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。 （操作員指示）請注意，本次會議正在錄音。

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

現在，我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。感謝您今天加入我們並關注沃爾瑪。今天，沃爾瑪執行長道格拉斯·麥克米倫 (Douglas McMillon) 和我一起從本頓維爾總部前來；和財務長 John David Rainey。

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.

道格和約翰戴維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。在問答環節，我們的部門執行長將加入我們：沃爾瑪美國的 John Furner、沃爾瑪國際的 Kath McLay；以及山姆會員店的克里斯·尼古拉斯 (Chris Nicholas)。

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資訊（包括各部門的亮點），請參閱我們網站上的收益報告和隨附簡報。我們將盡力在本次電話會議預定的一個小時內回答盡可能多的問題。 （操作員指示）

Today's call is being recorded, and management may make forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC.

今天的電話會議正在錄音，管理層可能會做出前瞻性的陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異。這些風險和不確定性包括但不限於我們向美國證券交易委員會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，以了解有關前瞻性聲明的警示性聲明以及我們的完整安全港聲明和非 GAAP 對賬，網址為 stock.walmart.com。

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

道格，我的介紹到此結束。我們已經準備好開始了。

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。我們的團隊在新的一年伊始就取得了出色的成績。我們的業績優於預期，銷售額成長 5.7%，調整後營業利潤以固定匯率計算成長 12.9%。三個營運部門均表現良好。

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單位和交易數量的增長以及市場份額的增長（包括日用百貨）推動的。這些不是通貨膨脹驅動的結果。在美國，本季同類銷售額通膨率約為 40 個基點，其中一般商品的通貨緊縮率為中等個位數，食品和消費品的通膨率為低個位數。

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

我們與供應商一起努力降低價格。我們的回滾數量已經上升，客戶正在回應我們的價格領導力。

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.

我要指出的第一個亮點是客戶體驗評分的提升。這與我們的同事有很大關係。我在旅行時拜訪了他們中的許多人。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表現之前，我想感謝我們在世界各地的所有同事。他們值得所有的讚譽。他們管理我們一直在管理的事務，同時建立新的能力並推動變革。

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採取的措施。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。我們的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推出了一籃復活節商品，價格比一年前更低。顧客們做出了正面的反應，我們看到了強勁的銷售業績。

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，包括庫存管理，我們在全球的庫存下降了 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，我們有人們所期待的選擇。在美國，本季市場賣家數量增加了 36%，SKU 數量現已超過 4.2 億。在墨西哥，市場賣家數量增加了 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，我們的客戶在我們的應用程式或網站上購物時找到了他們想要的東西。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，而且效果很好。此外，根據我們的客戶體驗指標，我們的路邊取貨和送貨能力正在提高。在全球範圍內，我們在本季完成了近 70 項改造，今年我們預計將完成 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.

我們讓顧客在我們這裡購物變得非常方便，而我們為顧客和會員節省了時間，從而也讓他們獲得了增長作為回報。

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.

我們預計今年的銷售將繼續保持健康的成長水平，同時利潤成長速度快於銷售額成長速度，同時管理價格差距並投資於我們的員工。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.

由於它與核心強勁的同店銷售成長有關，再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，廣告和會員數量均增加了 24%。

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

今天，我們宣布將我們的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。我們正在將新的體驗帶入生活，例如生成式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國使用的市場和數據平台，並且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 DC 和 FC 中自動化儲存和檢索系統的實施正在順利進行，我們對這項工作的影響一如既往地充滿熱情。

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.

轉向我們的部分。在沃爾瑪美國公司，我們最近宣布推出一個名為 bettergoods 的全新食品自有品牌。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潮流和優質品質，但同時 70% 的 bettergoods 商品價格低於 5 美元。這種品質和價值會引起不同收入水平的顧客的共鳴。

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.

我們也推出了按需清晨送貨上門服務，最快可在早上 7 點送貨上門，最快可在 30 分鐘內送達客戶家門口。全球範圍內，超過 6,500 個地點提供當日送達服務。在沃爾瑪美國公司，過去 12 個月內，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。配送時間越來越快，配送成本也同時下降。

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.

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診所。許多方面都進展順利，我們確實希望成為改善這個國家醫療保健的解決方案的一部分。但現實情況是，考慮到報銷率和服務成本，我們再也看不到實現可接受獲利水準的途徑，我們致力於嚴格控制投資。我們感謝在這個領域工作的同事。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，並將找到方法讓我們的藥劑師能夠像他們在免疫接種和疫苗接種方面所做的那樣提供幫助。

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，我們還分享了取消一些家庭辦公室職位並減少遠距工作量的決定。自從疫情結束後，我們絕大多數在家工作的同事都已經回到辦公室，我們希望看到更多這樣的情況。親自到場很重要。

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.

當我們團結在一起時，我們的文化會更加強大。我們做出決策更快，我們更有創造力，我們幫助培養下一代人才。我們將繼續做出改變，以確保我們能夠以最佳狀態為客戶提供服務並支援我們的商店、俱樂部和供應鏈合作夥伴。

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.

搬遷至沃爾瑪國際。我們持續取得強勁業績，銷售額和利潤均實現兩位數成長，提升了公司的成長率。各大股指普遍走強，其中沃爾瑪、中國和 Flipkart 領漲。本季業績包括電子商務的強勁成長，其中以商店履行訂單和市場為主導。由於我們關注世界各地的慶祝活動，如中國新年、復活節和沃爾瑪加拿大成立 30 週年，我們看到一般商品類別的銷售成長有所提高。

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，國際團隊也在提高跨市場交付速度。本季度，印度當日送達訂單增加了 150% 以上，目前已覆蓋 20 個主要城市。由於消費者在農曆新年期間尋求便利，中國的一小時送達服務訂單量已成長至 5,500 萬份。在智利，60% 的電子商務訂單都是當天送達的。

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.

在美國山姆會員商店，我們很高興看到團隊利用電腦視覺技術，讓使用 Scan & Go 的會員在購物完成後更快離開商店。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，該技術允許會員離開俱樂部而無需排隊領取收據。自那時起，我們在大約 20% 的俱樂部中部署了它，並且我們計劃在年底前將其推廣到所有美國俱樂部。

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.

除了對會員更有利之外，該技術還能比我們以前的流程識別出更多的物品。這是以人為本、技術驅動、有益於會員體驗的技術解決方案的一個很好的例子。

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.

這是今年的一個強勁開端。我們將繼續致力於改善客戶和會員體驗，成為優秀的商家，發展新的業務並提高回報。

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，我將讓約翰·戴維 (John David) 分享更多有關本季度以及我們對今年剩餘時間的展望的信息。

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。本季的強勁業績清楚地證明了我們有能力實現營業收入成長速度快於銷售額成長速度的財務架構。本季的業績反映了團隊在我們業務的幾乎每個方面都表現出色，分享了收益，並提高了會員和客戶的 NPS 分數，他們越來越追求價值和便利性以及全零售模式的力量。

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、利潤和回報框架來討論我們的季度業績。我們的銷售持續強勁，三個營運部門的表現都超出我們的預期。我們的流量和單位正在成長，我們的庫存狀況非常好。我們正在進行多年的努力來重塑我們的利潤狀況和營業收入成長軌跡。本季反映了我們核心零售業務利潤率提高以及業務組合貢獻的好處。

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.

我們正在投資具有高資本回報率的領域，例如自動化、商店改造以及數位工具和技術。這些投資結合起來，擴大了我們的競爭優勢，為我們提供了在實現銷售和利潤目標的同時投資人才和價格的槓桿。

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.

在我進一步闡述我們強勁的財務業績之前，我想提醒您，我們的 IR 網站上有一個補充演示文稿，其中包含除我的評論之外的更多資訊。

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%，高於我們預期的 4% 至 5% 的成長。提醒一下，今年是閏年，這為我們去年的銷售成長貢獻了約 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.

國際業務以 10.7% 的固定匯率銷售額成長率領先其他企業，體現了沃爾瑪、中國和 Flipkart 的強勁表​​現。在各個市場中，季節性活動都很強勁，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 將當日送達服務擴展到 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.

沃爾瑪美國公司也實現了好於預期的成長，同店銷售額成長 3.8%，其中電子商務強勁成長 22%，主要得益於店內取貨和送貨、市場和廣告。

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

商店和數位通路的客流量和銷售額成長強勁，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.

我們看到不同收入群體的參與度都在提高，其中高收入家庭繼續佔據份額成長的大部分。

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.

薩姆的美國同店銷售額（不含燃料）也表現強勁，達 4.4%。 Sam 團隊繼續透過我們的自有品牌 Member's Mark 在品質和價值方面取得進步。團隊在掌握品牌產品趨勢方面做得非常出色。會員標誌在第一季實現了高個位數成長，並且是會員加入和續訂的一個重要原因，同時也帶來了 Scan & Go 和路邊取貨等數位化解決方案。

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.

除銷售額外，毛利成長是第一季成長的主要驅動力。綜合毛利率擴大了 42 個基點，其中沃爾瑪美國業務表現最為突出。在各個部門，我們受益於嚴格的庫存管理和良好的業務組合帶來的較低降價，從而實現了強勁的銷售利潤流轉。

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.

合併調整後營業收入以固定匯率計算成長 12.9%，比我們的銷售額成長高出 700 多個基點。這反映出銷售額成長好於預期，毛利率和會員收入也更高。

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.

這被我們美國分部因優異表現而導致的浮動薪酬費用增加所帶來的費用去槓桿部分抵消。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都快於銷售額的成長。

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.

仔細觀察利潤。隨著我們繼續與供應商密切合作以降低成本，我們正在管理沃爾瑪美國的定價以保持有競爭力的價格差距，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.

我們與零售市場之間的價格差距仍然很大。改進的庫存管理和良好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 月份食品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.

我們繼承了去年季節性計畫的成功，利用慶祝活動和節日活動來強化我們的價值主張，客戶也做出了積極的回應。中國新年、情人節和復活節推動了包括日用百貨在內的各類別商品的銷售成長。

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、品質和新穎性的來源。因此，我們繼續看到自有品牌銷售的強勁勢頭，第一季食品雜貨滲透率上升了 30 個基點。雖然自有品牌的滲透率在銷售額中所佔比例僅為 20% 以下，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.

我們的庫存水準持續下降，沃爾瑪美國下降約 4%，山姆會員店下降近 5%，但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位置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，而且還支援更高的庫存水平，使貨物更順暢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，企業在實現效率的同時，客戶和員工的 NPS 分數也在上升。第一季全球電子商務成長21%，電子商務虧損持續收窄，最顯著的是美國每筆訂單的淨配送成本改善了近40%。越來越多的顧客更頻繁地在我們這裡購物，涉及更多類別，推動我們在配送密度和交易利潤率方面取得進步，讓我們能夠清楚地了解該渠道的長期盈利能力。

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，我們在業務組合中看到了這種影響，因為他們將更多的薪水花在非必需品類別上，而花在一般商品上的錢則減少了。這種商品組合仍然對利潤率造成不利影響，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實施策略，以提高日用百貨的銷售額，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的知名度。我們有機會透過我們的第一方電子商務產品組合，特別是我們的市場來增加商店中的日常商品銷售額。我們很高興看到第一季時尚、家居和硬品類的市佔率有所成長。

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、兒童服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.

除了銷售額成長和毛利率提高之外，利潤結構的重塑也是我們策略中令人興奮的一部分。我們正在增強能力和更高利潤的成長動力，例如廣告、會員、市場和履行以及數據分析和洞察，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%.

全球廣告成長了 24%，其中美國 Walmart Connect 成長了 26%，國際廣告成長了 27%。沃爾瑪在美國的廣告銷售額反映出來自 Marketplace 賣家的成長超過 50%，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.

與去年相比，Sam 的廣告業務目前活躍廣告商增加了 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。山姆會員商店美國店會員數及Plus會員滲透率再創新高，會員收入成長超過13%。山姆會員中國區會員數量成長25%，活躍率和續約率不斷提升。

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

此外，由於會員與我們互動更頻繁且消費金額高於其他顧客，沃爾瑪 Plus 繼續實現兩位數成長。

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.

對於國際市場而言，所有市場均實現了兩位數成長，其中 Flipkart 和 Walmex 領銜，這反映了我們在各個市場所經歷的強勁勢頭。在美國，沃爾瑪市場取得了強勁的業績，平台上的賣家數量增加了 36%，其中 28% 的賣家使用我們的市場履行服務。

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.

舉一個例子來說明我們的全能模型的優點。今年 4 月，我們推出了一項新服務，客戶可以從我們市場上近 40,000 種輪胎中進行訂購，然後在我們位於美國的 2,300 家汽車護理中心和商店之一進行安裝。這是一個很好的例子，說明我們如何利用我們獨特的全方位功能為客戶消除摩擦。

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.

在數據分析和洞察領域，沃爾瑪數據創投公司繼續看到客戶對全通路營運中的消費者行為和趨勢洞察的強烈需求。第一季度，該業務較去年同期翻了一番。今年 4 月，我們宣布了一項新的自助服務整合，使供應商廣告商能夠更輕鬆地將 Walmart Luminate 的洞察力與 Walmart Connect 的閉環全通路零售媒體解決方案相結合，以幫助推動產品、品牌和類別的銷售。這是我們首次將這兩種解決方案結合在一起，從而增強兩種產品之間的凝聚力，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，您還會看到我們致力於解決業務中表現不佳的領域。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明顯的增量價值驅動因素上。這就要求我們有足夠的勇氣退出那些曾經是明顯機會、或具有策略或財務增值潛力、但現在價值正在下降的領域。

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.

正如道格所提到的，正是出於這個考慮，我們決定關閉所有 51 個沃爾瑪健康中心。第一季總業務重組成本導致每股費用為 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.

總結第一季業績。線下項目反映了相對平穩的淨債務餘額上略高的利息支出，以及基於我們股權投資公允價值變動而導致的同比較低的稅率。

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

調整後每股收益為 0.60 美元，優於我們的預期 0.49 美元至 0.52 美元。

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。我們的團隊執行力非常高。第一季的業績超出了我們對銷售額和營業收入成長的預期。雖然期望每個季度都這麼好可能有點過分，但我們對業績表現感到非常滿意，這表明當我們全力以赴時，這項業務可以表現得如何。

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.

自今年年初以來，消費經濟狀況一直相對穩定。我們去年目睹的許多追求價值的行為仍在繼續，尤其是在季節性活動期間。

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，這種關注得到了客戶的共鳴，並且我們的市場份額正在擴大。話雖如此，今年才剛過去一個季度，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%，而營業收入將成長約 3% 至 4.5%。預計每股收益在 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預測的中點結合，可以預測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到非常滿意，對下半年的展望與 90 天前一致。我們的第一季業績和第二季指引的中點表明，我們應該達到今年銷售額和營業收入指引的高端，甚至略高於這一水平。

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.

在第二季結束後，我們將重新審視全年指引。這更符合我們歷史更新的節奏，也符合我們作為管理團隊的理念，即認識到早期的勢頭，但考慮到宏觀不確定性以及今年的大部分時間仍擺在我們面前，我們也需要在年初保持謹慎。

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。它們證明了當我們專注於會員和客戶、嚴格控製成本並利用我們所做的技術投資時，我們的團隊能夠發揮出怎樣的能力。利潤正在成長，客戶 NPS 分數正在提高，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.

感謝您對沃爾瑪的關注，現在我們準備回答您的問題。

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

（操作員指示）我們的第一個問題來自高盛的凱特·麥克沙恩。

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再多談談您在整個季度中看到低端消費者的情況，以及您如何看待他們在今年剩餘時間內對公司的貢獻，尤其是在日用百貨方面。

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‧弗納。我先開始。嗯，首先，我想感謝整個團隊在本季所做的工作和執行情況。很高興看到我們的許多同事做出瞭如此大的貢獻。看到我們的店長在本季真正專注於店內商品銷售，我們也感到很鼓舞。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，我們的支出一直相當穩定，我想這是我們能使用的最佳詞語，即各個收入群體的支出保持穩定。因此，正如我們之前提到的，我們在高端消費者方面取得了更大的成長。這依然是事實。我們非常注重價值、靈活性和便利性，並且適用於各個收入階層。我們很高興能夠擁有令我們感到自豪的店鋪條件和不斷的成長。很高興看到我們的皮卡業務正在不斷成長。正如我們所提到的，我們的送貨業務規模現已超過取貨業務，並且運行率仍然強勁。

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事情是一致的。我們的食物類別也對我們有幫助。在整個商店中，我們有近 7,000 個回滾。這對我們的食品類別確實有幫助。我們發現在家吃飯、在家做飯和外出吃飯之間的差距更大，我們認為這可以幫助沃爾瑪在今年剩餘時間內保持良好的發展勢頭。

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緬古特曼 (Simeon Gutman)。

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，我會把它分成兩部分來回答。首先，要診斷消費者尚未增加支出，這聽起來像是你想要這樣做，但除了年初之外，還有一些因素阻礙了你。但很好奇消費者方面是否有任何事情。

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.

第二部分是道格今天談到如何進行投資並推動價值。令人好奇的是，在這種環境下，如果你有彈性，甚至有更努力的願望，那麼看起來今年可能會是動盪的一年。

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，有能力繼續推動這兩項工作，推動這些令人印象深刻的份額成長、利潤率擴大，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.

西緬，我先回答問題的第一部分，然後交給道格回答第二部分。從指導上來說，沒有什麼好解讀的。首先，我們對第一季的表現感到非常滿意。這些都是全面強勁的成果。我們認為對這項表現保持耐心是明智之舉。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離消費者周圍的特定環境還很遠。我們每天都會讀到有關消費者健康的報導。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、成果和我們團隊繼續執行的能力，也不應該影響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.

西緬，我想我會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，進行了薪資投資，有一段時間，我們一直告訴你，我們認為我們在這方面的狀況相當不錯。

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.

我們特意使用「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進行價格投資來推動成長或確保這些籃子處於良好狀態，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.

對我們的員工進行投資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.

本季業務組合的變化，特別是庫存管理的變化，讓我們能夠更靈活地做出各種選擇。因此，我們在整個季度和全年管理業務的過程中，每周和每月都會這樣做。

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 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.

感謝您回答我的問題。我的問題是，道格和約翰戴維在評論中談到了日用百貨、食品和消費品的通貨緊縮，然後你們又談到了 4 月份的回落幅度高達 45%。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.

您能幫助我們思考這個問題嗎？我們應該——你——你是怎麼做到的？真的只是廣告——數位廣告和市場履行以及所有這些東西對毛利率有很大幫助，以至於它足以抵消毛利率——核心毛利率的疲軟嗎？也許可以幫助我們思考如何繼續思考這個問題。

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。就毛利率而言，我們正在公司內部討論其組成正在發生變化的事實，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.

我們被建造了。我們的宗旨是幫助人們省錢並過上更好的生活。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，它確實反映了幫助我們混合業務的新業務。因此，我們在公司內部使用諸如商品或產品利潤率之類的術語，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·戴維，當我們考慮未來的報告時，我們應該稍微澄清一下這一點，這樣人們就不會錯誤地認為毛利率會因價格上漲而上升。他們不是。例如，如果你看一下回滾，正如約翰在美國提到的那樣，正如我們今天早上提到的那樣，我們看到了很多回滾。供應商參與其中的大部分，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.

我們將在價格上保持領先，管理好我們的利潤率，我們將一如既往地成為沃爾瑪。但業務組合改變也是個好消息，這確實會改變毛利率表現。

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，我大概想用三點來回答你的問題。首先，本季企業整體通膨水準上漲了約40個基點。這是我們去年看到的成長率的一半。因此，我們透過增加單位數量、增加商店客流量來推動收入成長，我們對此感到非常高興，而且商店與消費者的聯繫也越來越緊密。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，我們已經多次提到庫存狀況要好得多。這樣做的後果之一就是我們的業務降價幅度大大減少，從而推動了第一季業績的改善。

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，也是我在這裡要強調的一點，如果你看一下我們營業收入年增率的組成，大約有 9 億美元，其中約 1/3 來自我們的新業務，例如廣告、會員、數據風險投資，我們對此感到非常興奮。但綜合來看，我們看到電子商務的損失正在改善。在我們的業務中，我非常關注的事情之一是我們每年從額外收入中獲得的增量利潤，即增量利潤率。

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%。所以想想看，大約是我們整體利潤的 3 倍。對我來說，沒有比這更有說服力的數據點來支持我們的策略和執行情況，更重要的是，它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的麥可‧拉瑟 (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?

儘管很難量化，但您如何區分推動沃爾瑪業務發展的因素（這些因素與其行動和策略有關）與那些更受環境影響的因素（例如高通膨和緩和的勞動力市場）？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，這個問題的重點不僅在於試圖了解宏觀經濟確實好轉時業績的可持續性，還在於了解如果環境變弱，業績優異的前景是否能夠擴大。

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如何與客戶和會員開展業務。

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.

如果你看看發生了什麼，你會發現我們一直以價格而聞名，但我們越來越以便利而聞名。因此，無論環境是通貨膨脹還是通貨緊縮，無論客戶的錢是多是少，如果我們在商品、價格和服務方面做得很好，例如透過提貨和送貨為他們節省資金，我們就可以繼續增加份額。

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，我們的核心是商家，我們透過我們所做的技術變革和服務變革增加了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.

我不知道一年後、兩年後的價格會是什麼樣子，我對此並不太擔心。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?

沒有太多要補充的，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。我想分享一個有關美國業務的數據點，約翰可能想對此發表意見，但是你知道，邁克爾，我們按照完美的順序對自己進行評級。對我們來說，完美的訂單是當您來到我們的線上虛擬商店時，您是否找到了您想要的東西？我們必須更換它們嗎？我們說送貨的時間到了嗎？

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，這是團隊如何持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——與 Doug 所說的類似。我們始終注重價值。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購物、路邊購物還是送貨上門。令人興奮的是，在過去的幾個月裡，我們的配送已經超過了其他管道，這很好，給了顧客很大的選擇空間。

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.

道格之前提到的數字是當天/隔天交付的 44 億件，這個數字令人興奮，而且還在快速增長。正如他所提到的，其中約 20% 的服務時間少於 3 小時，而且我們將這項服務的時間延長到了早上、晚上，因此，對於個人、購物者和家庭來說，我們能夠更方便地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全球基礎投入指標以及第一方電子商務、市場、廣告、會員資格等策略之間的共性，使得我們在建立這些新業務時越來越多地思考同一件事。

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一樣，它可能是成長最少的市場。那裡的經濟形勢嚴峻。當我們關注 NPS、庫存、價格感知、價格差距、市場份額等投入指標時，如果你關注這些，那麼當經濟開始復甦時，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.

當我們這樣做的時候，您也參與並確保圍繞電子商務建立更永續的業務。因此，目前我們在智利的電子商務訂單有 60% 以上都是當天完成的。所以我認為我們已經證明，我們可以在世界各地經濟運行的多種不同版本中實現繁榮和發展。

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.

我認為在此期間，隨著我們專注於打造我們的電子商務全業務，我們與不同市場的消費者的聯繫越來越緊密。

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.

我認為對於山姆會員店來說，情況非常相似。我們在山姆會員店取得了真正均衡的業績。正如約翰所提到的，這一切都取決於同事們以及他們所做的辛勤工作。但其價值主張確實與俱樂部模式產生了共鳴。這些商品物超所值，我們永遠不會放棄，會員們也都對我們表示感謝。

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.

因此 Plus 會員數量達到了歷史最高水準。目前，Plus 會員人數已占我們會員總數的 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：深化與會員的數位互動，電子商務成長 18%，現在有 1/3 的會員正在使用 Scan & Go，這真的令人興奮。

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.

我們正在不斷增強我們的會員價值主張。價格是其中的一部分，但價值也是一個重要組成部分。我想大家都聽說過，我們今天的 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全新出口技術，這真的令人興奮。

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.

然後，我們自己的品牌「會員標誌」真正為品質和價值設定了標準。現在它已經占到我們銷售額的三分之一以上。我們看到本季的參與度非常強勁。所以人們只是想要真正物超所值的優質商品，而我們只是繼續為他們提供這樣的商品。

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.

恭喜本季取得優異成績。所以凱絲，我想特別問你關於國際機會的問題。表演確實很精彩。我認為你們的營業利潤率是六年來最好的。

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，您能否談談這種改善背後的主要驅動力，您如何看待未來的國際息稅前利潤結構，替代價值流正在增加，電子商務的貢獻正在提高，所有地區的營收成長都非常強勁。

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，您是否可以分享一些有關 Flipkart 貢獻的信息，相對於收購而言，這有什麼變化嗎？我們曾經讀到一些報道，稱你們正在為 IPO 做準備。

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。這其中涉及相當多的組成部分，我會嘗試將它們分成幾部分來處理。首先，我要感謝我們國際部的所有同事在過去一段時間內取得的非凡的出色成績。

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.

你說得對，這是一個非常好的結果。營業額上漲了 10.7%。底線上漲——上漲了 27%。現在我想指出的是，這並不是——這有點非同尋常。第一季的營運收入中有一些一次性支出，這些支出是不可重複的，但我們堅持底線成長速度快於頂線成長速度的比例。

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，我們看到了國際上的優勢，特別是我們正在逐漸形成一個生態系統。因此，如果你看看沃爾瑪，你會發現，雖然我們已經發展了傳統業務，但我們一直在研究如何確保我們與消費者保持相關性，例如，對於那些無法與我們進行線上互動的消費者，我們能夠提供一種服務，使他們能夠獲得數位連結。

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。我認為已經有超過 1300 萬客戶透過 BAIT（即我們的數位連結）與我們進行了互動。我們已經售出了一定數量的健康會員資格。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和更豐富的營運公司。

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，我可能會指出中國。我知道我之前曾提到過中國市場，但山姆會員商店的成長確實強勁。而這項業務線上線下份額幾乎各佔一半。當我們這樣做的時候，我認為本季我們的底線成長速度快於山姆會員店的頂線成長速度。他們確實擁有強大的實力，因為他們已經開發出一種暗店模式，使他們能夠進入更大的可尋址市場區域，並能夠真正有效地交付產品。因此，我們的電子商務全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，當您談到 Flipkart 時，我認為我們真正喜歡 Flipkart 的事情是，隨著他們的業務成長，我們看到 Myntra 在過去兩個季度實現了 EBITDA 正值。我們已經看到一些高端化的成長。所有這些都提升了 Flipkart 業務的知名度。

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.

因此，他們正沿著我們設定的成長軌跡前進。我們正在尋找和探索何時是將該業務首次公開募股的最佳時機。但現在 Flipkart 和 PhonePe 都表現強勁，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 TD Cowen 的 Oliver Chen。

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

在百貨商品中，您最感興趣的是哪些類別？您認為創新機會和/或改進機會有哪些？

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?

當我們考慮日用百貨時，人工智慧、大型語言模式的交會確實改變了消費者對購物的看法，您打算如何增強這種聯繫並擁抱市場，就像您一直在做的那樣，繼續提升品牌？

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.

日用百貨是我們所有業務的核心部分，而山姆會員商店的日用百貨業務正是我們真正興奮的業務。我們的品牌極具價值，我們對此感到非常高興。我們擁有會員標誌，具有令人難以置信的價值和品質。我們看到的是，會員選擇加入我們這個品牌，並與我們續簽會員資格，因為我們提供如此高品質、如此高價值的產品。

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.

因此，我們看到人們繼續選擇加入我們。由於價值的原因，我們的單位銷售量超過了一般商品的銷售量。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、硬線產品、汽車、消費性電子產品，我們看到這些領域的單位成長非常強勁。人們只是在遵循它——這是因為價值，這是因為創新。因此，我們對該領域仍然非常看好。

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，我是約翰。我想談談通用汽車的幾件事，我想我先從電子商務開始。 22%的強勁成長表現非常有幫助。我們在市場上取得了進展。真的非常高興看到這個數字——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評分，從漏斗頂部開始，然後一路向下轉換。正如約翰‧戴維 (John David) 之前提到的，其中一個要素就是完美的秩序。

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，您會很高興地看到更多顧客更頻繁地購物，尤其是在市場上。真正突出、實力雄厚的類別是線上服裝和時尚。我對男裝、女裝和童裝市場的發展感到非常興奮，我們看到了這些領域的成長。本季我們的硬線業務表現強勁。本季度，復活節提前到來，加上三月的強勁天氣，為我們帶來了一個良好的開端。

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.

我們把這些業務稱為全方位服務，例如我們之前提到的輪胎安裝、透過線上訂購或蛋糕裝飾來準備處方，這些都是沃爾瑪獨有的優質服務，能夠從數位化的角度在整個商店中實現這些服務，然後送貨上門。因此，我對我們提供的便利性、擴展性和多樣性感到非常興奮。

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，我們在日用百貨方面，特別是服裝和家居方面，很長一段時間內，甚至可能永遠都表現不佳。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。市場是一個很好的機會，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.

由於它與問題的另一部分相關，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許多人正在進行的遷移感到非常興奮，我們試圖創建一個個人助理，以便我們能夠更具前瞻性，為人們節省更多時間，並幫助他們找到比我們以前的搜尋功能更多的解決方案。

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.

所以我認為從現在到永遠，這將會處於一個成熟的曲線上，而生成人工智慧已經幫助我們逐步改變了這一點，我預計，這種改進將會持續下去。

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 Seth Sigman。

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?

我想集中關注營運費用並思考今年的投資計劃。如果我沒記錯的話，最初的指導中就有上半年的權重。我知道其中一些是逐年變化的。關於如何看待此事，有什麼最新進展嗎？

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，對於第二季來說，您設定的指導似乎與第一季的指導非常相似。我只是好奇，第二季的機會有什麼不同嗎？換句話說，支出可能會有更大幅度的成長嗎？或者還有什麼其他因素可能會限制我們在這裡看到的流通？

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，塞思。很高興回答這個問題。這是約翰大衛。因此，當我們在年初給予指引時，在上個季度的電話會議上，我們談到上半年我們可能會看到銷售額超過營業收入。從第一季的結果來看，這種情況現在可能不太可能發生，但我們確實計劃在第二季進行一些與技術投資相關的投資。我們的折舊額年比也略有增加。

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，我想指出第一季發生的幾件事，這些事情可能不會重演，但我不想影響球隊的強勁表現。其中第一個是國際上發生的強勁季節性事件，這對我們有幫助。去年，我們也在 Sam's 採用了後進先出法，這對部分營業收入成長做出了貢獻。這些情況可能不會重演，但是——因此第二季表現優異的可能性可能低於第一季。

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.

話雖如此，我不想在這裡奪走頭條新聞，我們對團隊的運作方式感到非常滿意。我們對今年的前景和超越既定目標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 資本市場的凱利·巴尼亞 (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.

只想回到商業組合。我想，隨著 Marketplace 的持續強勁增長，當你看看百貨商品和沃爾瑪美國的表現時，你會發現 Marketplace 的銷售額顯然會偏向那些非必需品類別，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，第三方市場成長的影響是否開始以一種好的方式蠶食您提供的一般商品？或者，如果從整體 GMV 角度更全面地來看，日用百貨的表現會更強嗎？

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.

讓我先從這個開始，其他人可能也想加入。首先，當你想到我們的業務組合時，我們會發現我們一直面臨阻力，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日用百貨轉向其他類別的轉變約 100 個基點。我們預計，今年餘下時間裡，這種狀況將持續下去，或保持一定幅度的這種狀況。

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上的進展。因此，雖然日用百貨商品的銷售量大致持平，但寵物和美容等類別的市場成長率卻超過 30%。家具、運動用品等其他類別的佔比也超過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.

我認為這顯示消費者——客戶對我們的看法與過去有很大不同。這也顯示了我們如何以及在何處獲得業務份額。因此，百貨商品能夠提供第三方分類，為我們的客戶提供比過去更多的選擇。

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.

我認為日用百貨商品組合在某種程度上受到了食品通膨的影響。當食品價格飆升至兩位數左右時，許多顧客的薪水都花在了食品上。現在，食品價格已經有所回落，食品價格出現回落，而通用汽車也面臨通貨緊縮的情況，鑑於彈性，您有機會增加更多單位，而我們正在這樣做。我們的份額不斷增長，這讓我們感覺很好。

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，我不會太糾結於銷售是透過商店、俱樂部、第一方還是市場來銷售。我們只是想得到人們所尋求的。我們將以產生更多盈利的方式管理另一端的組合，這就是您在本季度所看到的。

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，我認為沃爾瑪美國公司內部的股價上漲主要是由高收入家庭推動的。好奇你是如何定義的。您的客戶群中高收入家庭佔多少百分比？您如何瞄準該消費者？而令人好奇的是，消費者與沃爾瑪的互動是否有了很大的變化？

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·戴維，我先開始。因此，我們將收入群體大致劃分為 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，我們的客戶群分為每組約 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，就我們為吸引高收入家庭所採取的措施而言，我認為這就是——我們在這裡使用的真正的故事或詞是便利。我們不再只是為了價值而玩弄手段。我們談到了過去 12 個月內我們發貨的單位數量，這一數量與世界上任何電子商務公司都相當。這表明客戶正在向我們尋求幫助，而且我們正受到以前從未考慮過的重視。

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，便利性對某些人來說都很重要。我們期望這種趨勢能夠持久。我們並不認為這種情況會改變。

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.

約翰戴維，我只是想補充一點。看到新鮮食品的改善也令人鼓舞。我們確實從品質的提升中獲益。供應鏈變得更加緊密。你們中的許多人已經看到了我們在供應鏈中所做的工作。但看到過去幾年農產品的進展確實令人興奮。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.

您可以從我們在店內銷售的商品類型和類別以及提貨和送貨的商品類型和類別中看到這一點。在配送業務方面，我們因高收入消費者而實力更強，因此我們在該領域實現了大幅成長。

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 bettergoods 是一種銷售品質更好、口味更好、價值真正重要的產品的方式。 70% 的 5 美元以下商品都很吸引人，對所有收入群體都有吸引力。因此，如果你想養活一個四口、五口或六口之家，餐廳的價格上漲了，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很強大。擁有靈活交付的能力對我們來說確實非常有利。

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.

我們並不是想追求高收入族群的銷售。我們只是提供價值。如果你回顧歷史，你會發現收入較高的人會去沃爾瑪購物。他們只是在購買商品類別和商品時有所選擇。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、第一方或市場，他們都會做出回應。因此，隨著我們能夠擴大線上商品種類，我們就能吸引更多的人。然後你再加上便利性維度，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 Gordon Haskett 的 Chuck Grom。

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出色的季度。只是想知道您是否可以討論一下您在日用百貨中看到的低價格、短更換期商品與高價格、長更換期商品之間的趨勢。如果類別內的支出發生任何變化，則反映出消費者是否在可自由支配的支出方面做出任何漸進式改變。

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.

然後只是進行快速跟進。只是好奇整個季度和月份的趨勢是否有任何偏差或重大變化。

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好方式是，過去幾年消費者的消費行為一直非常穩定。混合已經改變，但改變並不大。我們看到品牌和自有品牌都在成長。本季我們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.

三月是表現強勁的一個月，因為正值復活節。二月是閏年，這也有助於增強它的實力。

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.

因此本季的分階段實施並不令人意外。二月天氣強勁，三月同樣強勁，三月天氣良好，但稍微冷一些，四月由於沒有復活節，天氣較為溫和。但從本季到五月份，我們看到了類似的趨勢。因此本季的分階段與我們預期的並沒有太大不同。

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.

我認為正如你所期待的，消費者的一致，我們的庫存狀況良好。我們的商家－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。由於庫存管理加強，他們的降價幅度較低。與前幾年相比，今年私部門的萎縮情況略有改善。過去 3 年，我們的成長率一直在上升，很高興看到國內一些地方的成長率開始下降。

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.

但我們會將其混合起來。我們的商家團隊已經這樣做了一段時間了。在任何與消費者打交道的情況下，我們都希望專注於價值並為他們提供服務，同時我們會在後台管理組合。

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

我們的下一個問題來自奧本海默公司的 Rupesh Parikh。

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.

也恭喜本季取得良好業績。因此，我們回到對 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，你顯然會看到一個更擁擠的情況。所以只是想了解你們對今天的價值主張有何感受，以及未來進一步區分 Walmart+ 的機會。

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。這是我們工作的一個重要部分，也是讓客戶節省時間和金錢的好方法。透過加入 Walmart+，您可以享受無限制送貨服務，這很棒，而且我與全國各地經常使用它的人進行了交談。

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.

對我們來說，改善完美秩序也很重要。正如我們之前提到的，我們在 2020 年供應鏈困難的時候推出了 Walmart+。因此，持續的動力和改進能夠按時滿足客戶的訂單非常重要。

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.

但再說一次，這是我們工作的一個重要部分。我們認為這對客戶來說是一個很好的解決方案，看到這項進展我們也感到很興奮。

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?

我想稍微回到頂線問題。我認為您說過本季通貨膨脹率為 40 個基點。如果您看今年剩餘時間的預測，您是否預期它會穩定在那種低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，我們預計它將與本季的狀況相對接近。這是各種籃子的混合體。我們已經看到日用百貨商品的通貨緊縮程度加大，但消耗品和食品的通貨緊縮程度則略高於持平或上漲1。因此，我們總體上預計它會處於這個水平。

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。至此，問答環節已經結束。現在我將把電話轉給道格拉斯·麥克米倫 (Douglas McMillon) 來做最後發言。

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%.

感謝大家參加此次電話會議。再次感謝我們的同事們為本季帶來的強勁表現。當我思考本季的頭條新聞時，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步意義重大，而且這項進步正在持續發生。我們的商店履行以及透過履行中心，市場正在成長，並帶來廣告和會員的成長。很高興看到這兩項指標均上漲了 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。我認為我們所做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，我們的想法與以往一樣：我們將能夠增加銷售額，因為我們的定位是按照人們希望的方式為他們提供服務。由於業務組合，我們的利潤成長速度將快於銷售額成長速度。只要我們進行正確的資本投資，我們就能夠獲得更高的報酬。因此，我們將在全年中始終如一地關注此事，我們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。現在您可以斷開線路。感謝您的參與。