沃爾瑪 (WMT) 2025 Q2 法說會逐字稿

Greetings. Welcome to Walmart's fiscal year 2025 second-quarter earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加沃爾瑪 2025 財年第二季財報電話會議。 （操作員說明）請注意本次會議正在錄製中。

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

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

Thank you. Welcome, everyone. We appreciate you joining us and your interest in Walmart. Joining me today from our home office in Bentonville, our Walmart CEO, Doug McMillon; and CFO, John David Rainey. Doug and John David will first share their views on the quarter, and then we'll open up the line for your question.

謝謝。歡迎大家。我們感謝您加入我們以及您對沃爾瑪的興趣。今天，我們的沃爾瑪執行長 Doug McMillon 在我們位於本頓維爾的總部與我會面。財務長約翰·大衛·雷尼。道格和約翰大衛將首先分享他們對本季的看法，然後我們將開放您的提問熱線。

During the question-and-answer portion, we will be joined by our segment CEOs: John Furner from Walmart US, Kath McLay from Walmart International, and Chris Nicholas from Sam's Club. For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our way website. We will make every effort to answer as many of your questions as we can in the hour we have scheduled for this. As a courtesy to others, please limit your to one question.

在問答部分，我們的部門執行長將參加：來自沃爾瑪美國的約翰·弗納、來自沃爾瑪國際的凱思·麥克萊和來自山姆會員店的克里斯·尼古拉斯。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，請參閱我們的收益發布和我們網站上隨附的演示文稿。我們將盡一切努力在預定的時間內回答您盡可能多的問題。出於對他人的禮貌，請將您的問題限制為一個。

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

今天的電話會議正在錄音，管理層可能會做出前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性包括但不限於我們向 SEC 提交的文件中確定的因素。請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，以了解有關前瞻性陳述的警示性聲明，以及我們的整個安全港和非公認會計原則對帳。

Doug, that concludes my intro. We're ready to begin.

道格，我的介紹到此結束。我們準備好開始了。

Good morning, and thanks for joining us. We had another good quarter with strong sales growth and even stronger, exceeding our expectations. The team not only drove our short-term results, but they also continue to drive change, setting the stage for our future. Their good work is resulting in our customers and members not only being able to save money on an increasingly broad assortment, but also save time, convenience matters, and we're uniquely positioned to provide it.

早安，感謝您加入我們。我們又度過了一個好的季度，銷售成長強勁，甚至更強勁，超出了我們的預期。團隊不僅推動了我們的短期業績，而且還繼續推動變革，為我們的未來奠定了基礎。他們的出色工作使我們的客戶和會員不僅能夠在日益豐富的產品類別上節省金錢，而且還可以節省時間，帶來便利，而我們擁有獨特的優勢來提供這些服務。

When I'm out in stores and clubs around world are shopping on our app, I'm seeing the benefits of doing the basics well. Inventories are in good shape, merchandising is improving, and our associates are making good things happen. The strength we saw for the quarter was broad-based. Our business outside the US continues to lift the total company in terms of sales and profit growth. Walmex had another strong quarter, and India Flipkart again delivered positive contribution margin, and [Fonebank] continues to deliver amazing growth in total payment volume. In China, strong membership trends, and Sam's Club continue to drive double-digit sales growth, and about half of our sales there are digital.

當我在世界各地的商店和俱樂部使用我們的應用程式購物時，我看到了做好基礎知識的好處。庫存狀況良好，銷售狀況不斷改善，我們的員工正在讓美好的事情發生。我們在本季看到的強勁勢頭是廣泛的。我們在美國以外的業務繼續推動整個公司的銷售額和利潤成長。 Walmex 又一個強勁的季度，印度 Flipkart 再次實現了正的貢獻率，而 [Fonebank] 繼續在總支付量上實現驚人的增長。在中國，強勁的會員制趨勢和山姆會員店繼續推動兩位數的銷售成長，我們大約一半的銷售額來自數位化。

We continue to gain market share, including a general merchandise, and transaction counts and unit volume are up across markets. In the US, for both Walmart and Sam's Club, comp sales were fairly consistent throughout the quarter. Food continues to be strong, and it's encouraging to see improvements in general merchandise. Our US health and wellness business in Walmart and Sam's Club, primarily due to sales of GLP-1 drugs, is contributing to our strong comp sales. So far, we aren't experiencing a weaker consumer overall.

我們繼續獲得市場份額，包括一般商品，並且整個市場的交易數量和單位數量都在增加。在美國，沃爾瑪和山姆會員店的銷售額在整個季度都相當穩定。食品持續強勁，一般商品的改善令人鼓舞。我們在沃爾瑪和山姆會員店的美國健康和保健業務主要得益於 GLP-1 藥物的銷售，為我們強勁的複合銷售做出了貢獻。到目前為止，我們並沒有經歷整體消費者疲軟的情況。

Around the world, our customers and members continue to want four things: they want value, they want a broad assortment of items and service, they want a convenient and enjoyable experience buying them, and they want to do business with a company they trust. These four things are constant, but the way we provide them is changing and changing fast. The results we're delivering our due to real progress across these dimensions. As it relates to value, we're lowering prices.

在世界各地，我們的客戶和會員仍然想要四件事：他們想要價值，他們想要各種各樣的商品和服務，他們想要方便和愉快的購買體驗，他們想要與他們信任的公司開展業務。這四件事是不變的，但我們提供它們的方式正在變化，而且變化很快。我們所取得的成果歸功於這些方面的真正進展。由於它與價值相關，我們正在降低價格。

For the quarter, both Walmart US and Sam's Club US were slightly deflationary overall. Walmart US food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1. In Walmart US, we have more than 7,200 rollbacks across categories. Customers from all links are looking for value, and we have it. As it relates to assortment, our item and seller count continues to grow. Walmart US marketplace sales grew 32% for the quarter. If you're a Walmart customer, you have so much to choose from. And if you're a seller, you're going to want to be on walmart.com.

本季，沃爾瑪美國和山姆會員店美國整體都出現輕微通貨緊縮。隨著第二季的結束，沃爾瑪美國食品價格略有上漲，但比第一季下降了 30 個基點。在沃爾瑪美國，我們有超過 7,200 次跨類別的回溯。各個環節的客戶都在尋找價值，而我們擁有它。由於與品種相關，我們的商品和賣家數量持續增長。沃爾瑪美國市場本季銷售額成長 32%。如果您是沃爾瑪客戶，您有很多選擇。如果您是賣家，您就會想進入 walmart.com。

As it relates to the customer or member experience, e-commerce sales grew about 20% for each segment and 21% overall. Sometimes, it's most convenient or enjoyable to visit one of our stores or Sam's Clubs. Sometimes it's more convenient to pick up an order. And sometimes, it's more convenient to get it delivered.

由於與客戶或會員體驗相關，每個細分市場的電子商務銷售額成長了約 20%，整體成長了 21%。有時，參觀我們的商店或山姆會員店是最方便或最愉快的。有時，取貨更方便。有時，送貨更方便。

Our store and club businesses are growing. Pickup is growing faster than our in-store or club sales, and delivery is growing even faster than pickup. Delivery accuracy and speed continue to improve. Our e-commerce progress creates more optionality for our customers and fuels the growth of our newer businesses.

我們的商店和俱樂部業務正在成長。提貨的成長速度快於我們店內或俱樂部銷售的成長速度，送貨的成長速度甚至比取貨的速度還要快。交貨準確性和速度不斷提高。我們的電子商務進步為我們的客戶創造了更多選擇，並推動了我們新業務的成長。

Globally, membership income grew 23%. Walmart+ memberships were up double digits, and Sam's Club US achieved a record high member count. Globally, advertising grew 26%, including 30% growth for Walmart Connect in the US. Advertising sales driven by marketplace sellers were up nearly 50%.

全球範圍內，會員收入成長了 23%。 Walmart+ 會員數增加了兩位數，美國山姆會員店的會員數也創下歷史新高。在全球範圍內，廣告成長了 26%，其中美國的 Walmart Connect 成長了 30%。市場賣家推動的廣告銷售額成長了近 50%。

As it relates to strengthening our business for the future, we continue to be pleased with the automation work happening in our supply chain and our progress with technology overall. We're finding tangible ways to leverage generative AI to improve the customer, member, and associate experience. We're leveraging data and large language models from others and building our own.

由於這關係到加強我們未來的業務，我們仍然對供應鏈中發生的自動化工作以及我們在整體技術方面的進步感到滿意。我們正在尋找切實可行的方法來利用生成式人工智慧來改善客戶、會員和員工的體驗。我們正在利用其他人的數據和大型語言模型並建立我們自己的語言。

One example is that we've used generative AI to improve our product catalog. The quality of the data in our catalog affects nearly everything we do from helping customers find and buy what they're looking for, to how we store inventory in the network, to delivering orders. We've used multiple large language models to accurately create or improve over 850 million pieces of data in the catalog. Without the use of generative AI, this work would have required nearly 100 times the current head count to complete in the same amount of time. And for associates picking online orders, showing them high-quality images of product packaging helps them quickly find what they're looking for.

一個例子是我們使用生成式人工智慧來改進我們的產品目錄。我們目錄中的資料品質幾乎影響我們所做的一切，從幫助客戶尋找和購買他們想要的東西，到我們如何在網路中儲存庫存，再到交付訂單。我們使用多個大型語言模型來準確創建或改進目錄中超過 8.5 億個資料。如果不使用生成式人工智慧，這項工作將需要當前人數的近 100 倍才能在相同的時間內完成。對於在線訂單挑選的員工來說，向他們展示高品質的產品包裝圖像可以幫助他們快速找到所需的商品。

Customers and members are already enjoying AI-powered search on our app and site. And now, they'll have even more help with a new shopping assistant that provides advice and ideas answering questions like which TV is best for watching sports. Looking ahead, the assistant will be able to respond with more specific follow-up questions like how is the lighting in the room where you'll place the TV.

客戶和會員已經在我們的應用程式和網站上享受人工智慧驅動的搜尋。現在，他們將獲得新購物助理的更多幫助，該助理可以提供建議和想法，回答諸如哪種電視最適合觀看體育比賽等問題。展望未來，助理將能夠回答更具體的後續問題，例如放置電視的房間的照明情況如何。

Helping our sellers on our marketplace is also an area where we see opportunities to be better using generative AI. As we work to do all we can to help our sellers grow their businesses, we're testing a new experience to select US-based sellers that allows them to ask us anything. We want our sellers focus on selling, so the more we can make it a seamless experience, the better. The new assistant will quickly summarize and provide the seller with succinct answers without them having to sort through long articles or other materials.

在我們的市場上幫助賣家也是我們看到更好地使用產生人工智慧的機會的一個領域。在我們竭盡全力幫助賣家發展業務的過程中，我們正在測試一種新體驗，以選擇美國賣家，讓他們可以向我們提出任何問題。我們希望我們的賣家專注於銷售，因此我們越能使其成為無縫體驗就越好。新助理將快速總結並為賣家提供簡潔的答案，而無需賣家整理長篇文章或其他資料。

The use cases for this technology are wide-ranging and affect nearly all parts of our business, and we'll continue to experiment and deploy AI and generative AI applications globally. We're anchored in the responsible use of AI, while also moving with speed and in an EDLC way to meet our future needs and scale these experiences.

這項技術的用例範圍廣泛，幾乎影響我們業務的所有部分，我們將繼續在全球範圍內試驗和部署人工智慧和生成式人工智慧應用程式。我們以負責任的方式使用人工智慧為基礎，同時也以 EDLC 的方式快速發展，以滿足我們未來的需求並擴展這些體驗。

Today's Walmart is different. We are people-led and tech-powered. We put ourselves in a position where we can continue to grow because we're serving people however they want to be served. We can grow profit faster than sales while investing in our associates and lowering prices for customers and members, and we can grow ROI as we make the right capital investments and grow profitability.

今天的沃爾瑪不同了。我們以人為本，以科技為動力。我們將自己置於能夠繼續發展的位置，因為我們正在為人們提供他們想要的服務。我們可以在投資於我們的員工並降低客戶和會員的價格的同時，以比銷售額更快的速度增長利潤，並且當我們進行正確的資本投資並提高盈利能力時，我們可以提高投資回報率。

Before I close today, I'd like to welcome Bob Moritz as the newest member of Walmart's Board of Directors. Bob brings more than 38 years of global business experience, including as the Global Chair of PricewaterhouseCoopers until his retirement in June of this year. Bob's experiences and skills are highly relevant to the oversight of Walmart's governance and strategy, and we're excited to have him.

在今天結束之前，我謹歡迎鮑勃莫里茲 (Bob Moritz) 成為沃爾瑪董事會的最新成員。 Bob 擁有超過 38 年的全球商業經驗，包括擔任普華永道全球主席至今年 6 月退休。鮑伯的經驗和技能與沃爾瑪治理和策略的監督高度相關，我們很高興擁有他。

As always, I'd like to thank our associates. They've delivered a great first half of the year, and we're looking forward to a strong second half.

一如既往，我要感謝我們的同事。他們在今年上半年取得了優異的成績，我們期待下半年的強勁表現。

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

有了這個，我會把它交給約翰大衛。

Thanks, Doug. I want to start with thanking our team for delivering on a good quarter. We're pleased with our results and the continued progress we're making in executing our strategy. Since we shared our financial outlook at our Investor Day in April of last year, on average, we've increased our quarterly sales by more than 5% and our quarterly operating income by 9%. These financial results reflect that our value proposition extends beyond great prices into convenience. Our combination of price, trust, assortment, and experience has made us more relevant with our customers and members than ever before.

謝謝，道格。首先，我要感謝我們的團隊取得了良好的季度業績。我們對我們的結果以及我們在執行策略方面取得的持續進展感到滿意。自從我們在去年 4 月的投資者日分享了我們的財務前景以來，我們的季度銷售額平均增長了 5% 以上，季度營業收入增長了 9%。這些財務表現反映出我們的價值主張不僅限於優惠價格，也反映在便利性上。我們將價格、信任、品種和經驗相結合，使我們比以往任何時候都更貼近客戶和會員。

Q2 sales, operating income and EPS all exceeded the top end of our guided ranges. Second-quarter total net sales growth was 4.9% on a constant currency basis, with all three operating segments outperforming our expectations, aided by strong global e-commerce growth of 21%. In Walmart US, comp sales growth of 4.2% was driven primarily by strong traffic and unit growth across both stores and digital channels. Customers continue to be discerning and choiceful, looking for value to maximize their budgets while leaning into seasonal celebrations. The pace of sales was largely consistent by month during the quarter. Across categories, we're providing low prices and winning customer consideration, including in general merchandise with Walmart US comp sales growth in hardlines, home, and fashion.

第二季的銷售額、營業收入和每股盈餘都超過了我們指引範圍的上限。以固定匯率計算，第二季總淨銷售額成長 4.9%，所有三個營運部門的表現均超出我們的預期，這得益於全球電子商務 21% 的強勁成長。在沃爾瑪美國，公司銷售額成長 4.2%，主要得益於商店和數位通路的強勁客流量和銷售成長。客戶仍然保持著敏銳的洞察力和選擇性，在傾向於季節性慶祝活動的同時尋求價值以最大化他們的預算。本季各月的銷售速度大致保持一致。在各個類別中，我們都提供低廉的價格並贏得客戶的青睞，包括在普通商品方面，沃爾瑪美國在耐用品、家居和時尚品方面的銷售增長。

We're also seeing higher engagement across income cohorts, with upper income households continuing to account for the majority of gains even while we grow sales and share among middle- and lower-income households. We're seeing private brand penetration continue to increase, and we're highly encouraged by customer uptake of our new food brand, bettergoods, and the early excitement surrounding the relaunch of our young adult fashion brand, No Boundaries.

我們也看到各個收入群體的參與度提高，即使我們增加了中低收入家庭的銷售額和份額，高收入家庭仍然佔據了大部分收益。我們看到自有品牌的滲透率不斷提高，客戶對我們的新食品品牌 bettergoods 的接受，以及我們年輕成人時尚品牌 No Boundaries 的重新推出引起的早期興奮，讓我們深受鼓舞。

E-commerce sales in Walmart US were up 22%, and weekly active customers increased 20%. In addition to the great progress we're making in our fulfillment centers, the close proximity of our stores to customers has also unlocked new capabilities and enabled faster delivery times. Store fulfilled delivery was up about 50% in Q2, with customers increasingly choosing and paying for delivery of their e-commerce orders in under one hour or under three hours.

沃爾瑪美國電子商務銷售額成長 22%，每週活躍客戶成長 20%。除了我們在履行中心取得的巨大進步之外，我們的商店與客戶的緊密聯繫也釋放了新的功能並實現了更快的交貨時間。第二季度，商店配送量增加了約 50%，越來越多的客戶選擇在 1 小時或 3 小時內交付電子商務訂單並付款。

Our international business delivered constant currency sales growth of 8.3%, reflecting strength in Walmex, China, and Flipkart. Across markets, sales were strongest in food and consumables categories, and we're encouraged that general merchandise growth has improved year over year. Our private brand penetration increased in multiple markets as customers continue to focus on value. In our Bodega and Walmart formats in Mexico, nearly half of customer orders included a private brand item in Q2.

我們的國際業務實現了 8.3% 的穩定貨幣銷售額成長，反映了 Walmex、中國和 Flipkart 的實力。在各個市場中，食品和消費品類別的銷售最為強勁，我們對一般商品的成長逐年改善感到鼓舞。隨著客戶繼續專注於價值，我們的自有品牌在多個市場的滲透率有所提高。在我們墨西哥的 Bodega 和沃爾瑪業態中，第二季近一半的客戶訂單包括自有品牌商品。

E-commerce sales in our international markets were up 18%. Customers are responding favorably to the increased convenience as we scale, pickup, and delivery capabilities. In China, we increased e-commerce orders delivered within one hour by 28% to 59 million orders. And in India, Flipkart grocery grew over 50% while providing next-day delivery in over 200 cities. And in Canada, our Delivery Pass members drove more than 40% of grocery delivery sales, with order frequency significantly higher than that of nonmembers.

我們國際市場的電子商務銷售額成長了 18%。隨著我們擴大規模、取貨和送貨能力，客戶對便利性的提高反應良好。在中國，我們一小時內送達的電子商務訂單增加了 28%，達到 5,900 萬份訂單。在印度，Flipkart 雜貨店成長了 50% 以上，同時在 200 多個城市提供隔日送達服務。在加拿大，我們的 Delivery Pass 會員推動了超過 40% 的雜貨配送銷售額，訂單頻率明顯高於非會員。

Sam's Club US comp sales ex fuel increased 5.2%, including e-commerce growth of 22%. Digital engagement remains strong with Scan & Go penetration surpassing 30%. And with our increased convenience of our Just Go technology, now operational in 325 clubs, over 50% of our members can exit without a check, improving member NPS by more than 800 basis points compared to the clubs without this technology.

山姆會員店美國公司銷售額（不含燃料）成長了 5.2%，其中電子商務成長了 22%。數位化參與度依然強勁，Scan & Go 滲透率超過 30%。隨著 Just Go 技術的便利性不斷提高，現已在 325 個俱樂部投入使用，我們超過 50% 的會員無需檢查即可退出，與沒有該技術的俱樂部相比，會員 NPS 提高了 800 個基點以上。

The Member's Mark private brand continues to drive excitement as sales and digital penetration increased during the quarter. Sam's is also growing membership across all income levels and with younger demographics, with Gen Z and millennials constituting about half of new members in Q2, a positive signal about the future growth of the business.

隨著本季銷售額和數位滲透率的增加，Member's Mark 自有品牌繼續令人興奮。山姆會員店的各個收入水準和年輕族群的會員數量也在增加，第二季新會員中 Z 世代和千禧世代約佔一半，這是該業務未來成長的正面訊號。

From a margin standpoint, consolidated gross margins expanded 43 basis points, led by Walmart US and international segments. We're focused on providing everyday low prices for our customers and members, and we're managing US pricing aligned to competitive price gaps.

從利潤率的角度來看，綜合毛利率成長了 43 個基點，其中沃爾瑪美國和國際部門領先。我們專注於為我們的客戶和會員提供每日低價，我們正在管理與有競爭力的價格差距一致的美國定價。

Customers and members are responding to our value proposition. We're seeing continued sales growth, share gains, and higher gross margins. We're demonstrating that we're able to grow our business on a sustained basis in the absence of price inflation.

客戶和會員正在回應我們的價值主張。我們看到銷售額持續成長、份額成長以及毛利率上升。我們正在證明，在沒有價格通膨的情況下，我們能夠持續發展我們的業務。

Global e-commerce losses continue to narrow, most notably in our Walmart US and Flipkart businesses. While improved business mix is helping, we're also encouraged by the progress in core e-commerce margins due largely to another quarter of nearly 40% reduction in US net delivery cost per order.

全球電子商務損失持續收窄，尤其是我們的沃爾瑪美國和 Flipkart 業務。雖然業務組合的改善有所幫助，但我們也對核心電子商務利潤率的進步感到鼓舞，這主要是由於美國每份訂單的淨交付成本又下降了近 40%。

Flipkart's contribution margin also expanded significantly in the quarter. Sale and delivery density are key. As more customers are shopping with us more often across more categories, we're improving delivery density and transaction level margins.

Flipkart 的邊際貢獻率在本季也顯著擴大。銷售和交付密度是關鍵。隨著越來越多的客戶更頻繁地在更多類別中購物，我們正在提高交付密度和交易水準利潤率。

With improving business mix, we're continuing to reshape our profit composition as we scale growth drivers, such as advertising, membership, marketplace and fulfillment, and data analytics and insights. Our advertising businesses around the world continue to scale with global advertising up 26%. This was driven by another strong quarter from Walmart Connect in the US, which grew 30%.

隨著業務組合的改善，我們將繼續重塑利潤組成，擴大廣告、會員、市場和履行以及數據分析和洞察等成長動力。我們在全球的廣告業務持續擴大規模，全球廣告成長了 26%。這是由美國 Walmart Connect 另一個強勁的季度推動的，該季度增長了 30%。

We're also pleased with the trends in our membership programs. In the US, Walmart+ membership income grew double digits again this quarter, and Sam's Club US reached another record high level for member counts and Plus member penetration, resulting in 14.4% membership income growth.

我們也對會員計劃的趨勢感到滿意。在美國，沃爾瑪+會員營收本季再次實現兩位數成長，山姆會員店美國會員數和Plus會員滲透率再創歷史新高，會員收入成長14.4%。

Within international, membership income in China from our Sam's Club business grew 26% as member count continues to increase. And in May, we opened our 48th club in China, and we welcomed around 50,000 people on opening day.

在國際範圍內，隨著會員數量持續增加，山姆會員商店在中國的會員收入增加了 26%。 5月份，我們在中國開設了第48傢俱樂部，開幕當天就迎來了約5萬人。

For marketplace and Walmart fulfillment services, in the US, we've now seen more than 30% growth in each of the past four quarters as we continue to increase seller accounts on the platform by double digits. Growth from sellers using our marketplace fulfillment services increased 800 basis points in Q2, surpassing 40% penetration. Sales in fashion, toys, hardlines, and home all grew more than 20%.

對於美國的市場和沃爾瑪履行服務，隨著我們繼續以兩位數的速度增加平台上的賣家帳戶，我們在過去四個季度中每季都實現了 30% 以上的成長。第二季度，使用我們的市場履行服務的賣家成長了 800 個基點，滲透率超過 40%。時裝、玩具、耐用品和家居的銷售額均成長了 20% 以上。

Outside the US, we're seeing similar trends as we enhance our capabilities and product assortment. For example, Flipkart delivered double-digit top-line growth and more than doubled the number of units that delivered the same day. In Mexico, we grew marketplace items and sellers by around 60%. And in Chile, we launched cross-border trade, adding sellers from China and the US to our local marketplace offering.

在美國以外，隨著我們增強能力和產品種類，我們也看到了類似的趨勢。例如，Flipkart 實現了兩位數的營收成長，並且當天交付的商品數量增加了一倍以上。在墨西哥，我們的市場商品和賣家數量增加了約 60%。在智利，我們推出了跨境貿易，將來自中國和美國的賣家添加到我們當地的市場產品中。

Within data analytics and insights, Walmart Data Ventures continues to see strong results as clients value the insights we provide, bringing together consumer behavior with omnichannel sales and inventory trends across our platform. Our client base has increased nearly 200% versus last year as we launch new tools and enter new markets, including the expansion of our Walmart Luminate product in Mexico in May.

在數據分析和見解方面，沃爾瑪數據創投公司持續取得強勁成果，因為客戶重視我們提供的見解，將消費者行為與我們平台上的全通路銷售和庫存趨勢結合。隨著我們推出新工具並進入新市場，包括 5 月沃爾瑪 Luminate 產品在墨西哥的擴張，我們的客戶群比去年增加了近 200%。

We're also optimizing our business model to deliver greater efficiency. I've been encouraged by how our teams have renewed our long-standing everyday low-cost operating mindset. Ideas are being implemented across the organization, and they're beginning to yield tangible results.

我們也優化我們的業務模式以提高效率。我們的團隊如何更新我們長期以來的日常低成本營運概念，這讓我深受鼓舞。想法正在整個組織中實施，並且開始產生實際的成果。

By leveraging our scale as a global enterprise, we're finding savings in supplies, transportation, storage, third-party service contracts, and various other expense categories. In other areas, we're maximizing the utilization of our assets and using tech to streamline our operational processes. Together, these efforts translate into meaningful savings.

透過利用我們作為全球企業的規模，我們在供應、運輸、儲存、第三方服務合約和各種其他費用類別方面發現了節省。在其他領域，我們正在最大限度地利用我們的資產，並利用技術來簡化我們的營運流程。這些努力共同轉化為有意義的節省。

We're also making good progress on our supply chain transformation, and we're seeing the direct benefits to customer experience. In Walmart US, more than 45% of our e-commerce fulfillment center volume is now automated, and we have about 1,800 stores receiving some level of freight from 15 of our regional distribution centers that are in varying stages of automation implementation. And as a result, our supply chain teams are processing more units through our DCs and FCs. And while we're spending more on CapEx than we have historically, we're pleased with the returns from these investments, particularly the automation of our supply chain. We expect these investments to yield returns that will allow us to increase our return on invested capital each year.

我們的供應鏈轉型也取得了良好進展，我們看到了客戶體驗的直接好處。在沃爾瑪美國，超過 45% 的電子商務配送中心現已自動化，我們有約 1,800 家商店從 15 個處於不同自動化實施階段的區域配送中心接收一定程度的貨運。因此，我們的供應鏈團隊正在透過我們的 DC 和 FC 處理更多的產品。雖然我們在資本支出上的支出比歷史上更多，但我們對這些投資的回報感到滿意，特別是我們供應鏈的自動化。我們期望這些投資能夠產生回報，使我們能夠每年增加投資資本的回報。

Importantly, our evolving business model with more diversified and durable sources of profit has provided the ability to fund investments and prices for our customers, wages and benefits for our associates, and leading AI technologies to power our growth, all while delivering on our financial framework of operating income growing faster than sales.

重要的是，我們不斷發展的業務模式具有更多元化和持久的利潤來源，為我們的客戶提供投資和價格、為我們的員工提供工資和福利以及領先的人工智慧技術來推動我們的成長，同時實現我們的財務架構。

Wrapping up Q2 results. Consolidated adjusted operating income grew 7.4% in constant currency, reflecting strong growth in sales, gross margins, and membership income, partially offset by expense deleverage across segments, largely related to increased marketing and higher variable pay expenses tied to our above-plan performance. Operating income also benefited from reduced e-commerce losses during the quarter. Adjusted EPS of $0.67 per share was above the higher end of our guidance of $0.62 to $0.65.

總結第二季業績。以固定匯率計算，合併調整後營業收入成長了7.4%，反映出銷售額、毛利率和會員收入的強勁成長，部分被各部門的費用去槓桿化所抵消，這主要與我們超出計劃的業績相關的營銷增加和可變薪酬費用增加有關。營業收入也受惠於本季電子商務虧損的減少。調整後每股收益 0.67 美元，高於我們指引值 0.62 至 0.65 美元的上限。

Turning to guidance. For the first half of the year, we reported net sales growth of more than 5% and adjusted operating income growth of almost 10%. We are raising our full-year guidance to reflect strong first-half results. Looking at the second half of the year, we expect the business to achieve sales growth in line with our financial framework and for sustained structural improvements in incremental margins. This should result in operating income growing slightly faster than sales when looking at the second half in total.

轉向指導。今年上半年，我們的淨銷售額成長超過 5%，調整後營業收入成長近 10%。我們正在提高全年指導，以反映上半年的強勁業績。展望下半年，我們預計該業務將實現與我們的財務框架相符的銷售成長，並實現增量利潤率的持續結構性改善。從下半年的整體情況來看，這應該會導致營業收入的成長略快於銷售額的成長。

We now expect full-year FY25 sales growth of 3.75% to 4.75% and operating income growth of 6.5% to 8% versus our prior guidance of growth of 3% to 4% and 4% to 6%, respectively. Adjusted EPS is expected to be $2.35 to $2.43 versus prior guidance of $2.23 to $2.37.

我們目前預計 25 財年全年銷售額將成長 3.75% 至 4.75%，營業收入成長 6.5% 至 8%，而我們先前預期的成長分別為 3% 至 4% 和 4% 至 6%。調整後每股收益預計為 2.35 美元至 2.43 美元，而先前的指引為 2.23 美元至 2.37 美元。

We're focused on executing on the things that we can control, focused on our business and serving our customers and members. But the economic and geopolitical backdrop that we operate in is perhaps more uncertain than normal, but we're not completely immune from the volatility that can result from this. And while we have not seen any additional frame of consumer health in our business, other economic data out there, as well as the state of affairs globally, would suggest that it's prudent to remain appropriately cautious with our outlook.

我們專注於執行我們可以控制的事情，專注於我們的業務並為我們的客戶和會員提供服務。但我們所處的經濟和地緣政治背景可能比正常情況更不確定，但我們也不能完全免受由此帶來的波動的影響。雖然我們的業務中沒有看到任何額外的消費者健康框架，但其他經濟數據以及全球事態表明，對我們的前景保持適當謹慎是謹慎的做法。

Reflecting these considerations, our guidance is for growth in Q3 sales of 3.25% to 4.25%, and operating income of 3% to 4.5%, with EPS expected to be $0.51 to $0.52. There are two primary factors influencing Q3 operating income growth. First, as is the case in most years, the timing of festive events in our international segment has a bearing on sales and profits by quarter and can affect year-over-year comparability and growth rates. And second, the timing of planned expenses is more concentrated in Q3 versus Q4.

考慮到這些因素，我們的指導是第三季銷售額成長 3.25% 至 4.25%，營業收入成長 3% 至 4.5%，每股收益預計為 0.51 美元至 0.52 美元。影響第三季營業收入成長的主要因素有兩個。首先，與大多數年份的情況一樣，我們國際部門的節日活動時間對季度銷售額和利潤產生影響，並可能影響同比可比性和成長率。其次，與第四季相比，計劃支出的時間更集中在第三季。

In closing, with the results we've delivered through the first half, we're in a good position to achieve our financial goals for the year. Our business model is delivering strong momentum. E-commerce is sustaining its strong growth and pulling new value streams and profit pools along with it. Simply put, our value proposition is broader and more relevant to our customers and members than ever before.

最後，根據我們上半年所取得的成果，我們有能力實現今年的財務目標。我們的商業模式正在帶來強勁的勢頭。電子商務正在保持強勁成長，並隨之拉動新的價值流和利潤池。簡而言之，我們的價值主張比以往任何時候都更廣泛、與我們的客戶和會員更相關。

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) Michael Lasser, UBS.

（操作員說明）Michael Lasser，UBS。

Good morning. Thanks much for taking my question. Can you frame or quantify how you have factored in things like the election and other distracting events into your guidance for 3Q and 4Q? And if you haven't seen an impact from these distractions as of yet, whereas many others who are serving the consumer have, why would you experience an impact from that as you move through the rest of the year? Thank you very much.

早安.非常感謝您提出我的問題。您能否框架或量化您如何將選舉和其他分散注意力的事件等因素納入第三季和第四季的指導中？如果你到目前為止還沒有看到這些幹擾的影響，而許多其他為消費者服務的人已經看到了，為什麼你會在今年剩下的時間裡感受到這些幹擾的影響呢？非常感謝。

Michael, this is John David. Thanks for your question. Good thing about elections is they come along every four years, and we get to have a lot of history with we're seeing the impact of that. As I noted in my prepared remarks, given the state of the economy, the election, set of affairs globally, there's reason to be appropriately measured in our outlook for the back half of the year. But effectively, nothing has changed for that period of time relative to what we thought at the beginning of the year.

邁克爾，這是約翰大衛。謝謝你的提問。選舉的好處是每四年舉行一次，我們有很多歷史，我們看到了選舉的影響。正如我在準備好的演講中指出的那樣，考慮到經濟狀況、選舉和全球局勢，我們有理由對今年下半年的前景進行適當衡量。但實際上，與我們年初的想法相比，這段時間並沒有任何變化。

Our business is executing very well. We're gaining share. We're seeing that, our value proposition is resonating with customers. And so we feel good about what we can control and the performance of the business. We'll continue to monitor what happens over the course of the coming months. And we think that we are positioned very well irrespective of whether we're in a more recessionary or more expansionary type period and some of the volatility that may result from that.

我們的業務執行得很好。我們正在獲得份額。我們看到，我們的價值主張正在引起客戶的共鳴。因此，我們對自己能夠控制的事情和業務績效感到滿意。我們將繼續關注未來幾個月發生的情況。我們認為，無論我們是處於更加衰退還是更加擴張的時期以及由此可能導致的一些波動，我們都處於非常有利的位置。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, thank you. In your remarks, you mentioned that you aren't experiencing a weaker consumer. What does your guidance assume in terms of your outlook on the consumer? And related to that is general merchandise, the flat performance was impressive given the trends and what we're seeing. What do you see happening within that category? And will that momentum continue? Does your guidance assume that stays flattish?

你好，謝謝。在您的演講中，您提到您並沒有遇到消費者疲軟的情況。您對消費者的看法有何指導假設？與此相關的是一般商品，考慮到趨勢和我們所看到的情況，平坦的表現令人印象深刻。您認為該類別中正在發生什麼？這種勢頭會持續下去嗎？您的指導意見是否假設保持平穩？

Lastly, just on e-commerce, you continue to make really nice strides on the density and scale. What's ahead in terms of profitability drivers and how much more room there is for delivery density? I imagine that can just get better and better. Thank you.

最後，就電子商務而言，您在密度和規模上繼續取得了巨大的進步。獲利驅動力方面的未來是什麼以及交付密度還有多少空間？我想這會變得越來越好。謝謝。

Overall, I'll try to address each of those questions real quickly. In terms of the outlook for the consumer, let me characterize this or give some context in the second quarter. So each of the months of the second quarter were relatively consistent. If you were to look at the pure comps for each month, July was actually slightly higher, but we think that, that's largely a result of where the days of the week fell in the last month -- or the last week of the month. So we did not see a step down.

總的來說，我將嘗試快速解決每一個問題。就消費者前景而言，讓我描述這一點或提供第二季度的一些背景資訊。所以第二季的月都相對穩定。如果你看一下每個月的純比較，七月實際上略高，但我們認為，這很大程度上是由於上個月或該月最後一周中的天數下降的結果。所以我們沒有看到下降。

And our outlook for the back half of the year is really for more of a continuation of what we've seen even in the first couple of weeks of August here, things have been remarkably consistent. So I know everyone is looking for some piece of information that maybe indicates further weakness with our members and our customers, we're not in it. But we feel like we're, as I mentioned in my prior response, measured in our outlook and positioned well.

我們對今年下半年的展望實際上是我們在八月的前幾週所看到的情況的延續，情況非常一致。所以我知道每個人都在尋找一些可能表明我們的會員和客戶進一步弱點的信息，但我們不在其中。但正如我在先前的回覆中提到的，我們覺得我們對前景進行了衡量，並且定位良好。

With respect to general merchandise, I'll make a couple of comments, and maybe John or Doug wants to jump in. But we like what we're seeing in general merchandise, first time in 11 quarters that we've seen positive inflection there. I think some of this is not so much what's happening broadly in the economy, but specific to our business. If you take our marketplace business as an example, there are many categories that grew over 20% in the quarter as we're expanding our assortment, we're more relevant to customers, and I think that's driving some of what we're seeing in general merchandise.

關於一般商品，我會發表一些評論，也許約翰或道格想介入。我認為其中一些問題並不是經濟中廣泛發生的事情，而是針對我們業務的具體情況。如果以我們的市場業務為例，隨著我們擴大產品種類，許多類別在本季度增長了 20% 以上，我們與客戶的相關性更強，我認為這推動了我們所看到的一些業務在一般商品中。

Lastly, on e-commerce, I would say that, that continues to have an outsized contribution to our results. If you look at the second quarter and you would parse out the various pieces of our business, for example, advertising, membership, fulfillment services, core e-commerce, without the benefit of being of those, was the single largest contributor to our year-over-year operating income improvement. So we really like the progress that we're making there.

最後，關於電子商務，我想說，它繼續對我們的業績做出巨大貢獻。如果你看第二季度，你會分析我們業務的各個部分，例如廣告、會員、履行服務、核心電子商務，但不包括這些，是我們今年的最大貢獻者-營業收入同比改善。所以我們真的很喜歡我們在那裡取得的進展。

John may want to comment on some of what's happening in the US, but continue to make good progress there.

約翰可能想對美國正在發生的一些事情發表評論，但美國繼續取得良好進展。

Hey, morning. Oliver, it's John. Thanks for the question. I'll just pick up a bit where John David left off. And first, really proud of the progress the team has made, Tom Ward and others who have done a great job with e-commerce. The 22% result is impressive, and we're proud of it. The progress behind it, maybe we'll to start with customers. The thing that Doug made in his earlier remarks about using GenAI for the catalog has been a great enabler over the last few months. It's about 100 times more productive to use GenAI versus having people work through each product display page. And that's really important in the context of the marketplace where we've had so much expansion in the terms of the number of sellers and the number of assortment -- the number of items in the assortment.

嘿，早安。奧利佛，這是約翰。謝謝你的提問。我將繼續約翰大衛留下的部分。首先，湯姆沃德 (Tom Ward) 和其他在電子商務方面做得非常出色的人對團隊所取得的進步感到非常自豪。 22% 的結果令人印象深刻，我們為此感到自豪。背後的進展，或許我們要從客戶開始。 Doug 在先前關於使用 GenAI 進行目錄的評論中所做的事情在過去幾個月中起到了很大的推動作用。使用 GenAI 的效率比讓人們瀏覽每個產品顯示頁面的效率高出約 100 倍。這在市場環境中非常重要，我們在賣家數量和品種數量（品種中的商品數量）方面有瞭如此大的擴張。

So for customers, more and more, we are really feeling like Walmart can sell you anything that you want to search for. And for the sellers that are coming on, that's an exciting time because there is so much momentum in the business all around. So the GenAI product that we're using has helped us populate the attributes and the characteristics of hundreds of millions of items, and that would have taken, as I said, 100 times longer if we had tried to do that manually.

因此，對於越來越多的顧客來說，我們真的感覺沃爾瑪可以向您出售您想要搜尋的任何東西。對於即將加入的賣家來說，這是一個令人興奮的時刻，因為周圍的業務勢頭如此強勁。因此，我們使用的 GenAI 產品幫助我們填充了數億個項目的屬性和特徵，正如我所說，如果我們嘗試手動執行此操作，則需要花費 100 倍的時間。

So we're trying to really understand the intent a customer has in each session when they're on the site or in the store, then we're able to match the catalog to their intent in a much more effective way because the detail of each item on the product display pages has gotten so much better. So that's one example of using the latest technology that we can to try to improve customer experiences.

因此，我們試圖真正了解客戶在網站或商店中的每個會話中的意圖，然後我們能夠以更有效的方式將目錄與他們的意圖相匹配，因為產品展示頁面上的每一項都變得更好了。這是我們使用最新技術來嘗試改善客戶體驗的一個例子。

And so customers, in many cases, start shopping in the store. We know there's much more value when a customer is shopping both in the store and in their e-commerce.

因此，在許多情況下，顧客開始在商店購物。我們知道，當客戶在商店和電子商務中購物時，會產生更多價值。

Third, when they joined Walmart+, we see even more frequency. And then the last thing I would say is something that we said earlier about convenience. The number of customers who are enjoying the benefit of convenient on-demand deliveries. And when I said in the, I mean, less than three hours, that has grown at a very high rate over the last few quarters in this last year. And so, the flexibility that the team has been able to offer to customers, whether it's in the store, at the curb, delivery, or with Plus or in this on-demand channel, which is really fast in many cases it's less than an hour for the full store assortment across the country, has been great. And so we'll continue to lean into these areas, number one.

第三，當他們加入 Walmart+ 時，我們看到的頻率甚至更高。我要說的最後一件事是我們之前說過的關於便利性的事情。享受便捷的按需送貨服務的客戶數量。當我說的時候，我的意思是，不到三個小時，在去年的最後幾季中，它以非常高的速度成長。因此，該團隊能夠為客戶提供靈活性，無論是在商店、在路邊、交付，還是透過 Plus 或在這個點播管道中，在許多情況下速度非常快，低於全國各地商店品種齊全的小時，非常棒。因此，我們將繼續關注這些領域，這是第一。

And then second, you mentioned density and frequency, we just recently expanded our delivery catchments to include about another 15 million homes across the country. And that's a result of the density and the business the team has built. And all those things added up are helping us with this core e-commerce profitability improvement that John David mentioned, which has been really helpful for the total P&L.

其次，您提到了密度和頻率，我們最近剛剛擴大了送貨範圍，覆蓋了全國另外約 1500 萬戶家庭。這是團隊所建立的密度和業務的結果。所有這些因素加起來正在幫助我們實現約翰大衛提到的核心電子商務獲利能力的提高，這對總損益非常有幫助。

Yeah. And Oliver, it's Chris Nicholas here from Sam's Club. Just to build on that answer from a Sam's Club point of view. Our incredible associates have done a great value for -- a great job for our members, and our results are reflecting that. And if I think about how we've done that, digital engagement has been a really big part of it. So we think we take a look at the numbers, John David talked about some of them, but e-commerce is up 22%. That's delivery from club, that's delivery from fulfillment centers, and that's pickup from club, and all three of those are resonating really well.

是的。奧利佛，我是山姆會員店的克里斯‧尼古拉斯。只是從山姆會員店的角度來建立這個答案。我們出色的員工為我們的會員做出了巨大的貢獻——一項出色的工作，我們的業績也反映了這一點。如果我考慮一下我們是如何做到這一點的，就會發現數位參與是其中非常重要的一部分。所以我們想看看數字，約翰大衛談到了其中的一些數字，但電子商務成長了 22%。這是從俱樂部發貨，這是從履行中心發貨，這是從俱樂部提貨，這三者都產生了很好的共鳴。

On top of the e-commerce piece, we have a digital engagement in club with our Scan & Go, up 190 basis points. Our Just Go frictionless exit that John David talked about is really resonating. I think last -- when we -- when this went to print, it was 325, we're now at 380 clubs. Feeling really good about that. And what that does is it helps drive just a much deeper engagement with our members. They're spending more, they are more prone to renew, which we feel really good about. And it's worth mentioning and it's something we've talked about before, that the Sam's Club e-commerce business is profitable, and it's growing rapidly. So we're feeling good about the mix, we're feeling good about the offer, and it's across the membership base, too.

除了電子商務之外，我們還透過 Scan & Go 在俱樂部中進行數位參與，提高了 190 個基點。約翰大衛 (John David) 談到的「Just Go 無摩擦退出」確實引起了共鳴。我想最後——當我們——當這本書出版時，它是 325 個，我們現在是 380 個俱樂部。對此感覺真的很好。這樣做的作用是有助於推動與我們的會員更深入的接觸。他們花費更多，更容易更新，我們對此感到非常滿意。值得一提的是，我們之前也談過，山姆會員店的電子商務業務是獲利的，而且成長迅速。因此，我們對這種組合感覺良好，對優惠感覺良好，整個會員基礎也感覺良好。

Oliver, this is Doug. One of the questions we used to get was how do you feel about e-commerce as it relates to impulse sales. People walking into stores and clubs and they buy things that they didn't necessarily have on their list when they came in, can you do that with e-commerce? And one of the interesting things that's happening with generative AI is that cross-category search is more effective, which serves up more general merchandise items and it helps drive e-commerce profitability as you were asking about earlier. So we're in this situation where we've got the best e-commerce food offer, and new tools are helping us connect impulse items that are general merchandise, in some cases, which helps us improve both sales and profitability.

奧利佛，這是道格。我們曾經收到的問題之一是，您對電子商務有何看法，因為它與衝動銷售有關。人們走進商店和俱樂部，購買的東西不一定是他們進來時列在清單上的東西，你能透過電子商務做到這一點嗎？生成式人工智慧發生的有趣的事情之一是，跨類別搜尋更加有效，它可以提供更多的一般商品，並有助於提高電子商務的盈利能力，正如您之前所問的那樣。因此，我們面臨的情況是，我們擁有最好的電子商務食品報價，新工具正在幫助我們連接一般商品的衝動商品，在某些情況下，這有助於我們提高銷售額和盈利能力。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, good morning. Thanks for taking our question. Membership growth was noted as one of the drivers of operating income dollar growth during the quarter. And there did seem to be an acceleration from Q1 to Q2, especially at Sam's Club. I wondered if there was something meaningful that had changed from a quarterly standpoint or a sequential standpoint. And you like increased marketing as part of the reason that operating expenses de-leveraged in the quarter, did that have anything to do with some of the increased membership that we saw? Thank you.

嗨，早安。感謝您提出我們的問題。會員成長被認為是本季營業收入成長的驅動因素之一。從第一季到第二季似乎確實出現了加速成長，尤其是在山姆會員店。我想知道從季度角度或連續角度來看是否有一些有意義的變化。您認為增加行銷是本季營運費用去槓桿化的部分原因，這與我們看到的會員數量增加有什麼關係嗎？謝謝。

Okay. Chris Nicholas from Sam's Club first, and I'll just touch on the membership growth piece. We are seeing all-time high membership growth. We're seeing all-time high Plus penetration too, so the health is really good. And we're also seeing growth across all income cohorts and all generations.

好的。首先是山姆會員店的克里斯·尼古拉斯（Chris Nicholas），我將談談會員成長部分。我們看到會員數創歷史新高。我們也看到了史上最高的 Plus 滲透率，所以健康狀況非常好。我們也看到所有收入群體和各世代的成長。

One of the really exciting things we're seeing is that 50% of the growth that we saw in the quarter was Gen Z and millennials, and that really talks to a really strong health for the future. We're getting people early in their lives, and we see them continuing to be sticky.

我們看到的真正令人興奮的事情之一是，本季成長的 50% 是 Z 世代和千禧世代，這確實表明未來的健康狀況非常強勁。我們正在吸引那些處於生命早期的人們，我們看到他們仍然具有黏性。

The reason that it's working is we're focusing on all parts of our value proposition. So we're focusing really hard on enhancing the core value proposition. We're focusing really hard on that deepening of digital engagement, and Member's Mark is doing really well as well. And you saw that in terms of transactions, our units were ahead of comps, too. And what's good about that for a membership model is the more engagement you have, the more frequently that they engage with you, the more prone they are to renew. So just good quality health of the Sam's Club business drives more members in and drives that renewal rate up.

它之所以有效，是因為我們專注於我們價值主張的所有部分。因此，我們非常努力地致力於增強核心價值主張。我們非常注重數位化參與的深化，Member's Mark 的表現也非常好。你看到，在交易方面，我們的單位也領先競爭對手。對於會員模式來說，好處是您的參與度越高，他們與您的互動越頻繁，他們就越有可能續約。因此，山姆會員店業務的良好品質健康狀況就能吸引更多會員加入並提高續約率。

And Kate, it's John. Good morning. Thanks for the question. Let me address the marketing question, in addition to the comments Chris made about membership. If you step back, what we opened the call with is we know what customers are interested in around the world and that -- those are the four things we talked about: value, assortment, experience, and trust. And while, of course, we have always focused on being a great value with everyday low price, and we're driven to an everyday low-cost culture to support every price, so customers can always depend on us for the best value of our basket of goods.

凱特，是約翰。早安.謝謝你的提問。除了克里斯對會員資格的評論之外，讓我談談行銷問題。如果你退後一步，我們在電話開始時會說，我們知道世界各地的客戶對什麼感興趣，這就是我們討論的四件事：價值、品種、體驗和信任。當然，我們始終專注於以每日低價實現巨大價值，並且我們致力於打造每日低價文化來支持每一個價格，因此客戶始終可以依靠我們來實現我們產品的最佳價值。

What's happened in the last couple of years is a really rapid expansion and assortment. We've talked about that for the last few quarters on calls like these and other places. But as the assortment has expanded, our ability to show those items in a very high-quality way using new tools like generative AI and improving our search has enabled us to understand better what customers are looking for by season, by session, by time of week, and it felt like it was the right time given this increase in convenience in addition to pickup and delivery. So you can shop in the store, you can pick up on a schedule, you can deliver on a schedule -- deliver on schedule. And then this acceleration of this convenience experience, so it felt like the right time that we need to be more bold about telling our story to our customers.

過去幾年發生的事情是一個非常快速的擴張和分類。在過去的幾個季度裡，我們在這些地方和其他地方的電話會議上討論了這個問題。但隨著品種的擴大，我們能夠使用生成人工智慧等新工具以非常高品質的方式展示這些商品，並改進我們的搜索，這使我們能夠更好地了解客戶按季節、按會話、按時間尋找什麼。所以你可以在商店購物，你可以按計劃提貨，你可以按計劃送貨——按計劃送貨。然後這種便利體驗的加速，所以感覺現在是我們需要更大膽地向客戶講述我們的故事的正確時機。

And so starting late in the first quarter, we decided intentionally to increase our marketing investment to tell the story to our customers about all the things that we can do for them, which has led to what we feel good about are some really important early positive signs in general merchandise, including unit growth, which led to the results we talked about at the end of the quarter. But seeing things like marketplace and specifically fashion within marketplace lead the way is encouraging. So this could be something that we continue over time. We'll learn as we go. We'll be very thoughtful about how we manage mix, how we manage expenses, and how we manage our costs across channels. But seeing customers respond to these new offers that we have in Marketplace and with apparel, home, other categories has been really exciting.

因此，從第一季末開始，我們決定有意增加行銷投資，向客戶講述我們可以為他們做的所有事情，這讓我們感覺良好的是一些非常重要的早期積極因素一般商品的跡象，包括單位增長，這導致了我們在季度末討論的結果。但看到市場，特別是市場中的時尚等事物引領潮流是令人鼓舞的。所以這可能是我們隨著時間的推移會繼續進行的事情。我們會邊走邊學。我們將非常仔細地考慮如何管理組合、如何管理費用以及如何管理跨通路的成本。但看到客戶對我們在 Marketplace 以及服裝、家居和其他類別中提供的這些新優惠做出反應，真的很令人興奮。

We still have lots of room to improve, but the progress we've made on the e-commerce experience across businesses, across markets, puts us in a position where we can play more offense and be more aggressive as it relates to marketing. So whether it's that or the capital investments in supply chain, what you're seeing is that we are playing off it.

我們仍有很大的改進空間，但我們在跨企業、跨市場的電子商務體驗方面取得的進步，使我們能夠在行銷方面更具進攻性和更具侵略性。因此，無論是這一點還是供應鏈的資本投資，你看到的是我們正在玩弄它。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning. Thanks for taking my question. So I just wanted to go back to the momentum you're seeing in the health and wellness category. Just want to get a sense of how you guys are thinking about the sustainability of strength that you're seeing there. Anything outside of GLP-1 that's contributed to that momentum. And then just from a gross margin perspective, as you look at stronger growth in grocery and within health and wellness, how is the mix -- product mix impact on gross margins playing out versus how you thought about for the year?

早安.感謝您提出我的問題。所以我只想回到你在健康和保健類別中看到的勢頭。只是想了解你們如何看待你們所看到的力量的可持續性。 GLP-1 以外的任何因素都有助於推動這一勢頭。然後，僅從毛利率的角度來看，當您看到食品雜貨以及健康和保健領域的強勁增長時，產品組合對毛利率的影響與您對今年的預期相比如何？

Hey, Rupesh, it's John. I'll take that. So let me start with mix in general. In the quarter, as we noted, better result in our merchandise, which is, of course, helpful. We have strength in food and consumables, and we also talked about inflation really being at exiting the quarter roughly flat to slightly down in some areas. So we're growing the business with higher transaction counts and higher unit growth, which, of course, is encouraging. Our merchants have a lot of experience over the last few years and the last few decades, maybe is the best way to say it at managing mix in any kind of situation. So yeah, there are -- there is growth in health and wellness led by GLP-1s, but there is other growth in the category like supplements that we're proud of. This is a time of year people go back to school, back to college, you can lean into categories like over-the-counter supplements, and we can do really well.

嘿，魯佩什，我是約翰。我會接受的。讓我從一般的混合開始。正如我們所指出的，本季我們的產品取得了更好的業績，這當然是有幫助的。我們在食品和消費品方面擁有優勢，我們也談到，在本季結束時，某些領域的通膨確實大致持平甚至略有下降。因此，我們正在透過更高的交易數量和更高的單位成長來發展業務，這當然是令人鼓舞的。我們的商家在過去幾年和過去幾十年中擁有豐富的經驗，這也許是在任何情況下管理組合的最佳方式。所以，是的，GLP-1 引領了健康和保健領域的成長，但該類別也有其他成長，例如我們引以為傲的補充劑。每年這個時候，人們都會回到學校，回到大學，你可以轉向非處方補充劑等類別，我們可以做得很好。

But when you step back and look at the entire business, inventory is down 2% across the business. That's a decrease on top of a decrease last year, and we're proud of the in-stock results that we have. And so our merchants have a number of levers they can use. First, of course, they want to be great value to customers. We have 7,200 rollbacks. And then our merchants can mix across categories, in many cases, by taking a high-margin item and taking a role back on it, you can shift sales to items within a category to bring the category up, and you can do that while you have pressure in other places.

但當您退一步審視整個業務時，您會發現整個業務的庫存下降了 2%。這是在去年下降的基礎上又下降了，我們對我們的庫存結果感到自豪。因此，我們的商家有很多可以使用的槓桿。首先，當然，他們希望為客戶帶來巨大的價值。我們有 7,200 次回滾。然後我們的商家可以跨品類混合，在很多情況下，通過拿走高利潤的商品並重新發揮作用，你可以將銷售轉移到一個品類內的商品上，以提高該品類的銷量，你可以在你這樣做的同時其他地方有壓力。

So at this point, we're managing the margin. We're managing mix. I don't have any concerns about our ability to do that at this point. We'll see growth, perhaps it's uneven in certain cases, that's always been the case. But we're in a good spot in terms of inventory in stock value, being ready for customers so that we can manage our mix.

所以此時，我們正在管理利潤。我們正在管理混合。目前我對我們是否有能力做到這一點並不擔心。我們會看到成長，也許在某些情況下成長是不平衡的，情況一直如此。但我們在庫存價值方面處於有利位置，為客戶做好準備，以便我們可以管理我們的產品組合。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi. Good morning, and thanks, everyone. My question is on the spread between US EBIT growth and US comps or US net sales. It looks like the first half of the year, you're running [4%-ish] in change comps, and you're doing EBIT growth of about 7% to 8%. So about a 3- to 4-point spread. My question is two parts. First, are there active decisions of reinvestment that we can do both reinvest and grow? Curious how much reinvestment is happening? And second, that 3- to 4-point spread, is that representative of the businesses' run rate? Or is this still scaling and then that spread should continue to widen going forward? Thank you.

你好。早上好，謝謝大家。我的問題是美國息稅前利潤成長與美國比較或美國淨銷售額之間的利差。看起來今年上半年，你的變化比較是[4%左右]，並且你的息稅前利潤增長了大約7%到8%。大約有 3 到 4 點的差距。我的問題分為兩部分。首先，是否有積極的再投資決策，我們既可以再投資，又可以實現成長？好奇有多少再投資發生？其次，這個 3 到 4 個點的差距是否代表了企業的運作率？或者這種情況仍在擴大，然後這種價差應該繼續擴大？謝謝。

Simeon, this is Doug. We are being thoughtful and deliberate about reinvestment. And we start out thinking about the customer first, what's the level of price investment, where our gaps. And as we've been saying for some time now, we're feeling comfortable with where our gaps are, and we'll continue to support those as needed. And it is great to see prices come down. We are wired to help bring prices down, and we'll continue working on to get more rollbacks to help customers and help members save money.

西蒙，這是道格。我們正在深思熟慮地考慮再投資。我們首先考慮客戶，價格投資水準是多少，我們的差距在哪裡。正如我們一段時間以來所說的那樣，我們對自己的差距感到滿意，並且我們將繼續根據需要為這些差距提供支持。很高興看到價格下降。我們致力於幫助降低價格，我們將繼續努力獲得更多回滾，以幫助客戶並幫助會員省錢。

The second thing we think about is our associates. And where is our level of compensation, what investments need to be made there. And you've seen now for years a string of different investments that we've made in our associates, whether that's hourly or management.

我們考慮的第二件事是我們的同事。我們的薪資水平在哪裡，需要在那裡進行哪些投資。多年來，您已經看到我們對員工進行了一系列不同的投資，無論是小時投資還是管理投資。

We obviously think about shareholders all the time and it's not lost on me that our operating income percentage came down for a period of years as we made investments. And it feels good to have turned the corner on that and have a healthy business mix so that we can do both in parallel. So whether it's a one-year operating plan or it's a five-year plan, we're kind of in that season right now where we think about a five-year view. We're trying to be deliberate about reinvesting in the business so that the momentum continues and we don't find ourselves having managed the short term to the detriment of the long term.

顯然，我們一直在考慮股東，我並沒有忘記，隨著我們進行投資，我們的營業收入百分比在幾年內下降了。扭轉局面並擁有健康的業務組合感覺很好，這樣我們就可以並行這兩項工作。因此，無論是一年營運計劃還是五年計劃，我們現在都處於考慮五年願景的時期。我們正在努力謹慎地對業務進行再投資，以便保持這一勢頭，並且我們不會發現自己的短期管理損害了長期利益。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good morning, everybody. You talked about the US e-commerce business turning profitable. Perhaps in the next one to two years, after 2Q, is there any refinement to that timeframe?

謝謝。大家早安。您談到美國電子商務業務開始獲利。也許在接下來的一到兩年內，在第二季之後，這個時間框架會有任何細化嗎？

And then related to that, in the first quarter, you talked about, I think, total contribution, $300 million to $400 million in alternative profit. Pool growth that you saw in that first quarter, is that improving? And can you talk about how that arc of improvement trends as we look out into the future? Thank you.

與此相關的是，在第一季度，我認為您談到了總貢獻，即 3 億至 4 億美元的替代利潤。您在第一季看到的資金池成長是否有改善？您能否談談我們展望未來時，改進的趨勢如何？謝謝。

Hey, Chris. This is Doug. I'll go first and others can join in if they want. As it relates to e-commerce profitability for some time now, I've been trying to stress to everybody not to get too hung up on it. We've got a business with a lot of variables here, and we're going to manage them all. And there are going to be new businesses that we invest in, and in the short term, don't make money, but make money in the mid- to long term. And at some point, we'll tell you that we've crossed the threshold and that e-commerce is profitable. We'll then talk about whether that includes advertising or does include advertising.

嘿，克里斯。這是道格。我先走了，其他人如果願意也可以加入。由於它與電子商務盈利能力相關已經有一段時間了，我一直在努力向大家強調不要太關注它。我們的業務存在許多變數，我們將管理所有變數。而且還會有新的業務我們投資，短期內不賺錢，但中長期是賺錢的。到了某個時候，我們會告訴你，我們已經跨過了門檻，電子商務是有利可圖的。然後我們將討論這是否包含廣告或確實包含廣告。

You heard John David say earlier, we saw a lot of progress in core e-commerce during the quarter, which is absent advertising, and we focus on that, and we're seeing really great improvement there. And so I'm encouraged by it.

您之前聽到約翰大衛（John David）說過，我們在本季度看到核心電子商務取得了很大進展，其中沒有廣告，我們專注於這一點，並且我們看到了那裡的巨大進步。所以我對此感到鼓舞。

But with Walmart, I wouldn't get hung up on one metric too much, whether it's advertising income or membership income or e-commerce profitability. Look at the omni total, we have a great and huge store and club business around the world that is profitable. We make money in food. We make money in consumables. We make money in general merchandise, and we'll eventually make money in e-commerce. And we're getting into that zone where it's going to cross the threshold, and we'll talk about that at some point and then we'll put that to bed, and we'll be talking about something else.

但對於沃爾瑪，我不會太在意某一指標，無論是廣告收入、會員收入或電子商務獲利能力。看看全方位的總數，我們在世界各地擁有龐大的商店和俱樂部業務，並且獲利。我們靠食物賺錢。我們靠消耗品賺錢。我們在百貨上賺錢，最終也會在電商上賺錢。我們正在進入它將跨越門檻的區域，我們將在某個時候討論這個問題，然後我們將把它放在床上，然後我們將討論其他事情。

I'll just add on the newer businesses, we continue to see great progress there in the quarter. Just to maybe cherry pick a couple of them, which took advertising and membership, those two alone accounted for over 50% of our operating income growth. And so as Doug and others have alluded to, all these things work together. We've got to be really good at the core basics to have those work, but continue to be pleased with faster-growing, higher-margin parts of our business that you all are seeing are changing the reflection in terms of how our financials -- our margins are inflecting higher.

我只想補充一下新業務，我們在本季繼續看到了巨大的進展。只挑其中的幾個，其中包括廣告和會員資格，光是這兩個就占我們營業收入成長的 50% 以上。正如道格和其他人所提到的，所有這些事情都是協同作用的。我們必須非常擅長核心基礎知識才能實現這些工作，但我們仍然對我們業務中增長更快、利潤率更高的部分感到滿意，你們都看到這些部分正在改變我們財務狀況的反映—— -我們的利潤率正在上升。

Could I just add to like, as I look across the international business, there's so much balance across the markets. And we do have markets where we are e-com profitable we have channels where we're e-com profitable. But what we see holistically is that while with the value and convenience play, that is growing density. It's helping our fulfillment cost come down, and it's helping the overall profile. But it's just a very balanced result across markets as we're seeing that omni continuing to increase a component of our business and seeing the profitability mix really balance out.

我能否補充一點，當我縱觀國際業務時，各個市場之間存在著如此多的平衡。我們確實有可以透過電子商務獲利的市場，也有可以透過電子商務獲利的管道。但我們整體上看到的是，在價值和便利性發揮的同時，密度也不斷成長。它有助於降低我們的履行成本，也有助於整體形象。但這只是整個市場的一個非常平衡的結果，因為我們看到全能繼續增加我們業務的一部分，並且看到盈利組合真正平衡。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good morning, and congrats on really strong results. I wanted to ask on the momentum in membership. You have done a lot to enhance the Walmart+ business. You added many new features. So one is, what have you found to be working best not only in attracting but also retaining members?

你好，早安，恭喜取得了非常好的成績。我想問一下會員的發展動能。你們為增強沃爾瑪+業務做了許多工作。您新增了許多新功能。那麼第一個問題是，您發現什麼不僅在吸引會員方面最有效，而且在留住會員方面也最有效？

And then second, can you update us on the uptake of the Walmart+ Assist program and how you think about the sustainability of that growth as we think about the low-income consumer taking advantage also convenience and value? Thank you.

其次，您能否向我們介紹沃爾瑪+協助計畫的最新情況，以及當我們考慮低收入消費者利用便利性和價值時，您如何看待這種成長的可持續性？謝謝。

Hi, Krisztina. It's John. I'm happy to address the question. Of course, we -- I'd say we're proud of the progress in Walmart+. The team is working really hard on ensuring that, number one, the offer is built in such a way that it's very relevant to our customers all across the country. The core of the offer, of course, is delivery without cost from either the fulfillment centers or stores. And our ability to attract people starts with the offer. Our ability to retain people ends with how well we execute that proposition.

嗨，克里斯蒂娜。是約翰。我很高興回答這個問題。當然，我想說，我們對沃​​爾瑪+的進步感到自豪。該團隊正在努力確保，第一，該服務的構建方式與我們全國各地的客戶都非常相關。當然，該優惠的核心是從營運中心或商店免費送貨。我們吸引人的能力始於優惠。我們留住人才的能力取決於我們執行這項主張的能力。

So we spend a lot of time and energy. We start every week going through all the metro we did on the week before, the month before, the quarter before, and then building road maps to ensure that any friction that we are putting in front of customers are doing everything we can to eliminate that.

所以我們花了大量的時間和精力。我們每週都會開始檢查前一周、前一個月、前一個季度的所有地鐵，然後製定路線圖，以確保我們在客戶面前遇到的任何摩擦都會盡一切努力消除。

We know that when we deliver what we call a perfect order, which is part of our over customer experience score, that the likelihood of repeat and renewal goes up significantly. So we focus a lot on ensuring that customers get what they ordered, when they ordered it with only appropriate substitutions when those are absolutely necessary and those are all helping.

我們知道，當我們交付所謂的完美訂單（這是我們的客戶體驗評分的一部分）時，重複和續訂的可能性就會顯著增加。因此，我們非常注重確保客戶得到他們訂購的東西，當他們訂購時，只有適當的替代品，而這些替代品是絕對必要的，並且這些都是有幫助的。

In terms of Assist and other things, we have a membership program that should, and is, we believe, very applicable for customers at all income brackets. We have members who are delivering very frequently, who are below $50,000 a year in income, and we have members who are delivering frequently and growing above $100,000. And so this flexibility is super important.

在協助和其他方面，我們有一個會員計劃，我們相信，它應該而且確實非常適用於所有收入階層的客戶。我們有經常送貨但年收入低於 50,000 美元的會員，也有經常送貨但收入增長到 100,000 美元以上的會員。所以這種靈活性非常重要。

And as I said earlier, when a customer moves from just shopping in the store to stores in e-commerce or stores in e-commerce and they become Plus, and then within Plus, they use what we described earlier is on-demand sub-three-hour delivery, we really see spend rates and the amount of time and energy -- money people are spending up significantly. So it's about the entire journey. And as Doug said earlier, I wouldn't weigh too heavy on one in particular -- metric in particular. Walmart+ is an important part of our program. It's not the only thing we do; we do a lot of other things. But for the people that join, we want to make sure that we deliver the very best experience that we possibly can that's within our control.

正如我之前所說，當客戶從僅僅在商店購物轉向電子商務商店或電子商務商店時，他們就成為 Plus，然後在 Plus 中，他們使用我們之前描述的按需子服務三小時送貨，我們確實看到了花費率以及人們花費的時間和精力——金錢顯著增加。所以這是關於整個旅程的。正如道格之前所說，我不會對某一特定指標──尤其是公制──給予太大的重視。沃爾瑪+是我們計畫的重要組成部分。這不是我們唯一做的事；我們還做了很多其他事情。但對於加入的人來說，我們希望確保在我們的控制範圍內盡可能提供最好的體驗。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Thanks, good morning. Great results. On automation, where are we on that journey today? And how much of the benefits are we seeing in the P&L over the past couple of quarters versus what you expect to flow through over the next several years?

謝謝，早安。很好的結果。在自動化方面，我們今天處於什麼階段？與您預計未來幾年的收益相比，我們在過去幾季的損益表中看到了多少收益？

And then separately, August comps sound solid. Any early thoughts on back to school, back to college? Thank you.

然後單獨來看，八月的對比聽起來很紮實。關於回到學校、回到大學有什麼早期的想法嗎？謝謝。

Hey, Chuck. It's John. I'll take that first, and I'll start with automation and talk about back to school for a second. As you know, we have a number of facilities and a number of types of facilities around the country that we are automating in the supply chain. We have our regional distribution network, which is primarily an ambient network. Progress there is right where we planned it to be, continue to be pleased with the progress of our provider in the space. And by the end of the year, roughly, we should see about 3,000 stores of the 4,600 having deliveries from automated facilities in some way, so the progress is good.

嘿，查克。是約翰。我將首先討論這個問題，然後我將從自動化開始，然後再回到學校談談。如您所知，我們在全國各地擁有許多設施和多種類型的設施，我們正在供應鏈中實現自動化。我們有區域分銷網絡，主要是環境網絡。進展正如我們計劃的那樣，繼續對我們的提供者在該領域的進展感到滿意。到今年年底，我們應該會看到 4,600 家商店中的大約 3,000 家商店以某種方式透過自動化設施進行送貨，所以進展得很好。

The ability for a store to get a load in that is palletized, it's by aisle and as we build more density in these centers, not only is by aisle in many cases, by section, when an associate needs to stack pallet is so helpful. I mean I remember working in stores years ago, and it was a bit of a treasure hunt to try to find the items you needed, the cases you needed. But not only our automation, but then the in-store technology to help us locate what we own and know where it is makes it much easier for our associates to access inventory and get those things in front of people.

商店能夠透過過道獲得托盤裝載的貨物，隨著我們在這些中心建立更高的密度，在許多情況下不僅通過過道，而且當員工需要堆疊托盤時，也可以按區域進行分區，這非常有幫助。我的意思是，我記得幾年前在商店工作，試圖找到你需要的物品、你需要的箱子有點像尋寶。但不僅是我們的自動化，還有幫助我們找到我們擁有的東西並知道它在哪裡的店內技術，使我們的員工更容易存取庫存並將這些東西放在人們面前。

The second type of automation, of course, is perishables. That's a network that we're pretty new in, that we have about three facilities that are underway. And then our fulfillment center network is probably the farthest along with the highest percentage of buildings that have converted, and we're really pleased with the accuracy, the number of steps it takes an associate on inventory through, and our variable cost per unit that's showing significant improvement in those centers.

當然，第二種類型的自動化是易腐爛的。這是一個我們剛剛涉足的網絡，大約有三個設施正在建設中。然後，我們的履行中心網絡可能是最遠的，並且已轉換的建築物比例最高，我們對準確性、員工處理庫存所需的步驟數以及每單位的可變成本感到非常滿意這些中心顯示出顯著改善。

The last part of your question, back to school, it started off strong this last couple of weeks. I've been and a number of operators have been in stores all over the country, where we're looking at how ready they are for back to college and back to school. About 50% of our customers still say they have a lot of shopping left to do. We have over 2 million school list uploaded on the site. So we still have a lot of trading ahead of us. So good start.

你問題的最後一部分，回到學校，過去幾週開始表現強勁。我和一些經營者去過全國各地的商店，我們正在觀察他們為重返大學和重返校園做好了多少準備。大約 50% 的顧客仍然表示他們還有很多購物要做。我們在網站上傳了超過 200 萬個學校名單。所以我們還有很多交易要做。這麼好的開始。

We have to continue to execute really well, clean up, come out of the season strong so that then we can move to the next holiday, which will be Labor Day. We take all these one at a time. We focus on what we can control. We execute. We clean our inventory up, and then we move forward. So good start, but a lot of trading left to do.

我們必須繼續執行得很好，清理乾淨，強勢結束這個季節，這樣我們就可以進入下一個假期，即勞動節。我們一次把所有這些都拿走。我們專注於我們可以控制的事情。我們執行。我們清理庫存，然後繼續前進。這是一個好的開始，但還有很多交易要做。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Great. Thank you and good morning. So Doug, a couple of quarters ago, you had mentioned to us that deflation could be a real possibility. And now in the prepared remarks today, I think for the quarter, both Walmart US and Sam's Club, you mentioned were slightly deflationary overall. So I'm wondering what do you think this means for the trajectory for pricing as we look ahead what does it mean for your price gaps?

偉大的。謝謝你，早安。道格，幾個季度前，您曾向我們提到通貨緊縮可能是一種真正的可能性。現在，在今天準備好的發言中，我認為您提到的沃爾瑪美國和山姆會員店整體上都出現了輕微的通貨緊縮。所以我想知道您認為這對定價軌跡意味著什麼，當我們展望未來時，這對您的價格差距意味著什麼？

And then additionally, how do you think private label plays into this? I think we've continued to see those price gaps widen as well and that also is continuing to increase in terms of penetration in the business. So how do you see that adoption unfolding in the midst of in the broader context of pricing potentially being slightly deflationary?

另外，您認為自有品牌如何發揮作用？我認為我們繼續看到這些價格差距也在擴大，而且在業務滲透方面也持續增加。那麼，您如何看待在定價可能出現輕微通貨緊縮的更廣泛背景下這種採用的展開？

Yeah. Corey, first, I would say we want to sell brands. It's important to Walmart to sell brands and show a value. And so we're hoping that our innate suppliers do the right things with both quality and price to get to the value that our customers want to see. I would guess that private brand continues to grow, although it would be okay with us at the percent of total leveled out for the reason that I just mentioned. Our teams are doing a better job with private brand as it relates to both the development of the product, the quality of it and the value, so that's good and helpful for customers, and we'll keep doing that.

是的。科里，首先，我想說我們想出售品牌。對沃爾瑪來說，銷售品牌和展示價值非常重要。因此，我們希望我們的供應商在品質和價格上做正確的事情，以實現客戶想要看到的價值。我猜自有品牌會繼續成長，儘管出於我剛才提到的原因，我們可以接受佔總數的百分比。我們的團隊在自有品牌方面做得更好，因為它關係到產品的開發、品質和價值，所以這對客戶來說是好事和有幫助的，我們將繼續這樣做。

Looking ahead from a pricing point of view, fresh food is behaving like it does, supply and demand moves faster, and things adjust, whether it's the proteins or it's fruit and vegetable. General merchandise has come down. My guess is it doesn't come down a whole lot more, but it's great that the prices are down and the rollbacks are being reflected.

從定價的角度來看，新鮮食品的表現與以往一樣，供需變化更快，情況也在調整，無論是蛋白質還是水果和蔬菜。一般商品已經下跌。我的猜測是，價格不會下降太多，但價格下降並且回滾得到反映是件好事。

In dry grocery, processed food consumables are where inflation has been more stubborn. And as we mentioned, we still have slight inflation even in last quarter in those food categories. So I'm hoping that what we see from our branded suppliers is investment in price, and we're seeing that from some of them and not others. We have less upward pressure, but there are some that are still talking about cost increases, and we're fighting back on that aggressively because we think prices need to come down. So I don't forecast that we're going to see a lot of deflation in our number looking ahead it probably levels out about somewhere near where we are with the mix being reflected as I just described.

在乾雜貨領域，加工食品消費品是通膨較頑固的領域。正如我們所提到的，即使在上個季度，這些食品類別仍然存在小幅通膨。因此，我希望我們從品牌供應商看到的是價格投資，而我們從其中一些供應商那裡看到了這一點，而不是其他供應商。我們的上漲壓力較小，但有些人仍在談論成本增加，我們正在積極反擊，因為我們認為價格需要下降。因此，我預計未來我們的數字不會出現大量通貨緊縮，它可能會在接近我們當前水平的某個地方趨於平穩，正如我剛才所描述的那樣。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Okay. Thank you, guys. Following the gross margin expansion in the first half, how are you thinking about gross margin in the second half, which drivers of the first half margin expansion stay the same, which fall off? And are there any new drivers of gross margin that we might see pop up in the second half?

好的。謝謝你們，夥計們。繼上半年毛利率擴張之後，您如何看待下半年的毛利率？下半年我們可能會看到任何新的毛利率驅動因素嗎？

And then maybe related to that, what are your expectations for the competitive landscape relative to what you've seen the past several months? Thanks.

也許與此相關的是，相對於過去幾個月的情況，您對競爭格局有何期望？謝謝。

Paul, John David will respond to the gross margin question, but I just want to jump out in the front part of that and say we're not raising prices; we're lowering prices. But we don't want product margins to go up. When we talk about margin improvement in our company, its business mix, mix of geographies, it is not that we are increasing product margins.

保羅、約翰大衛將回答毛利率問題，但我只想跳出前面部分並說我們不會提高價格；我們不會提高價格。我們正在降低價格。但我們不希望產品利潤率上升。當我們談論公司、業務組合、地理組合的利潤率提高時，並不是說我們正在提高產品利潤率。

I'd just add to that, Paul, that if you look at some of the drivers of the gross margin improvement, as Doug noted, business mix drives a large part of that. We've also seen an improvement, as I mentioned earlier, in just core e-commerce losses. Within the core merchandise mix, we had a little bit of benefit from improved shrink in the quarter, similar to what we saw last quarter as well as we were at higher levels last year. But as Doug noted, advocating for our customers. We want to drive everyday low prices, and we're not intending to achieve any of our margin performance by passing this along to our customers and members in the form of higher prices.

保羅，我想補充一點，如果你看看毛利率改善的一些驅動因素，正如道格所指出的那樣，業務組合推動了其中很大一部分。正如我之前提到的，我們也看到核心電子商務損失有所改善。在核心商品組合中，我們從本季度的收縮改善中獲得了一些好處，與我們上季度看到的情況類似，並且我們去年處於較高水平。但正如道格指出的那樣，為我們的客戶辯護。我們希望推動每日低價，並且我們不打算透過以更高價格的形式將其傳遞給我們的客戶和會員來實現任何利潤績效。

I'd probably just call out, too, we had talked in -- we had a really strong op inc result in Q1, and we called out that Q2 would moderate. It did, but it's still a really strong result into Q2. But one of the things that I'm finding in international is that there is a significant amount of impact from events. And we will have BBD in the back half, which does change the profit profile of the back half. But we're still really optimistic and bullish about the results. We're driving in international, it's just recognizing that those big events do kind of have a disproportionate kind of impact on the ratios across between top line and bottom line.

我可能也會指出，我們已經談過——我們在第一季的營運結果非常強勁，我們指出第二季將會放緩。確實如此，但這仍然是第二季度的一個非常強勁的結果。但我在國際上發現的一件事是，事件的影響很大。我們將在後半段有BBD，這確實會改變後半段的利潤狀況。但我們仍然對結果非常樂觀和樂觀。我們在國際上行駛，只是認識到這些重大事件確實對營收和利潤之間的比率產生了不成比例的影響。

What does BBD stand for?

BBD 代表什麼？

BBD is Big Billion Days, which is a really big sales driving event in India that happens around Q3/Q4.

BBD 是 Big Billion Days，這是印度一個非常大的銷售推動活動，發生在第三季/第四季左右。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO 資本市場。

Hi, good morning. Thanks for taking our question. I was curious, you talked a lot about the share gains by income cohorts and how that's primarily driven by upper income households. But would you be willing to kind of give color on comps by income cohorts? And I think a lot of investors are just really curious if you are growing comps with low-income households or how much of comps are being driven by that upper income?

嗨，早安。感謝您提出我們的問題。我很好奇，您談到了很多關於收入群體的份額增長以及這主要是如何由高收入家庭推動的。但你願意對不同收入群體的比較進行描述嗎？我認為很多投資者真的很好奇，你是否正在與低收入家庭進行比較，或者有多少比較是由高收入家庭驅動的？

And maybe if you can tie in any color between grocery spend and general merchandise cohort, is it really that upper income cohort that's starting to turn the needle here on general merchandise? Any color there, I think, would be helpful.

也許如果你能將雜貨支出和一般商品群體之間的任何顏色聯繫起來，那麼真的是高收入群體開始在一般商品上扭轉局面嗎？我認為任何顏色都會有幫助。

Kelly, this is Doug. I'll go first and if anybody wants to add, they can. I don't know that we can add a whole lot more color except to say that value matters to everyone, whether you're above or below $100,000 in income. We do see behavior differences and the lower income levels, more focused on opening price points, end-of-month behavior looks different, all the things that you would expect, but they still need us for general merchandise price points. And as it relates to higher income people, they can buy more discretionary goods and they can pay more for convenience, and we're offering all of it. So I think our future looks like it's got to spread across income levels that's different than our past because of convenience.

凱利，這是道格。我先說，如果有人想補充的話，可以。我不知道我們還能添加更多的色彩，除了說價值對每個人都很重要，無論你的收入高於還是低於 100,000 美元。我們確實看到了行為差異和較低的收入水平，更注重開盤價格點，月末行為看起來有所不同，所有這些都是您所期望的，但他們仍然需要我們提供一般商品價格點。由於它與高收入人群相關，他們可以購買更多的可自由支配的商品，並且可以為便利性支付更多費用，而我們正在提供這一切。因此，我認為我們的未來看起來必須分佈在與過去不同的收入水平中，因為方便。

I think the Walmart+ membership, delivery, the things we're doing with remodels, John, and the US stores, I think all these things are coming together to give us a shot at continuing to have growth with higher income levels regardless of what happens in the economy.

我認為沃爾瑪+會員資格、送貨、我們正在做的改造、約翰和美國商店，我認為所有這些事情結合在一起，讓我們有機會繼續以更高的收入水平實現增長，無論發生什麼在經濟方面。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

I just was wondering from the team, with the back half guidance, I'd be curious to get your thoughts on what kind of holiday Walmart is planning for this year, in the US and even globally?

我只是想知道團隊在後半部分的指導下，我很想知道你對沃爾瑪今年在美國甚至全球計劃什麼樣的假期的看法？

It's going to be great, Robbie. We're all smiling at each other. I mean, you guys know what we know about the volatility of the environment and all the things are in front of us. But the good news is we have a long history of dealing with volatility and surprises of all forms, especially in more recent years. It is nice that the early days of back to school went well, sometimes -- most times, I guess, that does give some indication as to how Halloween and Christmas will go. We bought increases, and we're playing offense. So we're expecting to have a good holiday, and we look forward to serving our customers and members through all the holidays around the world.

這會很棒的，羅比。我們都互相微笑。我的意思是，你們知道我們對環境的波動性的了解，所有的事情都在我們面前。但好消息是，我們在應對各種形式的波動和意外方面有著悠久的歷史，尤其是近年來。很高興回到學校的最初幾天進展順利，有時——我想，大多數時候，這確實給出了一些關於萬聖節和聖誕節將如何進行的跡象。我們買入了增量，我們正在進攻。因此，我們期待度過一個愉快的假期，並期待在世界各地的所有假期期間為我們的客戶和會員提供服務。

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

謝謝。此時，我們的問答環節已經結束。我將把電話轉給道格·米倫 (Doug Millon) 作結束語。

Yeah. As always, thanks for your time and attention. We're feeling pretty good about where we are. We believe we're making real progress, not only as it relates to saving people money, but growing our assortment through both first party and third party. And importantly, saving people time. Regardless of your income level, you need to and you want to save time, and convenience is a big deal, and we're improving that part of our experience.

是的。一如既往，感謝您的時間和關注。我們對自己所處的位置感覺很好。我們相信我們正在取得真正的進步，不僅因為它涉及為人們省錢，而且還因為它透過第一方和第三方增加了我們的品種。重要的是，節省人們的時間。無論您的收入水平如何，您都需要並希望節省時間，而便利性是一件大事，我們正在改善這部分體驗。

The team is driving results right now. The unit growth, market share growth, pricing improvement, really good inventory management, it's great to see. And it's also great to see ROI up 230 basis points in the quarter.

該團隊現在正在推動成果。單位成長、市場佔有率成長、定價改善、真正良好的庫存管理，很高興看到。很高興看到本季的投資報酬率上升了 230 個基點。

At the same time, that the team is doing a great job driving short-term results we're building for tomorrow. And the e-commerce growth is strong. That includes the marketplace business, which helps pull through things like membership and advertising and fulfillment services, resulting in that new business model.

同時，團隊在推動我們為明天打造的短期成果方面做得非常出色。電子商務成長強勁。這包括市場業務，它有助於完成會員資格、廣告和履行服務等業務，從而形成新的商業模式。

And I'm also really excited about international as it relates to building for tomorrow. And we're in a great position in the right markets. And this business is more than a domestic business. It's got global leverage, global benefits, and Kath and the team are figuring out ways to help make that true across markets where they see benefits by being part of Walmart, and 8% operating income growth for the quarter was really good.

我也對國際化感到非常興奮，因為它關係到明天的建設。我們在正確的市場中處於有利地位。而且這項業務不僅僅是國內業務。它具有全球槓桿作用、全球效益，Kath 和團隊正在想辦法幫助在各個市場實現這一目標，他們看到了成為沃爾瑪一部分的好處，本季 8% 的營業收入成長確實不錯。

So we're trying to do a good job of both managing the short term and building for the long term at the same time, and I think that's what we're seeing happen. And I'm just really grateful to the team. Thank you all.

因此，我們正在努力同時做好短期管理和長期建設，我認為這就是我們所看到的。我真的很感謝這個團隊。謝謝大家。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。