沃爾瑪 (WMT) 2025 Q1 法說會逐字稿

Welcome to Walmart's First Quarter Fiscal Year 2025 Earnings Call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加沃爾瑪 2025 財年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將會議交給投資人關係資深副總裁 Steph Wissink。史蒂芬，你現在可以開始了。

Welcome, everyone. We appreciate you joining us today and your interest in Walmart. Joining me today from our home office in Bentonville, are Walmart's CEO, Douglas McMillon; and CFO, John David Rainey.

歡迎大家。我們感謝您今天加入我們以及您對沃爾瑪的興趣。今天，沃爾瑪執行長道格拉斯·麥克米倫 (Douglas McMillon) 從我們位於本頓維爾的總部與我一起來。財務長約翰·大衛·雷尼。

Doug and John David will first share their views on the quarter, and then we'll open the line to your questions. During the Q&A portion, 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.

道格和約翰大衛將首先分享他們對本季的看法，然後我們將開始回答您的問題。在問答部分，我們的部門執行長將參加：來自沃爾瑪美國的 John Furner、來自沃爾瑪國際的 Kath McLay；和山姆會員店的克里斯·尼古拉斯。

For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website. We will make every effort to answer as many questions as we can in the hour we have scheduled for this call. (Operator Instructions)

有關我們業績的更多詳細信息，包括按細分市場劃分的亮點，請參閱我們網站上的收益發布和隨附的演示文稿。我們將盡一切努力在預定的本次電話會議時間內回答盡可能多的問題。 （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.

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。

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, that wraps my intro. We are ready to begin.

道格，我的介紹到此結束。我們準備開始了。

Good morning, and thanks for joining us. Our team delivered a great quarter to start the year. Our results were stronger than we anticipated with sales growth of 5.7% and adjusted operating profit up 12.9% in constant currency. All three operating segments performed well.

早安，感謝您加入我們。我們的團隊在年初的季度表現出色。我們的業績強於我們的預期，以固定匯率計算，銷售額成長 5.7%，調整後營業利益成長 12.9%。三個經營分部均表現良好。

The momentum we see across the business is driven by growth in units sold and transaction counts as well as market share gains, including general merchandise. These are not inflation-driven results. In the U.S., like-for-like sales inflation was about 40 basis points for the quarter, including mid-single-digit deflation in general merchandise and low single-digit inflation in food and consumables.

我們看到整個業務的成長勢頭是由銷售數量和交易數量的增長以及市場份額的增長（包括一般商品）推動的。這些不是通貨膨脹驅動的結果。在美國，本季的年比銷售通膨約為 40 個基點，其中一般商品的中個位數通貨緊縮以及食品和消費品的低個位數通膨。

Together with our suppliers, we're making progress lowering prices. Our rollback count is up and customers are responding to our price leadership.

我們與供應商一起在降低價格方面取得了進展。我們的回滾數量增加了，客戶對我們的價格領先地位做出了回應。

The first highlight I'd like to call out is the improvement in customer experience scores. That has a lot to do with our associates. I get to visit with a lot of them as I travel. This quarter, I've been in stores and clubs in Johannesburg Cape Town, Toronto, Nashville, Los Angeles, Austin, Oklahoma City and Dallas. And before we get too far into the conversation about our performance, I want to thank all our associates everywhere. They deserve all the credit. They're managing the things we've always managed while simultaneously building new capabilities and driving change.

我想指出的第一個亮點是客戶體驗分數的提高。這和我們的同事有很大關係。當我旅行時，我會拜訪他們中的許多人。本季度，我曾去過約翰尼斯堡、開普敦、多倫多、納許維爾、洛杉磯、奧斯汀、俄克拉荷馬城和達拉斯的商店和俱樂部。在我們深入討論我們的績效之前，我要感謝我們各地的所有同事。他們值得所有的榮譽。他們正在管理我們一直在管理的事情，同時建立新功能並推動變革。

Here's what they're doing to drive our business. First, we're providing value. Low prices on quality merchandise are always important to our customers and members. Our combination of everyday low prices plus a large number of rollbacks is resonating. During the holiday, we offered a basket of Easter items with a lower price than a year ago in the U.S. and Canada. Customers responded, and we saw strong sell-throughs.

以下是他們為推動我們的業務所做的努力。首先，我們提供價值。優質商品的低價對於我們的客戶和會員來說始終很重要。我們每日低價加上大量回滾的組合引起了共鳴。假期期間，我們在美國和加拿大以比一年前更低的價格提供了一籃復活節商品。客戶做出了回應，我們看到了強勁的銷售量。

Our merchants are doing a great job, including managing inventory, where we finished down 2.7% globally.

我們的商家做得很好，包括管理庫存，我們的全球收盤價下跌了 2.7%。

Second, we have the selection people are looking for. In the U.S., the number of Marketplace sellers grew by 36% for the quarter with a SKU count now sitting at more than 420 million. In Mexico, the number of Marketplace sellers grew by more than 50% with SKU count up nearly 80%.

其次，我們有人們正在尋找的選擇。在美國，該季度 Marketplace 賣家數量增加了 36%，SKU 數量目前超過 4.2 億。在墨西哥，Marketplace 賣家數量增加了 50% 以上，SKU 數量增加了近 80%。

More often, our customers are finding what they're looking for when they shop our app or site. eCommerce penetration is up in all our markets.

更常見的是，我們的客戶在購買我們的應用程式或網站時會找到他們想要的東西。我們所有市場的電子商務滲透率都在上升。

Third, we're improving the experience of shopping with us. Our store remodels look good and are performing well. Plus, our curbside pickup and delivery capabilities are improving as indicated by our customer experience metrics. Globally, we completed nearly 70 remodels during the quarter, and we're on track to do more than 900 this year.

第三，我們正在改善購物體驗。我們的商店改造看起來不錯並且表現良好。此外，我們的客戶體驗指標表明，我們的路邊取貨和送貨能力正在不斷提高。在全球範圍內，我們在本季完成了近 70 項改造，今年預計將完成 900 多項改造。

We're making it convenient to shop with us, and our customers and members are rewarding us with growth as we save them time.

我們讓購物變得更加方便，我們的客戶和會員也因為我們節省了時間而獲得了成長。

We expect to continue to earn healthy levels of sales growth and simultaneously grow profit faster than sales this year while managing our price gaps and investing in our associates at the same time. This quarter's results were driven by a combination of strong core performance and the growth of our newer businesses.

我們預計今年將繼續實現健康的銷售成長水平，同時利潤成長速度快於銷售額，同時管理我們的價格差距並投資於我們的聯營公司。本季的業績是由強勁的核心業績和新業務的成長共同推動的。

As it relates to the core strong same-store sales growth, combined with good inventory management, resulted in strong profit flow-through.

由於涉及核心強勁的同店銷售成長，加上良好的庫存管理，帶來了強勁的利潤流轉。

In our newer businesses, advertising and membership were both up 24%.

在我們的新業務中，廣告和會員資格均成長了 24%。

Today, we announced that we're expanding our data analytics and insights product, Walmart Luminate into Mexico and Canada.

今天，我們宣布將數據分析和洞察產品 Walmart Luminate 擴展到墨西哥和加拿大。

Our technology team continues to deliver the innovation that helps us drive our business. We're bringing new experiences to life like generative AI-driven product search that helps our customers shop more intuitively. The team continues to build and improve the platforms for Marketplace and data that we're using across countries, and they're building and improving the operating system that enables us to create a more intelligent, flexible and automated supply chain.

我們的技術團隊不斷提供創新，幫助我們推動業務發展。我們正在為生活帶來新的體驗，例如產生人工智慧驅動的產品搜索，幫助我們的客戶更直觀地購物。團隊繼續建立和改進我們在各個國家/地區使用的市場和數據平台，他們正在建立和改進作業系統，使我們能夠創建更智慧、靈活和自動化的供應鏈。

The implementation of our automated storage and retrieval systems in our DCs and FCs is on track, and we're as enthusiastic about the impact of that work as we've ever been.

我們的自動化儲存和檢索系統在 DC 和 FC 的實施進展順利，我們一如既往地對這項工作的影響充滿熱情。

Turning to our segments. In Walmart U.S., we recently announced a new private brand in food called bettergoods. It's our largest food private brand release in 20 years. The brand focuses on today's trends and premium quality, but at the same time 70% of bettergoods items are priced under $5. This is the type of quality and value that will resonate with customers across income spectrums.

轉向我們的細分市場。在美國沃爾瑪，我們最近宣布了一個新的自有食品品牌，名為 bettergoods。這是我們 20 年來最大的食品自有品牌發布。該品牌專注於當今的趨勢和優質品質，但同時 70% 的 bettergoods 商品價格低於 5 美元。這種品質和價值能夠引起不同收入階層的客戶的共鳴。

We also introduced on-demand early morning delivery to customer doorsteps as early as 7:00 a.m. and as quickly as 30 minutes. Globally, same-day delivery is available from more than 6,500 locations. In Walmart U.S., over the last 12 months, 4.4 billion items were delivered same or next day with about 20% of those delivered in under 3 hours. Delivery times are getting faster, and the cost of delivery is coming down at the same time.

我們也推出了早上 7:00 按需送貨上門服務，最快 30 分鐘送達。在全球範圍內，有 6,500 多個地點提供當日送達服務。在美國沃爾瑪，過去 12 個月裡，有 44 億件商品在當天或隔天送達，其中約 20% 在 3 小時內送達。交貨時間越來越快，同時交貨成本也在下降。

During the quarter, we made the necessary but difficult decision to close our U.S. health care clinics. There were a number of aspects that were going well, and we really want to be part of the solution to improving health care in this country. But the reality is that given reimbursement rates and cost to serve, we could no longer see a path to achieving an acceptable level of profitability and we're committed to being disciplined with our investments. We're grateful to our associates that worked in this area. They did their part.

在本季度，我們做出了必要但艱難的決定，關閉我們的美國醫療保健診所。有很多方面進展順利，我們真的希望成為改善這個國家醫療保健解決方案的一部分。但現實情況是，鑑於報銷率和服務成本，我們無法再找到實現可接受的獲利水準的途徑，因此我們致力於嚴格投資。我們感謝在該領域工作的同事。他們盡了自己的一份心力。

We'll continue to build our pharmacy and optical businesses, and we'll find ways for our pharmacists to help as they've done with immunizations and vaccinations.

我們將繼續發展我們的藥房和眼鏡業務，我們將找到為我們的藥劑師提供幫助的方法，就像他們在免疫接種和疫苗接種方面所做的那樣。

Earlier this week, we also shared decisions to eliminate some home office roles and reduced the amount of remote work. The vast majority of our home office associates have been back together in offices since we came back from the pandemic, and we want to see even more of that. Being in person is important.

本週早些時候，我們還共同做出了取消一些家庭辦公室角色並減少遠距工作量的決定。自從我們從大流行中回來以來，我們絕大多數的家庭辦公室同事已經回到辦公室，我們希望看到更多這樣的情況。親自參與很重要。

Our culture is stronger when we're together. We make decisions faster, we're more creative and we help develop the next generation of talent. We'll continue to make changes to ensure we're best positioned to serve customers and support our store, club and supply chain associates.

當我們在一起時，我們的文化就會更加強大。我們更快地做出決策，更具創造力，並且幫助培養下一代人才。我們將繼續做出改變，以確保我們能夠最好地為客戶提供服務並為我們的商店、俱樂部和供應鏈合作夥伴提供支援。

Moving to Walmart International. We continued to deliver strong results with double-digit growth in sales and profit, lifting our company growth rates. Strength was broad-based, led by Walmex, China and Flipkart. Results for the quarter included strong growth in eCommerce, led by store-fulfilled orders and Marketplace. We saw improved sales growth in general merchandise categories as we focused on celebrations across the world like Chinese New Year, Easter and Walmart Canada's 30th anniversary.

搬到沃爾瑪國際。我們持續取得強勁的業績，銷售額和利潤實現兩位數成長，提高了公司的成長率。實力雄厚，以 Walmex、中國和 Flipkart 為首。本季的業績包括電子商務的強勁成長，其中商店履行的訂單和市場帶動了電子商務的強勁成長。由於我們專注於世界各地的慶祝活動，如農曆新年、復活節和沃爾瑪加拿大成立 30 週年，我們看到日用商品類別的銷售成長有所改善。

Like the U.S., the International team is improving speed of delivery across markets. Same-day delivery orders in India grew by over 150% in the quarter and is now available across 20 major cities. One-hour delivery in China grew to 55 million orders as customers sought convenience during Chinese New Year. And in Chile, 60% of eCommerce orders are delivered same day.

與美國一樣，國際團隊正在提高跨市場的交付速度。印度的當日送達訂單本季成長了 150% 以上，現已覆蓋 20 個主要城市。隨著春節期間顧客尋求便利，中國一小時的配送訂單數量成長至 5,500 萬份。在智利，60% 的電子商務訂單當天送達。

With Sam's Club U.S., it's exciting to see how the team is using computer vision to make it faster for members using Scan & Go to leave the building once they're done shopping. I'm referring to the computer vision and AI-powered exit technology that allows members to leave the club without having to stand in line to get the receipt check that we announced at the Consumer Electronics Show in January. Since then, we deployed it in about 20% of our clubs, and we're on track to have it in all U.S. clubs by year-end.

在美國山姆會員店，我們很高興看到團隊如何利用電腦視覺讓會員在購物完畢後使用 Scan & Go 更快地離開大樓。我指的是我們在一月份的消費電子展上宣布的電腦視覺和人工智慧退出技術，該技術允許會員無需排隊領取收據即可離開俱樂部。從那時起，我們在大約 20% 的俱樂部中部署了它，並且我們預計在年底前在所有美國俱樂部中部署它。

In addition to this being better for members, the technology identifies more items than we could with our previous process. This is a great example of people-led, tech-powered solving for technology that benefits the member experience.

除了這對會員來說更好之外，該技術還可以比我們以前的流程識別更多的項目。這是以人為主導、技術驅動的技術解決方案的一個很好的例子，有利於會員體驗。

It was a strong start to the year. We'll remain focused on improving customer and member experiences, being great merchants, building our newer businesses and improving returns.

這是今年的一個好開始。我們將繼續專注於改善客戶和會員體驗，成為優秀的商家，建立我們的新業務並提高回報。

With that, I'll hand it to John David to share more about the quarter and our outlook for the rest of the year.

接下來，我將把它交給約翰大衛 (John David)，他將分享有關本季度的更多資訊以及我們對今年剩餘時間的展望。

Thanks, Doug. Our strong results this quarter clearly demonstrate our ability to deliver on our financial framework of growing operating income faster than sales. This quarter's results reflect strong execution from the team across virtually every aspect of our business, share gains and improving NPS scores from our members and customers that are increasingly looking for value and convenience and the power of our omni-retail model.

謝謝，道格。我們本季的強勁業績清楚地表明我們有能力實現營業收入成長快於銷售額的財務框架。本季的業績反映了團隊在我們業務的幾乎每個方面的強大執行力、分享收益以及我們的會員和客戶不斷提高的 NPS 分數，他們越來越尋求價值和便利性以及我們全零售模式的力量。

I'll discuss our quarterly results using our framework of growth, margins and returns. We experienced ongoing sales strength with all three operating segments outperforming our expectations. We're growing traffic and units, and our inventories are in excellent shape. We're on a multiyear journey to reshape our profit profile and operating income growth trajectory. And this quarter reflects the benefits of improved margins in our core retail operations as well as contributions from business mix.

我將使用我們的成長、利潤率和回報框架來討論我們的季度業績。我們經歷了持續的銷售強勁，所有三個營運部門的表現都超出了我們的預期。我們的流量和單位都在成長，而且我們的庫存狀況良好。我們正在進行多年的重塑我們的利潤狀況和營業收入成長軌跡的旅程。本季反映了我們核心零售業務利潤率提高的好處以及業務組合的貢獻。

We're investing in areas that have strong capital returns, like automation, store remodels and digital tools and technologies. Combined, these investments are widening our competitive advantages, providing us levers to also invest in people and price while achieving our sales and margin objectives.

我們正在投資具有強勁資本回報的領域，例如自動化、商店改造以及數位工具和技術。這些投資結合，擴大了我們的競爭優勢，為我們提供了在人員和價格方面進行投資的槓桿，同時實現了我們的銷售和利潤目標。

Before I provide more color behind the strength of our financial results, I want to remind you that there is a supplemental presentation on our IR website with additional information beyond my remarks.

在我對我們的財務業績實力進行更多說明之前，我想提醒您，我們的 IR 網站上有一份補充介紹，其中包含我的評論之外的其他資訊。

First quarter total net sales grew 5.7% on a constant currency basis, ahead of our guidance of 4% to 5% growth. As a reminder, the leap year this year contributes approximately 1 point to our year-over-year sales growth.

以固定匯率計算，第一季總淨銷售額成長 5.7%，高於我們 4% 至 5% 的成長預期。提醒一下，今年的閏年為我們的年比銷售成長貢獻了約 1 個百分點。

International led the enterprise with constant currency sales growth of 10.7%, reflecting strength in Walmex, China and Flipkart. Across markets, seasonal events were strong, and we're encouraged by early improvements in general merchandise sales.

國際公司以 10.7% 的固定貨幣銷售額成長領先企業，反映了 Walmex、中國和 Flipkart 的實力。在各個市場上，季節性活動都很活躍，我們對一般商品銷售的早期改善感到鼓舞。

International eCommerce sales were up 19% as we continued to expand our capabilities. In Canada, the majority of our Marketplace growth came from items serviced by Walmart Fulfillment Services. And in India, Flipkart same-day delivery became available to millions more customers as they expanded the offering to 20 cities.

隨著我們不斷擴展能力，國際電子商務銷售額成長了 19%。在加拿大，我們的市場成長大部分來自沃爾瑪配送服務提供的商品。在印度，Flipkart 的當日送達服務已擴展到 20 個城市，為數百萬客戶提供了服務。

Walmart U.S. also delivered better-than-expected growth with comp sales up 3.8%, including strong eCommerce growth of 22%, led by store-fulfilled pickup and delivery, Marketplace and advertising.

沃爾瑪美國公司的成長也好於預期，同業銷售額成長 3.8%，其中電子商務成長 22%，其中門市自提取貨和送貨、市場和廣告帶動了電子商務的強勁成長。

Traffic and sales growth were strong across both stores and digital channels, and we're pleased with the unit growth.

商店和數位通路的流量和銷售成長強勁，我們對單位成長感到滿意。

We're seeing higher engagement across income cohorts with upper income households continuing to account for the majority of the share gains.

我們看到各收入群體的參與度有所提高，其中高收入家庭繼續佔份額成長的大部分。

Sam's U.S. comp sales ex-fuel were also strong at 4.4%. The Sam's team continues to make progress on quality and value with Member's Mark, our private brand. The team is doing a great job of being on top of product trends with the brand. Member's Mark drove high single-digit growth in Q1 and is a growing reason why members join and renew alongside digitally enabled solutions such as Scan & Go and curbside pickup.

Sam 的美國公司（不含燃油）銷售也很強勁，達到 4.4%。 Sam's 團隊憑藉我們的自有品牌 Member's Mark，繼續在品質和價值方面取得進步。團隊在與品牌一起掌握產品趨勢方面做得非常出色。會員品牌在第一季推動了高單位數成長，並且是會員加入和續約以及 Scan & Go 和路邊取貨等數位化解決方案的一個日益重要的原因。

Next to sales, gross profit growth was the key driver of upside in Q1. Consolidated gross margin expanded 42 basis points, led by Walmart U.S. Across segments, we benefited from lower markdowns as a result of disciplined inventory management and favorable business mix, enabling strong margin flow-through from sales.

除了銷售額之外，毛利成長是第一季上漲的主要動力。綜合毛利率成長了 42 個基點，其中沃爾瑪美國公司領先。

Consolidated adjusted operating income grew 12.9% in constant currency, more than 700 basis points higher than our sales growth. This reflects better-than-expected sales growth and higher gross margins and membership income.

以固定匯率計算，合併調整後營業收入成長 12.9%，比我們的銷售額成長高出 700 多個基點。這反映出好於預期的銷售成長以及更高的毛利率和會員收入。

This was partially offset by expense deleverage in our U.S. segments related to higher variable pay expenses from our outperformance. Walmart U.S. was the primary driver of outperformance, but all segments contributed to operating income growing faster than sales.

這被我們美國部門的費用去槓桿化所部分抵消，這些費用去槓桿化與我們的優異表現導致的可變薪酬費用較高有關。沃爾瑪美國公司是業績優異的主要推動力，但所有部門的營業收入成長速度都快於銷售額成長。

Taking a closer look at margins. As we continue to work closely with our suppliers to lower cost, we're managing our Walmart U.S. pricing aligned to competitive price gaps and customers are responding favorably, resulting in sustained sales growth and higher gross margins.

仔細看看利潤率。隨著我們繼續與供應商密切合作以降低成本，我們正在根據有競爭力的價格差距管理沃爾瑪美國定價，並且客戶反應良好，從而實現持續的銷售增長和更高的毛利率。

Our price gaps through the retail market remained strong. Improved inventory management and favorable business mix allowed us to optimize our pricing on everyday essentials, and we're investing further in value within our private brands.

我們零售市場的價格差距仍然很大。改進的庫存管理和有利的業務組合使我們能夠優化日常必需品的定價，並且我們正在進一步投資自有品牌的價值。

Our rollback program is driving customer engagement and supporting our volume growth with grocery rollback counts up 45% year-over-year in April.

我們的回滾計畫正在推動客戶參與並支持我們的銷售成長，4 月份雜貨回滾數量較去年同期成長 45%。

Carrying forward the success we saw last year in our seasonal programs, we're using celebrations and festive events to reinforce our value proposition, and customers are responding. Chinese New Year, Valentine's Day and Easter drove stronger sales across categories, including general merchandise.

延續我們去年在季節性計劃中所取得的成功，我們正在利用慶祝活動和節日活動來強化我們的價值主張，並且客戶正在做出回應。農曆新年、情人節和復活節推動了包括日用百貨在內的各品類銷售的強勁成長。

We're also working with suppliers to bring innovation to U.S. customers while leaning into our own private brands as sources of value, quality and newness. As a result, we've continued to see strong momentum in private brand sales with grocery penetration up 30 basis points in Q1. While private brand penetration is in the low 20s as a percent of sales, more than half of all customer grocery baskets over the last year have had a private brand in them.

我們也與供應商合作，為美國客戶帶來創新，同時依靠我們自己的自有品牌作為價值、品質和新穎的來源。因此，我們繼續看到自有品牌銷售的強勁勢頭，第一季雜貨滲透率上升了 30 個基點。雖然自有品牌的滲透率佔銷售額的百分比在 20 左右，但去年超過一半的顧客購物籃中都有自有品牌。

Our inventory levels continued to come down with Walmart U.S. declining about 4% and Sam's down nearly 5% at quarter end while we sustained strong sales and healthy in-stock rates.

我們的庫存水準繼續下降，沃爾瑪美國公司在季度末下降了約 4%，山姆百貨下降了近 5%，同時我們保持了強勁的銷售和健康的庫存率。

Having the right inventory in the right categories and the right places has allowed us to not only minimize markdown activity, but also support higher in-stock levels with goods flowing more smoothly through distribution centers and to stores.

在正確的類別和正確的地點擁有正確的庫存不僅使我們能夠最大限度地減少降價活動，而且還支持更高的庫存水平，使貨物更順利地流經配送中心和商店。

Importantly, the business is realizing efficiencies while both customer and associate NPS scores are rising. Global eCommerce growth was 21% in Q1 and eCommerce losses continued to narrow, most notably in the U.S. net delivery cost per order improving nearly 40%. More customers are shopping with us more often across more categories, moving us along the pathway of delivery density and transaction margins that give us clear visibility into profitability in this channel over time.

重要的是，企業正在提高效率，而客戶和員工的 NPS 分數都在上升。第一季全球電子商務成長 21%，電子商務損失持續收窄，最顯著的是美國每筆訂單的淨配送成本提高了近 40%。越來越多的客戶更頻繁地在更多類別中與我們購物，這推動我們沿著交付密度和交易利潤的道路前進，使我們能夠清楚地了解該管道隨著時間的推移的盈利能力。

Many consumer pocketbooks are still stretched, and we see the effect of that in our business mix as they're spending more of their paychecks on nondiscretionary categories and less on general merchandise. This merchandise mix remains a headwind to margins, but it's consistent with our expectations.

許多消費者的錢包仍然捉襟見肘，我們在我們的業務組合中看到了這一點的影響，因為他們將更多的薪水花在非自由支配類別上，而不是在一般商品上。這種商品組合仍然是利潤率的阻力，但符合我們的預期。

Our Walmart U.S. team is executing strategies to improve general merchandise sales and to increase the visibility of our growing eCommerce brand assortments in fashion, home and electronics. We have the opportunity to grow general merchandise sales in stores with our first-party eCommerce assortment and especially with our Marketplace. We were encouraged to see share gains in fashion, home and hardlines in Q1.

我們的沃爾瑪美國團隊正在執行策略，以提高一般商品的銷售，並提高我們在時尚、家居和電子產品領域不斷增長的電子商務品牌品種的知名度。我們有機會透過我們的第一方電子商務品種，特別是我們的市場來增加商店中的一般商品銷售。我們很高興看到第一季時尚、家居和耐用品的份額成長。

In addition, Marketplace sales in categories such as furniture, sporting goods, kids apparel and home grew more than 20%.

此外，家具、體育用品、童裝和家居等類別的市場銷售額成長了 20% 以上。

In addition to sales growth and gross margin improvement, the reshaping of our profit composition is an exciting part of our strategy. We're enhancing capabilities and higher-margin growth drivers such as advertising, membership, Marketplace and fulfillment and data analytics and insights and seeing the corresponding improvement in our business mix.

除了銷售成長和毛利率提高之外，利潤組成的重塑也是我們策略中令人興奮的部分。我們正在增強能力和更高利潤的成長動力，例如廣告、會員資格、市場和履行以及數據分析和洞察力，並看到我們的業務組合得到相應的改善。

Global advertising grew 24%, led by 26% growth from Walmart Connect in the U.S. and International's 27% growth. Walmart's U.S. ad sales reflected more than 50% growth from Marketplace sellers, while overall active advertiser counts increased nearly 19%.

全球廣告成長 24%，其中美國 Walmart Connect 成長 26%，國際廣告成長 27%。沃爾瑪美國廣告銷售額成長了 50% 以上，來自市場賣家，而整體活躍廣告商數量增加了近 19%。

Sam's ad business now has 30% more active advertisers versus last year.

Sam 的廣告業務現在的活躍廣告商比去年增加了 30%。

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 and Plus member penetration, resulting in membership income growth over 13%. Sam's China member count grew 25% with increasing active and renewal rates.

我們對全球會員計劃的趨勢感到滿意。美國山姆會員店的會員數和 Plus 會員滲透率再創歷史新高，會員收入成長超過 13%。隨著活躍率和續訂率的提高，山姆的中國會員數量增加了 25%。

In addition, Walmart Plus continued to grow double digits as members engage with us more frequently and spend more than other customers.

此外，隨著會員與我們的互動更加頻繁並且比其他顧客花費更多，Walmart Plus 繼續以兩位數成長。

For Marketplace, within International, all markets grew double digits led by Flipkart and Walmex, reflecting the strength we're experiencing across markets. In the U.S., Walmart Marketplace delivered strong results aided by 36% more sellers on our platform with 28% of sellers using our Marketplace fulfillment services.

對於 Marketplace，在國際範圍內，以 Flipkart 和 Walmex 為首的所有市場均實現了兩位數成長，這反映了我們在各個市場中所經歷的實力。在美國，沃爾瑪 Marketplace 取得了強勁的業績，我們平台上的賣家數量增加了 36%，其中 28% 的賣家使用我們的 Marketplace 配送服務。

To give you an example of the benefit of our omni model. In April, we launched a new service enabling customers to order from an extended assortment of nearly 40,000 tires in our Marketplace and have them installed at one of our 2,300 Auto Care Centers and stores in the U.S. It's a great example of how we're leveraging our unique omni capabilities to remove friction for customers.

舉例說明我們的全向模型的優點。 4 月份，我們推出了一項新服務，客戶可以在我們的Marketplace 中訂購近40,000 種輪胎，並將其安裝在我們位於美國的2,300 個汽車護理中心和商店之一。一個很好的例子我們獨特的全方位功能可以消除客戶的摩擦。

Within data analytics and insights, Walmart Data Ventures continues to see strong demand from clients for their insights on consumer behavior and trends in our omnichannel operations. In Q1, this business doubled versus last year. In April, we announced a new self-serve integration to make it easier for supplier advertisers to combine Walmart Luminate's insights with Walmart Connect's closed-loop omnichannel retail media solutions to help drive product, brand and category sales. This is the first time we're bringing these two solutions together, creating greater cohesion between both offerings and helping suppliers deliver more relevant shopping experiences for our customers.

在數據分析和見解方面，沃爾瑪數據創投公司繼續看到客戶對我們全通路營運中消費者行為和趨勢的見解的強烈需求。第一季度，該業務比去年翻了一番。四月，我們宣布了一項新的自助服務集成，使供應商廣告商能夠更輕鬆地將Walmart Luminate 的見解與Walmart Connect 的閉環全渠道零售媒體解決方案結合起來，幫助推動產品、品牌和品類的銷售。這是我們第一次將這兩種解決方案結合在一起，在兩種產品之間創造更大的凝聚力，並幫助供應商為我們的客戶提供更相關的購物體驗。

Beyond executing on our operating strategies, you're also seeing a discipline from us to address areas of our business that have not performed as well. You should expect this discipline to continue, concentrating our efforts and capital on clear drivers of incremental value. This requires us to be bold enough to step back from areas that at one time were clear opportunities or were strategically or financially accretive, but now have diminishing value.

除了執行我們的營運策略之外，您還看到我們的紀律，以解決我們業務表現不佳的領域。您應該期望這種紀律能夠持續下去，將我們的努力和資本集中在增量價值的明確驅動因素上。這要求我們有足夠的勇氣，從那些曾經有明顯機會、在策略或財務上具有增值作用但現在價值逐漸減弱的領域退縮。

It was through this lens that we made the decision to close all 51 Walmart Health centers, as Doug mentioned. Total business reorganization cost resulted in a charge of $0.02 per share in the first quarter.

正如 Doug 所提到的，正是透過這個視角，我們決定關閉所有 51 個沃爾瑪健康中心。總業務重組成本導致第一季每股費用為 0.02 美元。

Wrapping up Q1 results. Below-the-line items reflected slightly higher interest expense on relatively flat net debt balances and a lower tax rate year-over-year based on changes in the fair value of our equity investments.

總結第一季的結果。線下項目反映了相對平坦的淨債務餘額略高的利息支出，以及基於我們股權投資公允價值變化的同比較低的稅率。

Adjusted EPS of $0.60 per share compared favorably to our guidance of $0.49 to $0.52.

調整後每股收益 0.60 美元，優於我們 0.49 至 0.52 美元的指引。

Turning to guidance. Our team is executing at a very high level. Q1 results exceeded our expectations for both sales and operating income growth. While it might be a little much to expect every quarter to be this good, we feel really good about the performance, and it demonstrates how this business can perform when we're firing on all cylinders.

轉向指導。我們的團隊正在以非常高的水平執行。第一季的銷售和營業收入成長超出了我們的預期。雖然期望每個季度都這麼好可能有點過高，但我們對業績感到非常滿意，它展示了當我們全力以赴時這項業務的表現。

Consumer economic conditions have been relatively consistent since the start of the year. Many of the value-seeking behaviors we witnessed last year have continued, particularly around seasonal events.

自年初以來，消費者經濟狀況相對穩定。我們去年目睹的許多價值追求行為仍在繼續，特別是圍繞季節性事件。

Our focus on providing customers with value and convenience is resonating, and we're gaining share. That said, we're 1 quarter into a year that still has some degree of uncertainty, and we don't want to get ahead of ourselves.

我們致力於為客戶提供價值和便利，這引起了客戶的共鳴，並且我們正在贏得市場份額。也就是說，一年剛過一個季度，仍然存在一定程度的不確定性，我們不想操之過急。

We currently expect Q2 sales to increase between 3.5% and 4.5% and for operating income growth, in line with that, at roughly 3% to 4.5%. EPS is expected to be between $0.62 and $0.65 per share.

我們目前預計第二季銷售額將成長 3.5% 至 4.5%，營業收入成長也將相應成長約 3% 至 4.5%。 EPS 預計為每股 0.62 美元至 0.65 美元之間。

In Q2, we expect operating income growth to be impacted by timing of tech and wage investments.

在第二季度，我們預期營業收入成長將受到技術和薪資投資時機的影響。

Combining Q1 results with the midpoint of our Q2 guidance would suggest first half sales would grow nearly 5% and operating income would grow about 8%.

將第一季業績與我們第二季指引的中位數相結合，顯示上半年銷售額將成長近 5%，營業收入將成長約 8%。

We feel really good about our start to the year, and our outlook for the second half is consistent with 90 days ago. Our Q1 results and the midpoint of our 2Q guidance suggest that we should be at the high end or even slightly above our sales and operating income guidance for the year.

我們對今年的開局感覺非常好，我們對下半年的展望與 90 天前一致。我們第一季的業績和第二季指導的中點表明，我們今年的銷售和營業收入指引應該處於高端，甚至略高於我們的指導。

We'll revisit our full year guidance as we exit Q2. This is more aligned with our historic cadence of updates and consistent with the philosophy we have as a management team to recognize early momentum, but to also maintain prudence early in the year given the macro uncertainty and so much of the year is still ahead of us.

當我們退出第二季時，我們將重新審視全年指導。這更符合我們歷史性的更新節奏，也符合我們作為管理團隊的理念，即認識到早期勢頭，但鑑於宏觀不確定性，而且今年的大部分時間仍然在我們前面，因此也要在今年年初保持謹慎。

In closing, I'm extremely pleased with our results this quarter. They demonstrate what our team is capable of when we're laser focused on the member and customer, disciplined on cost and leveraging the technology investments we've made. Profits are growing, customer NPS scores are increasing and we're running a great operation. We like our position, we like who we are and we like where we're going.

最後，我對本季的業績非常滿意。它們展示了當我們高度關注會員和客戶、嚴格控製成本並利用我們所做的技術投資時，我們團隊的能力。利潤不斷增長，客戶 NPS 分數不斷提高，我們的營運狀況良好。我們喜歡我們的職位，我們喜歡我們是誰，我們喜歡我們要去的地方。

We appreciate your interest in Walmart and are now ready to take your questions.

我們感謝您對沃爾瑪的興趣，現在準備回答您的問題。

(Operator Instructions) Our first question comes from the line of Kate McShane with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Kate McShane。

We wondered if you could talk a little bit more about what you saw with the lower-end consumer throughout the quarter and how you think about their contribution to comp for the rest of the year, especially when it comes to general merchandise.

我們想知道您是否可以多談談您在整個季度中對低端消費者的看法，以及您如何看待他們對今年剩餘時間的貢獻，特別是在一般商品方面。

It's John Furner. I'll start. Well, first, I'd just like to say thanks to the entire team for what they did in the quarter and the execution. It's great to see so many of our associates making such a difference. And it's also encouraging to see our store managers really focus on in-store merchandising in the quarter. We saw big improvements all across the U.S. and that was really exciting.

我是約翰·福納。我開始吧。好吧，首先，我想對整個團隊在本季所做的工作和執行表示感謝。很高興看到我們這麼多的同事做出瞭如此大的改變。看到我們的商店經理在本季真正專注於店內銷售，這也令人鼓舞。我們看到美國各地都取得了巨大的進步，這真的令人興奮。

In terms of the consumer, it's been pretty consistent, I think is the best word we would use, consistent spending across income groups. So we've had more growth, as we mentioned in the earlier remarks, on the high-end consumer. That remains true. We're very focused on value, flexibility and convenience and that's working across income segments. It's great to be in a position where we have store conditions that we're proud of with growth. It's great to be in a position where our pickup business is growing. And then as we mentioned, our delivery business has now exceeded our pickup business in size and the run rate remains strong.

就消費者而言，我認為這是我們使用的最好的詞，即跨收入群體的一致支出，這是非常一致的。正如我們在先前的評論中提到的，我們在高端消費者方面取得了更多的成長。這仍然是事實。我們非常注重價值、靈活性和便利性，這適用於各個收入階層。很高興能夠擁有令我們引以為傲的商店條件和成長。很高興我們的皮卡業務不斷成長。正如我們所提到的，我們的送貨業務現在已超過我們的取貨業務，運行率仍然強勁。

So I think what we can say at this point is things have been consistent. What is also helping us is on our food categories. Broadly across the store, we have almost 7,000 rollbacks. That's really helping it in our food categories. We see an even larger spread between eating at home, preparing meals at home and eating out, which we think can help Walmart over the remainder of the year.

所以我認為我們現在可以說的是事情是一致的。對我們也有幫助的是我們的食品類別。在整個商店中，我們有近 7,000 次回滾。這對我們的食品類別確實有幫助。我們發現在家吃飯、在家準備餐點和外出用餐之間的差距更大，我們認為這可以在今年剩餘時間內對沃爾瑪有所幫助。

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

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

I have one question, I'll make it in two parts. First, to diagnose the consumer not raising yet, it sounds like you sort of want to, but there is something holding you back besides it is early in the year. But curious if there's anything on the consumer side.

我有一個問題，我會分成兩個部分來回答。首先，要診斷尚未籌集資金的消費者，聽起來你有點想這樣做，但除了今年年初之外，還有一些因素阻礙了你。但很好奇消費者方面是否有什麼。

And then the second part of this is how Doug has talked about doing both investing and then driving value today. And Curious, in this environment, if you have the flexibility and even the desire to lean in even more, it looks like it could be a choppy year.

第二部分是道格如何談論今天進行投資並推動價值。奇怪的是，在這種環境下，如果你有彈性，甚至有更多依靠的願望，那麼看起來這可能是動盪的一年。

So ability to continue to drive to do both, driving these impressive share gains, profit margin expansion while continuing to invest in the value proposition.

因此，我們有能力繼續推動這兩件事，推動這些令人印象深刻的份額成長和利潤率擴張，同時繼續投資於價值主張。

I'll start with the first part of the question, Simeon, then hand it over to Doug for the second piece. On guidance, there's nothing to read into that. First, like we feel really good about the performance in the first quarter. These are strong results across the board. We think it's prudent to be patient on this performance. And as we noted, we'd update at the end of the second quarter.

我將從問題的第一部分開始，Simeon，然後將其交給 Doug 來完成第二部分。就指導而言，沒有什麼可解讀的。首先，我們對第一季的表現感覺非常好。這些都是全面強勁的結果。我們認為對這種表現保持耐心是謹慎的做法。正如我們所指出的，我們將在第二季末進行更新。

I think we'd all agree that we're in far from a certain environment around the consumer. It's -- the health of the consumer is something we read about every single day. And given that we're 1 quarter into the year, we just want to be patient on this. But that should not take away from our conviction and the results and our team's ability to continue to execute and in our strategy that's continuing to drive results here.

我想我們都同意，我們所處的消費者環境與特定環境相去甚遠。我們每天都會讀到消費者健康的內容。鑑於今年才剛過去一個季度，我們只想對此保持耐心。但這不應該影響我們的信念和成果，以及我們團隊繼續執行的能力，以及我們繼續推動成果的策略。

Simeon, I think I'll be a bit repetitive with our previous conversations. But if you look back over the last few years, you'll remember that we made price investments, we've made wage investments, and for a while, we've been telling you that we think we're in pretty good shape as it relates to that.

西蒙，我想我會有點重複我們之前的談話。但如果你回顧過去幾年，你會記得我們進行了價格投資，我們進行了薪資投資，有一段時間，我們一直告訴你，我們認為我們的狀況非常好與此相關。

We use the term managing our price gaps deliberately because that's how we think about it. And if we do need to make further price investments to drive growth or to ensure those baskets are in good shape, we can do that.

我們故意使用「管理價格差距」這個術語，因為這就是我們的想法。如果我們確實需要進一步的價格投資以推動成長或確保這些籃子狀況良好，我們可以這樣做。

Investing in our associates is always part of our plan. So I think you guys can expect that we'll continue to do it.

投資我們的員工始終是我們計劃的一部分。所以我想你們可以期待我們會繼續這樣做。

What's happening with business mix in this quarter, in particular, with inventory management, puts us in a position where we do have even more flexibility to make a variety of choices. And so we're doing that every week and every month as we manage our business through the quarter and through the year.

本季業務組合發生的情況，特別是庫存管理方面的情況，使我們能夠更靈活地做出各種選擇。因此，當我們管理整個季度和全年的業務時，我們每週、每月都會這樣做。

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)。

Thanks for taking my one question. My question is that during the commentary, Doug and John David, you guys talked about deflation in both general merchandise and in food and consumables and then you talked about rollbacks in April being up 45%. And then you also talked about gross margin strength in the Walmart U.S. business.

感謝您回答我的一個問題。我的問題是，在評論中，Doug 和 John David，你們談到了一般商品以及食品和消費品方面的通貨緊縮，然後你們談到了 4 月份上漲 45% 的回滾。然後您也談到了沃爾瑪美國業務的毛利率實力。

Can you help us think about that going forward? Should we -- are you -- how are you doing that? Is it really just the advertising -- digital advertising and Marketplace fulfillment and all those things are helping the gross margin so much that it's more than offsetting gross margin -- core gross margin weakness? Maybe help us think about how to think about that going forward.

您能幫助我們思考未來的狀況嗎？我們應該──你是──你怎麼做的？難道真的只是廣告——數位廣告和市場履行以及所有這些因素對毛利率的幫助如此之大，以至於足以抵消毛利率——核心毛利率的弱點？也許可以幫助我們思考如何思考未來。

Robby, this is Doug. I'll go first. As it relates to gross margin, we're having a conversation inside the company about the fact that the composition of it is changing, and we don't want to confuse people about what's happening.

羅比，這是道格。我先走了。由於它與毛利率有關，我們正在公司內部進行對話，討論毛利率的組成正在發生變化，我們不想讓人們對正在發生的事情感到困惑。

We are built. Our purpose is to help people save money and live better. And we'll manage our merchandise margins like we always have and make sure that we're providing value. But as we report gross margin, it does reflect newer businesses that are helping us mix things up. And so we're using terms inside the company like our merchandise or product margins as distinguished from gross margins.

我們是被建造的。我們的目的是幫助人們省錢並生活得更好。我們將像往常一樣管理我們的商品利潤，並確保我們提供價值。但當我們報告毛利率時，它確實反映出正在幫助我們混合業務的新業務。因此，我們在公司內部使用術語，例如我們的商品或產品利潤率，以區別於毛利率。

So maybe, John David, as we think about our future reporting, we should help kind of clarify that a bit so that people don't have the wrong perception that gross margins are going up as a result of price. They're not. If you look at rollbacks, for example, as John mentioned in the U.S., as we mentioned earlier this morning, we're seeing a lot of rollbacks. Suppliers participate in a majority of those, but not all of them.

因此，約翰大衛，當我們考慮未來的報告時，也許我們應該幫助澄清這一點，以便人們不會錯誤地認為毛利率會因價格而上升。他們不是。例如，如果你看看回滾，正如約翰在美國提到的那樣，正如我們今天早上早些時候提到的，我們會看到很多回滾。供應商參與了其中的大部分，但不是全部。

We're going to lead on price and we're going to manage our margins, and we're going to be the Walmart that we've always been. But it's also great news that the business mix is changing, which does change gross margin performance.

我們將在價格上處於領先地位，我們將管理我們的利潤，我們將成為我們一直以來的沃爾瑪。但這也是個好消息，業務組合正在改變，這確實改變了毛利率表現。

Yes. Robby, there's maybe three points that I'd make in response to your question. The first is that overall inflation level for the business was up about 40 basis points for the quarter. That's half the rate of increase that we saw last year. So we're driving this revenue growth through more units, more foot traffic in stores and feel really good about that and the stores that were just becoming more relevant with consumers. So that's the first point.

是的。羅比，對於你的問題，我可能會提出三點。首先是該季度企業的整體通膨水準上升了約 40 個基點。這是我們去年看到的成長率的一半。因此，我們正在透過更多的單位、更多的商店客流量來推動收入成長，對此我們感覺非常好，而且商店與消費者的關係越來越密切。這是第一點。

Second point around gross margins is we've mentioned several times that inventory is in a much better place. One of the consequences or results of that is we see a lot less markdowns in our business, and so that drove some of the improvement in the first quarter.

關於毛利率的第二點是我們多次提到庫存狀況要好得多。其後果之一是我們的業務降價明顯減少，這推動了第一季的一些改善。

The third point, and the one that I'm going to emphasize the most here, if you look at the composition of our operating income improvement year-over-year, roughly $900 million, about 1/3 of that came from our newer businesses like advertising, membership, Data Ventures, and we're quite excited about that. But combined with that, we're seeing improved eCommerce losses. And one of the things that I focus a lot on in our business is what is the incremental profit from that additional revenue that we have each year, so incremental margins.

第三點，也是我在這裡最要強調的一點，如果你看看我們營業收入年增率的組成，大約是 9 億美元，其中大約 1/3 來自我們的新業務例如廣告、會員資格、數據風險投資，我們對此感到非常興奮。但同時，我們看到電子商務損失有所改善。在我們的業務中，我非常關注的事情之一是我們每年的額外收入帶來的增量利潤是多少，即增量利潤。

And if you just focused on our eCommerce business, in this last quarter, the incremental margins around that business were 12.5%. So think about that, roughly 3x our overall margin. There's not, to me, a more compelling data point that supports the strategy that we have and our execution around that, and importantly, how that's changing the margin profile of our business going forward.

如果你只專注於我們的電子商務業務，那麼在上個季度，該業務的增量利潤率為 12.5%。所以想一想，大約是我們整體利潤的 3 倍。對我來說，沒有更令人信服的數據點來支持我們的策略和我們圍繞該策略的執行，更重要的是，這將如何改變我們未來業務的利潤狀況。

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。

As hard as it is to dimension, how would you break down the factors that are driving Walmart's business that are related to its actions and strategies versus those factors that are more of a function of the environment such as high inflation and a moderating labor market? What two or three metrics is Walmart monitoring to internally gauge this?

儘管很難界定，但您如何區分推動沃爾瑪業務的與其行動和策略相關的因素，以及更多受高通膨和溫和勞動力市場等環境影響的因素？沃爾瑪正在監控哪兩個或三個指標來內部衡量這一點？

Obviously, the point of the question is trying to understand not only the sustainability of the performance if the macro does get better, but also the prospect that the outperformance could expand if the environment weakens.

顯然，問題的重點不僅是試圖了解如果宏觀經濟確實好轉的話業績的可持續性，而且還要了解如果環境惡化的話業績表現可能會擴大的前景。

Michael, I probably ignore the external environment more than you do. I mean, we are focused on what we're doing and how we earn business with customers and members.

邁克爾，我可能比你更忽視外在環境。我的意思是，我們專注於我們正在做的事情以及我們如何與客戶和會員贏得業務。

And if you look at what's happened, we've been known for price forever, but we're increasingly known for convenience. So whether the environment is inflationary or deflationary, whether customers have more money or less money, if we're doing a good job on the items and prices and the service we provide, saving them money with pickup and delivery, for example, we can continue to grow share.

如果你看看發生的事情，你會發現我們一直以價格而聞名，但我們越來越以便利性而聞名。因此，無論環境是通貨膨脹還是通貨緊縮，無論客戶錢多還是錢少，如果我們在商品、價格和我們提供的服務方面做得很好，例如透過取貨和送貨為他們節省金錢，我們就可以份額繼續增長。

So we're merchants at the core, and we've added through the technological changes that we've made and the service changes that we've made a dimension of the business that's driving that growth.

因此，我們的核心是商人，透過我們所做的技術變革和服務變革，我們已經成為推動成長的業務維度。

I don't know what the future looks like in terms of what pricing is going to look like 1 year out, 2 years out and I don't really worry about that very much. I worry about our own execution.

我不知道未來一年、兩年後的定價會是什麼樣子，我真的不太擔心這一點。我擔心我們自己的執行情況。

Not much to add there, but I think the results this quarter are really a reflection of execution across the team. We're laser focused on the things that matter most to our customers. And one data point that I'd share just in the U.S. business, and John might want to chime in on this, but you know, Michael, that we grade ourselves by a perfect order. And what a perfect order is for us is when you come to our virtual store online, do you find the things that you want? Do we have to replace those? Is it delivered when we say it will be delivered?

沒什麼好補充的，但我認為本季的結果確實反映了整個團隊的執行力。我們專注於對客戶最重要的事情。我只想分享美國企業的一個數據點，約翰可能想插話一下，但你知道，邁克爾，我們按照完美的順序對自己進行評分。對我們來說，完美的訂單是指當您來到我們的線上虛擬商店時，您找到您想要的東西了嗎？我們必須更換那些嗎？當我們說要交付時，它就交付了嗎？

Year-over-year, in the first quarter, we saw an almost 900 basis point improvement in our perfect order scores. To me, that's a great example of how the team is continuing to execute, and this is resonating with customers.

與去年同期相比，第一季我們的完美訂單得分提高了近 900 個基點。對我來說，這是團隊如何繼續執行的一個很好的例子，並且引起了客戶的共鳴。

It's John. I'd say what -- something similar to what Doug said. We're always focused on value. And over the last few years, we've been talking about flexibility and the ability to be convenient, whether a customer wants to shop at the counter, at the curb or delivery. And it's been exciting to see just these last few months that delivery is now exceeding the other channels, which is great, which gives a customer a lot of optionality.

是約翰。我想說的是──類似道格所說的。我們始終關注價值。在過去的幾年裡，我們一直在談論靈活性和便利性，無論顧客是想在櫃檯、路邊購物還是送貨上門。令人興奮的是，在過去的幾個月裡，交付現在超過了其他管道，這很棒，這為客戶提供了許多選擇。

And then the number that Doug mentioned earlier, 4.4 billion units delivered same day/next day, is exciting and it's growing quickly. And as he also mentioned, about 20% of that is sub-3 hours and we've expanded that service earlier in the morning, later at night, so we're becoming even more convenient for individuals, for shoppers and families in terms of being able to serve all of their needs.

Doug 先前提到的當日/隔天交貨量達 44 億件的數字令人興奮，而且還在快速增長。正如他還提到的，其中大約20% 的時間不到3 小時，我們已將服務範圍擴大到早上較早、晚上較晚，因此對於個人、購物者和家庭來說，我們在以下方面變得更加方便：能夠滿足他們的所有需求。

Those underlying input metrics we're focused on around the world in our Sam's U.S. business and International and the commonality between the strategies, first-party eCommerce, Marketplace, advertising, membership causes us to increasingly be thinking about the same thing as we build these new businesses.

我們在 Sam's 美國業務和國際業務中關注的這些基本輸入指標以及策略、第一方電子商務、市場、廣告、會員資格之間的共性使我們在構建這些業務時越來越多地考慮同一件事新業務。

Yes. I mean, I would just add in, like you look in Chile, it's probably a market that's had the least amount of growth. The economy has been tough there. As we focused on input metrics like NPS, in-stock, our price perception, price gap, market share, if you focus on those things, when the economy starts to recover, the business lifts with it.

是的。我的意思是，我想補充一點，就像你在智利看到的那樣，這可能是一個成長最少的市場。那裡的經濟一直很艱難。當我們關注NPS、庫存、我們的價格感知、價格差距、市場份額等輸入指標時，如果你關注這些事情，當經濟開始復甦時，業務就會隨之提升。

While we're doing that, you're also getting in and making sure that you're building out more sustainable businesses around eCommerce. So over 60% of our eCommerce orders are same day in Chile now. So I think we have shown that we can prosper and thrive in kind of multiple different versions of how the economy plays out across the world.

在我們這樣做的同時，您也參與其中並確保圍繞電子商務建立更永續的業務。因此，現在我們超過 60% 的電子商務訂單在智利當天就能完成。因此，我認為我們已經表明，我們可以透過多種不同版本的全球經濟運作方式來繁榮和繁榮。

And I think during this time, as we're focused on building out our eCommerce omni business, we're being more and more relevant to consumers in different markets.

我認為在這段時間裡，隨著我們專注於建立我們的電子商務全方位業務，我們與不同市場的消費者越來越相關。

I think for Sam's Club, it's very similar. We had a really balanced results in Sam's Club. And as John mentioned, it's all in the hands of the associates and the hard work that they do. But the value proposition is really resonating with the club model. It's great items at great value, and we'll just never relent on that and members are thanking us for it.

我認為山姆會員店的情況非常相似。我們在山姆會員店取得了非常平衡的結果。正如約翰所提到的，這一切都掌握在員工的手中以及他們所做的辛勤工作。但價值主張確實與俱樂部模式產生了共鳴。這是物超所值的好東西，我們永遠不會鬆懈，會員們為此感謝我們。

So Plus membership -- membership is an all-time high. Plus membership is at 54% of our member base right now and it's up 330 basis points in the year. Why? Because we're focusing on the things that really matter: deepening digital engagement with our members, 18% eCommerce growth and 1/3 of our members are using Scan & Go now, which is really exciting.

So Plus 會員資格－會員資格達到歷史最高水準。目前，Plus 會員占我們會員總數的 54%，今年增加了 330 個基點。為什麼？因為我們專注於真正重要的事情：加深與會員的數位互動、電子商務成長 18%，以及 1/3 的會員現在使用 Scan & Go，這確實令人興奮。

We're enhancing our member value proposition constantly. Prices is part of it, but value is an important component, too. I think you've all heard that we've got 120 of our stores -- or of our clubs today that have got the new exit technology that's powered by AI and computer vision that's really exciting.

我們不斷增強我們的會員價值主張。價格是其中的一部分，但價值也是重要的組成部分。我想你們都聽說過，我們現在有 120 家商店或俱樂部都採用了由人工智慧和電腦視覺驅動的新退出技術，這確實令人興奮。

And then Member's Mark, which is our own brand, is really setting the bar for quality as well as value. It's now over 1/3 of our sales. And we are seeing really strong participation in the quarter. So people just want really great items at really great value, and we just continue to give them that.

我們自己的品牌 Member's Mark 確實為品質和價值樹立了標竿。現在它占我們銷售額的 1/3 以上。我們看到本季的參與度非常高。所以人們只是想要真正物超所值的好東西，而我們只是繼續為他們提供這些。

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。

Congrats on a great quarter. So Kath, I wanted to ask you on International opportunities in particular. The performance was really strong. I think you put up your best operating margin in over 6 years.

恭喜您度過了一個出色的季度。凱絲，我想特別問你有關國際機會的問題。表演確實很給力。我認為你們取得了六年多來最好的營業利潤率。

So can you talk about sort of the main drivers behind the improvement, just how you're thinking about International EBIT structure on a go-forward basis as you have, alternative value streams that are ramping, eCommerce contribution is improving, all regions are posting very strong top line growth.

那麼，您能否談談改進背後的主要驅動因素，您如何在未來的基礎上考慮國際息稅前利潤結構、正在增長的替代價值流、電子商務貢獻正在改善、所有地區都在發布營收成長非常強勁。

And I just wanted to ask if there's anything you can share regarding Flipkart's contribution, how has that changed relative to the acquisition as we've been reading reports at one point you're ramping up for an IPO.

我只是想問一下，關於 Flipkart 的貢獻，您是否有什麼可以分享的？ 隨著我們一直在閱讀有關您正在加速 IPO 的報告，相對於此次收購，這種貢獻有何變化。

Yes. Thanks for the question. And there's quite a few components to that, I'll try and take them in chunks. First of all, I want to recognize all of our associates in International for the extraordinary strong result that we've been able to deliver over the last period.

是的。謝謝你的提問。其中有相當多的組成部分，我會嘗試將它們分成幾個部分。首先，我要向我們國際部門的所有同事表示感謝，感謝我們在過去一段時間裡取得的非凡強勁成果。

You're right, it is a really strong result. Top line was up 10.7%. Bottom line are up -- was up 27%. Now I would like to call out that, that's not -- that's kind of extraordinary. There were some one-offs that went into Q1 op inc, which aren't repeatable, but we are holding to the ratio of bottom line growing faster than top line.

你是對的，這是一個非常強烈的結果。營收成長 10.7%。利潤上漲了——上漲了 27%。現在我想指出，這不是——這有點非同尋常。第一季營運公司有一些一次性的事情，這些事情是不可重複的，但我們堅持獲利成長速度快於營收成長的比率。

So we see strength in International, particularly in the way that we are turning up as kind of more of an ecosystem. So if you look in Walmex, while we have grown the traditional business, we've been looking at how we make sure we're relevant to consumers in areas like where we had consumers that couldn't engage with us online, we've been able to provide a service that enables them to get digital connectivity.

因此，我們看到了國際化的優勢，特別是我們正在成為一個生態系統。因此，如果你看看 Walmex，在我們發展傳統業務的同時，我們一直在研究如何確保我們與消費者的相關性，例如我們的消費者無法在線與我們互動，我們已經能夠提供使他們能夠獲得數字連接的服務。

And what that means is that we now have different revenue streams coming in. I think we have over 13 million customers have engaged with us on BAIT, which is our digital connectivity. We've sold a number of health memberships. So the composition of that business as well as having our Cashi financial services looks different, and that's helping drive the different kind of economics and more -- richer op inc.

這意味著我們現在有不同的收入來源。我們已經出售了許多健康會員資格。因此，該業務的組成以及我們的 Cashi 金融服務看起來有所不同，這有助於推動不同類型的經濟以及更多——更豐富的營運公司。

As we look at then at eComm across the globe, I'd probably call out China. I know I've called out the China market before, but really strong growth in Sam's Club. And that business is almost 50-50 offline and online. And while we're doing that, I think this quarter, our bottom line grew faster than our top line in Sam's Club. So really good strength because they've worked out a model of dark stores that give them access to a larger addressable area of the market and allow them to deliver really, really efficiently. So our eComm omni business is growing in a sustainable way.

當我們審視全球電子商務時，我可能會提到中國。我知道我之前已經提到過中國市場，但山姆會員店的成長確實很強勁。而這個業務線下和線上幾乎是50-50。在我們這樣做的同時，我認為本季我們的利潤成長速度快於山姆會員店的營收成長速度。如此強大的實力，因為他們已經制定了一種暗店模式，使他們能夠進入更大的市場區域，並允許他們真正、真正有效率地交付。因此，我們的電子商務全方位業務正在以可持續的方式成長。

And then as you talk about Flipkart, I think the things that we've seen with Flipkart that we really like is as their business has grown, we've seen Myntra get to EBITDA positive for the last 2 quarters. We've seen a growth in some premiumization. And all of that is lifting kind of the profile of the Flipkart business.

然後當你談論 Flipkart 時，我認為我們真正喜歡的 Flipkart 的事情是隨著他們的業務增長，我們看到 Myntra 在過去兩個季度實現了正 EBITDA。我們看到一些高端化的成長。所有這些都在某種程度上提升了 Flipkart 業務的形象。

And so we're -- they're on track to the growth trajectory that we had them on. And we are looking and exploring when will be the right time to IPO that business. But now there's -- there's strong both in Flipkart and in PhonePe, and we're excited about the India market.

所以我們——他們正在走上我們讓他們走的成長軌跡。我們正在尋找並探索何時是該業務首次公開募股的最佳時機。但現在 Flipkart 和 PhonePe 都很強大，我們對印度市場感到興奮。

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

我們的下一個問題來自 Oliver Chen 和 TD Cowen 的對話。

Within general merchandise, what categories are you most excited about? What do you see happening with innovation opportunities and/or opportunities for improvement?

在一般商品中，您最感興趣的是哪些品類？您認為創新機會和/或改進機會會發生什麼？

And as we think about general merchandise as well, the intersection of artificial intelligence, large language models and also really changing the way consumers think about shopping, just what's on your mind for enhancing that and embracing the Marketplace as you've been doing to continue to elevate the brand?

當我們考慮一般商品時，人工智慧、大型語言模型的交集以及真正改變消費者思考購物的方式，正是您想要增強這一點並擁抱 Marketplace 的想法，就像您一直在做的那樣來提升品牌？

General merchandise is a really core part of all of our businesses, and it's something in Sam's Club that we're really excited about. We have brands that are extreme value, and we feel really good about that. And we've got Member's Mark, where we have incredible value and quality. And what we're seeing is that members are opting into us, as a brand, and renewing membership with us because we offer such high quality at such high value.

日用商品是我們所有業務的核心部分，這也是山姆會員店讓我們感到非常興奮的部分。我們擁有極具價值的品牌，我們對此感覺非常好。我們還擁有會員標誌，我們擁有令人難以置信的價值和品質。我們看到的是，會員選擇加入我們作為一個品牌，並續訂我們的會員資格，因為我們提供如此高的品質和如此高的價值。

So what we're seeing is that people are continuing to opt in to us. Our units are running ahead of our sales on general merchandise because of the value. So we feel really bullish.

所以我們看到人們繼續選擇加入我們。由於其價值，我們的單位銷售量領先於一般商品的銷售量。所以我們感到非常樂觀。

You think about apparel, jewelry, home, hardlines, auto, consumer electronics, we're seeing really strong unit growth in there. And it's just being followed -- it's because of value and it's because of innovation. So we remain really bullish in that space.

想想服裝、珠寶、家居、耐用品、汽車、消費性電子產品，我們看到這些領域的銷售成長非常強勁。它只是被遵循——因為價值，因為創新。因此，我們仍然非常看好這個領域。

Oliver, it's John. I'd like to talk about a couple of things in GM, and I think I'd first start with eCommerce. The strong performance at 22% growth is very helpful. We've picked up momentum in the Marketplace. Really, really pleased to see a number -- a really large number of new sellers come on board and assortments well north of $400 million.

奧利佛，這是約翰。我想談談通用汽車的一些事情，我想我先從電子商務開始。 22% 成長的強勁表現非常有幫助。我們在市場上的勢頭有所增強。真的，真的很高興看到這個數字——大量新賣家加入，商品種類遠遠超過 4 億美元。

And we spent a lot of time talking about our customer experience score, which starts with the top of the funnel and then we work our way all the way down the conversion. And as John David mentioned earlier, one of the components is perfect order.

我們花了很多時間討論我們的客戶體驗得分，從漏斗的頂部開始，然後我們一路向下轉換。正如約翰大衛之前提到的，完美秩序是要素之一。

And as you look through results, it's exciting to see more customers shopping more often, particularly in the Marketplace. And then the categories that are really strong that are standing out is apparel and fashion online. I'm really excited about what's happening in men's and women's and kids apparel, we've seen growth there. And then our hardlines business has been strong over the quarter. It was helpful in the quarter to have Easter early and strong weather in March that gave us a strong early start.

當您查看結果時，您會發現更多的客戶更頻繁地購物，尤其是在 Marketplace 中，這令人興奮。然後，真正脫穎而出的強勢類別是線上服裝和時尚。我對男裝、女裝和童裝的發展感到非常興奮，我們已經看到了這些領域的成長。我們的硬線業務在本季表現強勁。復活節提前到來以及三月的強勁天氣為我們帶來了良好的開端，這對本季很有幫助。

And these businesses we call omni services like tire installation, as we mentioned earlier, having your prescription ready by ordering online or cake decorating, these are all great services that are relatively unique to Walmart to be able to enable those from a digital standpoint all the way through the store and then deliver to people's homes. So I really am excited about the convenience and the expansion and assortment that we're offering.

我們將這些業務稱為全方位服務，例如輪胎安裝，正如我們之前提到的，透過線上訂購或蛋糕裝飾來準備好您的處方，這些都是沃爾瑪相對獨特的優質服務，能夠使人們從數位角度來看所有這些穿過商店，然後送到人們家中。因此，我對我們提供的便利、擴展和品種感到非常興奮。

Oliver, we punched below our weight on general merchandise, specifically in apparel and home for a really long time, maybe forever. And I think the progress that we're seeing now is driven by the in-store remodels and in eCommerce. The Marketplace is a great opportunity, but 1P will be important, too. So we've now got tools that we can use to grow the general merchandise business that we didn't have before.

奧利佛，我們在普通商品上的表現低於我們的體重，特別是在服裝和家居領域，很長一段時間，也許永遠。我認為我們現在看到的進步是由店內改造和電子商務所推動的。 Marketplace 是一個很好的機會，但 1P 也很重要。因此，我們現在擁有了可以用來發展我們以前沒有的百貨業務的工具。

As it relates the other part of the question, I think the thing worth mentioning is the progress we're seeing on search. I'm really excited about a solution-oriented search and this migration that many of us are on to try and create a personal assistant so that we can be more anticipatory, save people more time and help them with solutions more than what our previous search capability could do.

由於它涉及問題的其他部分，我認為值得一提的是我們在搜尋方面看到的進展。我對解決方案導向的搜尋和這種遷移感到非常興奮，我們中的許多人都在嘗試創建個人助理，這樣我們就可以比我們之前的搜尋更具預見性，為人們節省更多時間並幫助他們提供更多解決方案能力可以做。

So I think that's going to be on a maturity curve from now until the end of time, and generative AI has helped us step change that and I expect that, that improvement will continue.

因此，我認為從現在到世界末日，這將處於成熟曲線上，而生成式人工智慧已經幫助我們改變了這一點，我預計這種改進將繼續下去。

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

我們的下一個問題來自巴克萊銀行的塞思‧西格曼。

I wanted to focus on operating expenses and thinking about the investments planned for this year. If I recall, there was a first half weighting in the guidance originally. I know some of that was a year-over-year dynamic. Any update on how to think about that?

我想專注於營運支出並考慮今年計劃的投資。如果我記得的話，指南中原本有上半部的權重。我知道其中一些是逐年變化的。關於如何思考這個問題有任何更新嗎？

And more specific to the second quarter, it looks like you set up guidance very similar to how you set up Q1. I'm just curious, is there anything different about the opportunity in Q2? In other words, could there be a bigger step-up in spending? Or anything else that may limit the flow-through that we were able to see here?

更具體地說，第二季的指導方針看起來與第一季的指導方針非常相似。我只是好奇，第二季的機會有什麼不同嗎？換句話說，支出是否會出現更大的成長？或者還有什麼可能限制我們在這裡看到的流量？

Sure, Seth. Happy to take the question. This is John David. So when we gave guidance at the beginning of the year, in last quarter's call, we talked about the first half of the year we'd likely see that sales would outpace operating income. Maybe that's unlikely now with this results in the first quarter, but we did have some planned investment in the second quarter related to some technology investments. We've also got a little higher depreciation year-over-year.

當然，賽斯。很高興接受這個問題。這是約翰大衛。因此，當我們在年初給出指導時，在上個季度的電話會議中，我們談到了今年上半年，我們可能會看到銷售額將超過營業收入。也許現在第一季的結果不太可能，但我們確實在第二季有一些與一些技術投資相關的計畫投資。我們的折舊率也較去年同期略高。

In terms of the opportunity in the second quarter relative to the first quarter, there are a couple of things I want to call out in the first quarter that likely would not repeat themselves, but I don't want to take away from the team's strong performance. The first of those is just strong seasonal events in the first -- in International that helped us. And we also lapped a LIFO charge last year at Sam's, which contributed to some of the operating income growth. Those are likely not to repeat themselves, but -- so the possibility for outperformance in 2Q may be less than what it was in the first quarter.

就第二季相對於第一季的機會而言，我想在第一季指出一些可能不會重複的事情，但我不想剝奪球隊的強大表現。第一個是國際賽事中強勁的季節性賽事，這對我們有幫助。去年，我們還在山姆百貨實施了後進先出收費，這對營業收入的成長做出了部分貢獻。這些可能不會重演，但是——因此第二季度表現出色的可能性可能小於第一季。

That said, I don't want to take away the headline here, and we feel really good about how the team is operating. We feel really good about what the year holds for us and the opportunity to outperform the guidance that we've given.

也就是說，我不想去掉這裡的標題，我們對團隊的運作方式感覺非常好。我們對今年的情況以及超越我們給予的指導的機會感到非常滿意。

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。

Wanted to just go back to business mix. I guess, with the continued strong growth in Marketplace, I guess when you look at the performance of general merchandise and Walmart U.S., that Marketplace sales would obviously skew higher towards those discretionary categories the 420 million SKUs there.

想回到業務組合。我想，隨著 Marketplace 的持續強勁增長，我想當你觀察日用百貨和沃爾瑪美國的表現時，Marketplace 的銷售額顯然會更傾向於那些可自由支配的類別，那裡有 4.2 億個 SKU。

So I guess the question is, is the impact of 3P Marketplace growth at all starting to cannibalize maybe in a good way the general merchandise comps that you provide? Or would the performance of general merchandise be stronger if you looked at it more holistically from a total GMV standpoint?

所以我想問題是，3P 市場成長的影響是否開始以一種好的方式蠶食你們提供的一般商品競爭？或者，如果從總 GMV 的角度更全面地看待百貨商品的表現是否會更強？

Let me start on this and others may want to jump in. So first of all, as you think about the mix of our business, we've continued to have a headwind as consumer wallets have been stretched. And for us, that's resulted in about a 100 basis point shift away from general merchandise to other categories of our business in the first quarter. We expect that to continue or some magnitude of that for the balance of the year.

讓我從這個開始，其他人可能想加入進來。 所以首先，當你考慮我們的業務組合時，我們繼續面臨逆風，因為消費者的錢包已經捉襟見肘。對我們來說，這導致第一季我們的業務從一般商品轉向其他業務類別約 100 個基點。我們預計這種情況將在今年餘下持續或保持一定程度。

But to me, the real story here around general merchandise is the progress that we're making in our Marketplace. And so while general merchandise is, call it, roughly flat, there are categories like pets and beauty where the growth in the Marketplace is in excess of 30%. There are other categories like furniture, sporting goods that are in excess of 20%.

但對我來說，圍繞日用百貨的真正故事是我們在市場中取得的進展。因此，雖然一般商品大致持平，但寵物和美容品等類別的市場成長超過 30%。其他類別如家具、運動用品也超過20%。

And I think this shows that consumers -- customers are coming to us, thinking of us very differently than what they have in the past. And it's also an indication of how and where we're gaining share in our business. So general merchandise being able to offer third-party assortment is giving our customers a lot more options than what they've had in the past.

我認為這表明消費者來到我們這裡，對我們的看法與他們過去的看法截然不同。這也表明我們如何以及在何處獲得業務份額。因此，能夠提供第三方品種的一般商品為我們的客戶提供了比過去更多的選擇。

I think general merchandise mix was impacted by food inflation to a degree. When food shot up to mid-double digits, there are a lot of customers that had their paycheck allocated that direction. And now that food pricing has calmed down some and we've got rollbacks happening in food and you've got a deflationary situation with GM, you've got the opportunity, given elasticity, to grow more units, which we're doing. And the fact that we're growing share feels good.

我認為一般商品組合在一定程度上受到食品通膨的影響。當食品價格飆升至中兩位數時，許多顧客的薪水都被分配到了這個方向。現在食品價格已經平靜下來，我們的食品價格出現回落，通用汽車也面臨通貨緊縮的情況，鑑於彈性，你有機會種植更多的單位，我們正在這樣做。我們的份額不斷增長這一事實感覺很好。

So I don't get too caught up, Kelly, on whether the sales come through stores, clubs, first party or Marketplace. We just want to have what people are looking for. And we'll manage the mix on the other end of it in a way that generates more profitability, which is what you're seeing in this quarter.

所以，凱利，我不太在意銷售是透過商店、俱樂部、第一方還是市場進行的。我們只是想擁有人們正在尋找的東西。我們將以產生更多利潤的方式管理其另一端的組合，這就是您在本季看到的。

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 mentioned that within Walmart U.S. the share gains were led by the higher-income households, I believe. Curious how you define that. What percent of your customer base the higher-income households comprise? And how are you targeting that consumer? And also curious, has that consumer's engagement with Walmart changed a lot?

您提到，我認為，在沃爾瑪美國內部，份額上漲是由高收入家庭帶動的。很好奇你是如何定義的。高收入家庭佔您的客戶群的百分比是多少？您如何瞄準該消費者？同時也很好奇，消費者與沃爾瑪的互動是否有了很大變化？

Yes, this is John David, I'll start. So we define where we stratify the income groups roughly as $50,000 and below, $50,000 to $100,000 and then $100,000 and above. And as a general rule, our customer base breaks down about 1/3 in each group.

是的，我是約翰大衛，我要開始了。因此，我們將收入群體的分層大致定義為 50,000 美元及以下、50,000 美元至 100,000 美元以及 100,000 美元及以上。一般來說，我們的客戶群在每組中大約佔 1/3。

And so in terms of what we're doing to be more attractive to that higher-income household, I think this is the -- really the story or the word we've been using here is convenience. We are not just a play for value anymore. We talked about the number of units that we've shipped in the last 12 months, which is on par with any eCommerce player in the world. That shows that customers are coming to us and we're a consideration where we haven't been before.

因此，就我們正在採取的措施對高收入家庭更具吸引力而言，我認為這實際上是我們在這裡使用的故事或詞是便利。我們不再只是追求價值的遊戲。我們談到了過去 12 個月內我們發貨的商品數量，這與世界上任何電子商務公司的銷售相當。這表明客戶正在來找我們，我們受到了前所未有的關注。

And convenience matters to someone irrespective of what your paycheck is, irrespective of what your income level is. And we expect that to be durable. We don't expect that to change.

無論你的薪水是多少，無論你的收入水平如何，便利性對某人來說都很重要。我們希望這種情況能夠持續下去。我們預計這種情況不會改變。

John David, I'd just add to that. It's also been encouraging to see the improvements in fresh food. We've definitely experienced benefit from improvements in quality. The supply chain's gotten tighter. Many of you have seen the work we're doing in supply chain. But produce has been really exciting to see the progress over the last couple of years. The same sort of quality improvements are coming through in the meat department.

約翰大衛，我想補充一下。看到新鮮食品的改善也令人鼓舞。我們確實從品質改進中受益匪淺。供應鏈變得更加緊張。你們中的許多人都看到了我們在供應鏈方面所做的工作。但看到過去幾年的進步，農產品確實令人興奮。肉類部門也正在進行同樣的品質改進。

And you can see that in the types of items and categories that we're selling in store and those in pickup and delivery. And in the delivery business where we are stronger with higher-income consumer, that's where we've seen a lot of growth.

您可以在我們店內銷售以及提貨和送貨的商品類型和類別中看到這一點。在快遞業務中，我們在高收入消費者中表現更強勁，這就是我們看到大量成長的領域。

I'm really excited, Doug, what you mentioned earlier is bettergoods as being a way to sell better quality, better taste profiles and at values that really matter. 70% of the items under $5 is exciting, and that appeals to all income groups. And so if you're trying to feed a family of four or five or six and prices in restaurants have gone up and in Walmart it's beginning to come down, and we're really proud of the rollbacks, I think our value message is strong. And having the ability to deliver flexibly is going to work out really well for us.

我真的很興奮，道格，你之前提到的更好的商品是一種銷售更好品質、更好口味和真正重要價值的方式。 70% 5 美元以下的商品令人興奮，這對所有收入群體都有吸引力。因此，如果你想養活一個四口、五口、六口之家，餐廳的價格已經上漲，而沃爾瑪的價格開始下降，我們對價格回落感到非常自豪，我認為我們的價值訊息是強有力的。擁有靈活交付的能力對我們來說非常有利。

We're not trying to chase higher-income cohort sales. We just offer value. If you look at what's happened historically, people with higher incomes have shopped Walmart. They've just been selective in their -- in the categories that they buy and the items that they buy. So if we offer them the right items at the right prices, whether that's in store, first party or Marketplace, they'll respond to that. And so as we've been able to expand our assortment online, we can appeal to more people. And then you layer on the convenience dimension and you get a good outcome.

我們並不是想追逐高收入者的銷售。我們只是提供價值。如果你看看歷史上發生的事情，你會發現收入較高的人會在沃爾瑪購物。他們只是在購買的類別和物品上進行了選擇性。因此，如果我們以合適的價格向他們提供合適的商品，無論是在商店、第一方還是市場上，他們都會對此做出回應。因此，當我們能夠擴大線上產品種類時，我們就可以吸引更多的人。然後你在便利性維度上分層，你就會得到一個好的結果。

Our next question is from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自查克·格羅姆和戈登·哈斯克特。

Congrats on a really great quarter. Just wondering if you can discuss trends you're seeing within general merchandise between smaller-ticket, shorter-replacement items versus higher-ticket, longer-replacement items. And if any shifts in spending within the categories reflect anything about whether the consumer is making any incremental changes in their discretionary spending.

恭喜您度過了一個非常棒的季度。只是想知道您是否可以討論一下您在一般商品中看到的小價、短替換商品與高價、長替換商品之間的趨勢。類別內支出的任何變化是否反映了消費者是否對其可自由支配支出進行了任何增量變化。

And then just as a quick follow-up. Just curious if there was any deviation or big change in trend throughout the quarter by month.

然後作為快速跟進。只是好奇整個季度的趨勢是否有任何偏差或大的變化。

Yes, Chuck. It's John. I'll take it. I think the best way to describe the consumer is it's been remarkably consistent over the last couple of years. Mix has changed, but hasn't changed that much. We've seen growth in both brands and private brands. We have seen a wide range of price point selling in the quarter.

是的，查克。是約翰。我要買它。我認為描述消費者的最佳方式是在過去幾年中消費者的表現非常一致。混合發生了變化，但變化不大。我們看到品牌和自有品牌的成長。我們在本季看到了各種價位的銷售。

March was a strong month, given Easter was in the month. We had leap year in February, that was also -- helped to make it stronger.

鑑於復活節正好在三月，三月是個強勁的月份。我們在二月度過了閏年，這也有助於讓它變得更強大。

So the phasing of the quarter wasn't all that surprising. It was strong in February, strong again in March, weather was favorable in March, a little bit colder and then April was softer without Easter in it. But we walked out of the quarter into the month of May with similar trends that we've been seeing. So the phasing of the quarter wasn't all that different than we expected.

因此，本季的階段性變化並不令人意外。二月強勁，三月再次強勁，三月天氣有利，有點冷，然後四月沒有復活節，天氣變得柔和。但從本季進入五月份，我們看到了與我們所看到的類似的趨勢。因此，本季的階段與我們的預期並沒有太大不同。

I think as you look forward, the consumer's consistent, our inventory is in good shape. Our merchants -- we said this a few minutes ago, they have the ability to mix out. They're managing their price gaps and value. They're managing initial margins. Their markdowns have been lower due to stronger inventory management. A little bit of improvement this year in shrinkage from private -- from the previous years. We've been going up for the last 3 years, and it's good to see that starting to come down in some places in the country.

我認為正如你所期望的那樣，消費者的態度是一致的，我們的庫存狀況良好。我們的商人——我們幾分鐘前就說過了，他們有能力混出來。他們正在管理價格差距和價值。他們正在管理初始利潤。由於加強了庫存管理，他們的降價幅度較低。與前幾年相比，今年私人部門的收縮略有改善。過去三年來，我們的收入一直在上升，很高興看到該國某些地方的收入開始下降。

But we'll mix this out. Our merchant team, they've done this for a while. And in any situation with the consumer, we want to focus on value and be there for them, and we'll manage the mix on the back side.

但我們會把它混合起來。我們的商人團隊，他們已經這樣做了一段時間了。在與消費者的任何情況下，我們都希望專注於價值並為他們服務，我們將在背面管理組合。

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。

Also congrats on a nice quarter. So just going back to the commentary on Walmart+. It sounds like it's growing double digits. As we look at the backdrop out there for membership and subscriptions, you're clearly seeing a more crowded landscape. So just want to get a sense of how you guys feel about the value proposition today and then further opportunities to differentiate Walmart+ going forward.

也恭喜一個美好的季度。回到 Walmart+ 的評論。聽起來它正在以兩位數的速度成長。當我們觀察會員和訂閱的背景時，您顯然會看到更擁擠的景象。因此，我只是想了解大家對今天的價值主張的看法，以及未來讓 Walmart+ 脫穎而出的進一步機會。

It's John. I'm pleased with the progress in Walmart+. It is an important part of what we do, and it is a great way for customers to save time and save money. By joining Walmart+, you get access to unlimited deliveries, which is great, and I talked to a lot of people over the country that use it all the time.

是約翰。我對 Walmart+ 的進展感到滿意。這是我們工作的重要部分，也是客戶節省時間和金錢的好方法。透過加入 Walmart+，您可以無限量送貨，這很棒，我與全國各地一直使用它的許多人進行了交談。

It's also been important for us to improve the perfect order. As we mentioned earlier, we launched Walmart+ in 2020 at a time the supply chain was difficult. And so the continued momentum and improvements in being able to fulfill customers' orders with what they ordered when they ordered has been important.

改善完美秩序對我們來說也很重要。正如我們之前提到的，我們在 2020 年推出了 Walmart+，當時供應鏈很困難。因此，能夠按照客戶訂購的產品滿足客戶訂單的持續動力和改進非常重要。

But again, it's an important part of what we do. We think it's a great solution for customers, and it's been exciting to see the progress.

但同樣，這是我們工作的重要部分。我們認為這對客戶來說是一個很好的解決方案，看到進展令人興奮。

Our next question is from the line of Greg Melich with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

I'd like to pivot a bit back to the top line. And I think you said inflation was 40 bps in the quarter. If you look at your guidance for the rest of the year, do you expect it to settle at that kind of low level or even fall further?

我想稍微回到頂線。我想你說過本季通膨率為 40 個基點。如果你看看今年剩餘時間的指引，你是否預期它會穩定在那麼低的水平，甚至進一步下跌？

Greg, we expect it to be relatively close to what we saw in the current quarter. It's a mix across the baskets. We've seen general merchandise be more deflationary, but consumables and food are hovering slightly above flat to up 1. So we generally expect it to be in this level.

格雷格，我們預計它會與我們在本季度看到的情況相對接近。這是籃子裡的混合體。我們看到一般商品的通貨緊縮程度更為嚴重，但消費品和食品則徘徊在略高於持平至上升 1 的水平。

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

謝謝。此時，我們的問答環節已經結束了。我將把電話轉給道格拉斯·麥克米倫 (Douglas McMillon) 作結束語。

Thank you all for joining the call. Again, thanks to our associates for a really strong quarter. When I think about the headlines from the quarter, what goes through my mind is, first, the eCommerce growth. I think the progress we're making on convenience for customers is a big deal, and that's happening through. Our store fulfillment as well as through fulfillment centers, the Marketplace is growing and that brings along with it growth in advertising and membership. It was great to see both of those up 24%.

感謝大家加入通話。再次感謝我們的員工帶來了一個非常強勁的季度。當我想到本季的頭條新聞時，我首先想到的是電子商務的成長。我認為我們在為客戶提供便利方面所取得的進展是一件大事，而且這一點正在發生。我們的商店履行以及透過履行中心，市場正在成長，這帶來了廣告和會員的成長。很高興看到兩者都上漲了 24%。

Second headline's related to really good inventory management.

第二個標題與真正良好的庫存管理有關。

And the third headline's related to pricing. I think the number of rollbacks that we have and the value that we're offering to customers and members is resonating and those really set this quarter apart.

第三個標題與定價有關。我認為我們的回滾次數以及我們為客戶和會員提供的價值引起了共鳴，這些確實使本季與眾不同。

Big picture, our thought is the same as it has been: we're going to be able to grow sales because we're positioned to serve people how they want to be served. We're going to grow profit faster than sales because of business mix. And we're going to be able to grow returns as we make the right capital investments. So we'll be really consistent as it relates to that through the year, and we appreciate your time and attention.

總體而言，我們的想法與過去一樣：我們將能夠增加銷售額，因為我們的定位是為人們提供他們想要的服務。由於業務組合，我們的利潤成長速度將快於銷售額成長。當我們進行正確的資本投資時，我們將能夠增加回報。因此，我們將在這一年中保持一致，感謝您的時間和關注。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。