店和俱樂部，主要在墨西哥和中美洲以及中國，其中大部分是山姆會員店。去年年底，我們在中國擁有 47 家山姆會員店，而且它們在營收和利潤方面仍然表現強勁。迄今為止，我們是中國領先的會員俱樂部營運商，擁有 28 年的經驗。

So our physical fleet is getting stronger, and it plays a hybrid role serving customers and members when they visit and simultaneously enabling an important portion of eCommerce.

因此，我們的實體車隊變得越來越強大，它扮演著混合角色，為客戶和會員提供存取服務，同時支援電子商務的重要部分。

Beyond our stores and clubs, we're continuing to strengthen our first and third-party eCommerce capabilities and scale those businesses around the world. The combination of Marketplace and the commissions that go with it, fulfillment services, membership, advertising and our smaller but fast-growing data monetization business enable us to grow our bottom line faster than our top line, while delivering everyday low prices for our customers and investing in our associates at the same time.

除了我們的商店和俱樂部之外，我們還在繼續加強我們的第一方和第三方電子商務能力，並在全球範圍內擴展這些業務。市場和與之相伴的佣金、履行服務、會員資格、廣告以及我們規模較小但快速增長的數據貨幣化業務的結合使我們能夠比營收更快地增長我們的利潤，同時為我們的客戶提供每日低價，同時投資我們的員工。

Marketplace is an engine for our business. As we've added more sellers in the U.S., we've seen more of them use our fulfillment capabilities. Marketplace is also the fastest-growing aspect of eCommerce for us outside the U.S. That growth helps us drive our global ad business.

Marketplace 是我們業務的引擎。隨著我們在美國增加更多賣家，我們看到越來越多的賣家使用我們的履行能力。市場也是我們在美國以外地區電子商務成長最快的方面。這種成長有助於我們推動全球廣告業務。

For now, we see the biggest dollar impact from Walmart U.S. and in India from Flipkart. But as these businesses scale in places like Mexico and Canada, we expect to see a similar relationship. Globally, we drove advertising growth of 28% for the year to reach $3.4 billion.

目前，我們看到美國沃爾瑪和印度 Flipkart 對美元的影響最大。但隨著這些業務在墨西哥和加拿大等地的規模擴大，我們預期會看到類似的關係。在全球範圍內，我們今年的廣告成長了 28%，達到 34 億美元。

Our announcement today that we've agreed to acquire VIZIO gives us the opportunity to reach and serve customers in new ways and connect more dots for those that advertise with us.

今天我們宣布同意收購 VIZIO，這使我們有機會以新的方式接觸和服務客戶，並為那些與我們一起做廣告的人連接更多的點。

Membership is another area, where we'll continue to enhance our offerings. Walmart+ members spend nearly twice as much with us as nonmembers, and they buy more over the course of a year.

會員資格是另一個領域，我們將繼續增強我們的產品。 Walmart+ 會員在我們這裡的消費幾乎是非會員的兩倍，而且他們在一年內購買的商品更多。

At Sam's Club U.S., we're rolling out new exit technology that enables our members to use Scan & Go to just walk out after completing their transaction on their phone, further enhancing their membership.

在美國山姆會員店，我們正在推出新的退出技術，使我們的會員能夠在手機上完成交易後使用 Scan & Go 退出，進一步增強他們的會員資格。

Last year, we began describing ourselves as a people-led, tech-powered omnichannel retailer dedicated to helping people save money and live better. This description is really resonating for us inside the company. We can prioritize our associates, our values and our culture and put impactful technology to work to help us fulfill our purpose, strengthen the customer member experience and strengthen our company.

去年，我們開始將自己描述為一家以人為本、以技術為動力的全通路零售商，致力於幫助人們省錢、生活得更好。這個描述確實引起了我們公司內部的共鳴。我們可以優先考慮我們的員工、我們的價值觀和我們的文化，並運用有影響力的技術來幫助我們實現我們的目標，增強客戶會員體驗並增強我們的公司。

Here are some recent examples of us being tech-powered. Our new generative AI-powered search on the Walmart U.S. app, which rolled out to iOS users last month and is coming to Android users this month, is a great example. One of those popular searches this month was, "Help me buy a Valentine's Day gift." And rather than searching separately for things like chocolates, a card, jewelry, flowers, the search returns a list of results that are relevant and curated. And Flipkart launched a similar generative AI search tool, which was available just in time for Big Billion Days.

以下是我們最近以科技為動力的一些例子。我們在沃爾瑪美國應用程式上推出的新的生成式人工智慧搜尋就是一個很好的例子，該應用程式上個月向 iOS 用戶推出，本月將向 Android 用戶推出。本月熱門搜尋之一是「幫我買一份情人節禮物」。搜尋不會單獨搜尋巧克力、卡片、珠寶、鮮花等物品，而是會返回相關且精心策劃的結果清單。 Flipkart 推出了類似的生成式 AI 搜尋工具，該工具恰好在 Big Billion Days 到來之際推出。

Another example is our ability to provide customers and members with more convenient and affordable delivery. We already offer express delivery in the U.S. where customers can get their orders delivered fast. But what if you need something faster? There's a pot of chili on the stove and you realize you forgot chili seasoning. Drone delivery can get it to you in 15 minutes or less. Delivering by drone isn't new to us. Over the last 2 years, we've operated 37 hubs across 7 states, completing 20,000 deliveries. By the end of the year, we'll make it available to about 75% of households in Dallas-Fort Worth.

另一個例子是我們有能力為客戶和會員提供更方便、更實惠的送貨服務。我們已經在美國提供快遞服務，客戶可以快速收到訂單。但如果您需要更快的東西怎麼辦？爐子上有一鍋辣椒，你發現你忘了辣椒調味料。無人機送貨可在 15 分鐘或更短的時間內送達您手中。透過無人機送貨對我們來說並不新鮮。在過去 2 年裡，我們在 7 個州經營了 37 個中心，完成了 20,000 次送貨。到今年年底，我們將向達拉斯-沃斯堡約 75% 的家庭提供該服務。

I'm really excited about how the pieces are coming together in the near term. Our customers will have an improved store experience given our remodels. They can pick up an order, have it delivered to their doorstep or into their home or get a fast drone delivery when they want it. And this flexibility is enabled by a more intelligent, more connected and more automated supply chain.

我對這些部分在短期內如何整合感到非常興奮。經過我們的改造，我們的客戶將獲得更好的商店體驗。他們可以領取訂單，將其送到家門口或家中，或在需要時獲得快速無人機送貨。這種靈活性是透過更智慧、更互聯、更自動化的供應鏈來實現的。

From scaled businesses to our faster-growing newer businesses, we're well on track to continue to hit the financial targets we laid out and make important investments for the future. And while we do this, we can grow in a way that helps us achieve our goals of creating opportunities for our associates and becoming a more sustainable business.

從規模化業務到成長更快的新業務，我們有望繼續實現我們設定的財務目標，並為未來進行重要投資。當我們這樣做時，我們可以以一種有助於我們實現為員工創造機會並成為更永續的企業的目標的方式成長。

In 2017, we announced a bold ambition to work with our suppliers to reduce, avoid or sequester 1 gigaton, that's 1 billion metric tons, of greenhouse gas emissions by 2030. We call it Project Gigaton. Our merchants and suppliers got to work and made investments in practical things like energy efficiency, packaging redesign and load optimization.

2017 年，我們宣布了一個大膽的目標，與我們的供應商合作，到 2030 年減少、避免或封存 1 十億噸溫室氣體排放。我們稱之為「十億噸計畫」。我們的商人和供應商開始工作並在能源效率、包裝重新設計和負載優化等實際問題上進行投資。

We've reported steady progress since then, and we're excited to say that our suppliers have now reported projects exceeding that 1 billion metric ton mark 6 years early. We'll continue to work with our suppliers on real initiatives with real world impacts that make our products better and our business stronger.

自那時以來，我們取得了穩步進展，我們很高興地說，我們的供應商現在已提前 6 年報告了超過 10 億噸大關的項目。我們將繼續與供應商合作，實施具有現實世界影響力的實際舉措，使我們的產品更好，業務更強大。

As we think about developing our associates, we want them to feel, think and act like owners. The degree to which our team takes ownership will have a big impact on our level of success. That's what motivated us to make shares of Walmart stock part of U.S. store manager compensation. It's also why we decided to do a 3-for-1 stock split.

當我們考慮培養員工時，我們希望他們能像主人翁一樣感受、思考和行動。我們團隊的所有權程度將對我們的成功水準產生重大影響。這就是促使我們將沃爾瑪股票作為美國商店經理薪酬的一部分的原因。這也是我們決定進行一拆三股票分割的原因。

Today, more than 400,000 associates participate in our associate stock purchase plan. That's a big number. But hopefully, even more will choose to participate and take advantage of the 15% the company contributes for the first $1,800 purchased by an associate each year.

如今，超過 40 萬名員工參與了我們的員工股票購買計畫。這是一個很大的數字。但希望更多的人會選擇參與並利用公司每年為員工購買的前 1,800 美元貢獻的 15%。

Psychologically, it just feels better to buy a whole share, rather than a fraction. We believe in our plan, and we're looking for ways, in addition to our 401(k) and the match that goes along with it, to help our associates build wealth and do more than just earn a paycheck.

從心理上來說，購買全部股票比購買一小部分股票感覺更好。我們相信我們的計劃，除了我們的401(k) 和與之相伴的配套之外，我們還在尋找其他方法來幫助我們的員工積累財富，並做更多的事情，而不僅僅是賺取薪水。

I'll close by thanking our associates for delivering a great quarter to end the year where we've accomplished so much. We're out to build on our momentum. We have strong omnichannel businesses globally, and they're getting stronger. We're focused on executing the plans we have for this year and beyond, which we believe will deliver top and bottom line growth within the framework we've discussed and improve ROI over time.

最後，我要感謝我們的員工在今年結束時提供了一個出色的季度，我們取得瞭如此多的成就。我們將繼續鞏固我們的勢頭。我們在全球擁有強大的全通路業務，而且它們正在變得越來越強大。我們專注於執行今年及以後的計劃，我們相信這將在我們討論的框架內實現營收和利潤的增長，並隨著時間的推移提高投資回報率。

With that, I'll turn it over to John David.

有了這個，我會把它交給約翰大衛。

Thanks, Doug. We're excited about the progress we've made in growing and evolving our omnichannel platform in pursuit of our purpose to help people save money and live better. Our teams did a great job in the quarter, finishing the year strong.

謝謝，道格。我們對全通路平台的發展和發展所取得的進展感到興奮，以實現幫助人們省錢和生活得更好的目標。我們的團隊在本季度表現出色，以強勁的表現結束了這一年。

For the year, in constant currency, we achieved 5.6% net sales growth and over 8% adjusted operating income growth. We have strong underlying momentum exiting Q4 and are clear about the strategic initiatives we're seeing driving profitable growth in the years ahead. This is reflected in the sustained sales and operating income growth included in our FY '25 guidance.

今年，以固定匯率計算，我們實現了 5.6% 的淨銷售額成長和超過 8% 的調整後營業收入成長。我們在第四季度擁有強勁的潛在動力，並且清楚我們看到的推動未來幾年獲利成長的策略性舉措。這反映在我們 25 財年指導中包含的持續銷售和營業收入成長。

I'll recap Q4 results using the framework we introduced at our investor community meeting last year: growth, margins and returns. As a reminder, there's a supplemental presentation on our IR website with additional information beyond my remarks.

我將使用我們去年在投資者社區會議上引入的框架來回顧第四季度的業績：成長、利潤率和回報。提醒一下，我們的 IR 網站上有一個補充演示，其中包含我的評論之外的其他資訊。

First, growth. Constant currency sales increased nearly 5% or almost $8 billion in Q4 with strong growth from all 3 segments, led by increased transactions across in-store, club and eCommerce channels. International sales grew 13%, reflecting strength in Flipkart, Walmex and China. International eCommerce sales increased 44%, reaching a penetration level of 25%, which is a record high for us. This included Flipkart's largest ever Big Billion Days event, with 1.4 billion customer visits over the 8-day period.

第一，成長。第四季度，固定貨幣銷售額成長了近 5%，即近 80 億美元，所有 3 個細分市場均出現強勁成長，其中實體店、俱樂部和電子商務通路的交易量增加為主導。國際銷售額成長 13%，反映出 Flipkart、Walmex 和中國的強勁表現。國際電子商務銷售額成長 44%，滲透率達 25%，創歷史新高。其中包括 Flipkart 有史以來規模最大的 Big Billion Days 活動，在 8 天的時間內吸引了 14 億個客戶。

In the U.S., Walmart comp sales grew 4%, reflecting increased unit volume and share gains. Like-for-like sales inflation was about 1%, moderating approximately 160 basis points from Q3 levels. We saw better-than-expected holiday sales, including 2 record-breaking volume days leading up to Christmas.

在美國，沃爾瑪同業銷售額成長 4%，反映出銷量和份額的成長。年比銷售通膨約 1%，較第三季下降約 160 個基點。我們看到節日銷售好於預期，其中聖誕節前兩天的成交量創紀錄。

Store fulfilled delivery sales were up nearly 50%, and we reached a $2 billion monthly run rate. Delivery has been a key source of share gains among upper-income households and is also the most productive channel for acquiring Walmart+ members.

商店配送銷售額成長了近 50%，我們的月營業額達到了 20 億美元。送貨一直是高收入家庭份額成長的主要來源，也是獲得 Walmart+ 會員最有效的管道。

Sam's Club U.S. delivered comp sales growth of 3.1%, excluding fuel, with strength in food, consumables and health categories. eCommerce sales increased 17%, and we gained a grocery share in both units and dollars. eCommerce continues to be a key point of differentiation for Sam's, with delivery and curbside driving eCommerce growth and in-club Scan & Go penetration up over 270 basis points.

美國山姆會員店（不含燃料）銷售額成長 3.1%，其中食品、消費品和健康品類表現強勁。電子商務銷售額成長了 17%，我們在雜貨店的份額和金額上都獲得了成長。電子商務仍然是 Sam's 的差異化關鍵點，送貨和路邊服務推動了電子商務的成長，俱樂部內的 Scan & Go 滲透率成長了 270 個基點以上。

Turning to margins. Enterprise gross margins expanded 39 basis points. Customers are responding as we continue to manage pricing aligned to competitive historic price gaps. In addition, we had lower markdowns resulting from strong inventory management, with Walmart U.S. inventory down 4.5%, Sam's down over 8% and International relatively flat, excluding currency.

轉向邊緣。企業毛利率擴大39個基點。隨著我們繼續根據具有競爭力的歷史價格差距管理定價，客戶做出了回應。此外，由於強大的庫存管理，我們的降價幅度較低，沃爾瑪美國庫存下降了 4.5%，山姆百貨下降了 8% 以上，國際庫存相對持平（不包括貨幣）。

This puts us in a good position to start the new fiscal year. The timing of Flipkart's Big Billion Days was a partial offset to gross margins. And while category mix pressure continued this quarter, we're encouraged to see sequential improvement versus Q3.

這使我們處於有利的位置來開始新的財政年度。 Flipkart 的 Big Billion Days 時機部分抵銷了毛利率。儘管本季類別混合壓力持續存在，但我們很高興看到與第三季相比連續改善。

SG&A expenses on an adjusted basis deleveraged 16 basis points, largely due to higher variable pay expenses in the U.S. relative to last year as a result of exceeding our planned performance.

調整後的 SG&A 費用去槓桿化了 16 個基點，這主要是由於美國的可變薪酬費用因超出我們的計劃業績而高於去年。

One of the areas I'm most pleased about is the improvement in eCommerce profitability within the Walmart U.S. segment, resulting from lower eCommerce fulfillment cost and densifying the last mile. Our store proximity to customers is an advantage, as we increasingly use stores to fulfill eCommerce orders. We've lowered last mile store-to-home delivery cost by about 20% in the last year, even as we've shortened delivery times the same day from around 90% of stores.

我最滿意的領域之一是沃爾瑪美國部門電子商務獲利能力的提高，這是由於電子商務履行成本降低和最後一英里的密集化。我們的商店靠近客戶是一個優勢，因為我們越來越多地使用商店來履行電子商務訂單。去年，我們將最後一英里商店到家的送貨成本降低了約 20%，儘管我們縮短了約 90% 商店的當天送貨時間。

Combining the fulfillment efficiencies with the improved product margins of eCommerce, we far exceeded the 200 basis point goal we outlined at our investor community meeting and lowered eCommerce losses by more than 40% versus last year's level.

將履行效率與電子商務產品利潤的提高相結合，我們遠遠超出了投資者社區會議上製定的 200 個基點的目標，並將電子商務損失比去年的水平降低了 40% 以上。

We also saw another strong quarter from our portfolio of higher growth initiatives that reinforce our core omni-retail model. Global advertising grew approximately 33%, led by International's 76% growth.

我們還從我們的高成長計劃組合中看到了另一個強勁的季度，這些計劃加強了我們的核心全零售模式。全球廣告成長約 33%，其中國際廣告成長 76%。

International's growth benefited from the timing of Big Billion Days, but still delivered full year growth of about 30%. Sam's ad business achieved a new high with almost 50% more advertisers versus last year. Walmart U.S. Connect ad sales grew 22%, with more than 50% growth from Marketplace sellers. We're encouraged by the strong demand from new advertisers as active advertiser counts increased over 20%.

國際航班的成長得益於 Big Billion Days 的時機，但全年仍實現約 30% 的成長。 Sam 的廣告業務創下新高，廣告主比去年增加了近 50%。 Walmart U.S. Connect 廣告銷售額成長了 22%，其中來自 Marketplace 賣家的成長超過 50%。隨著活躍廣告客戶數量增加了 20% 以上，新廣告客戶的強勁需求令我們深受鼓舞。

We're excited about our agreement with VIZIO to bring together their unique operating system and our Walmart Connect advertising business. This combination would create new opportunities for advertisers to connect with customers, empowering brands to realize greater impact from their advertising spend with Walmart.

我們很高興與 VIZIO 達成協議，將其獨特的作業系統和我們的 Walmart Connect 廣告業務整合在一起。這種結合將為廣告商與客戶建立聯繫創造新的機會，使品牌能夠從沃爾瑪的廣告支出中獲得更大的影響力。

We believe the deal would close during FY '25. Due to certain transaction-related costs associated with the acquisition, including for talent retention and technology integration, we expect the deal to be slightly dilutive to EPS in the near term. We plan to finance the acquisition to use cash and/or debt. Importantly, we believe the transaction would be IRR-accretive, delivering returns ahead of our expected ROI.

我們相信該交易將在 25 財年完成。由於與收購相關的某些交易相關成本，包括人才保留和技術整合成本，我們預計該交易將在短期內略微稀釋每股盈餘。我們計劃使用現金和/或債務為收購融資。重要的是，我們相信該交易將增加內部報酬率，帶來的回報超過我們預期的投資報酬率。

Within Marketplace and Fulfillment Services, Flipkart's momentum continued with double-digit growth. In the U.S. Walmart's Marketplace delivered strong holiday events, including Black Friday, our largest Marketplace sales day ever. Over the past year, we've increased sellers 20%, with approximately 30% of sellers using Walmart Fulfillment Services.

在市場和履行服務領域，Flipkart 繼續保持兩位數成長動能。在美國，沃爾瑪的 Marketplace 舉辦了精彩的假日活動，包括黑色星期五，這是我們有史以來最大的 Marketplace 銷售日。去年，我們的賣家數量增加了 20%，其中約 30% 的賣家使用沃爾瑪配送服務。

And we're pleased with the trends in our membership programs around the world. Sam's Club U.S. reached another record high level for member counts in Plus Members penetration, which led to membership income growth of 10%. And Walmart Plus continues to grow double digits.

我們對全球會員計劃的趨勢感到滿意。美國山姆會員店的 Plus 會員滲透率再創歷史新高，會員收入成長 10%。 Walmart Plus 持續維持兩位數成長。

Strong sales and margins led to fourth quarter adjusted operating income growth of more than 13%, while adjusted EPS of $1.80 increased to 5.3%. Below the line, higher interest and noncontrolling interests were headwinds to adjusted EPS.

強勁的銷售和利潤率導致第四季度調整後營業收入成長超過 13%，而調整後每股收益 1.80 美元增至 5.3%。線下，較高的利息和非控制權益是調整後每股盈餘的阻力。

Moving to returns. We generated over $35 billion in operating cash flow this year, an increase of nearly 24% due to strong business performance and improvements from working capital initiatives. Return on investment improved approximately 230 basis points to 15%, a level last achieved in 2017.

轉向回報。由於強勁的業務業績和營運資本計畫的改善，我們今年的營運現金流超過 350 億美元，成長了近 24%。投資回報率提高了約 230 個基點，達到 15%，這是 2017 年達到的水平。

Our stepped-up investments aimed at improving margins and productivity resulted in capital expenditures of $20.6 billion. The magnitude of ROI improvements reflect some benefits from productivity initiatives that we initially expected to realize in FY '25.

我們旨在提高利潤和生產力的加大投資導致資本支出達到 206 億美元。投資報酬率改善的幅度反映了我們最初預計在 25 財年實現的生產力計畫的一些好處。

And as we announced this morning, we're pleased to raise the dividend by 9% this year, the largest increase in over a decade, reinforcing our commitment to strong cash returns to shareholders. And as we continue to execute on our long-range plan, we will continue to evaluate the appropriate payout ratio for our business.

正如我們今天早上宣布的那樣，我們很高興將今年的股息提高 9%，這是十多年來的最大增幅，這強化了我們對股東強勁現金回報的承諾。隨著我們繼續執行我們的長期計劃，我們將繼續評估適合我們業務的派息率。

We have a clear vision to deliver our financial framework of growing operating income faster than sales. I'd like to spend the next couple of minutes on the initiatives we believe will drive improved incremental margins in the years ahead, even as we stay customer and top line focused, deliver value for them and invest in our people.

我們有一個明確的願景，即實現營業收入成長快於銷售成長的財務框架。我想用接下來的幾分鐘來談談我們相信將在未來幾年提高利潤增量的舉措，即使我們仍然以客戶和營收為中心，為他們創造價值並投資於我們的員工。

Beyond steady broad-based sales growth across segments, incremental profits will be derived from four key areas: business mix; productivity benefits from our supply chain transformation and automation improvements; product mix; and geographic mix. These areas will contribute to improved e-Commerce economics over the next several years.

除了各細分市場的穩定廣泛銷售成長之外，增量利潤將來自四個關鍵領域：業務組合；生產力得益於我們的供應鏈轉型和自動化改進；產品組合；和地理組合。這些領域將有助於改善未來幾年的電子商務經濟。

Starting with business mix. As I noted previously, we're excited about how our newer, higher-growth businesses are scaling. Together, these businesses have significantly higher structural margins in our core retail business, and they are growing significantly faster, which has the effect of bending our margin curve upwards.

從業務組合開始。正如我之前指出的，我們對新的、高成長的業務如何擴展感到興奮。總而言之，這些業務在我們的核心零售業務中具有明顯更高的結構性利潤，且成長速度明顯更快，這具有使我們的利潤曲線向上彎曲的效果。

Over the past year, global advertising grew 28% to about $3.4 billion. Walmart U.S. Marketplace revenue grew 45%, with more than 35% of orders fulfilled by Walmart Fulfillment Services. And lastly, global membership income grew 20%.

去年，全球廣告收入成長了 28%，達到約 34 億美元。沃爾瑪美國市場收入成長 45%，超過 35% 的訂單由沃爾瑪配送服務完成。最後，全球會員收入成長了 20%。

Over our planning horizon, the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales. We believe global advertising and membership alone will represent 20% of annual operating income in FY '25. These profit streams allow us to fund investments in our core business, while also expanding our operating margins.

在我們的規劃範圍內，該投資組合的成長預計將成為營業收入成長快於銷售額的最大驅動力之一。我們相信，光是全球廣告和會員業務就將佔 25 財年年度營業收入的 20%。這些利潤流使我們能夠為核心業務的投資提供資金，同時擴大我們的營業利潤率。

Turning to supply chain transformation and automation. This was a significant year for the phased deployment of automated technologies to optimize our next-generation supply chain. This program spans several years, with activity stepping up in FY '25 and FY '26.

轉向供應鏈轉型和自動化。對於分階段部署自動化技術以優化我們的下一代供應鏈來說，這是重要的一年。該計劃跨越數年，並在 25 財年和 26 財年加強活動。

To date, we've retrofitted 13 regional distribution centers with varying levels of automated storage and retrieval systems. This technology gets product to shelves faster and has meaningful benefits to productivity, both in our DCs and stores.

迄今為止，我們已對 13 個區域配送中心進行了改造，配備了不同等級的自動儲存和檢索系統。這項技術可以讓產品更快地上架，並且對我們的配送中心和商店的生產力都有顯著的好處。

With the progress we've made over the past year, we're on track toward our goal of having approximately 55% of our fulfillment center volume and roughly 65% of supercenters serviced by automation by the end of FY '26. Already, around 1,500 stores are receiving palletized freight from these DCs.

隨著我們過去一年所取得的進步，我們正在朝著我們的目標邁進，到 26 財年末，我們約 55% 的配送中心容量和約 65% 的超級中心將由自動化提供服務。目前已有約 1,500 家商店從這些配送中心接收托盤貨物。

There are also exciting benefits from technology being realized in our stores. We're using applications to drive speed and proficiency, including RFID and computer vision, as well as digital displays and labels to remove friction for both customers and associates. New digital tools that automate repetitive tasks or eliminate heavy lifting have increased associate productivity, and customers are benefiting from improved in-stock rates and associate accessibility, leading to customer experience scores up over 140 basis points in FY '24.

我們商店中實現的技術也帶來了令人興奮的好處。我們使用應用程式來提高速度和熟練程度，包括 RFID 和電腦視覺，以及數位顯示器和標籤，以消除客戶和員工的摩擦。自動執行重複性任務或消除繁重工作的新數位工具提高了員工的工作效率，客戶也受益於庫存率的提高和員工的可近性，從而使24 財年的客戶體驗得分提高了140 個基點以上。

We expect to begin seeing the enterprise financial benefits of upstream automation and cost to fulfill inventory efficiency, store productivity and wage leverage as we move through FY '25 with a more pronounced benefit in the second half.

我們預計，隨著 25 財年的到來，我們將開始看到上游自動化的企業財務效益以及庫存效率、商店生產力和工資槓桿的成本，並在下半年帶來更明顯的效益。

On product mix. Continuing to expand our e-commerce assortment is critical to earning first position consideration among customers. This is particularly true for general merchandise, including our Marketplace. We've accelerated visit frequency and built incredible trust through core essentials, like food and consumables. In fact, weekly active eCommerce customers grew 17% this last year.

關於產品組合。繼續擴大我們的電子商務品種對於贏得客戶的第一個考慮至關重要。對於包括我們的市場在內的一般商品尤其如此。我們加快了訪問頻率，並透過食品和消費品等核心必需品建立了令人難以置信的信任。事實上，去年每週活躍的電子商務客戶成長了 17%。

We're building on this trust by improving our general merchandise assortment, both on and offline. General merchandise also benefits as U.S. store remodels continue to perform well. We'll execute another 650 in Walmart U.S. in FY '25, on top of the nearly 700 remodels completed this year.

我們透過改善線上和線下的一般商品品種來建立這種信任。由於美國商店改造繼續表現良好，百貨商品也受益。在今年完成的近 700 項改造的基礎上，我們將於 25 財年在美國沃爾瑪再進行 650 項改造。

We're also excited to be returning to store growth in the U.S., as Doug mentioned. Our supercenter store of the future design is resulting in stronger four-wall sales, while also delivering a sales lift in the surrounding trade area, as these modernized stores offer more capacity for pickup and delivery, are more engaging to shop and are improving customer perception about Walmart, especially in general merchandise, where we're encouraged by the share gains we're seeing.

正如道格所提到的，我們也很高興能夠恢復美國商店的成長。我們未來設計的超級中心商店將帶來更強勁的四牆銷售，同時也提高了周邊貿易區域的銷售量，因為這些現代化商店提供了更多的取貨和送貨能力，更具吸引力，並且正在改善顧客認知關於沃爾瑪，特別是在日用百貨領域，我們看到的份額成長令我們感到鼓舞。

For general merchandise categories that surged during 2020 and '21 and have longer replacement cycles, such as electronics and housewares, we expect relative weakness to persist in FY '25, although we're hopeful to see directional improvement in the second half as comparisons ease.

對於2020 年和21 年期間激增且更換週期較長的一般商品類別（例如電子產品和家庭用品），我們預計25 財年將持續相對疲軟，儘管隨著比較的緩解，我們希望下半年看到方向性改善。

Lastly, geographic mix. Our international portfolio is accretive to sales and profit growth and is expected to be a larger contributor to enterprise performance. We're on pace to achieve our goals to reach approximately $200 billion in GMV and more than double profits by FY '28 from the FY '23 base. This implies high single-digit annual sales growth for the segment.

最後，地理組合。我們的國際投資組合促進了銷售和利潤成長，預計將為企業績效做出更大貢獻。我們正在努力實現我們的目標，即到 28 財年達到約 2000 億美元的 GMV，利潤在 23 財年的基礎上翻一番以上。這意味著該細分市場的年銷售額將實現高個位數成長。

In FY '24, International grew constant currency sales 10.6% and adjusted operating income over 15%. India, Walmex and China are the sales growth leaders. These 3 markets are expected to account for approximately 3/4 of international growth over the next several years. In India, Flipkart's growth continues to compound in the double digits, while PhonePe is now processing more than 6 billion monthly transactions and has reached 1.4 trillion in annual total payment volume, about 40% higher than 1 year ago. And Walmex continues to go from strength to strength.

24 財年，國際公司以固定匯率計算的銷售額成長了 10.6%，調整後的營業收入成長了 15% 以上。印度、Walmex 和中國是銷售成長的領頭羊。預計未來幾年這 3 個市場將佔國際成長的約 3/4。在印度，Flipkart 的成長持續以兩位數複合成長，而 PhonePe 目前每月處理超過 60 億筆交易，年度支付總額已達到 1.4 兆美元，比 1 年前增加約 40%。 Walmex 不斷成長。

Turning to guidance. Relative to prior years, we're introducing a slightly wider range of potential outcomes given the size of our business and a greater degree of variability we've seen. There are 3 nuanced factors to consider for FY '25.

轉向指導。與前幾年相比，考慮到我們的業務規模和我們所看到的更大程度的變化，我們引入了稍微更廣泛的潛在結果。 25 財年需要考慮 3 個微妙的因素。

First, FY '25 is a leap year, which adds an additional day in Q1. I'll refer to this effect in our Q1 guidance shortly. Second, we'll experience a 53rd week for comp sales in Q4. We've included a slide in our presentation to help with modeling this. And third, on January 30, we announced that the Board approved a 3-for-1 stock split effective February 23. We're offering full year and first quarter EPS guidance on a pre- and post-split basis.

首先，25 財年是閏年，第一季增加了一天。我很快就會在我們的第一季指南中提到這種效應。其次，我們將在第四季經歷第 53 週的比較銷售。我們在簡報中新增了一張投影片來幫助對此進行建模。第三，1 月 30 日，我們宣布董事會批准了 3 比 1 的股票分割，並於 2 月 23 日生效。我們將在分割前和分割後提供全年和第一季每股收益指引。

For FY '25, we expect net sales on a constant currency basis to grow between 3% and 4% and for operating income to grow 4% to 6%. We expect Walmart U.S. and Sam's Club U.S. net sales growth to fall in line with the enterprise and for International growth to be above enterprise growth. We expect all 3 segments to contribute to operating income growth, led by Walmart U.S., Walmart International and then Sam's U.S.

對於 25 財年，我們預計以固定匯率計算的淨銷售額將成長 3% 至 4%，營業收入將成長 4% 至 6%。我們預計沃爾瑪美國和山姆會員店美國的淨銷售額成長將與企業成長一致，而國際成長將高於企業成長。我們預計這三個部門都將為營業收入成長做出貢獻，其中以沃爾瑪美國公司、沃爾瑪國際公司和山姆美國公司為首。

At our Investor Day last April, we outlined a multiyear plan of growing sales approximately 4% and growing operating income even faster. We depicted that as a range of 4% to 8%. Looking at our growth over a 2-year period, combining FY '24 actuals and our guidance for FY '25 at the midpoint suggest we will grow sales more than 5% and operating income over 8% on average annually. This is aligned with the framework we laid out, and we're pleased with how we're executing on this plan.

在去年 4 月的投資者日上，我們制定了一項多年計劃，目標是將銷售額增長約 4%，並以更快的速度增長營業收入。我們將其描述為 4% 到 8% 的範圍。縱觀我們兩年內的成長情況，結合 24 財年的實際情況和我們對 25 財年中點的指導，我們的銷售額將年均增長 5% 以上，營業收入年均增長超過 8%。這與我們制定的框架一致，我們對執行該計劃的方式感到滿意。

At the enterprise level, we expect sales to grow faster than operating income in the first half due primarily to the timing of technology spend. In the second half, we expect operating income growth to exceed our sales growth. And on a full year basis, we expect operating income growth to exceed sales growth by 150 basis points at the midpoint. This spread between operating income growth and sales growth in FY '25 is similar to what we experienced in FY '24.

在企業層面，我們預期上半年銷售額的成長速度將快於營業收入的成長，這主要是由於技術支出的時機。下半年，我們預計營業收入成長將超過銷售成長。就全年而言，我們預計營業收入成長將超過銷售成長 150 個基點。 25 財年營業收入成長和銷售成長之間的差距與我們在 24 財年經歷的情況類似。

Adjusted operating income grew 250 basis points faster than sales, including a benefit of approximately 90 basis points from LIFO. As we've noted in the past, this relationship of operating income growing faster than sales won't occur every quarter, but we aim for the framework to hold on an annual basis at the enterprise level.

調整後營業收入比銷售額成長快 250 個基點，其中 LIFO 帶來約 90 個基點的收益。正如我們過去所指出的，這種營業收入成長快於銷售額成長的關係不會每個季度都會出現，但我們的目標是使該框架在企業層面保持每年不變。

We provided additional detail on guidance for interest, tax rate and noncontrolling interest in our press release. We expect FY '25 EPS in a range of $6.70 to $7.12 on a presplit basis and $2.23 to $2.37 on a post-split basis.

我們在新聞稿中提供了有關利率、稅率和非控制權益指導的更多詳細資訊。我們預計 25 財年每股收益在分拆前為 6.70 至 7.12 美元，分拆後為 2.23 至 2.37 美元。

As we continue the multiyear investment in technology and innovation to optimize our supply chain and stores, we expect CapEx to range between 3% to 3.5% of sales for the next couple of years. Importantly, we have good visibility to the ROI on these investments, and we're encouraged by what we're already seeing.

隨著我們繼續對技術和創新進行多年投資以優化我們的供應鏈和商店，我們預計未來幾年的資本支出將佔銷售額的 3% 至 3.5%。重要的是，我們對這些投資的投資報酬率有很好的了解，並且我們對已經看到的情況感到鼓舞。

For Q1, we expect sales growth of 4% to 5% and operating income growth of 3% to 4.5%. The leap year benefit is estimated to be approximately 100 basis points to sales growth.

對於第一季度，我們預計銷售成長 4% 至 5%，營業收入成長 3% 至 4.5%。預計閏年收益將使銷售成長約 100 個基點。

Operating income growth is expected to be below sales growth this quarter, reflecting the timing of technology expenses mentioned previously. We expect Q1 EPS in the range of $1.48 to $1.56 on a pre-split basis and $0.49 to $0.52 on a post-split basis.

預計本季營業收入成長將低於銷售成長，這反映了前面提到的技術支出的時間安排。我們預計第一季每股收益在分拆前為 1.48 至 1.56 美元，分拆後為 0.49 至 0.52 美元。

In closing, our FY '24 results demonstrated our ability to reshape our sales and operating income growth trajectory, and our guidance for FY '25 assumes operating income growing faster than sales again. Our value proposition is resonating with customers. We're deploying capital to proven and scalable investments in our people and platform, and our business model is evolving towards higher margins and returns.

最後，我們 24 財年的業績證明了我們重塑銷售和營業收入成長軌跡的能力，並且我們對 25 財年的指導假設營業收入成長再次快於銷售額。我們的價值主張與客戶產生共鳴。我們正在將資本部署到對我們的人員和平台進行驗證且可擴展的投資上，我們的業務模式正在朝著更高的利潤和回報方向發展。

I'd like to thank our 2.1 million associates worldwide who are indeed making the difference in bringing our purpose and business strategy to life every day. We're excited that by making our stock more accessible to them, more of our associates can become owners and align their interest with our external stakeholders.

我要感謝我們全球 210 萬名員工，他們每天都在為實現我們的宗旨和業務策略而做出貢獻。我們很高興透過讓他們更容易獲得我們的股票，更多的員工可以成為所有者，並使他們的利益與我們的外部利害關係人保持一致。

I'll now turn the call over to the operator for questions. Thank you.

我現在將把電話轉給接線員詢問問題。謝謝。

(Operator Instructions) Our first question this morning is from the line of Michael Lasser with UBS.

（操作員指示）我們今天早上的第一個問題來自瑞銀集團的 Michael Lasser。

My question is on the outlook for fiscal year 2025. At the outset of last year, Walmart guided to 2.5% to 3% constant currency sales growth. This year, it's guiding to 3% to 4% constant currency sales growth. Presumably, there's some benefit from the extra week and leap year within that outlook for this year.

我的問題是關於 2025 財年的前景。去年初，沃爾瑪指導的貨幣銷售額固定成長率為 2.5% 至 3%。今年，它指導貨幣銷售額保持 3% 至 4% 的恆定成長。據推測，今年的展望中，額外的一周和閏年會帶來一些好處。

But essentially on a same store sales basis, you're guiding to a similar level, yet the impact from inflation is going to be a lot more moderate this year. So what do you see that's driving this, what seems to be a bit more optimistic outlook? And as part of that, if you could comment on what would have to happen in order to reach the high end of your operating margin outlook, that would also be quite helpful.

但本質上，在同店銷售的基礎上，你的指導程度相似，但今年通膨的影響將會溫和得多。那麼您認為是什麼推動了這一趨勢，什麼似乎是更樂觀的前景呢？作為其中的一部分，如果您可以評論一下為了達到營業利潤率前景的上限而必須發生的事情，這也會非常有幫助。

Michael, this is John David. There's a lot to that question. Let me try to unpack that a little bit. I think it's helpful to go back a year and think about the mood and the tone around the overall macro environment. At that point in time, I think there was largely a consensus that we were going to enter a recession in the last year. Fortunately, we avoided that. And so I think, overall, we feel a little bit better about the health of the economy right now. That said, price levels certainly affect our forecast as well.

邁克爾，這是約翰大衛。這個問題有很多內容。讓我試著稍微解開它。我認為回顧一年來思考整個宏觀環境的情緒和基調是有幫助的。當時，我認為人們基本上達成了共識，我們將在去年進入衰退。幸運的是，我們避免了這種情況。所以我認為，總體而言，我們現在對經濟的健康狀況感覺好一些了。也就是說，價格水準也肯定會影響我們的預測。

So let me decompose our guidance just a little bit, spend a moment on this. I think there's a couple of important elements to point out. One is that, overall, we expect some level of improvement in gross profit. But I want to decompose that further because there's two elements to that.

因此，讓我稍微分解一下我們的指導，花點時間討論一下。我認為有幾個重要因素需要指出。一是，整體而言，我們預期毛利將出現一定程度的改善。但我想進一步分解它，因為它有兩個要素。

One is our product margin, which we are not relying on raising prices to achieve our long-range plan. So let me be very clear about that. The improvement in gross profit is mostly related to the change in our business mix. As we have these faster-growing, higher-margin parts of our business like advertising that are contributing to an outsized part of our portfolio. So we should expect to see some improvement in gross profit.

一是我們的產品利潤，我們並不依賴提高價格來實現我們的長期計畫。讓我非常清楚地說明這一點。毛利的改善主要與我們業務結構的變化有關。因為我們的業務中有這些成長更快、利潤率更高的部分，例如廣告，它們在我們的投資組合中佔據了很大的份額。因此，我們應該預期毛利會有所改善。

Conversely, on the SG&A line, we do expect some amount of deleverage in our business, and I want to pause on that for a second because we recognize that EDLC is critical to being -- to performing on EDLP. And so we have a lot of focus on continuing to become more efficient, to continue to try to leverage aspects of the business that we can.

相反，在 SG&A 方面，我們確實預計我們的業務會出現一定程度的去槓桿化，我想在此暫停一下，因為我們認識到 EDLC 對於 EDLP 的表現至關重要。因此，我們非常關注繼續提高效率，並繼續嘗試利用我們可以利用的業務各個方面。

But our business has changed. Just as I noted in my prior comment around business mix, that affects what happens in SG&A. As we rely on things like advertising, some of the expenses related to that hit the SG&A line. And so our focus as a team is on growing operating income, and you see that in our guidance.

但我們的業務已經改變了。正如我在先前關於業務組合的評論中指出的那樣，這會影響 SG&A 中發生的情況。由於我們依賴廣告之類的東西，因此與此相關的一些費用進入了銷售、一般管理費用（SG&A）線。因此，我們作為一個團隊的重點是增加營業收入，您可以在我們的指導中看到這一點。

I'll also point out that while mix -- and I should say, product mix has been a headwind over the last 2 years, we do assume some amount of headwind going into the coming year as general merchandise is -- will be less of our business relative to food. So there is some persistent tail to that.

我還要指出，雖然混合——我應該說，產品組合在過去兩年中一直是一個阻力，但我們確實假設像一般商品一樣進入明年的一些阻力——將會減少我們的業務與食品相關。所以這裡有一些持久的尾巴。

In terms of what would have to happen to -- for us to hit the top end of our guidance, I think a couple of things. And we're most focused on what we can control, and that's the team executing on our plan. So that's our focus. But we're not immune to the whims of the economy. And certainly, there are economic outcomes that could cause us to move to the high end of the range or the low end of the range.

就我們要達到指導上限所必須發生的事情而言，我認為有幾件事。我們最關注的是我們可以控制的事情，那就是執行我們計畫的團隊。這就是我們的重點。但我們並不能免於經濟變化的影響。當然，有些經濟結果可能會導致我們走向該範圍的高端或低端。

But given where we are right now, going into the first part of this year, we feel really good about the plan. We feel really good about the way that the team is executing and the way that we're serving our customers.

但考慮到我們現在的處境，進入今年上半年，我們對該計劃感覺非常好。我們對團隊的執行方式以及我們為客戶服務的方式感到非常滿意。

Our next question is coming 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。

So similarly, I wanted to start with gross margin, right? It was very strong in the quarter, up nearly 40 basis points for the enterprise. So was wondering if you could quantify the biggest drivers behind the improvement, if you look at higher-margin services with whole retail and how that gives you sort of confidence in the back half of the year for fiscal '25.

同樣，我想從毛利率開始，對吧？本季表現非常強勁，企業上漲了近 40 個基點。因此，我想知道您是否可以量化改善背後的最大驅動因素，如果您著眼於整個零售業的利潤率較高的服務，以及這如何讓您對 25 財年下半年充滿信心。

And then John David, you talked about the improvements in digital contribution margin, certainly the drivers behind that. I was wondering if you could quantify it or maybe speak to the magnitude of improvement we've seen and sort of where that puts you on the path to breakeven or even profitability.

然後約翰大衛，您談到了數位貢獻率的提高，當然還有背後的驅動因素。我想知道您是否可以對其進行量化，或者談談我們所看到的改善程度，以及這會讓您走上盈虧平衡甚至盈利的道路。

Sure. I'll start on the answer to the improvement in gross margin, and John may want to jump in there. But we're just in a healthier place than we were a year ago, and I think inventory is a big part of that.

當然。我將從毛利率改善的答案開始，約翰可能想跳進去。但我們只是比一年前更健康，我認為庫存是其中的重要組成部分。

As we noted, inventory in the U.S. was down 4.5%, down 8% for Sam's, and that just enables us to operate a lot more effectively. We saw markdowns in the quarter be notably less than they were the year before, and all those have an effect on gross margin.

正如我們所指出的，美國的庫存下降了 4.5%，山姆百貨的庫存下降了 8%，這使我們能夠更有效地運作。我們看到本季的降價明顯低於前一年，所有這些都會對毛利率產生影響。

John, do you want to talk a little bit more about that, and I'll go back to eCom?

約翰，你想再多談談這個問題嗎？我會回到 eCom 嗎？

Sure, sure. Yes. Thanks, John David. Krisztina, thanks for the question. A few things I'd say in margin. Number one, the team is really committed to driving value for customers, and they did that in the quarter while improving margin. And I want to talk about value just a second. We're really proud about the fact that our roll by count is up significantly from a year ago, somewhere to what it was in the third quarter.

一定一定。是的。謝謝，約翰大衛。克里斯蒂娜，謝謝你的提問。我想在保證金中說幾句話。第一，團隊真正致力於為客戶創造價值，他們在本季做到了這一點，同時提高了利潤率。我想談談價值。我們感到非常自豪的是，我們的滾動計數比一年前顯著增加，達到了第三季的水平。

Second, the value with customers is resonating well. We saw NPS levels at a high level throughout the quarter and all-time highs for the quarter, which we're also proud of.

其次，價值與客戶產生良好共鳴。我們看到整個季度的 NPS 水平都處於高水平，並且創下了本季的歷史新高，我們也為此感到自豪。

And then on the gross margin line as it relates to the overall flow-through, there are two things to consider there. One is sell-through was very strong throughout the quarter. Our inventory closed down 4.5%. This is the first year I can remember in my career being in stores in early December, and they were out of storage containers, product in the counter, in the back rooms. The teams did a very nice job getting inventory inside knowing what they owned and selling through.

然後，在與整體流通量相關的毛利率線上，有兩件事需要考慮。一是整個季度的銷售量非常強勁。我們的庫存收盤下降了 4.5%。這是我職業生涯中第一次在 12 月初進入商店，當時商店的儲藏容器已經用完，櫃檯上、後面的房間裡都有產品。這些團隊在了解內部庫存方面做得非常好，了解他們擁有什麼並透過什麼進行銷售。

And the sell-through that was strong at the holiday events. We mentioned two of our strongest days ever were in December, just leading up to Christmas. The strong sell-through led to lower markdowns. And the markdowns were, by far, the biggest impact on margins in the U.S. And then the second impact would have been from business mix.

節慶活動期間的銷售量也很強勁。我們提到十二月是我們有史以來最強勁的兩天，就在聖誕節前夕。強勁的銷售導致降價幅度降低。到目前為止，降價是對美國利潤率影響最大的因素，其次是業務組合的影響。

So John David said that earlier, but those are the two factors that improved it. And we feel good about our inventory position as we begin this year. We ended the year clean. Store managers and associates have backrooms that are quite under control. They feel very good about their inventory levels, and we're really proud of how they performed.

所以約翰大衛早些時候就說過了，但這是改善它的兩個因素。從今年開始，我們對庫存狀況感覺良好。我們乾淨地結束了這一年。商店經理和員工的幕後室完全受到控制。他們對自己的庫存水準感覺非常好，我們對他們的表現感到非常自豪。

Sure. And Krisztina, I'll address the improvement that we have seen and expect to continue to see in our contribution margin on eCommerce. There's a couple of elements to this. One is I'm really pleased with the way the team has performed on cost of fulfillment. That has gone down 20% in the last year.

當然。克里斯蒂娜（Krisztina），我將談談我們已經看到並期望在電子商務貢獻率方面繼續看到的改進。這有幾個要素。一是我對團隊在履行成本方面的表現感到非常滿意。去年這個數字下降了 20%。

A lot of hard work has gone into making that happen. But the unit economics of delivering a package to a customer or a member have simply improved. So that's a big part of the improvement we've seen, and we expect to see continued improvements there.

為了實現這一目標，我們付出了很多努力。但向客戶或會員遞送包裹的單位經濟效益卻得到了明顯改善。這是我們所看到的改進的一個重要部分，我們期望看到那裡的持續改進。

The second aspect of this is the densification of our network, specifically the last mile. As we have more customers coming to us, using us through eCommerce channels, it enables us to spread that cost of delivery over multiple customers.

第二個面向是我們網路的緻密化，特別是最後一哩路。隨著越來越多的客戶來到我們這裡，透過電子商務管道使用我們，這使我們能夠將交付成本分攤給多個客戶。

And so if you think about an item, like our weekly active customers on eCommerce, that's up 17%, much more than our top line. And so customers are recognizing that they can come to Walmart for convenience just as much as they can on price, and that actually helps the profitability of this channel for us.

因此，如果你考慮一個項目，例如我們每週在電子商務上的活躍客戶，就會成長 17%，遠遠超過我們的收入。因此，顧客意識到，他們可以在沃爾瑪享受便利，就像在價格上一樣，這實際上有助於我們提高該管道的獲利能力。

In terms of where we -- or when we can get to profitability, we have line of sight to eCommerce being breakeven when we include all the various components of this advertising, Fulfillment Services, all that together. But to be clear, we're focused on getting to eCommerce profitability, even without the subsidization of those additional items.

就我們的位置或何時能夠實現盈利而言，當我們將廣告、履行服務等所有組成部分納入其中時，我們預計電子商務將實現盈虧平衡。但需要明確的是，我們的重點是實現電子商務獲利，即使沒有這些額外項目的補貼。

That's a little further down the road. We have a lot of work to do to get to that point. But we're really pleased with the progress that we've made and the plan that we have going forward.

那是稍微遠一點的路。為了達到這個目標，我們還有很多工作要做。但我們對所取得的進展和未來的計劃感到非常滿意。

I think big picture as it relates to the business model, scale has helped a lot. Getting to $100 billion for the year is a different number than what we were dealing with before, and it's nice to have growth coming on top of that.

我認為與商業模式相關的大局，規模有很大幫助。今年達到 1000 億美元與我們之前處理的數字不同，而且在此基礎上實現成長是件好事。

And as John David said, the formula, whether it's in the U.S. or it's in other markets around the world, is now clear to us. We're in execution mode as it relates to these things. And obviously, route density helps, volume helps, mix as it relates to contribution profit as part of the equation.

正如約翰大衛所說，無論是在美國還是在世界其他市場，這個公式現在對我們來說都很清楚。我們處於與這些事情相關的執行模式。顯然，路線密度有幫助，數量有幫助，混合有幫助，因為它與貢獻利潤有關，是等式的一部分。

And it's exciting to see, whether it's Walmex or it's what's happening in India, in addition to what we've been talking about in the U.S. with Walmart and Sam's, the commonalities that we're now experiencing, it feels like for some time now, we've really kind of known what we're doing. And omni is an advantage, figuring out how to leverage stores and clubs, what role they play has been part of that journey as well.

令人興奮的是，無論是 Walmex 還是印度正在發生的事情，除了我們在美國與沃爾瑪和 Sam’s 討論的內容之外，我們現在正在經歷的共同點，感覺已經有一段時間了，我們確實知道我們在做什麼。全能是一個優勢，弄清楚如何利用商店和俱樂部，他們扮演什麼角色也是這趟旅程的一部分。

And if I can just comment still in China. If you look at their progress over the last few years, they had a digital penetration of about 4% in 2019. They're now at 48%. It's almost 50-50 offline and online, and we're driving our profit through that business. So I think they've shown a path to really growing omni sales profitably.

如果我還能在中國發表評論的話。如果你看看他們過去幾年的進展，你會發現 2019 年他們的數位滲透率約為 4%。現在是 48%。線下和線上幾乎是 50-50，我們正在透過這項業務來提高利潤。因此，我認為他們已經展示了一條真正實現全方位銷售獲利成長的道路。

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

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

Doug, I was going to ask you to kind of keep it high level. For fiscal '24, the prior year, it was a tough consumer year. But strategically, Walmart made progress on a lot of fronts. If you look at fiscal '25, if -- can you boil down the year 1 to 3 measures of success, and I have some ideas, but I won't preload the question? And then -- so what will define success in terms of strategic initiatives?

道格，我本來想請你保持高水準。對上一年度的 24 財年來說，這是消費艱難的一年。但從戰略上講，沃爾瑪在許多方面都取得了進展。如果你看看 25 財年，如果——你能總結一下第一年到第三年的成功衡量標準嗎？我有一些想法，但我不會預先提出這個問題？那麼，什麼才能定義戰略舉措的成功呢？

And then just secondarily, any evolving thoughts about reinvestments in the business? So the business should continue to see higher EBIT growth over the next several years. Do you -- since you have one year or at least a couple of years under your belt now of seeing that evolve, do you find that the investment rates should be any greater, such that not all of that flows through?

其次，關於業務再投資有什麼不斷變化的想法嗎？因此，未來幾年該業務應該會繼續看到更高的息稅前利潤成長。你是否——既然你現在已經有一年或至少幾年的時間來見證這種演變，你是否發現投資率應該更高，這樣就不會全部流過？

Thanks, Simeon. I feel good about the reinvestment rate. And if you look at what our plans include, whether it's on the OpEx or CapEx side, I think we're being aggressive, and it is exciting to be in a position where we can play off in some price to the degree we need to.

謝謝，西蒙。我對再投資率感覺良好。如果你看看我們的計劃包括什麼，無論是在營運支出還是資本支出方面，我認為我們都很積極，而且我們能夠以一定的價格達到我們需要的程度，這是令人興奮的。

We can invest in associate wages and, at the same time, we can grow operating income faster than sales. And when I look back at last year and then how that plays through to FY '25, I think the themes are the same.

我們可以投資員工薪資，同時，我們可以比銷售額更快增加營業收入。當我回顧去年以及 25 財年的情況時，我認為主題是相同的。

We got to keep the top line going, and this business has always been so fun as it relates to just being a merchant driving sales. And I like the fact that we've got an opportunity across so many categories, food, consumables, general merchandise, apparel. And as prices come down on the general merchandise side, there's an opportunity to show off our merchant skills and to drive more units.

我們必須保持營收，這項業務一直都很有趣，因為它與作為一個推動銷售的商人有關。我喜歡這樣一個事實，即我們在食品、消費品、日用百貨、服裝等眾多類別中都有機會。隨著一般商品價格的下降，我們有機會展示我們的商業技能並推動更多的銷售。

And that's one of the reasons why, to Michael's question, to start this conversation, we have some confidence is because we're seeing our units move and our share numbers look strong. So top line is a focus. I think we're positioned to grow that because we can do that in-store club, pick up, delivery, however people want to be served.

對於邁克爾的問題，這就是為什麼我們有信心開始這次對話的原因之一，因為我們看到我們的單位在變動，而且我們的股價看起來很強勁。所以頂線是一個焦點。我認為我們有能力發展這一點，因為我們可以提供店內俱樂部、取貨、送貨服務，無論人們想要什麼服務。

The second thing I'd mention is the automation plan. And I think in the U.S. where we're most aggressive, we'll see over the next few years a higher level of inventory accuracy, improved flow which will help us with markdowns, associate wage productivity, all the metrics that we've been talking about with you guys in particular for the last year. So I think automation is the next theme.

我要提到的第二件事是自動化計劃。我認為在我們最積極的美國，我們將在未來幾年看到更高水準的庫存準確性、改進的流程，這將幫助我們進行降價、關聯工資生產力以及我們一直以來的所有指標特別是與你們談論去年的事。所以我認為自動化是下一個主題。

And then the last one that I'll mention is all of the things that flow from Marketplace and advertising. I think we've learned a lot about Marketplace over the last few years, and we're working together to build what is a multi-country Marketplace business, which will help us not only with commissions related to Marketplace and Fulfillment Services scale, but it will also help us with advertising and data monetization and some of the other keys to changing the shape of the P&L or the business mix, as we refer to it. So those are the things that come to the top for me, and that's what I stay focused on.

我要提到的最後一個是來自市場和廣告的所有內容。我認為在過去的幾年裡，我們已經了解了很多關於Marketplace 的知識，我們正在共同努力建立多國Marketplace 業務，這不僅有助於我們獲得與Marketplace 和履行服務規模相關的佣金，而且還有助於我們它還將幫助我們進行廣告和數據貨幣化，以及改變我們所說的損益表或業務組合的其他一些關鍵因素。所以這些對我來說是最重要的事情，也是我一直在關注的事情。

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。

So I just want to go back to the Walmart U.S. general merchandise category. Just curious how the remodels have continued to perform as I believe you're soon be lapping the Teterboro opening.

所以我只想回到沃爾瑪美國日用百貨類別。只是好奇改造如何繼續進行，因為我相信您很快就會在泰特波羅開口處進行研磨。

And then as you look at the general merchandise offering, curious if you're seeing any green shoots. Just trying to get a sense of when we can start to expect a return to positive growth.

然後，當您查看一般商品時，您會好奇是否看到了任何新芽。只是想了解我們何時可以開始預期恢復正成長。

Rupesh, it's John. Really pleased with the team. They're growing top and bottom line, and we're investing in the future. As we talked about this year, we're planning to do 650 more remodels. We did close to 700 last year, which is, I think, our largest year and had a really big month in the month of November.

魯佩什，我是約翰。對團隊真的很滿意。他們的收入和利潤都在成長，而我們正在投資未來。正如我們今年所說，我們計劃再進行 650 次改造。去年我們做了近 700 次，我認為這是我們最大的一年，並且 11 月是一個非常重要的月份。

The results are very promising. As you know, there is more space for customers. We opened the store up. We're really proud of the results in apparel and home, beauty. We see positive signs out of the pet department.

結果非常有希望。如您所知，客戶有更多空間。我們開了店。我們對服裝、家居、美容領域的成果感到非常自豪。我們看到寵物部門的正面跡象。

As there are a number of things that are coming together in the fourth quarter, in particular, we're really pleased with the toy performance where we saw unit share gains with big brands like LEGO, Mattel, Melissa & Doug. So there's some really nice signs coming out of those stores, and we're real looking forward to this year to put another, as we said, 650 remodels out in the market.

由於第四季發生了很多事情，特別是我們對玩具的表現感到非常滿意，我們看到樂高、美泰、Melissa & Doug 等大品牌的單位份額有所增長。因此，這些商店裡出現了一些非常好的標誌，我們真的很期待今年能再推出 650 輛改款車型，正如我們所說的那樣。

And you've consistently performed seasonally. I think as we look forward to this year, whether it's Easter, back-to-school, all the way through the holiday again, people come to Walmart for seasonal purchases. And we've got a great strength there that we plan to build on.

而且你的表現一直都是季節性的。我認為，當我們期待今年時，無論是復活節、返校，還是整個假期，人們都會來到沃爾瑪進行季節性購物。我們在那裡擁有強大的實力，我們計劃在此基礎上繼續發展。

We do, Doug, it's been a lot of fun to see how these came together. As I mentioned, the sell-throughs are really strong throughout the fourth quarter. And Valentine's Day was a strong holiday early in the year.

我們確實如此，道格，看到這些如何結合在一起真是太有趣了。正如我所提到的，整個第四季的銷售量非常強勁。情人節是年初的一個重要節日。

We -- because we're so close to customers, we were delivering same day up until 8:30 that night. I wouldn't recommend that for everyone. But certainly, the capability to be able to take flowers to someone at 8:30 who had a bit of a moment was a lot of fun. Save the day.

我們－因為我們離客戶非常近，所以我們當天就送貨到當晚 8:30。我不會向所有人推薦這個。但可以肯定的是，能夠在 8:30 給某個有閒暇時光的人送花是一件很有趣的事情。保存一天。

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

下一個問題來自 BMO 資本市場的 Kelly Bania。

Wanted to just talk a little bit more about advertising. 28% growth for the year, I think you said reaching $3.4 billion. Just doing some math here. It seems like that could be adding about $300 million to $400 million in EBIT on an annual basis now.

我想多談一點廣告的事情。我想你說過今年成長 28%，達到 34 億美元。只是在這裡做一些數學計算。現在看來，每年的息稅前利潤可能會增加約 3 億至 4 億美元。

I just wanted to see if that is in the right ballpark. And what kind of magnitude of growth you're forecasting for this coming year and really the next couple of years? And also if you can just elaborate here on the vision with VIZIO as it relates to advertising.

我只是想看看這是否在正確的範圍內。您預計明年乃至未來幾年的成長幅度是多少？另外，您能否在此詳細闡述 VIZIO 與廣告相關的願景。

Sure, Kelly. This is John David. I'll start. We're really pleased with not just advertising, but a lot of these faster growth parts of our business. Advertising, we've called out, You noted the growth that we had for the year. We have really strong growth in the quarter.

當然，凱利。這是約翰大衛。我開始吧。我們不僅對廣告感到非常滿意，還對我們業務中許多快速成長的部分感到滿意。廣告，我們呼籲，您注意到我們今年的成長。我們本季的成長非常強勁。

You're right, your math is right in terms of the type of contribution that we could expect there, and that segues into the conversation around VIZIO. We're really excited about that acquisition. I think it's very complementary to what we're already doing organically in that part of the business, and this is going to accelerate it.

你是對的，你的數學計算是正確的，就我們可以期望的貢獻類型而言，這延續到了圍繞 VIZIO 的對話。我們對這次收購感到非常興奮。我認為這與我們在這部分業務中已經有機開展的工作非常互補，這將加速這一進程。

I'll turn it to Doug and John, though, to add more about that.

不過，我會將其交給 Doug 和 John，以補充更多相關資訊。

Yes. We're not going to say too much. Obviously, we need to give that some time for the process to play out. But as John David said, we are really excited about the opportunity to bring together VIZIO's operating system with our ad platform. And we can appreciate that you all would probably have a number of questions about it.

是的。我們不會說太多。顯然，我們需要給這個過程一些時間來完成。但正如 John David 所說，我們對於有機會將 VIZIO 作業系統與我們的廣告平台結合在一起感到非常興奮。我們可以理解，大家可能對此有很多疑問。

Marketplace and advertising are key drivers of profitability growth, as we've already discussed. And this acquisition accelerates the build-out of our advertising platform into the connected TV business, which will be exciting. But given that the acquisition hasn't closed, we can only reinforce what we've already shared.

正如我們已經討論過的，市場和廣告是獲利成長的關鍵驅動力。這項收購加速了我們的廣告平台向連網電視業務的拓展，這將是令人興奮的。但鑑於收購尚未完成，我們只能加強我們已經分享的內容。

So we'll be limited in our remarks today. So you may want to save your questions for another topic. We want to focus for now on our quarter, on the company's strategy and more broader topics. And then we can come back to you once the deal is closed.

因此，我們今天的發言將受到限制。因此，您可能想將問題儲存到另一個主題。我們現在希望專注於我們的季度、公司的策略和更廣泛的主題。交易完成後我們可以回覆您。

Our next question is 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)。

My question is on the transaction comps. I think it was 4.3% for Walmart U.S. It's -- that's a pretty strong number and a big quarter for you guys. Can you -- a couple of things on that. Can you talk about how that kind of played out in terms of the fourth quarter? Was it more grocery driven and eCommerce driven in grocery? Or did you have really strong transaction growth year-over-year in holiday?

我的問題是關於交易比較的。我認為沃爾瑪美國公司的成長率為 4.3%，這是一個相當強勁的數字，對你們來說是一個重要的季度。你能——就此說幾件事嗎？能談談第四季的表現如何嗎？雜貨店是否更多由雜貨店驅動和電子商務驅動？或者假期期間的交易年增率真的很強勁嗎？

And then in the guidance you guys have given Walmart U.S., how should we think about that transaction momentum continuing and then also probably the biggest drivers to sustaining that kind of high level of transaction growth for this year?

然後，在你們給沃爾瑪美國公司的指導中，我們應該如何看待交易勢頭的持續，以及今年維持這種高水準交易成長的最大驅動力？

Robby, it's John. Let me start on this, and others can jump in. The 4.3% was -- is encouraging. We're seeing more customers. We're seeing them more often, and we're seeing a lot of new customers. The frequency John David mentioned earlier, the weekly average customers in eCommerce up 17% is a strong number.

羅比，這是約翰。讓我從這個開始，其他人可以加入進來。4.3% 是令人鼓舞的。我們看到了更多的客戶。我們越來越常見到他們，並且見到了許多新客戶。 John David 先前提到的頻率，電子商務中的每周平均客戶成長 17%，這是一個強勁的數字。

It's -- the mix hasn't changed really all that much. I think you've -- if you look at our results by business unit from consumables to food to GM, pretty similar trends than what we've been seeing. I think the big difference that we can talk about is we see more customers using same-day services and express deliveries, and that's also across a broad range of categories.

混合併沒有真正改變那麼多。我認為，如果您按業務部門（從消耗品到食品再到通用汽車）查看我們的結果，您會發現與我們所看到的趨勢非常相似。我認為我們可以談論的最大區別是我們看到更多的客戶使用當日服務和快遞，而且這也涉及廣泛的類別。

That would be intuitive to assume it's food at times, like the example earlier when you're missing an ingredient. But it's -- we're also seeing this happen for birthday gifts and general merchandise items and other things.

有時會很直觀地假設它是食物，就像前面的例子，當你缺少某種成分時。但我們也看到這種情況發生在生日禮物、一般商品和其他物品上。

So I'd go back to what we talked about at the beginning of last year when we talked about supply chain strategy, having a short last mile is an important component in eCommerce and having stores be able to deliver what historically would have been an eCommerce order or a food delivery order or the combination of the two is really helping the brand. And additionally, that's bringing the delivery cost down, which has contributed to the improvement in operations loss in eCommerce.

因此，我想回到去年年初我們討論供應鏈策略時所討論的內容，最後一英里短是電子商務的重要組成部分，並且讓商店能夠提供歷史上電子商務的產品訂單或送餐訂單或兩者的結合確實對品牌有幫助。此外，這也降低了配送成本，有助於改善電子商務的營運損失。

I think the things you've done to make it easier to pick at store level should be mentioned, too, RFID and apparel. Having the inventory levels down, so that people can find things, I think, helped us a lot when it came time to pick toys at the last minute, for example.

我認為還應該提及你們為使商店層面的挑選變得更容易而所做的事情，RFID 和服裝。我認為，降低庫存水平，以便人們可以找到東西，這對我們在最後一刻挑選玩具時有很大幫助。

Our accuracy, our customer scores reflect that improved accuracy. Combine that with the automation that we're putting into eCommerce fulfillment centers and you can start to see that there's a great opportunity for us to leverage math and optimize where things come from, but our accuracy is also improving.

我們的準確性、我們的客戶評分反映了準確性的提高。將其與我們在電子商務履行中心投入的自動化相結合，您可以開始看到我們有很好的機會利用數學並優化事物的來源，但我們的準確性也在提高。

It really has, Doug. There are a few things that we're doing with technology to help us ensure that we know what we own, where it is and ensure that it's accessible for the store associates.

確實如此，道格。我們正在利用技術做一些事情來幫助我們確保我們知道我們擁有什麼、它在哪裡，並確保商店員工可以訪問它。

And I can't overemphasize the importance of inventory levels being down 4.5% and what that does for a store manager, a team lead, for the coaches that are in the stores who need to take care of what a customer needs right now, and they're able to do that much more accurately. So I think it will get better over time as the automation continues to come online, but definitely some notable improvements from the store team this quarter.

我無法過度強調庫存水準下降 4.5% 的重要性，以及這對商店經理、團隊領導、商店中需要照顧顧客當前需求的教練的影響，以及他們能夠更準確地做到這一點。因此，我認為隨著自動化的不斷上線，隨著時間的推移，情況會變得更好，但本季商店團隊肯定會有一些顯著的改進。

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

我們的下一個問題來自科里·塔洛（Corey Tarlowe）和傑弗里斯（Jefferies）。

I wanted to double-click on technology, and you talk about Walmart being a people-led and tech-powered company. But specifically, as it relates to AI, what is it in the last 12 months that you've deployed enterprise-wide that's worked well for the business and helped drive better returns? And then what is it over the next 12 months that you see that could really help to improve results even more going forward, as I know that's been a continued focus for the enterprise broadly?

我想雙擊技術，你說沃爾瑪是一家以人為本、以技術為動力的公司。但具體來說，與人工智慧相關的是，在過去 12 個月中，您在企業範圍內部署的哪些技術對業務效果良好並有助於帶來更好的回報？那麼，在接下來的 12 個月中，您認為哪些內容可以真正有助於進一步改善業績，據我所知，這一直是企業廣泛關注的焦點？

Yes. Thanks, Corey. This is Doug, and others can chime in here and help me with this, but we're very excited about generative AI. There are big opportunities for us to improve the customer and member experience, improve associate experiences and productivity and to help take costs out of the business, and we're moving.

是的。謝謝，科里。我是 Doug，其他人可以在這裡插入並幫助我解決這個問題，但我們對生成式 AI 感到非常興奮。我們有很大的機會來改善客戶和會員體驗，改善員工體驗和生產力，並幫助降低業務成本，我們正在採取行動。

I think big picture, we've got a very clear plan as it relates to what we want to build versus what we want to leverage from others. And we've got good partnerships and good advisers. And we've got a strong tech team that knows what they're doing in this area. So I do expect that it will have benefits.

我認為從大局來看，我們有一個非常明確的計劃，因為它關係到我們想要建立什麼以及我們想要從其他人那裡利用什麼。我們擁有良好的合作夥伴關係和優秀的顧問。我們擁有一支強大的技術團隊，他們知道自己在這一領域正在做什麼。所以我確實希望它會帶來好處。

As I talk to other CEOs and we learn here, I think it's still too early to try and quantify this specifically. I think as we look back on what develops, we can probably tell you in the rearview mirror how things played out from a cost perspective, for example. But the thing we're most excited about that's already happened is the way search has improved.

當我與其他執行長交談並在這裡了解到時，我認為現在嘗試具體量化這一點還為時過早。我認為，當我們回顧事態發展時，我們可能可以在後視鏡中告訴您，例如，從成本角度來看事情是如何進行的。但我們最興奮的是已經發生的事情是搜尋方式的改進。

The way generative AI helped us really improve a solution-oriented search experience for customers and members is the thing that we're most excited about. And it happened pretty quickly. And it impacted Super Bowl search results. We gave you the example of Valentine's Day earlier. And the team is learning how to do that across all of our markets and the entirety of the company, so that's also exciting.

生成式人工智慧幫助我們真正改善客戶和會員以解決方案為導向的搜尋體驗，這是我們最興奮的事情。而且事情發生得很快。它影響了超級盃的搜尋結果。我們之前給過你情人節的例子。團隊正在學習如何在我們所有的市場和整個公司範圍內做到這一點，所以這也令人興奮。

We also rolled out something we call My Assistant on our Me@Walmart applications, so that all of our associates have access to generative AI tools and capabilities. So strategically, the way I think about it is the leadership of the company is working through where our biggest opportunities are, prioritizing and resourcing those opportunities. But we're also making generative AI available broadly, so that we get surprising good news from the way that all of our associates interact with it.

我們還在 Me@Walmart 應用程式上推出了名為「我的助手」的功能，以便我們所有的員工都可以使用生成式 AI 工具和功能。因此，從策略上講，我的想法是公司領導層正在研究我們最大的機會所在，對這些機會進行優先排序並為其提供資源。但我們也正在廣泛推廣生成式人工智慧，以便我們從所有員工與之互動的方式中獲得令人驚訝的好消息。

Anybody else want to comment on that technology?

還有人想對該技術發表評論嗎？

At Sam's Club, we were really excited to unveil at CES the first of our Sam's Club's big consumer-facing applications of AI. So our easy exit process, which employs computer vision and AI to allow people to just walk out is just a really exciting way. And when you watch customers, I was in a club last week watching customers just walk out, members just walk out. And the joy that it gives them that some computer vision and AI is making their lives better without them knowing why or how is really exciting.

在山姆會員店，我們非常高興在 CES 上推出山姆會員店第一個面向消費者的人工智慧大型應用程式。因此，我們採用電腦視覺和人工智慧的簡單退出流程讓人們直接退出，這是一種非常令人興奮的方式。當你觀察顧客時，我上週在一個俱樂部裡看著顧客走出去，會員走出去。一些電腦視覺和人工智慧正在讓他們的生活變得更好，而他們不知道為什麼或如何，這給他們帶來了快樂，這真的很令人興奮。

And I think it's just the beginning of a journey in Sam's Club. We like to innovate. We have the opportunity to innovate. And we'll see opportunities for cost out, no doubt. We took 35 million tasks out of the club last year for associates by employing technology. A lot of that is artificial intelligence that helps them manage inventory better.

我認為這只是山姆會員店之旅的開始。我們喜歡創新。我們有機會創新。毫無疑問，我們將看到成本削減的機會。去年，我們利用科技為員工減輕了 3,500 萬項任務。其中很大一部分是人工智慧，可以幫助他們更好地管理庫存。

And we're working a lot with our members, too, on personalizing how we interact with them. So we were pleased with opportunities. And I think the important thing is to choose the biggest ones and invest in those.

我們也與我們的會員進行了大量合作，以個性化我們與他們的互動方式。所以我們對機會感到高興。我認為重要的是選擇最大的公司並對其進行投資。

That exit technology still requires a member to scan their items on their app. So Scan & Go is the first step. And then you can just leave the building when the transaction is completed. But obviously, eventually, we want to remove all of that part the process, too.

該退出技術仍然需要會員在其應用程式上掃描其物品。所以 Scan & Go 是第一步。交易完成後您就可以離開大樓。但顯然，最終我們也希望刪除流程中的所有部分。

We do, we do.

我們願意，我們願意。

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

我們的下一個問題來自花旗集團的 Paul Lejuez。

You mentioned rollbacks being up versus last year. Can you quantify that and maybe talk about what percent of those rollbacks are being vendor funded, how that compares to last year as well and how that might have also compared to how you operate rollbacks historically? Also curious on which categories you're most focused on providing those rollbacks.

您提到與去年相比，回滾增加。您能否量化這一點，也許可以談談這些回滾中有多少百分比是由供應商資助的，與去年相比如何，以及與您歷史上操作回滾的方式相比如何？也想知道您最關注哪些類別提供這些回滾。

Paul, it's John. I'll take that question. It's -- rollbacks are one of the programs we used in the Walmart format. It's up around 50% of last year, which is similar to what we reported in the third quarter. As far as categories, it's pretty evenly spread across the box.

保羅，是約翰。我來回答這個問題。回滾是我們在沃爾瑪格式中使用的程式之一。比去年增長了 50% 左右，與我們第三季的報告類似。就類別而言，它在整個盒子中分佈得相當均勻。

If you go back to what we said earlier about pricing, general merchandise is negative by low single digits. So you'll see a decent number all across general merchandise. Food -- the food business has a number that are showing quite as well. It's really key items that we know that our customers have responded to well.

如果你回到我們之前所說的定價問題，一般商品的價格都是低個位數的負值。因此，您會在一般商品中看到相當多的數字。食品－食品業的業績也相當不錯。據我們所知，這確實是關鍵項目，我們的客戶對此反應良好。

We took our French bread back to $1, which had been $1 for a long time and went up as inflation hit the market. And we're seeing results of that running about 40% over last year, so customers immediately responded. Rotisserie chicken is another one. That price has come down by $1. Customers are responding.

我們把法國麵包的價格恢復到 1 美元，這個價格很長一段時間都是 1 美元，隨著通貨膨脹衝擊市場而上漲。我們看到其運行結果比去年提高了約 40%，因此客戶立即做出了反應。烤雞是另一種。該價格已下降 1 美元。客戶正在回應。

And then as John David said earlier, customers are being choiceful, and our customers are smart and they recognize value really well. So as prices come down, and we can show the value digitally or physically, we're seeing a lot of great responses.

正如約翰大衛之前所說，客戶是有選擇的，我們的客戶很聰明，他們非常清楚地認識到價值。因此，隨著價格下降，我們可以透過數位或實體方式展示其價值，我們看到了很多很好的反應。

As far as the funding, I mean, it's always going to be a balance. Merchants have a lot of levers in their P&L from their initial margin to how they manage their inventory back to mix. In many cases, you can improve margin by selling items that are higher margin. You can take higher-margin items down and move sales to those items, and it shifts the entire mix of the category.

就資金而言，我的意思是，它始終是平衡的。商家在損益表中擁有許多槓桿，從最初的利潤到如何管理庫存以進行混合。在許多情況下，您可以透過銷售利潤率較高的商品來提高利潤率。您可以降低利潤率較高的商品，並將銷售轉移到這些商品上，這會改變該類別的整個組合。

So it's not as easy as just one simple answer. But the merchants are -- as I said earlier, they're doing a nice job of managing value for customers. They are driving rollbacks. And because of strong inventory management, we were able to save markdowns and improved gross margin on products.

所以這並不像一個簡單的答案那麼容易。但正如我之前所說，商家在為客戶管理價值方面做得很好。他們正在推動回滾。由於強大的庫存管理，我們能夠節省降價並提高產品的毛利率。

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

下一個問題來自巴克萊銀行的塞思‧西格曼。

Just reflecting on the market share gains. A lot of the commentary this past year has been focused on wins with the higher-income consumer. Just any more perspective on how that's been playing out within consumables versus discretionary categories and how you think about getting that customer really up that spending curve over time. And then, I guess, just related, if you could speak to market share trends perhaps across some of the other customer segments as well, that would be helpful.

只是反映市場佔有率的成長。去年的許多評論都集中在贏得高收入消費者的青睞。只是更多地了解消耗品與非必需品類別的情況如何，以及您如何考慮隨著時間的推移讓客戶真正提高支出曲線。然後，我想，如果你能談談其他一些客戶群的市場份額趨勢，那將會很有幫助。

Seth, this is John David. We're pleased with what we've seen in market share gains. In the quarter, we gained share in virtually every category. But notably, one of the biggest contributors in the quarter was in this income demographic from households that make more than $100,000 a year.

賽斯，這是約翰大衛。我們對市場份額的成長感到滿意。在本季度，我們幾乎在每個類別中都獲得了份額。但值得注意的是，本季最大的收入貢獻者之一是年收入超過 10 萬美元的家庭。

So general merchandise as an example, 2/3 of the share gain that we had in the quarter was through this income demographic and digital channels. And what that illustrates, I think, broadly, is that our value for convenience is every bit as much -- every grade is what it is for price. And that resonates to people, regardless of the size of your paycheck.

以一般商品為例，我們本季 2/3 的份額成長是透過這種收入人口和數位管道實現的。我認為，從廣義上講，這說明我們對便利性的重視程度是一樣的——每個等級都是它的價格。無論你的薪水有多少，這都會引起人們的共鳴。

And so that's one of the reasons we think that we're gaining share. Our value proposition is resonating with customers, and they're clearly shopping us in new ways and -- versus how they have historically.

這就是我們認為我們正在獲得份額的原因之一。我們的價值主張引起了客戶的共鳴，他們顯然以新的方式購買我們的產品——與以往不同。

I'd also just comment on some of the other markets that we're into. Looking at the market share gains that we've got really closely correlate with the improvements we've seen in NPS as well as price gap. So I think as we look at just being really relevant from a value perspective, in markets we're seeing that the consumer is responding with improvements in traffic and also in market share.

我也想評論一下我們進入的其他一些市場。看看我們所獲得的市場份額的成長與 NPS 以及價格差距的改善密切相關。因此，我認為，當我們從價值角度來看真正相關時，我們看到消費者正在透過流量和市場份額的改善做出回應。

And there are so many things, Seth, in there. But what customers want, they want a great price, they want a great assortment, they want value, they want experience. And we've been talking about for a couple of years the flexibility that we can offer that we couldn't -- or did not years ago.

塞斯，裡面有很多東西。但客戶想要的是，他們想要優惠的價格，他們想要豐富的品種，他們想要價值，他們想要體驗。幾年來，我們一直在談論我們可以提供的靈活性，而我們在幾年前無法提供——或者沒有提供。

And the stores are a very important part of the eCommerce solution, including delivery, but also picking and, at times, just being exactly what they are, which are great stores that offer those four elements. So remaining flexible is going to be really important in saving people time. John David mentioned convenience, and that is definitely a driver of the results.

商店是電子商務解決方案的一個非常重要的組成部分，包括交付，但也包括揀貨，有時，它們正是提供這四個要素的偉大商店。因此，保持靈活性對於節省人們的時間非常重要。約翰大衛提到了便利性，這絕對是結果的驅動因素。

At this time, we've reached the end of the question-and-answer session. Now I'll turn the call over to Doug McMillon for closing remarks.

此時，我們的問答環節已經結束了。現在我將把電話轉給道格·麥克米倫做總結發言。

Thanks for joining us today. I'm a little concerned that I'm going to be boring in my closing remarks because we're becoming quite repetitive. We're in execution mode, and the headlines are we believe we can grow. We're confident in our ability to grow because we're positioned to serve customers and members however they want to be served. We can provide value, and we can provide convenience. And underneath the supply chain is changing to be more intelligent, more connected, more automated, and that's just going to help us improve execution.

感謝您今天加入我們。我有點擔心我的結束語會變得無聊，因為我們變得相當重複。我們正處於執行模式，頭條新聞是我們相信我們可以成長。我們對自己的發展能力充滿信心，因為我們的定位是為客戶和會員提供他們想要的服務。我們可以提供價值，我們可以提供便利。供應鏈的底層正在變得更加智慧、更加互聯、更加自動化，這將有助於我們提高執行力。

From a profit point of view, we can grow profit faster than sales while investing in our associates, while investing in our business and having flexibility on price if we need it. And we'll do that through the combination of business mix, the productivity delivered by automation. We're in a great set of countries. We can sell food, we can sell general merchandise, whatever the customer wants in the moment.

從利潤的角度來看，我們可以在投資我們的員工、投資我們的業務並在需要時具有價格靈活性的同時，使利潤成長速度快於銷售額。我們將透過業務組合的結合以及自動化帶來的生產力來實現這一目標。我們身處很多國家。我們可以賣食品，也可以賣一般商品，無論顧客當時想要什麼。

And then thirdly, we can grow ROI over time. I think we're investing in the right categories. We're very clear on the places where we're investing. We know what the expected returns are there. It's great to see the automation plans continuing to scale. We're in a period of time here over the next few years where that's going to be vital. But it doesn't last forever, and there's a transition on the other side and it looks quite exciting to us.

第三，隨著時間的推移，我們可以提高投資報酬率。我認為我們正在投資正確的類別。我們對投資的地方非常清楚。我們知道預期回報是多少。很高興看到自動化計劃繼續擴大。在接下來的幾年裡，我們正處於一個至關重要的時期。但它不會永遠持續下去，另一邊有一個過渡，這對我們來說看起來相當令人興奮。

So I think the combination of growth, profit growing faster than sales and ROI look attractive here, and we'll just keep trying to get better as we execute it. Thanks again for your time.

因此，我認為成長、利潤成長快於銷售額和投資回報率的結合在這裡看起來很有吸引力，我們將在執行過程中不斷努力變得更好。感謝你的寶貴時間。

This will conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation. Have a wonderful day.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。祝你有美好的一天。