沃爾瑪 (WMT) 2025 Q3 法說會逐字稿

Greetings and welcome to the Walmart third quarter fiscal year 2025 earnings call.

歡迎參加沃爾瑪 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the call over to your host, Steph Wissink, Senior Vice President of Investor Relations.

現在我想將電話轉給主持人投資者關係資深副總裁 Steph Wissink。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Welcome, everyone. We appreciate you joining us and your interest in Walmart.

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。

Joining me today from our home office in Bentonville, our Walmart CEO, Doug McMillon; and CFO, John David Rainey.

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。

Doug and John David will first share their views on the quarter, and then we'll open up the line for your question.

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.

在問答部分，我們的部門執行長將參加：來自沃爾瑪美國的 John Furner、來自沃爾瑪國際的 Kath McLay；和山姆會員店的克里斯·尼古拉斯。

For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our way website.

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。

We will make every effort to answer as many of your questions as we can in the hour we have scheduled for this.

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。

As a courtesy to others, please limit yourself to one question.

出於對他人的禮貌，請限制自己只回答一個問題。

Today's call is being recorded, and management may make forward-looking statements.

今天的電話會議正在錄音，管理層可能會做出前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

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。

These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC.

這些風險和不確定性包括但不限於我們向 SEC 提交的文件中確定的因素。

Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements, as well as our entire Safe Harbor and non-GAAP reconciliations on our website at stock.walmart.com.

請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，以了解有關前瞻性陳述的警示性聲明，以及我們的整個安全港和非公認會計原則對帳。

Doug, that concludes my intro.

道格，我的介紹到此結束。

We're ready to begin.

我們準備好開始了。

Good morning and thanks for joining us.

早安，感謝您加入我們。

Our associates delivered another strong quarter, continuing our momentum.

我們的員工再次實現了強勁的季度業績，延續了我們的勢頭。

They're working hard to save our customers' and members' time and money while simultaneously transforming our business for the future.

他們正在努力節省客戶和會員的時間和金錢，同時為未來轉變我們的業務。

For the quarter, sales grew 6.1% in constant currency and profit was up 9.8%.

以固定匯率計算，本季銷售額成長 6.1%，利潤成長 9.8%。

Globally, we drove strong growth in e-commerce up 27%, advertising grew 28%, and membership income was up 22%.

在全球範圍內，我們推動電子商務強勁成長 27%，廣告成長 28%，會員收入成長 22%。

This helped us grow profits faster than sales even as we work to help lower prices and invest in our associates.

這幫助我們的利潤成長速度快於銷售額的成長，儘管我們努力幫助降低價格並投資於我們的員工。

The rapid growth from these newer businesses is helping us strengthen our business model.

這些新業務的快速成長正在幫助我們加強我們的業務模式。

All three segments of our business performed well.

我們的三個業務部門均表現良好。

Sales for Walmart International grew 12.4% in constant currency; comp sales for Sam's Club US were 7%; and Walmart US delivered comp sales of 5.3%.

以固定匯率計算，沃爾瑪國際銷售額成長 12.4%；美國山姆會員店的同店銷售額為 7%；沃爾瑪美國的銷售額年增 5.3%。

Transaction counts and unit volumes were positive across each segment and we continue to gain market share in the US, both in grocery and general merchandise.

每個細分市場的交易數量和單位數量均呈正值，我們繼續獲得美國雜貨和百貨商品的市場份額。

Households earning more than $100,000 made up 75% of our share gains.

收入超過 10 萬美元的家庭占我們收益份額的 75%。

In the US, instore volumes grew, curbside pickup grew faster, and delivery sales grew even faster than that.

在美國，店內銷售成長，路邊取貨成長更快，送貨銷售成長甚至更快。

Becoming more convenient for our customers and members is helping drive our growth.

為我們的客戶和會員提供更便利有助於推動我們的發展。

We had almost no like-for-like inflation in the US this quarter.

本季美國幾乎沒有出現類似的通膨。

It was nice to see general merchandise grow low single digits in the US even as prices are deflated by over 4%.

儘管價格下跌了 4% 以上，但很高興看到美國的一般商品價格仍以低個位數成長。

We currently have about 6,000 rollbacks in Walmart us across all categories.

目前，沃爾瑪所有類別的退貨數量約為 6,000 件。

We're feeling some margin pressure from growth in GLP-1 drugs.

我們感受到 GLP-1 藥物成長帶來的一些利潤壓力。

So we're pleased to see general merchandise sales be positive.

因此，我們很高興看到一般商品銷售正面。

Across the company, inventory is in very good shape.

整個公司的庫存狀況非常良好。

The unique characteristics of this quarter included a US port strike, two large hurricanes, and the flooding they caused.

本季的獨特特徵包括美國港口罷工、兩場大型颶風及其引發的洪水。

Our team did a really nice job preparing before those events and they worked hard to aid recovery after the storms.

我們的團隊在這些事件發生前做了非常好的準備工作，他們努力幫助風暴後的恢復。

The team that comes together from across the company to form our emergency operations center is impressive.

來自公司各部門的緊急行動中心的團隊令人印象深刻。

They coordinate closely with federal state and local leaders.

他們與聯邦州和地方領導人密切協調。

They make sure our associates are accounted for and safe.

他們確保我們員工的安全和安全。

And we set up distribution points at stores in the affected areas where we serve hot meals, give away supplies, offer showers, laundry services, and phone charging.

我們在受影響地區的商店設立了分發點，提供熱餐、贈送物資、提供淋浴、洗衣服務和手機充電。

Through Walmart and the Walmart Foundation, we made a $16 million commitment which we've delivered on.

透過沃爾瑪和沃爾瑪基金會，我們做出了 1,600 萬美元的承諾，並已兌現。

This includes 178 truckloads of needed supplies and cash grants totaling nearly $10 million to support local needs.

其中包括 178 卡車的所需物資和總計近 1,000 萬美元的現金補助，以支持當地需求。

Our truck drivers and other associates helped facilitate or serve 544,000 meals in the affected areas supported by our nonprofit partners.

在我們的非營利合作夥伴的支持下，我們的卡車司機和其他同事幫助在受影響地區提供了 544,000 份餐點。

Our customers and members contributed an additional $14.5 million from in-store and online campaigns.

我們的客戶和會員透過店內和線上活動額外貢獻了 1,450 萬美元。

I got a chance to see our associates in action in Georgia and here in Bentonville and I couldn't be prouder of them all.

我有機會看到我們的同事在喬治亞州和本頓維爾這裡的行動，我為他們所有人感到無比自豪。

In total, the storms and the port strike lifted our sales growth by a small amount and negatively affected operating income growth by a larger amount.

總體而言，風暴和港口罷工對我們的銷售成長造成了小幅提升，但對營業收入成長產生了較大的負面影響。

The takeaway should be that we delivered on our financial framework despite the noise from these events.

結論應該是，儘管這些事件帶來了噪音，我們還是實現了我們的財務框架。

This was clearly a strong quarter and the changes we've been working on for years are continuing to bear fruit.

這顯然是一個強勁的季度，我們多年來一直致力於的變革正在繼續取得成果。

We're well positioned to serve people how they want to be served, whether that's coming into a store, picking up an order, or having it delivered.

我們處於有利地位，可以按照人們想要的方式為他們提供服務，無論是進入商店、取貨還是送貨。

Our team has changed, developed new capabilities and learned how to work in new ways.

我們的團隊發生了變化，開發了新的能力並學會如何以新的方式工作。

We build new tech more effectively than we used to and we're doing it with more speed.

我們比以前更有效地開發新技術，而且速度更快。

This is a more customer- and member-centric organization.

這是一個更以客戶和會員為中心的組織。

I got to attend our Sam's Club grand opening in Grapevine, Texas, a few weeks ago and it was exciting to be there.

幾週前，我參加了我們在德克薩斯州格雷普韋恩舉行的山姆會員店盛大開幕典禮，我很高興能在那裡。

We made quite a few changes to the design of this club.

我們對這個社團的設計做了很多改變。

We have an expanded area for curbside pickup and delivery orders; new category adjacencies with consumables near the pickup and delivery staging area; and a stronger general merchandise presentation that has improved the sales mix of those categories.

我們擴大了路邊取貨和送貨訂單區域；與取貨和交貨暫存區附近的消耗品相鄰的新類別；更強大的一般商品展示改善了這些類別的銷售組合。

Boldly, our Sam's team also eliminated traditional checkouts, so our members can use scan-and-go and the new computer vision exit technology to exit the club faster.

大膽的是，我們的 Sam's 團隊也取消了傳統的結帳方式，因此我們的會員可以使用掃描即走和新的電腦視覺退出技術更快地退出俱樂部。

Just imagine 150,000 square foot Sam's Club with no traditional checkouts.

想像一下 15 萬平方英尺的山姆會員店，沒有傳統的收銀台。

The week after that grand opening in Texas, I made a trip to China.

在德州盛大開幕後的一周，我去了一趟中國。

The week before I arrived, we opened our 50th Sam's Club there with 60,000 members.

我到達的前一周，我們在那裡開設了第 50 家山姆會員店，擁有 60,000 名會員。

All 50 clubs are performing well, and we have more to come.

所有 50 個俱樂部都表現良好，我們將有更多的表現。

About half our sales in China are digital.

我們在中國的銷售額大約有一半是數位化的。

Thanks in part to our network of over 350 club distribution points which provide one hour delivery service to members extending the reach of our traditional clubs.

部分歸功於我們擁有超過 350 個俱樂部配送點的網絡，這些配送點為會員提供一小時送貨服務，擴大了我們傳統俱樂部的覆蓋範圍。

We've learned a lot from operating around the world, and we continue to learn from places like China where social commerce, including live streaming, are growing quickly; in places like India, where financial services have digitized at scale.

我們從世界各地的運作中學到了很多東西，我們繼續向中國等地學習，那裡的社交商務（包括直播）正在快速成長；在印度等金融服務已經大規模數位化的國家。

Last week, I got to spend a couple of days with our team in Mexico, where our team is driving innovation in lots of areas, including with our cellular service, BAIT; our financial services business, Cashi; and with healthcare services, where we've helped over 400,000 customers visit a doctor in our in-store healthcare clinics.

上週，我與我們在墨西哥的團隊一起度過了幾天，我們的團隊正在推動許多領域的創新，包括我們的蜂窩服務 BAIT；我們的金融服務業務 Cashi；在醫療保健服務方面，我們已幫助超過 40 萬名顧客在店內醫療保健診所看醫生。

As in other markets, our Walmex team is growing e-commerce, adding newer businesses, including marketplace and advertising, and becoming an omnichannel retailer.

與其他市場一樣，我們的 Walmex 團隊正在發展電子商務，增加新業務，包括市場和廣告，並成為全通路零售商。

As I mentioned last quarter, we're seeing early tangible results from the deployment of Generative AI.

正如我在上個季度提到的，我們看到了生成式人工智慧部署的早期實質成果。

I'm a little hesitant to talk about AI because I know someone will hear this in the months and years to come and chuckle about how old school it sounds given how fast things are changing.

我對談論人工智慧有點猶豫，因為我知道在未來的幾個月和幾年裡，有人會聽到這個，並笑著說考慮到事物變化的速度，這聽起來是多麼老派。

But it's important to convey that we're learning and applying Generative AI, AI, and machine learning to solve the practical opportunities right in front of us.

但重要的是要傳達這樣的訊息：我們正在學習和應用生成式人工智慧、人工智慧和機器學習來解決我們面前的實際機會。

Our data sets are valuable, and we're learning to put them to work to improve the customer and member experience and assist our associates as they do their daily work.

我們的資料集很有價值，我們正在學習如何將它們運用到工作中，以改善客戶和會員的體驗，並協助我們的員工進行日常工作。

I'll build on the example I shared last quarter about how GenAI has helped us improve our product catalog by mentioning the personal shopping assistant we're building.

我將以上個季度分享的範例為基礎，介紹 GenAI 如何透過提及我們正在建立的個人購物助理來幫助我們改進產品目錄。

We've had it in beta form for five months, and it continues to improve.

我們已經將其測試版使用了五個月，而且它還在不斷改進。

I'm excited about how it will improve the customer experience in the months and years to come, enabling us to provide a better experience than the one that starts by typing into a search bar and getting a list of results to choose from.

我很高興它將如何在未來的幾個月和幾年內改善客戶體驗，使我們能夠提供比透過在搜尋欄中輸入並獲取可供選擇的結果清單開始的更好的體驗。

We're racing to improve all the things that people love about shopping and remove or diminish all the things they don't.

我們正在努力改善人們購物時喜歡的所有東西，並消除或減少所有他們不喜歡的東西。

In addition to the customer-facing work, 15 months ago, we deployed a GenAI tool to all of our US home office associates.

除了面向客戶的工作之外，15 個月前，我們還為所有美國家庭辦公室員工部署了 GenAI 工具。

It's called My Assistant.

它的名字叫「我的助手」。

We've expanded access to home office associates in 13 additional countries, and we continue to see engagement grow.

我們已經擴大了與另外 13 個國家的家庭辦公室同事的聯繫，並且我們的參與度持續成長。

It provides our associates a place to access knowledge and time-saving actions in a secure environment.

它為我們的員工提供了一個在安全的環境中獲取知識和節省時間的行動的場所。

Since launch, 50,000 associates have used My Assistant to ask 1.5 million questions.

自推出以來，已有 5 萬名員工使用「我的助手」提出了 150 萬個問題。

Our leaders can get insights into people-related metrics, such as hiring and retention, and associates can get answers to common policy questions like, how do I order my discount card through a conversational experience.

我們的領導者可以深入了解與人員相關的指標，例如招募和保留，員工可以透過對話體驗獲得常見政策問題的答案，例如如何訂購折扣卡。

We'll continue to build on these use cases to enable more productivity and help identify the next best task for our associates in stores and clubs.

我們將繼續以這些用例為基礎，提高生產力，並幫助商店和俱樂部的員工確定下一個最佳任務。

Just as we're enhancing the customer experience with GenAI, we're working to remove friction for our associates so they can do high-value work that they enjoy like serving our customers and being merchants.

正如我們透過 GenAI 增強客戶體驗一樣，我們也在努力消除員工的摩擦，以便他們能夠從事他們喜歡的高價值工作，例如服務客戶和成為商人。

I continue to be excited about how our associates are learning and changing the way they think and work.

我仍然對我們的員工如何學習和改變他們的思維和工作方式感到興奮。

With that, I'll wrap up and turn it over to our CFO, whose Baylor Bears were beaten by Arkansas Razorbacks in basketball recently.

說到這裡，我將總結並將其交給我們的首席財務官，他的貝勒熊隊最近在籃球比賽中被阿肯色州剃刀鯨隊擊敗。

We'll see you in March, John David.

我們三月見，約翰大衛。

Well, we look forward to that, Doug.

好吧，我們期待著這一點，道格。

I hope the Razorbacks have a good season, just not as good as the Bears.

我希望剃刀鯨隊能有一個好的賽季，但沒有熊隊那麼好。

I want to start by thanking our team for delivering another strong quarter.

首先，我要感謝我們的團隊再次提供強勁的季度業績。

We're encouraged by the steady momentum building across the business.

我們對整個業務的穩定發展勢頭感到鼓舞。

Importantly, the drivers of our outperformance are similar to the past several quarters, with customers and members continuing to respond to our value proposition as we provide lower prices and greater levels of convenience.

重要的是，我們表現優異的驅動因素與過去幾季相似，隨著我們提供更低的價格和更大的便利性，客戶和會員繼續對我們的價值主張做出回應。

We're broadening our assortment, improving customer experience, and earning their trust while seeing share gains as a result.

我們正在擴大我們的產品種類，改善客戶體驗，贏得他們的信任，同時看到份額的成長。

We're also realizing benefits from the investments we've made in our core omni-retail business. and seeing improved profitability with newer businesses.

我們也從我們對核心全零售業務的投資中獲益。並看到新業務的盈利能力有所提高。

We're executing on our strategy and the business model is delivering as it's designed to do with operating income growing faster than sales, and yet there is much more opportunity ahead.

我們正在執行我們的策略，商業模式正在交付，因為它的設計目的是使營業收入成長快於銷售額，但前方還有更多的機會。

As Doug noted, the hurricanes that impacted the Southeastern United States resulted in unanticipated expenses during the quarter.

正如道格指出的那樣，影響美國東南部的颶風導致本季產生了意外費用。

I'm incredibly proud of how our team responded to support the communities that we serve, using our fleet of semi-trucks, supply chain, logistics capabilities, product inventory, and financial resources to support the restoration effort.

我對我們的團隊如何利用我們的半掛卡車車隊、供應鏈、物流能力、產品庫存和財務資源來支持恢復工作來支持我們所服務的社區感到非常自豪。

At the peak of the storms, we had about 400 stores, clubs, and DCs closed.

在風暴最嚴重的時候，我們關閉了大約 400 家商店、俱樂部和配送中心。

We're pleased that all of our associates in the affected areas remain safe, and we continue to support them during this disruptive period.

我們很高興受影響地區的所有員工都保持安全，並且我們將在這段混亂時期繼續為他們提供支援。

We've since reopened all of our supercenters, except for two that were extensively damaged.

此後，我們重新開放了所有超級中心，除了兩個受到嚴重損壞的超級中心。

And we're in the process of restoring these stores to serve customers again as soon as possible.

我們正在恢復這些商店，以便盡快再次為顧客提供服務。

Now let me review the highlights of our financial results.

現在讓我回顧一下我們財務表現的亮點。

Q3 sales, operating income, and EPS all exceeded the top-end of our guided ranges.

第三季的銷售額、營業收入和每股盈餘都超過了我們指引範圍的上限。

Enterprise net sales growth was over 6% on a constant currency basis, with all three operating segments outperforming our expectations, aided by strong e-commerce growth.

以固定匯率計算，企業淨銷售額成長超過 6%，在電子商務強勁成長的推動下，所有三個營運部門的表現都超出了我們的預期。

Walmart US comp sales increased 5.3%, including e-commerce sales growth of 22%.

沃爾瑪美國公司銷售額成長 5.3%，其中電子商務銷售額成長 22%。

Growth in customer transactions and units across store and e-commerce remains strong.

商店和電子商務的客戶交易和單位數量成長依然強勁。

Store fulfilled delivery increased nearly 50% and surpassed $2.5 billion monthly run rate.

商店配送量增加了近 50%，每月運行額超過 25 億美元。

We've now had 12 consecutive months of deliveries above $2 billion.

目前，我們已連續 12 個月交付超過 20 億美元。

Food categories were especially strong this quarter with unit volumes growing by the highest level in four years.

本季食品類別尤其強勁，單位銷售成長達到四年來的最高水準。

We also generated mid-teens growth in health and wellness due largely to branded pharmacy scripts, including GLP-1.

我們在健康和保健方面也實現了十幾歲左右的成長，這主要歸功於包括 GLP-1 在內的品牌藥局處方。

GLP-1 sales contributed about 1 point to the segment comp while continuing to create mix pressures in gross profit.

GLP-1 銷售額為此細分市場貢獻了約 1 個百分點，同時繼續對毛利造成混合壓力。

We're encouraged by the improvement in general merchandise, where we had low single-digit comp sales growth, including strength in home, hardline, and toys.

我們對一般商品的改善感到鼓舞，其中我們的銷售額成長幅度較低，包括家居、硬線和玩具方面的強勁表現。

US customers remain resilient with behaviors largely consistent over the past four to six quarters.

美國客戶保持彈性，過去四到六個季度的行為基本上一致。

They continue to seek value to maximize their budgets while also choosing convenient options to save time.

他們不斷尋求價值以最大化預算，同時也選擇方便的選項來節省時間。

Our efforts to bring down pricing have helped as total like-for-like inflation has remained close to flat for the past four quarters with Q3 general merchandise and consumables deflationary and food inflationary in the low single digits.

我們降低價格的努力起到了幫助作用，因為過去四個季度的總體通膨率接近持平，第三季度一般商品和消費品通貨緊縮以及食品通膨率處於較低的個位數。

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

我們看到各收入群體的參與度有所提高，其中高收入家庭繼續占我們份額成長的大部分。

Our international business had another strong quarter with constant currency sales growth of 12.4%, reflecting strength in Flipkart, Walmex in China.

我們的國際業務又迎來了一個強勁的季度，以固定匯率計算銷售額成長了 12.4%，反映出 Flipkart 和 Walmex 在中國的實力。

We saw positive unit growth across markets with sales strength in both general merchandise and food and consumables.

我們看到各市場的銷售量均出現正面成長，日用百貨以及食品和消費品的銷售強勁。

E-commerce sales increased 43%, and penetration grew across all markets with speed of delivery becoming increasingly important to customers.

電子商務銷售額成長了 43%，所有市場的滲透率都在成長，交付速度對客戶來說變得越來越重要。

In the last 12 months, international delivered over 2.1 billion items same day or next day with about 45% of those delivered in under one hour.

在過去 12 個月中，國際快遞當天或隔天送達了超過 21 億件物品，其中約 45% 的物品在一小時內送達。

Flipkart's BBD or Big Billion Day sales event was up double digits in both top-line and customer growth.

Flipkart 的 BBD（Big Billion Day）銷售活動在營收和客戶成長方面均實現了兩位數成長。

The timing of the event was earlier than last year, benefiting our year-over-year sales comparisons in Q3 with a corresponding headwind expected in Q4.

活動的時間比去年早，這有利於我們第三季的同比銷售比較，而第四季預計會出現相應的逆風。

Walmex growth outpaced the comparable market for the sixth consecutive quarter, and our business in China continued to grow double digits with strength in Sam's Club and e-commerce.

Walmex 的成長連續第六個季度超過可比較市場，憑藉山姆會員店和電子商務的優勢，我們在中國的業務繼續保持兩位數成長。

PhonePe also had a good order with monthly transactions surpassing $8.7 billion and total annualized payment volume of approximately $1.6 trillion.

PhonePe的訂單也不錯，每月交易額超過87億美元，年化支付總額約1.6兆美元。

Sam's Club US comp sales ex fuel increased 7%, including e-commerce growth of 26% with increased transactions and unit volumes accounting for almost the entirety of the comp growth.

山姆會員店美國公司銷售額（不含燃料）成長了 7%，其中電子商務成長了 26%，交易量和銷售量的增加幾乎佔了公司成長的全部。

In response to member feedback, Sam's rolled out new perks in August, like Express Delivery and the elimination of curbside pickup fees for Club-tier members, which helped e-commerce growth.

為了回應會員的回饋，山姆在 8 月推出了新的福利，例如快遞和取消俱樂部級會員的路邊取貨費，這有助於電子商務的成長。

Since that launch, e-commerce growth has increased by more than 700 basis points versus our trends in the first half of the year with club fulfilled delivery more than doubling in that period.

自推出以來，電子商務的成長與上半年的趨勢相比增加了 700 個基點以上，俱樂部履行的交付量在此期間增加了一倍以上。

The convenience Sam's provides both inside the club and via e-commerce is a differentiator in the warehouse club channel.

山姆在俱樂部內部和透過電子商務提供的便利性是倉庫俱樂部管道的差異化因素。

Scan & Go penetration of sales increased more than 250 basis points.

Scan & Go 的銷售滲透率增加了 250 個基點以上。

And the nearly completed rollout of our Just Go exit technology across all 600 clubs is enabling about 70% members to exit without a check.

我們的 Just Go 退出技術在所有 600 個俱樂部中的推出已接近完成，使大約 70% 的會員無需支票即可退出。

Members love it with member satisfaction scores on exit now close to 90.

會員非常喜歡它，退出時的會員滿意度分數現已接近 90。

Our frictionless approach to serving members by leveraging technology is on full display at our new club opened in Grapevine, Texas, the first of 30 new clubs we expect to open in the coming years.

我們利用科技為會員提供無摩擦服務的方法在我們在德克薩斯州格雷普韋恩開設的新俱樂部中得到了充分展示，這是我們預計在未來幾年開設的30 個新俱樂部中的第一家。

If you're in the area, we'd encourage you to check it out.

如果您在該地區，我們鼓勵您去看看。

From a margin standpoint, consolidated gross margin expanded 21 basis points, led by Walmart US with international results pressured by the timing of Flipkart's BBD sales event.

從利潤率的角度來看，綜合毛利率增長了 21 個基點，其中沃爾瑪美國公司領先，而國際業績則因 Flipkart 的 BBD 銷售活動的時機而受到壓力。

In the US, improved margins reflected strong inventory management again this quarter with a 0.6% decline on more than 5% sales growth, as well as a lower level of markdowns that has allowed us to manage pricing aligned to competitive price gaps.

在美國，利潤率的提高反映了本季再次強勁的庫存管理，在銷售成長超過5% 的情況下，庫存管理下降了0.6%，而且降價水平較低，這使我們能夠根據競爭性價格差距來管理定價。

Providing everyday low prices for our customers and members remains a priority, and we continue to lower prices in the US across our assortment of national brands and private brands.

為我們的客戶和會員提供每日低價仍然是我們的首要任務，我們繼續降低美國各種國家品牌和自有品牌的價格。

During the quarter, we had price rollbacks on approximately 6,000 items across our assortment, including around 3,000 items in grocery, and have converted nearly 2,000 price rollbacks over the past year to long-term price reductions.

本季度，我們對大約 6,000 種商品進行了價格回滾，其中包括雜貨中的約 3,000 種商品，並在過去一年中將近 2,000 種價格回滾轉變為長期降價。

We're pleased with how customers and members are responding to our strong value proposition.

我們對客戶和會員對我們強大的價值主張的反應感到滿意。

As our business model evolves, it's encouraging to see our margins improve from a diverse set of offerings.

隨著我們業務模式的發展，令人鼓舞的是我們的利潤因多樣化的產品而有所提高。

Global e-commerce losses continued to narrow in Q3, most notably in Walmart US.

第三季全球電子商務虧損持續收窄，尤其是美國沃爾瑪。

While improved business mix helped, we're seeing good progress in core e-commerce margins.

雖然業務組合的改善有所幫助，但我們看到核心電子商務利潤率取得了良好進展。

There are a few key factors driving this improvement, delivery densification, increased penetration of paid expedited delivery orders, and the automation of our supply chain.

有幾個關鍵因素推動了這項改進：交付密集化、付費加急交付訂單滲透率的提高以及我們供應鏈的自動化。

As we scale our store fulfilled delivery business and expand our catchment areas, we've seen significant improvement in batch density with orders per delivery up 20%.

隨著我們擴大門市配送業務並擴大服務範圍，我們發現批量密度顯著提高，每次配送的訂單量增加了 20%。

In addition, the popularity of expedited delivery has resulted in more than 30% of orders coming from customers and members that elected to pay a convenience fee to receive their delivery in less than one hour or less than three hours.

此外，加急配送的普及導致超過 30% 的訂單來自選擇支付便利費以在 1 小時或 3 小時內收到送貨服務的客戶和會員。

And lastly, we continue to make progress in the automation of our supply chain, is now more than 50% of our fulfillment center volume is automated, which is twice as much at this point last year.

最後，我們在供應鏈自動化方面不斷取得進展，現在我們的配送中心超過 50% 的數量實現了自動化，是去年同期的兩倍。

This has the obvious benefit of lowering the per unit cost of delivery.

這樣做的明顯好處是降低單位交付成本。

These factors contributed to the third consecutive quarter of approximately 40% reduction in US net delivery cost per order.

這些因素導緻美國每份訂單的淨交貨成本連續第三個季度下降約 40%。

Importantly, while we drive greater efficiency, we're enhancing service levels with customer NPS for delivery reaching all-time highs this quarter.

重要的是，在我們提高效率的同時，我們正在提高客戶 NPS 的服務水平，本季交付達到歷史最高水平。

We're also continuing to reshape our profit composition and business mix as we scale growth drivers such as advertising, membership, marketplace and fulfillment, and data analytics and insights.

隨著我們擴大廣告、會員、市場和履行以及數據分析和洞察等成長動力，我們也將繼續重塑我們的利潤組成和業務組合。

Our global advertising business increased 28% in Q3, driven by 50% growth in international, led by Flipkart, which was aided by the BBD event, as well as another strong quarter from Walmart Connect in the US, which grew 26%.

我們的全球廣告業務在第三季度增長了28%，這主要得益於Flipkart 帶動的國際廣告業務增長50%（在BBD 活動的推動下），以及美國Walmart Connect 的另一個強勁季度增長（增長26 %）。

We're building a highly unique retail media platform and have been encouraged by ongoing tests showing customer receptivity to growth in digital ads, especially where ads help customers discover relevant items that are trending, navigate and compare choices, and enjoy Walmart's everyday low prices.

我們正在建立一個高度獨特的零售媒體平台，正在進行的測試顯示客戶對數位廣告成長的接受度，特別是廣告幫助客戶發現流行的相關商品、導航和比較選擇，並享受沃爾瑪的每日低價，這讓我們深受鼓舞。

We're also pleased with the trends in our membership programs.

我們也對會員計劃的趨勢感到滿意。

In the US, Sam's Club continued to grow membership count and increase its penetration of Plus members, resulting in 50% membership income growth, while Walmart Plus membership income grew double digits again this quarter.

在美國，山姆會員店持續增加會員數量並提高Plus會員滲透率，導致會員收入成長50%，而沃爾瑪Plus會員營收本季再次實現兩位數成長。

Within international, membership income in China from our Sam's Club business grew more than 30% as member counts continue to increase.

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 30% 以上。

For marketplace and Walmart fulfillment services, in the US, marketplace grew 42% in Q3, and we've now seen more than 30% growth in each of the past five quarters.

對於市場和沃爾瑪履行服務，在美國，市場在第三季成長了 42%，現在我們看到過去五個季度每季的成長都超過 30%。

The number of sellers on the platform continued to grow double digits, and SKU count is approaching 700 million items with a broader assortment of brands and items customers want.

平台上賣家數量持續兩位數成長，SKU數量接近7億件，消費者想要的品牌和商品種類更豐富。

Marketplace sales in beauty, toys, hardlines, and home all grew more than 20%.

美容、玩具、家居用品和家居用品的市場銷售額均成長了 20% 以上。

We continue to leverage our next-generation supply chain and technology to provide fulfillment for sellers at some of the lowest rates in the industry.

我們繼續利用下一代供應鏈和技術，以業界最低的價格為賣家提供訂單履行服務。

As a result, more sellers are using our marketplace fulfillment services with WFS sales penetration reaching record highs at more than 40%.

因此，越來越多的賣家使用我們的市場履行服務，WFS 銷售滲透率達到 40% 以上的歷史新高。

Outside of the US, we're seeing similar encouraging trends.

在美國以外，我們也看到了類似的令人鼓舞的趨勢。

For example, our marketplaces in Mexico, Canada and Chile combined increased items by 20% versus last year.

例如，我們在墨西哥、加拿大和智利的市場的商品數量比去年增加了 20%。

In Mexico, the number of items delivered through WFS grew over 50%.

在墨西哥，透過 WFS 交付的物品數量增加了 50% 以上。

And during Flipkart's Big Billion Day's event, we experienced same-day delivery growth, 2.5 times higher than last year.

在 Flipkart 的 Big Billion Day 活動期間，我們的當日送達量增加了，比去年高出 2.5 倍。

This quarter, Flipkart also launched its quick commerce service called Flipkart Minutes in a number of cities, offering delivery in under 15 minutes for a variety of items, including groceries and electronics.

本季度，Flipkart 還在多個城市推出了名為 Flipkart Minutes 的快速商務服務，為包括雜貨和電子產品在內的各種商品提供 15 分鐘內的送貨服務。

And within data analytics and insights, Walmart Data Ventures continues to grow rapidly with net sales up double digits.

在數據分析和洞察方面，沃爾瑪數據創投公司持續快速成長，淨銷售額成長了兩位數。

Our client base has more than doubled over the past year, and we're excited about continuing to broaden our reach to new markets by launching the platform in Canada this month.

我們的客戶群在過去一年中增加了一倍多，我們很高興本月在加拿大推出該平台，繼續擴大我們對新市場的影響力。

As a reminder, the margin gains we've reported this year in the US have been burdened by meaningful product headwinds from the outside sales growth in health and wellness relative to general merchandise.

提醒一下，我們今年在美國報告的利潤成長受到了健康和保健相對於一般商品的外部銷售成長帶來的重大產品阻力的影響。

Our plan calls for general merchandise to improve in future quarters, but to continue to underperform health and wellness and grocery until we return to moralize purchasing cycle across GM categories.

我們的計劃要求通用商品在未來幾季有所改善，但在我們重新規範通用商品類別的採購週期之前，其表現將繼續落後於健康和保健和雜貨。

We remain focused on building out our marketplace assortment and emphasizing early emerging categories like apparel, home decor, and automotive supplies.

我們仍然專注於建立我們的市場品種，並強調早期新興的類別，如服裝、家居裝飾和汽車用品。

We're continuing to optimize our business to deliver greater efficiency, and we're committed to balancing ongoing investments with improved returns for customers, associates, and shareholders.

我們將繼續優化業務以提高效率，並致力於平衡持續投資與提高客戶、員工和股東的回報。

Our evolving business model, with more diversified and durable sources of profit, has provided the ability to fund investments while also delivering on our financial framework of operating income growing faster than sales.

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，提供了為投資提供資金的能力，同時也實現了我們營業收入成長快於銷售額的財務框架。

Price gaps remain healthy, and we continue to advocate on behalf of customers for lower prices.

價格差距仍然存在，我們將繼續代表客戶倡導更低的價格。

Wrapping up Q3 results.

總結第三季的結果。

Consolidated operating income grew 9.8% in constant currency and adjusted EPS increased nearly 14% to $0.58 per share.

以固定匯率計算，合併營業收入成長 9.8%，調整後每股盈餘成長近 14%，達到每股 0.58 美元。

Now turning to guidance.

現在轉向指導。

We are raising our full-year guidance to reflect strong third quarter results.

我們正在提高全年指導，以反映強勁的第三季業績。

On a constant currency basis, we now expect the full year sales growth of 4.8% to 5.1% and operating income growth of 8.5% to 9.25% versus prior guidance of growth of 3.75% to 4.75% and 6.5% to 8%, respectively.

以固定匯率計算，我們目前預計全年銷售額將成長 4.8% 至 5.1%，營業收入成長 8.5% 至 9.25%，而先前的指導成長分別為 3.75% 至 4.75% 和 6.5% 至 8%。

Compared to our guidance that we provided at the start of the year, we now expect operating income to grow nearly 400 basis points more at the midpoint.

與我們年初提供的指導相比，我們現在預計營業收入將在中期增長近 400 個基點。

Adjusted EPS is expected to be between $2.42 and $2.47 versus prior guidance of $2.35 to $2.43. This full-year guidance implies fourth quarter constant currency growth in sales of around 3% to 4% and operating income around 5% to 7.5%.

調整後每股收益預計為 2.42 美元至 2.47 美元，而先前的指引為 2.35 美元至 2.43 美元。這項全年指引意味著第四季銷售額以固定匯率計算成長約 3% 至 4%，營業收入成長約 5% 至 7.5%。

This guidance is slightly above our prior implied Q4 range and contemplates a series of wage investments that Sam's Club announced on September 17 to be effective in Q4.

這項指引略高於我們先前暗示的第四季範圍，並考慮到山姆會員店 9 月 17 日宣布的一系列薪資投資將於第四季生效。

Recall that we guide sales and operating income growth on a constant currency basis.

回想一下，我們在固定匯率的基礎上指導銷售和營業收入的成長。

Currency fluctuations impacted the business negatively in Q3 after being a tailwind in Q1 and neutral in Q2.

繼第一季的順風和第二季的中性之後，貨幣波動在第三季對業務產生了負面影響。

In Q3, currency pressure reported sales and operating income growth by about 70 basis points and 160 basis points, respectively.

第三季度，由於貨幣壓力，銷售額和營業收入分別成長約 70 個基點和 160 個基點。

If rates stay where they are currently, we would expect a headwind to Q4 reported sales and operating income growth of approximately 100 basis points and 200 basis points, respectively.

如果利率維持在目前水平，我們預計第四季度報告的銷售和營業收入成長將分別面臨約 100 個基點和 200 個基點的阻力。

In closing, while we still have one more quarter to go before we close out this year, we're really encouraged by our operational and financial performance.

最後，雖然距離今年結束還有一個季度的時間，但我們的營運和財務表現確實令我們感到鼓舞。

We have a lot of conviction in our strategy.

我們對我們的策略充滿信心。

And the leaders sitting around the table with me today, along with our team of over 2 million associates around the world, are executing on it.

今天與我坐在一起的領導者以及我們在世界各地擁有超過 200 萬名員工的團隊正在執行該計劃。

Hopefully, you share my sentiment and are as excited as we are to see what else is to come.

希望您能分享我的感受，並像我們一樣興奮地看到接下來會發生什麼。

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) Kate McShane, Goldman Sachs.

（操作員指示）Kate McShane，高盛。

Hi, good morning.

嗨，早安。

Thank you for taking our question.

感謝您提出我們的問題。

We wanted to focus our questions on general merchandise and gross margins.

我們希望將問題集中在一般商品和毛利率上。

While general merchandise inflected positive in the quarter, it still seems like mix is a headwind based on everything you walked through today.

雖然一般商品在本季度出現積極變化，但根據您今天經歷的一切，混合商品似乎仍然是一種逆風。

Do you have a view on when this gets more balanced?

您認為什麼時候會變得更平衡？

And if we were to see a more balanced growth rate in general merch versus consumables and the growth of the alternative revenue businesses, what could gross margin expansion look like?

如果我們看到一般商品與消耗品的成長率以及替代收入業務的成長更加平衡，那麼毛利率擴張會是什麼樣子？

Hey, Kate, this is Doug.

嘿，凱特，這是道格。

As it relates to general merchandise, I'll go first and then ask all three of the segment leaders to speak.

因為涉及百貨，我先講，然後請三位部門負責人發言。

We love general merchandise, first-party -- being a first-party merchant, something that we obviously grew up doing.

我們喜歡一般商品、第一方——作為第一方商人，這顯然是我們從小就做的事情。

And when you go into our stores and clubs right now, the seasonal impact of GM is exciting and energizing.

當您現在走進我們的商店和俱樂部時，通用汽車的季節性影響令人興奮且充滿活力。

And so, this is something that we're passionate about.

因此，這是我們熱衷的事。

And in today's world, we can grow first-party general merchandise in stores, in clubs, plus the e-commerce with both pickup and delivery and the expansion of the marketplace.

在當今世界，我們可以在商店、俱樂部中發展第一方百貨商品，再加上提貨和送貨的電子商務以及市場的擴展。

So I think we've got a lot of opportunity kind of big picture from a GM point of view.

所以我認為從通用汽車的角度來看，我們有很多機會。

John, why don't you go first, and then Chris and Kath can chime in.

約翰，你為什麼不先走呢，然後克里斯和凱絲就可以插話了。

Sure.

當然。

Good morning, Kate.

早安，凱特。

Thanks for the question.

謝謝你的提問。

As Doug said, we're excited about the season.

正如道格所說，我們對這個賽季感到興奮。

We're excited about seasonal merchandising.

我們對季節性商品感到興奮。

I've been in stores just the last couple of months in Utah, California, last week, Philadelphia, Tennessee, and the list goes on and on.

過去幾個月我去過猶他州、加州、上週、費城、田納西州的商店，這樣的例子不勝枚舉。

And stores are ready.

商店也已準備就緒。

They are really set for the season.

他們真的已經為這個季節做好準備了。

We had good back-to-school.

我們回到學校過得很好。

We had a good Halloween, and it's important to string these holidays together.

我們度過了一個愉快的萬聖節，將這些假期串在一起很重要。

So we go into the season with momentum.

因此，我們充滿動力地進入了這個賽季。

We're excited about that.

我們對此感到興奮。

We think we have a great plan for the season.

我們認為我們對這個賽季有一個很好的計劃。

It's early November.

現在是十一月初。

So the team will be working on consistent execution in the next couple of months to deliver the best quarter we can for our customers.

因此，團隊將在接下來的幾個月內致力於一致執行，為客戶提供最好的季度服務。

As we said, general merchandise has improved.

正如我們所說，一般商品有所改善。

We are still experiencing some deflation in general merchandise.

我們仍在經歷一般商品的通貨緊縮。

It's in the low- to mid-single digits range.

它處於中低個位數範圍內。

That hasn't changed for some time, but we were positive in comp due to growth in units, primarily coming out of, as we said earlier, home, toys, some of our hardlines categories.

這種情況已經有一段時間沒有改變了，但由於單位數量的增長，我們對公司業績持積極態度，正如我們之前所說，主要來自家居、玩具和我們的一些硬派類別。

We're seeing some real bright spots as well in the marketplace with fashion and apparel.

我們在時尚和服裝市場上也看到了一些真正的亮點。

Really excited about the mix.

對這個組合真的很興奮。

So we have a lot of ways that we can deliver to the customers, whether it's in the store, which really excited, again, as I said, about the stores being set seasonally, and with our commerce business growing at 22% in the quarter, that puts us in a spot with some momentum as we enter the fourth quarter.

因此，我們有很多方法可以向客戶提供服務，無論是在商店裡，正如我所說，商店是季節性設置的，這真的很令人興奮，而且我們的商業業務在本季度增長了 22% ，這使我們在進入第四季度時處於有一定動力的位置。

Maybe, Chris, go to you at Sam's.

也許，克里斯，去山姆家找你吧。

Yeah.

是的。

Thanks, John.

謝謝，約翰。

I mean, just a lot of similarity there with us.

我的意思是，與我們有許多相似之處。

We love general merchandise.

我們喜歡一般商品。

We're getting very excited about items.

我們對物品感到非常興奮。

And if you think about the way that we've constructed all of our strategic priorities, this is not just a consumables and food game.

如果您考慮我們建立所有策略重點的方式，您會發現這不僅僅是一場消耗品和食物遊戲。

It's definitely a GM game.

這絕對是一款GM遊戲。

If you think about increasing digital engagement, the growth in e-commerce, that helps people see the great items we've got then investing in the value proposition we're investing in Grapevine.

如果您考慮增加數位參與度、電子商務的成長，這可以幫助人們看到我們所擁有的優質商品，那麼就投資於我們在 Grapevine 投資的價值主張。

And Doug talked about it in his opening remarks.

道格在開場白中談到了這一點。

We've put a lot of effort into how we merchandise both the items you can buy in the club, but also the items that you can buy in this online to offline connectivity.

我們在如何銷售您可以在俱樂部購買的商品以及您可以透過線上到離線連線購買的商品方面投入了大量精力。

And it's really powerful, and we're seeing significant increases in the participation of general merchandise in that club, which I think is the best articulation of our strategy physically that we have today.

它真的很強大，我們看到百貨公司在該俱樂部的參與度顯著增加，我認為這是我們今天的策略的最佳體現。

There's a couple of other things I'd say, from a comp point of view, we're really happy to see the second comp -- second quarter of positive comps on GM.

我還有其他幾件事要說，從補償的角度來看，我們真的很高興看到第二個補償——通用汽車第二季的正面補償。

But units are still moving ahead of comps, so there's still good value out there.

但單位仍然領先於競爭對手，因此仍然具有良好的價值。

And similar to John, like in-home tech toys, seasonal decor all doing really well.

與約翰類似，家用科技玩具、季節性裝飾都表現得非常好。

And back to college and Halloween, we're also really strong, so we see that momentum continuing.

回到大學和萬聖節，我們也非常強大，所以我們看到這種勢頭仍在繼續。

Yeah.

是的。

And I say from an international perspective, we saw strong growth in GM in Mexico, India, and China.

我說，從國際角度來看，我們看到通用汽車在墨西哥、印度和中國的強勁成長。

And not surprisingly, in those markets to convenience is really important.

毫不奇怪，在這些市場中，便利性非常重要。

And so, as we kind of are growing our strength in delivery from a same day and also within the hour, we're seeing the GM growth continue to kind of correlate with that convenience play.

因此，隨著我們在同一天和一小時內交付的實力不斷增強，我們看到通用汽車的成長繼續與這種便利性相關。

I think to drive GM growth over the next few years, e-commerce becomes crucial.

我認為，為了推動通用汽車在未來幾年的成長，電子商務變得至關重要。

Obviously, we've seen good growth there recently, but we've got a lot more opportunity.

顯然，我們最近在那裡看到了良好的成長，但我們還有更多的機會。

And this week, when we were in Mexico last week, we saw a pop-up toy shop outside of one of our stores that is just dominant in the toy category.

本週，當我們上週在墨西哥時，我們在我們的一家商店外面看到了一家快閃玩具店，它在玩具類別中佔據主導地位。

It looks gorgeous, fun to shop, kids love it.

看起來很漂亮，購物很有趣，孩子們喜歡它。

We just have such an opportunity in the physical world as well as in the digital world to create excitement with general merchandise.

我們在現實世界和數位世界都有這樣的機會來用普通商品創造興奮。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning.

早安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

What is Walmart finding out about its ability to drive steady growth in the core business while reinvesting back in areas like price and wages to lay the foundation for the future?

沃爾瑪如何發現自己有能力推動核心業務穩定成長，同時在價格和工資等領域進行再投資，為未來奠定基礎？

And as the company generates more evidence of the growth of the emerging alternative revenue streams, does it make sense to invest even more in these areas or are there diminishing returns such that the overall enterprise wide profit growth can accelerate next year and beyond even as you make sizable investments back in the business?

隨著公司產生更多新興替代收入流成長的證據，在這些領域進行更多投資是否有意義，或者回報是否遞減，使得明年及以後整個企業的利潤增長可能會加速，即使你對業務進行大量投資？

Thank you so much.

太感謝了。

Yeah, thanks Michael.

是的，謝謝邁克爾。

This is a real time conversation that we have all the time.

這是我們一直在進行的即時對話。

Are we investing the right amount back?

我們的投資是否正確？

You called out prices and wages?

你報出物價和薪水了嗎？

I think those are the two areas that would come to the top of our list too.

我認為這兩個領域也將成為我們的首要任務。

We think we are investing the right amounts obviously, but it is a fluid situation.

我們認為我們的投資顯然是正確的，但情況是不穩定的。

We watch price gaps.

我們關注價格差距。

We watch what's happening in the employment market and have freedom now to be able to make different investments if we want to.

我們關注就業市場正在發生的事情，如果我們願意的話，現在可以自由地進行不同的投資。

So I think from a kind of an income statement point of view, I feel like we're being appropriately aggressive and on the capital side, you know that we've made some significant decisions over the last few years to invest in automation in the supply chain, for example, but we're also being, I think very aggressive as it relates to store and club remodels.

因此，我認為從損益表的角度來看，我覺得我們在資本方面採取了適當的進取態度，你知道我們在過去幾年中做出了一些重大決定，投資於自動化領域例如，供應鏈，但我認為我們也非常積極，因為它涉及商店和俱樂部的改造。

So I feel like on the capital side, we're also being aggressive and as we do that because of the way that we've set ourselves up, we can grow profit faster than sales and do those things at the same time.

因此，我覺得在資本方面，我們也很積極，當我們這樣做時，由於我們設定的方式，我們可以比銷售額更快地成長利潤，並同時做這些事情。

It's just a matter of degree and we will manage that as we go from week to week.

這只是一個程度的問題，我們會一週一週地解決這個問題。

Yeah, Michael, I would add to Doug's point that we feel like we're striking the right balance between profit expansion and investment in the business.

是的，邁克爾，我想補充道格的觀點，即我們認為我們正在利潤擴張和業務投資之間取得適當的平衡。

We're all very focused on making sure that we are healthy for the next generation.

我們都非常注重確保下一代的健康。

We, we certainly provide an outlook over the next three to five years, but we want to continue to have the same type of financial performance after that and that requires a level of investment in the business.

我們當然會提供未來三到五年的展望，但我們希望在此之後繼續保持相同類型的財務業績，這需要對業務進行一定程度的投資。

And as Doug said, we feel like we're striking that balance appropriately.

正如道格所說，我們覺得我們正在適當地實現這種平衡。

In terms of your part of the question about our ability to maybe accelerate profits into the future, look, we're, we're comfortable with the outlook that we provided where we said that the way to think about our financial architecture over the next several years is that operating income will grow faster than sales and sales should on average be about 4%.

就你提出的關於我們是否有能力加速未來盈利的問題而言，我們對我們提供的前景感到滿意，我們說過，思考我們未來的財務架構的方式未來幾年，營業收入的增長將快於銷售額的成長，銷售額平均應約4%。

Some years will be a little better.

過幾年會好一點。

Some years may be a little bit worse.

有些年份可能會更糟一些。

We've had two years now since we provided that outlook.

自從我們提出這項展望以來，已經過了兩年。

And if you look at our performance last year and our performance year-to-date along with our guidance this year, that would suggest that on the top line, we've grown about 5% and grown profits about 10%.

如果你看看我們去年的業績和今年迄今為止的業績以及今年的指導，你會發現我們的營收成長了約 5%，利潤成長了約 10%。

We're really pleased about that, but that is not a matter of us being overly conservative or anything like that.

我們對此感到非常高興，但這並不是我們過於保守或類似的問題。

It's really, it's really a matter of execution by the team sitting around this table with anything that we do, with any strategy that we have, there's always going to be things where you areas where you overperform and underperform.

事實上，這實際上是坐在這張桌子旁的團隊執行我們所做的任何事情、我們制定的任何策略的問題，總是會有一些地方表現出色和表現不佳。

But what you've seen is this team has done a really good job at executing on the basics and also our newer, faster growing businesses.

但您所看到的是，這個團隊在執行基礎工作以及我們更新、成長更快的業務方面做得非常好。

And so that's reflected in our financial performance.

這反映在我們的財務表現中。

And if we execute better into the future, yeah, perhaps profits could grow faster.

如果我們未來執行得更好，是的，也許利潤會成長得更快。

But the financial architecture that we've laid out is is still what we believe today.

但我們所製定的金融架構仍然是我們今天所相信的。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning.

早安.

Hi, everyone.

大家好。

I wanted to talk about the top line, which it looks like it accelerated Q3 versus Q2 the underlying run rate.

我想談談頂線，與第二季相比，它看起來加速了第三季的基本運行率。

There were some storms, and I know you mentioned port strike.

發生了一些暴風雨，我知道你提到港口罷工。

Can you talk about the underlying inflection you're seeing?

您能談談您所看到的潛在變化嗎？

What do we attribute it to?

我們把它歸因於什麼？

I don't know if it's merchandising, marketplace, membership, all of the above.

我不知道是否是商品推銷、市場、會員資格，或以上所有。

And have we inflected?

以及我們已經變形了嗎？

Does it feel like we've inflected to a higher growth rate?

是不是感覺我們已經轉向更高的成長率了？

Thank you.

謝謝。

To me, it feels like it's pretty consistent.

對我來說，感覺非常一致。

Like if you look at what happened in the first three quarters and the underlying rate, and then you look at what happened in this most recent quarter with the storms, things did increase a bit.

就像如果你看看前三個季度發生的情況和基本利率，然後看看最近一個季度發生的風暴情況，情況確實有所增加。

But I still feel like we're kind of running the same level of momentum in the same economy.

但我仍然覺得我們在同一個經濟體中運作著同樣水準的動力。

The fourth quarter will be fun to watch.

第四季將會很有趣。

And the calendar is not our favorite with fewer days between Thanksgiving and Christmas.

而且日曆不是我們最喜歡的，因為感恩節和聖誕節之間的天數較少。

And I suspect when all that said and done, it will be similar to the kind of momentum that we've seen in the first three quarters.

我懷疑當所有這些都說了、做了之後，這將類似於我們在前三個季度看到的那種勢頭。

Yes.

是的。

Simeon, I'd add that it does feel very consistent to us.

西蒙，我想補充一點，我們確實感覺非常一致。

The one exception to that is mainly the timing of the Big Billion Day's event.

唯一的例外主要是十億日活動的時間安排。

As you know, that can fall into the third quarter, some years, fourth quarter other years, goes back and forth.

如您所知，這可能會落在某些年份的第三季度，其他年份的第四季度，如此反覆。

Because of the way it fell this year, it added about 60 basis points of growth to the top line for us in 3Q.

由於今年的下滑，第三季我們的營收成長了約 60 個基點。

It also will work against us in 4Q.

這也將在第四季對我們不利。

But other than that, which is just a timing element, the business is performing very quickly, as Doug said.

但除此之外（這只是一個時間因素），正如道格所說，該業務的表現非常快。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Can you speak to the changes in the 4Q operating income guide relative to where you started the year ex the FX change?

您能否談談第四季營業收入指南相對於年初的情況（匯率變動除外）的變動？

To what extent did you change the top line outlook overall and in the US?

您在多大程度上改變了整體和美國的營收前景？

Then you called out Sam's wage investment.

然後你提出了薩姆的薪資投資。

But was there any changes in your expectation around gross margin given what you're seeing in the operating profit pools and 4Q is a big spike in terms of volume.

但是，考慮到您在營業利潤池中看到的情況以及第四季度銷量的大幅增長，您對毛利率的預期是否有任何變化？

So could that tilt the US e-commerce business to profitability?

那麼這會讓美國電子商務業務轉虧為盈嗎？

Thank you.

謝謝。

I'll address this and others may want to join in.

我將解決這個問題，其他人可能也想加入。

Chris, the way to probably characterize this, if you look at our guidance last quarter versus what's implied this quarter, there's a modest improvement in 4Q performance.

克里斯，如果你看看我們上季度的指導與本季的暗示，你會發現第四季的業績略有改善。

There's not been a lot of change before that in terms of our outlook for 4Q.

在此之前我們對第四季的展望沒有太大變化。

The business has been performing as we've said, pretty consistent.

正如我們所說，該業務的表現非常穩定。

In terms of GM, maybe one thing that has improved and been a little bit better than what we expected at the beginning of the year.

就通用汽車而言，也許有一件事已經有所改善，並且比我們年初的預期要好一些。

And by GM, I'm talking gross margin is shrink.

對通用汽車來說，我說的是毛利率正在萎縮。

Shrink has performed a little bit better in the US and Sam segment for the first part of the year here.

今年上半年，Shrink 在美國和 Sam 細分市場的表現稍好。

But other than that, the business continuing to perform very consistently with prior quarters.

但除此之外，這項業務的表現仍與前幾季非常一致。

You do some of the more digital businesses, the newer businesses that we have, did inflect a little bit higher in 3Q.

你們從事一些更數位化的業務，我們擁有的新業務在第三季確實有所上升。

I think also keep in mind that, that a function of the movement of Big Billion Days that I just mentioned.

我想也請記住，這是我剛才提到的「大十億天」運動的功能。

But if you just, you go down the list, you look at as an enterprise, 28% advertising growth, 42% marketplace growth, 22% membership income growth, like we are executing.

但如果你順著清單往下看，作為一個企業，你會看到 28% 的廣告成長、42% 的市場成長、22% 的會員收入成長，就像我們正在執行的那樣。

Our value proposition is resonating with customers, and that's why you're seeing this gain share.

我們的價值主張引起了客戶的共鳴，這就是您看到份額成長的原因。

As it relates to profitability in e-commerce, we don't think we should race to it.

由於它關係到電子商務的盈利能力，我們認為我們不應該與之競爭。

This is a long-term game.

這是一場長期的遊戲。

The 1P 3P mix is one dimension to manage, for example.

例如，1P 3P 組合是一個需要管理的維度。

And if we should carry more first-party items and that somehow delays crossing a threshold of profitability, we're good with that because that's what customers want.

如果我們應該攜帶更多的第一方產品，並以某種方式延遲跨越獲利門檻，我們對此感到滿意，因為這就是客戶想要的。

That's what will drive growth.

這將推動成長。

If investments in delivery speed cause us to reach profitability a little later, that's fine, too.

如果對交付速度的投資導致我們稍後實現盈利，那也很好。

We want to deliver faster.

我們希望交付更快。

So I think we are very confident that we're going to make money in e-commerce.

所以我認為我們非常有信心在電子商務中賺錢。

Whether that happens today, tomorrow or a week from now or a month or a quarter from now, I don't really care.

無論這種情況發生在今天、明天或一週後、一個月或一個季度後，我都不在乎。

The total works, and we've got a great opportunity to grow our e-commerce business.

總體而言，我們有一個很好的機會來發展我們的電子商務業務。

So I'm leaning long term.

所以我傾向於長期發展。

And at some point, we'll tell you guys we make money in e-commerce and they just move on and not have that conversation anymore.

在某些時候，我們會告訴你們，我們在電子商務中賺錢，但他們只是繼續前進，不再進行這種對話。

And as we've said several times, when you look at the shape of the new income statement and you split it between the original income statement that looks like a store P&L and the new income statement that Scott membership, advertising, fulfillment services, data monetization, and maybe some other things in it, it's more profitable.

正如我們多次說過的，當你查看新損益表的形狀時，你將其分為看起來像商店損益表的原始損益表和包含斯科特會員資格、廣告、履行服務、數據的新損益表。

It just took a period of investment for us to get there.

我們只花了一段時間的投資就達到了這個目標。

So again, we'll grow profit faster than sales.

同樣，我們的利潤成長速度將快於銷售額成長速度。

E-commerce will be part of the mix.

電子商務將成為其中的一部分。

Omni is our life, which we love.

Omni 就是我們的生活，我們熱愛它。

We think it's an advantaged position.

我們認為這是一個有利的地位。

And we look forward to someday telling you that we made money in e-commerce globally as it obviously varies by country as well.

我們期待有一天告訴您，我們在全球範圍內透過電子商務賺錢，因為它顯然也因國家而異。

Robby Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Well, good morning.

嗯，早安。

Thanks for, thanks for taking my question.

謝謝，謝謝你提出我的問題。

Doug, this may be for you.

道格，這可能適合你。

I get a lot of questions on the share gains with upper-income consumers you guys keep talking about.

我收到了很多關於你們一直在談論的高收入消費者份額收益的問題。

I was hoping you could sort of talk about it across three dimensions: grocery versus general merchandise with that upper income consumer, price driving that versus convenience with that consumer, and then sort of stores versus this huge marketplace growth in terms of driving the upper income consumer.

我希望你能從三個維度來討論這個問題：雜貨店與普通商品對高收入消費者的影響，價格驅動與對消費者的便利性，然後是商店與巨大的市場增長對高收入消費者的推動消費者。

Yes.

是的。

Robby, I'll go first, but I'll invite John or others to chime in here, too.

羅比，我先走了，但我也會邀請約翰或其他人也來插話。

It is an all of the above answer.

這是以上所有答案。

We want to sell grocery and GM.

我們想銷售雜貨和通用汽車。

And if you go through and look at it by category, by income level, it kind of plays out the same way general merchandise does in that people come to us to shop as a primary destination in many instances, and then they give us feedback across categories.

如果你按類別、按收入水平仔細查看，你會發現它的表現與一般商品的表現相同，在許多情況下，人們將我們作為主要目的地來購物，然後他們向我們提供反饋類別。

And if you look at our offer in food and consumables, our shares are pretty high and consistent relative to some of the things we see in general merchandise.

如果你看看我們在食品和消費品方面的報價，你會發現我們的份額相當高，並且相對於我們在一般商品中看到的一些東西來說是一致的。

So over the years, we had a really strong market share in categories like toys, bicycles, but we had a lower market share in a lot of fashion categories.

因此，多年來，我們在玩具、自行車等類別中擁有非常強大的市場份額，但在許多時尚類別中，我們的市場份額較低。

And that's basically just the customer telling us over the years, I'd rather buy my apparel somewhere else.

多年來，這基本上只是顧客告訴我們的，我寧願在其他地方購買服裝。

But in an omni world, we have an opportunity with brands, we have an opportunity with presentation to increase the amount of market share we have in some of those categories where we should have had a higher share all along.

但在全方位的世界中，我們有機會透過品牌、展示來增加我們在某些​​類別中的市場份額，而這些類別我們本來應該擁有更高的份額。

And that e-commerce opportunity is kind of bearing out.

電子商務的機會正在顯現。

As we grow our assortment, we're able to appeal to more people and appeal to higher income levels.

隨著我們品種的增加，我們能夠吸引更多的人並吸引更高的收入水平。

So when I think about it from a category point of view, the themes look the same to me.

因此，當我從類別的角度考慮時，這些主題對我來說看起來是一樣的。

We have more opportunity in fashion areas than we do in basic areas, and that's always been true.

我們在時尚領域比在基礎領域擁有更多的機會，這一直都是事實。

As it relates to price versus convenience, everybody wants to save money and everybody wants to save time, but it's a continuum.

由於它涉及價格與便利性，每個人都想省錢，每個人都想節省時間，但這是一個連續體。

And those that have more discretionary income and want to save time are liking what we're doing with both pickup and delivery.

那些擁有更多可自由支配收入並希望節省時間的人喜歡我們在取貨和送貨方面所做的事情。

And I think that's one of the things that makes this moment in time different.

我認為這就是讓這個時刻變得不同的原因之一。

We do get the question from time to time about whether this is sustainable.

我們確實不時收到這樣的問題：這是否可持續。

I look at what's happened with Walmart Plus and the relationship you get through a membership, what's happened with our remodels, what's happened with convenience and it gives me more optimism that this is something that's going to last a long time and it was a different inflection point.

我看看 Walmart Plus 發生了什麼，以及透過會員資格建立的關係，我們的改造發生了什麼，便利方面發生了什麼，這讓我更加樂觀，這將持續很長時間，這是一個不同的拐點觀點。

Did I leave anything, John, for you to add?

約翰，我有留下什麼要你補充的嗎？

Sorry.

對不起。

It was right on.

它是正確的。

I'll just add a couple of things there, Doug.

道格，我將在此添加一些內容。

I think you covered a lot of it.

我想你已經涵蓋了很多內容。

But Robby, we do get the question from time to time, and we talk about the different ways that we can serve consumers and how that's different from, say, a decade ago or even five years ago.

但是羅比，我們確實時不時地收到這個問題，我們討論了我們為消費者提供服務的不同方式，以及這與十年前甚至五年前有何不同。

As we become omni, we have the ability to sell customers in the store, at the curb, deliver to their home.

當我們成為全方位服務時，我們有能力在商店、路邊向客戶銷售產品，並送貨上門。

And we can do that whenever they want and in many cases, however they want.

我們可以在他們想要的任何時候做到這一點，並且在許多情況下，無論他們想要什麼。

And you heard earlier the number of orders that are sub-3 hours and people are prioritizing time and price.

您之前聽說過 3 小時內的訂單數量，人們優先考慮的是時間和價格。

So one of your questions is, is not an or.

所以你的問題之一是，不是一個或。

We want to be a great price, and we want to be convenient, and we can do both at the same time.

我們想要價格優惠，我們想要方便，而且我們可以同時做到這兩點。

The expansion and delivery catchments, the expansion with delivery density and the hours of operations have helped us lower our costs, which enable us to serve customers more flexibly.

配送範圍的擴大、配送密度的擴大以及營業時間的延長幫助我們降低了成本，使我們能夠更靈活地為客戶提供服務。

So we can do both of those at the same time.

所以我們可以同時做這兩件事。

In categories like grocery, yes, price obviously matters.

是的，在雜貨等類別中，價格顯然很重要。

And so does quality.

品質也是如此。

We do see, and as we noted earlier, a large percentage of our market share gains came from higher income customers that has been happening for several quarters.

正如我們之前指出的，我們確實看到，我們的市佔率成長的很大一部分來自於收入較高的客戶，這種情況已經持續了幾個季度。

And we see categories like gluten-free and dry grocery, or grass-fed beef, organic produce, where our share and pickup and delivery is much higher and the mix is higher than in store.

我們看到無麩質和乾雜貨、草飼牛肉、有機農產品等類別，我們在這些類別中的份額、提貨和送貨要高得多，而且組合也比商店裡的要高。

So we can be a great opening price point value in the store, and we can sell high quality, and we can deliver it the way that the customers want.

因此，我們可以在商店中提供很高的開盤價，我們可以銷售高品質的產品，並且可以按照客戶想要的方式交付。

And then last thing, as Doug did mention this expansion in e-commerce.

最後一件事，道格確實提到了電子商務的擴張。

Congrats to the team for another quarter with momentum at 22% growth.

恭喜團隊在另一個季度保持 22% 的成長勢頭。

But leading that growth is our marketplace team and our marketplace business, which just tells you that our customers are looking for more of an assortment than they've had in the years to this one from Walmart.

但引領這一成長的是我們的市場團隊和市場業務，這只是告訴您，我們的客戶正在尋找比沃爾瑪多年來擁有的更多品種。

And we're seeing bright spots in apparel, in toys, in healthy food.

我們在服裝、玩具和健康食品中看到了亮點。

So it's across the world.

所以它遍布世界各地。

We have a lot of work left to do.

我們還有很多工作要做。

Our assortment is growing.

我們的品種正在不斷增加。

We think that will continue to happen over the next couple of years, but it's great to see the momentum across so many channels.

我們認為這種情況將在未來幾年繼續發生，但很高興看到這麼多管道的勢頭。

Maybe just push in from a Sam's point of view.

也許只是從山姆的角度推動。

Whilst we serve all income cohorts.

我們為所有收入群體提供服務。

We do definitely skew high than the core of Walmart.

我們確實比沃爾瑪的核心傾斜得更高。

And what I would say is that they love price more than anybody.

我想說的是，他們比任何人都更喜歡價格。

Like price is a core competitive advantage of ours.

價格是我們的核心競爭優勢。

But great items at great prices, we think, isn't enough.

但我們認為，只有物美價廉的產品還不夠。

And so you're seeing an acceleration in all of the metrics in Sam's because we're also leaning into experience, and a big part of that is convenience.

因此，您會看到 Sam's 的所有指標都在加速成長，因為我們也傾向於體驗，其中很大一部分是便利性。

And we're really excited to see the impact of that.

我們非常高興看到其影響。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good morning, Doug and John David.

嗨，早安，道格和約翰大衛。

I wanted to dig into the strength of e-commerce a little bit.

我想深入挖掘電子商務的優勢。

I was curious if you could talk about what you think is a sustainable level of growth on a go-forward basis?

我很好奇您能否談談您認為未來可持續成長水平是多少？

Clearly, it's a much larger business, but you have a lot more that are driving it as well, whether we think about marketplace and membership.

顯然，這是一個更大的業務，但無論我們考慮市場還是會員資格，也有更多的因素在推動它。

But just how do you see the rapid expansion of marketplace sellers and SKUs contribute to both e commerce growth?

但您如何看待市場賣家和 SKU 的快速擴張對電子商務成長的貢獻？

And as we think about improving the profitability over the next several quarters?

當我們考慮提高未來幾季的獲利能力時？

And as part of that, can you talk about general merchandise performance, what you saw both in stores and in the marketplace?

作為其中的一部分，您能談談一般商品的表現嗎？

And then just from an assortment perspective, as we think about newness and innovation that you called out, just what specifically are you excited most about holiday?

然後，從分類的角度來看，當我們思考您所呼籲的新鮮感和創新時，您對假期最興奮的具體是什麼？

Thank you.

謝謝。

Is that all, Krisztina?

就這些了嗎，克里斯蒂娜？

I'm excited about this year.

我對今年感到很興奮。

Not only the great items we have, but the convenience that we're going to provide.

不僅是我們擁有的優質物品，還有我們將提供的便利。

And I think you could just take our e-commerce growth rate over the last, I don't know, eight quarters and look at the trend line.

我認為你可以看看我們過去八個季度的電子商務成長率，看看趨勢線。

And you can expect that we're going to continue investing to create a better customer experience to result in more growth.

您可以期望我們將繼續投資以創造更好的客戶體驗，從而實現更多成長。

We have a relatively low market share in e-commerce versus brick-and-mortar, and that's our opportunity.

與實體店相比，我們在電子商務領域的市佔率相對較低，而這就是我們的機會。

I think all the investments we're putting in place, including supply chain automation, are aimed at capturing that opportunity.

我認為我們正在進行的所有投資，包括供應鏈自動化，都是為了抓住這個機會。

There's such a nice connection between these businesses.

這些企業之間有著非常好的連結。

As you grow e-commerce first party, for example, you get the opportunity to grow third party.

例如，當您發展電子商務第一方時，您就有機會發展第三方。

As you go first and third-party e-commerce businesses, you get an opportunity, to sell an ad, to sell a membership for delivery, say, get additional data.

當你進入第一和第三方電子商務業務時，你有機會出售廣告、出售會員資格以進行交付，例如獲取額外的數據。

And it all does work together a mutually reinforcing way.

這一切確實以相輔相成的方式共同發揮作用。

And so as I mentioned just a minute ago, that's nice for us and that it mixes us up.

正如我剛才提到的，這對我們來說很好，而且它讓我們融為一體。

It not only gives us top line growth, but it gives us bottom line growth.

它不僅為我們帶來了收入成長，也為我們帶來了利潤成長。

I'll just wrap up by saying it is still an item business, and it's still fun.

最後我想說的是，這仍然是一個物品業務，而且仍然很有趣。

Like we talk these days a lot about our technology and our investments.

就像我們這些天經常談論我們的技術和投資一樣。

But when it gets to this time of year in particular, the hot toy is going to be fun to talk about; the Thanksgiving meal, it's a lower price this year than it was a year ago.

但到了每年的這個時候，談論這個熱門玩具將會很有趣；感恩節大餐，今年的價格比一年前低。

It's fun to be part of.

成為其中的一部分很有趣。

We're sitting in a room today that's got a bit of Christmas feel to it decor-wise, and it's exciting to be in this part of the year.

今天我們坐在一個裝飾有一點聖誕氣氛的房間裡，在一年中的這個時候很令人興奮。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

Good morning guys.

早安，夥計們。

So I think you've given us some numbers previously on how much of your EBIT growth was coming from your ancillary revenue streams.

因此，我認為您之前已經向我們提供了一些數據，說明您的息稅前利潤成長有多少來自輔助收入流。

So the questions are, do you have a number for that this quarter?

那麼問題是，您有本季的數據嗎？

And then is it possible to rank the drivers between advertising, membership 3P, et cetera?

那麼是否可以對廣告、會員 3P 等驅動因素進行排名？

Thanks.

謝謝。

This is John David.

這是約翰大衛。

I'll take that.

我會接受的。

The numbers this quarter are pretty similar to the last quarter.

本季的數字與上季非常相似。

So membership fees as well as advertising income contributed to a little more than half of our operating income improvement and a little shy of a third of the overall operating income for the business.

因此，會員費和廣告收入貢獻了我們營業收入改善的一半以上，略低於公司整體營業收入的三分之一。

Those are important growth drivers to our business, but they don't work without getting the basics right on core retail.

這些是我們業務的重要成長動力，但如果沒有正確掌握核心零售的基礎知識，它們就無法發揮作用。

So I think we're striking a nice balance for all of that.

所以我認為我們在這一切方面取得了很好的平衡。

It is worth noting that this quarter we're 18% -- our business is 18% e-commerce.

值得注意的是，本季我們佔 18%——我們的業務 18% 是電子商務。

And reflecting back on Krisztina's question, that's a 300 basis point improvement from this point last year.

回想一下 Krisztina 的問題，與去年相比，這一點提高了 300 個基點。

So we continue to make progress in these digital channels.

因此，我們繼續在這些數位管道方面取得進展。

And clearly, our customers are finding value in what they're finding at Walmart.

顯然，我們的客戶正在從沃爾瑪的商品中發現價值。

Can I just add on that one, too.

我也可以加那個嗎？

I think if you look at our results, we've consistently grown profit faster than sales every quarter this year.

我認為，如果你看看我們的業績，你會發現今年每季我們的利潤成長速度始終快於銷售額成長速度。

And when you break it down, it's largely those ancillary businesses that are higher margin that are driving the result.

當你仔細分析時，你會發現，主要是那些利潤率較高的輔助業務推動了這個結果。

I look at our advertising business was up 50%, and that is largely because of BBG.

我看我們的廣告業務成長了 50%，這很​​大程度上歸功於 BBG。

But the ad kits growth is also strong, and we'll see that kind of as you look at the half versus the quarter.

但廣告套件的成長也很強勁，當你比較上半年和季度的情況時，我們會看到這種情況。

When we look at the growth in those businesses, it's advertising revenue, it's membership.

當我們看到這些業務的成長時，它就是廣告收入，是會員資格。

We're seeing like membership grow across each of the individual markets with slightly different offerings, but all of them tailored to what are the needs of the local consumers.

我們看到每個單獨市場的會員數量都在增長，提供的產品略有不同，但所有這些都是根據當地消費者的需求量身定制的。

So that, with the addition of financial services as well, is really helping that whole model play out and the consistency of the execution across quarters, I think, has been one of the things I'm most proud of.

因此，加上金融服務，確實有助於整個模式的發揮，而且我認為，跨季度執行的一致性是我最自豪的事情之一。

Maybe one more thing to add, whether it's the international business or here in the United States, when we look at the composition of growth in GMV for us, as an example, there's a healthy balance between increased traffic and improved conversion.

也許還需要補充一點，無論是國際業務還是在美國，當我們查看 GMV 成長的組成時，例如，流量增加和轉換率提高之間存在健康的平衡。

So you've got more shoppers that are coming to Walmart or Walmart properties that are finding value in price and convenience.

因此，越來越多的購物者來到沃爾瑪或沃爾瑪門市，發現價格和便利性的價值。

But we're also getting better at how we serve those customers, and I say that through conversion.

但我們也在為這些客戶提供更好的服務，我說的是透過轉換。

Like we're getting better at converting someone who may just be eyeballs looking at our website to actually completing checkout and putting something in their basket and having that deliver to their house.

就像我們正在更好地將那些可能只是瀏覽我們網站的人轉變為真正完成結帳並將東西放入他們的購物籃並讓其送貨到他們家一樣。

So we're pleased with our progress, but it also indicates we still have a long ways to go.

所以我們對我們的進展感到滿意，但這也表明我們還有很長的路要走。

We know that we can get better, and our team is very focused on that.

我們知道我們可以變得更好，我們的團隊非常關注這一點。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hey, thank you.

嘿，謝謝你。

Good morning.

早安.

So maybe as a follow-up to Scott's question.

所以也許作為斯科特問題的後續。

You did flag general merchandise should continue to improve in the coming quarters.

您確實指出一般商品在未來幾季應該會繼續改善。

And I'm wondering if that continued improvement could have positive implications for some of these high-value revenue streams such as marketplace, which accelerated nicely here, and supplier advertising and the like.

我想知道這種持續改進是否會對其中一些高價值收入流產生積極影響，例如市場（這裡加速良好）以及供應商廣告等。

Sure.

當然。

Peter, everything else being equal, you would expect that to have a positive benefit to the P&L as GM items tend to carry a higher gross margin than many of the grocery items.

彼得，在其他條件相同的情況下，您會期望這會對損益表產生積極的影響，因為通用汽車產品的毛利率往往比許多雜貨產品更高。

So we look forward to being able to benefit from that.

因此，我們期待能夠從中受益。

But some of that is on us and continuing to grow our assortment through our marketplace, but some of it is a very function of the economy overall.

但其中一些是由我們承擔的，並透過我們的市場繼續增加我們的品種，但其中一些是整體經濟的一個非常重要的功能。

And so we'll watch that closely.

所以我們將密切關注這一點。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hi, good morning, everyone.

嗨，大家早安。

Thanks for, thanks for taking my question.

謝謝，謝謝你提出我的問題。

Really just around competition.

真的只是圍繞競爭。

I'm curious your observations, what you're seeing in terms of the competitive response to the share gains that continue to accrue to the business?

我很好奇您的觀察結果，您對企業持續增加的份額收益的競爭反應有何看法？

I'm thinking primarily in the US, but really any comments around that would be helpful.

我主要考慮的是美國，但實際上任何對此的評論都會有所幫助。

Thanks.

謝謝。

Peter, this is Doug.

彼得，這是道格。

I think the only thing that I would say is that the competitive set we focus on today is different, and it's changing over time, probably at a more rapid rate than it used to.

我想我唯一要說的是，我們今天關注的競爭環境是不同的，而且它隨著時間的推移而變化，可能比以前更快。

Being in China and Mexico recently, we have some strong competitors there, and the ones we're focused on and learning from are different than the ones they were -- that we were focused on just a few years ago.

最近在中國和墨西哥，我們在那裡有一些強大的競爭對手，我們關注和學習的競爭對手與我們幾年前關注的競爭對手不同。

Here in the US, we have fierce competition from all kinds of different directions.

在美國，我們面臨來自各方面的激烈競爭。

So our mindset is to be aware, to watch, to learn.

所以我們的心態是去覺知、去觀察、去學習。

And when we see the customer responding to something, to react if it makes sense for us to react and to change if we need to change.

當我們看到客戶對某些事情做出反應時，如果我們做出反應有意義，我們就會做出反應；如果我們需要改變，我們就會做出改變。

So we try to stay focused straight ahead, eyes on customers, members focused on our associates, have our competitors in our peripheral vision, but study them and learn and apply.

因此，我們努力保持專注，著眼於客戶，會員專注於我們的同事，將我們的競爭對手納入我們的視野中，但要研究他們並學習和應用。

I think you can see that in some of our results today.

我想你可以從我們今天的一些結果中看到這一點。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究中心。

Hi, thanks for taking my question and good to talk to you again.

您好，感謝您提出我的問題，很高興再次與您交談。

My -- I kind of have two interrelated questions.

我的——我有兩個相互關聯的問題。

So your OpEx at 21.2%.

所以您的營運支出為 21.2%。

Wondering what the potential is to get closer to 19% or get back to 19%?

想知道接近 19% 或回到 19% 的潛力有多大？

And obviously, that's in the context of e-com as it relates to losses.

顯然，這是在電子商務的背景下，因為它與損失有關。

And then the second portion is just with all these alternative revenue streams that you have, at what point are you looking at a materiality conversation?

然後第二部分就是你擁有的所有這些替代收入來源，你在什麼時候考慮實質對話？

Karen, clearly, those questions are for me.

凱倫，顯然，這些問題是問我的。

This is John David.

這是約翰大衛。

I'll take them in reverse order, we report on a segment basis right now.

我將以相反的順序進行處理，我們現在按分段進行報告。

And that satisfies the requirements that we have for segment reporting.

這滿足了我們對分部報告的要求。

So we'll continue to port out by international Sam's in US.

因此，我們將繼續透過美國的國際山姆百貨進行移植。

If something changes in our business, we'll reevaluate that in the future.

如果我們的業務發生變化，我們將來會重新評估。

On OpEx, there are a couple of drivers, first of all, in the current quarter to the increase, and then I'll address your question related to where it could go.

在營運支出方面，有幾個驅動因素，首先是本季的成長，然後我將回答您有關其可能走向的問題。

But in the current quarter, we saw a little bit more investment in marketing in the US business, and that's helping to drive some of the performance in general merchandise.

但在本季度，我們看到美國業務的營銷投資有所增加，這有助於推動一般商品的部分業績。

So we're really pleased about that.

所以我們對此感到非常高興。

The other is incentive pay for our frontline associates.

另一個是我們第一線員工的激勵薪資。

We think it's important that our frontline associates are rewarded in the same way that shareholders are.

我們認為，以與股東相同的方式獎勵我們的第一線員工非常重要。

And as we've outperformed this year, we've seen additional incentive pay for them, and that pressured SG&A in the third quarter.

由於我們今年表現出色，我們看到了他們的額外激勵薪酬，這給第三季的銷售管理費用帶來了壓力。

The other element gets to, I think, the essence of your question, which is the changing mix of our business.

我認為，另一個因素涉及您問題的本質，即我們業務組合的變化。

If you look at SG&A on a brick-and-mortar basis, it's less than what you had in digital channels.

如果您在實體基礎上查看 SG&A，您會發現它比數位管道中的要少。

And so as we continue to grow digital, as we continue to have more of our business that's coming through e-commerce, you're going to see some pressure on SG&A.

因此，隨著我們不斷發展數位化，隨著我們繼續透過電子商務實現更多業務，您將看到銷售、管理和行政費用 (SG&A) 面臨一些壓力。

That said, the team here is very focused on continuing to try to provide everyday low cost to enable us to have everyday low prices for our customers.

也就是說，這裡的團隊非常專注於繼續努力提供每日低價，使我們能夠為客戶提供每日低價。

And so we'd love to get back to the 20% range on SG&A that requires work.

因此，我們很樂意將 SG&A 恢復到 20% 的範圍，這需要改進。

But there's, in any company, and especially one our size, there's always opportunities for efficiencies and the use of technology to serve our customers and members.

但是，在任何公司，尤其是像我們這樣規模的公司，總有機會提高效率並利用技術來為我們的客戶和會員提供服務。

So we're working on that, but you have to keep in mind going forward that as we get more digital, you're going to see pressure on the SG&A line.

所以我們正在努力解決這個問題，但你必須記住，隨著我們變得更加數位化，你將看到SG&A線面臨壓力。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Great, good morning, everyone.

太好了，大家早安。

Obviously, the strength in the quarter was broad-based, but I wanted to focus on the acceleration in average ticket in the US.

顯然，本季的強勁勢頭是廣泛的，但我想重點關注美國平均票價的加速成長。

I think that was the strongest in over a year.

我認為這是一年多來最強的一次。

And I'm curious if that was impacted by the hurricane or if there's some other type of inflection that you're starting to see in basket size, maybe an improvement in GM or attachments that also maybe a benefit of attracting that higher income consumer.

我很好奇這是否受到颶風的影響，或者您是否開始在籃子大小中看到其他類型的變化，也許是通用汽車或配件的改進，這也可能是吸引高收入消費者的好處。

Just any more context on that as we think about the run rate going forward.

當我們考慮未來的運行率時，請提供更多相關背景資訊。

Thanks so much.

非常感謝。

Good morning.

早安.

This is John.

這是約翰。

I think everything you said, it does represent some of the improvements that we did see in the quarter.

我認為您所說的一切確實代表了我們在本季確實看到的一些改進。

We did mention that there were some tailwinds from some onetime events that happened in the quarter.

我們確實提到，本季發生的一些一次性事件帶來了一些順風車。

But the thing that I'm really proud of the team is we had the highest growth in units and food that we've seen in several years, which is great.

但我真正為團隊感到自豪的是，我們的單位和食物成長是幾年來最高的，這很棒。

Our general merchandise business, as we mentioned, despite some deflation in the low single digits to mid-single digits range were positive comps of the units that grew there.

正如我們所提到的，我們的百貨業務儘管在低個位數到中個位數範圍內出現了一些通貨緊縮，但該業務的成長仍具有積極的競爭力。

I mean it is all, I think, a reflection of starting with, are we selling the things that customers want to buy during the season they're in.

我的意思是，我認為，這一切都反映了我們是否在銷售顧客在季節期間想要購買的東西。

Seasons are important.

季節很重要。

We ended October with a strong Halloween.

我們以濃濃的萬聖節結束了十月。

So all those added up for.

所以所有這些加起來就是。

And the shift from -- I'd say not necessarily from, but adding on digital business on top of our store business is helping us attract new customers and serve them well with the options that we have, the combination of both the product and the service offerings are working on.

我想說不一定是這樣的轉變，但在我們的商店業務之上添加數位業務正在幫助我們吸引新客戶，並透過我們擁有的選擇、產品和服務的結合為他們提供良好的服務。開發中。

The growth in the deliveries under three hours is impressive.

三小時內交付的成長令人印象深刻。

The team is doing a great job with that, and we need to continue that.

團隊在這方面做得很好，我們需要繼續這樣做。

We know customers are looking for both value and they're looking to save time.

我們知道客戶既追求價值，又希望節省時間。

Greg Melich, Evercore ISI.

格雷格·梅里奇，Evercore ISI。

Hi, thanks guys.

嗨，謝謝大家。

I wanted to follow up on the membership growth and the -- what's driving that there?

我想跟進會員的成長情況以及推動這項成長的因素是什麼？

And what sort of behavior you're seeing in terms of lift from people when they do sign up for Walmart Plus in particular?

尤其是當人們註冊 Walmart Plus 時，您會看到什麼樣的行為會帶來提升？

And what that flows through in terms of the importance of data and then using that in the new businesses?

就數據的重要性以及在新業務中的使用而言，這會經歷什麼？

Greg, this is John.

格雷格，這是約翰。

I'll start with Walmart Plus.

我將從 Walmart Plus 開始。

Walmart Plus is a really important part of the offer.

Walmart Plus 是優惠中非常重要的一部分。

And as we've said this morning, we have a clear strategy.

正如我們今天早上所說的，我們有一個明確的策略。

Our results reflect the financial framework that we have laid out.

我們的結果反映了我們所製定的財務框架。

The growth in e-commerce is an indicator of where the customer is headed, and Walmart Plus is a great way for customers to amortize the cost of delivery over time.

電子商務的成長是客戶發展方向的指標，而 Walmart Plus 是客戶隨著時間的推移分攤配送成本的好方法。

And so, when someone joins the program, we're focused right away on ensuring that we deliver their order on time when they ask for it, not ahead, not after, and that the order is full and it's complete with as few substitutions as possible.

因此，當有人加入該計劃時，我們會立即專注於確保我們在他們要求時按時交付他們的訂單，而不是提前，而不是之後，並且訂單已滿，並且在替換時盡可能少地完成。的。

And when we do that well, that opens up the ability for the business to talk to them about other things that are going on in their life, whether it's changing the tires on their car or helping them with their birthday cake, there are just so many things we can do in core retail that makes life easier, add a value for our customers.

當我們做得好時，企業就能夠與他們談論生活中發生的其他事情，無論是更換汽車輪胎還是幫助他們做生日蛋糕，都有這樣的機會我們可以在核心零售領域做很多事情，讓生活改變得更輕鬆，為我們的客戶增加價值。

So this is an important part of the overall equation.

所以這是整個方程式的重要組成部分。

We mentioned results up over double digit in Walmart Plus.

我們提到沃爾瑪 Plus 的業績超過兩位數。

Again, so good to see the momentum.

再次，很高興看到這種勢頭。

And looking from here forward, in this quarter, in particular, it's about executing really well.

展望未來，特別是在本季度，關鍵在於執行得非常好。

We need to be really clear on our offer.

我們需要非常明確我們的報價。

We need to pull the orders on time without substitutions, and we need to deliver to customers exactly what they're looking for.

我們需要按時拉訂單而不需要替換，並且我們需要向客戶準確地交付他們正在尋找的東西。

This is the time of the year when families get together for meals and gifts.

每年這個時候，家人都會聚在一起吃飯並送禮物。

And it's really important that we're there for them and we enable them to have the best season they can have.

我們為他們提供幫助，讓他們能夠度過最好的賽季，這一點非常重要。

Just from an international perspective, I think when we think about membership, there's a bit of a spectrum.

僅從國際角度來看，我認為當我們考慮成員資格時，存在一定的範圍。

So if you think about in Chile, we actually have a loyalty program, which allows us to have over 80% of our customers' data.

因此，如果您考慮智利，我們實際上有一個忠誠度計劃，這使我們能夠擁有超過 80% 的客戶數據。

And then if you look at it in Mexico, we've just launched Beneficios, which has allowed us to get 28 million members sign up, which allows us just to be a lot more personalized in the way that we show up for those members.

如果你看看墨西哥，我們剛剛推出了 Beneficios，這讓我們有 2800 萬會員註冊，這讓我們在向這些會員展示的方式上更加個性化。

Those are free loyalty membership programs right through to a paid membership where you're really bundling delivery capabilities.

這些是免費的忠誠會員計劃，一直到付費會員資格，您真正捆綁了交付功能。

If you look at that, we're seeing growth across most of the major market.

如果你看一下，我們會看到大部分主要市場都在成長。

But if I then just point to Sam's China, they've had membership income grow of over 30%.

但如果我只以山姆中國為例，他們的會員收入成長了 30% 以上。

And I think that is a testament to the quality of their CVP and how attractive that is to our customers.

我認為這證明了他們的 CVP 的品質以及對我們客戶的吸引力。

Not only the in-club offering, but also the ability to do convenience with like over 80% of their deliveries being under an hour.

不僅是俱樂部內提供的服務，還包括提供便利的能力，超過 80% 的送貨時間在一小時內完成。

So we think about membership as a way of driving loyalty to create the ability to personalize, to have a richer, stickier relationship with our members and to bundle up the ability to do delivery, which is something our customers are telling us is really important.

因此，我們認為會員資格是一種提高忠誠度的方式，以創造個性化的能力，與我們的會員建立更豐富、更有黏性的關係，並捆綁送貨的能力，這是我們的客戶告訴我們的非常重要的事。

Yes.

是的。

I think in Sam's Club, we had a 15.1% growth in membership income, but none of this is a gift.

我認為在山姆會員店，我們的會員收入增加了15.1%，但這都不是禮物。

It's all an achievement.

這都是一項成就。

It's just hard work.

這只是艱苦的工作。

John talked about execution.

約翰談到了執行。

We are executing on our member value proposition, which is value, it's assortment, it's great experiences, and it's building that trust with the members so that you build a lifelong relationship with them.

我們正在執行我們的會員價值主張，即價值、品種、豐富的體驗，並與會員建立信任，以便您與他們建立終生的關係。

We had some great results, as you've heard, in e-commerce and in Club, which we're really proud of.

正如您所聽說的，我們在電子商務和 Club 方面取得了一些出色的成果，對此我們感到非常自豪。

And we've seen the outcome of that.

我們已經看到了結果。

So great inputs give you great outcomes.

如此好的投入會為你帶來好的結果。

And we've seen digital penetration increase 400 basis points, scanning go up 350 basis points, and that's resulted in all-time high memberships, increase in Plus penetration is up 300 basis points, and our renewal is up 230%.

我們看到數位滲透率增加了 400 個基點，掃描增加了 350 個基點，這導致會員數量達到歷史最高水平，Plus 滲透率增加了 300 個基點，我們的續訂增加了 230%。

So just really nailing those basics, listening to your members and giving them what they want gives you great outcomes.

因此，只要真正掌握這些基礎知識，傾聽會員的意見並為他們提供他們想要的東西，就會為您帶來巨大的成果。

All right.

好的。

I want to thank everybody for joining us today.

我要感謝大家今天加入我們。

We look forward to engaging with many of you in the coming weeks and months at investor conferences.

我們期待在未來幾週和幾個月的投資者會議上與你們中的許多人進行交流。

I want to ask you to mark your calendars for our next investment community meeting, which is on April 8 and 9, 2025.

我想請您在日曆上標記我們下一次投資社區會議，即 2025 年 4 月 8 日至 9 日。

Doug?

道格？

Really proud and grateful to the team and of the team, the folks that are in this room, our leaders more broadly and our associates around the world.

我對我們的團隊、整個團隊、在座的各位、更廣泛的領導者以及我們在世界各地的同事感到非常自豪和感激。

They're doing a nice job of delivering short-term results, managing today and building for tomorrow at the same time so that we can continue this momentum.

他們在交付短期成果方面做得很好，管理今天並同時為明天建設，以便我們能夠繼續這一勢頭。

I think we are being appropriately aggressive as it relates to our level of investments, whether that's related to price or associate investments or automation, for example.

我認為我們採取了適當的激進態度，因為這與我們的投資水準有關，例如，無論是與價格、相關投資或自動化有關。

And I'm really encouraged by the way folks are working together with our tech teams to build things in a way that's faster and more effective.

人們與我們的技術團隊合作以更快、更有效的方式建立產品的方式讓我深受鼓舞。

We've got room to improve there.

我們還有進步的空間。

We probably always will.

我們可能永遠都會。

But when I look at what we're putting together, the combination of businesses, I think the outcome is one that can continue to grow the top line while growing the bottom line faster in a sustainable way, but while making the necessary investments as we work towards trying to serve people better.

但當我看到我們正在整合的業務組合時，我認為結果是可以繼續增加收入，同時以可持續的方式更快地增加利潤，同時進行必要的投資，因為我們努力為人民提供更好的服務。

For decades, it's been my experience that our customers and members want four things from us.

幾十年來，根據我的經驗，我們的客戶和會員希望我們做到四件事。

They want low prices.

他們想要低價。

They want a really broad assortment of products and services.

他們想要種類非常廣泛的產品和服務。

They want to have a great experience, and that includes convenience and saving them time.

他們希望獲得良好的體驗，其中包括便利性和節省時間。

And they want to do business with somebody they trust.

他們希望與他們信任的人做生意。

And in this business, you get what you earn.

在這個行業，你得到你所賺的錢。

So we are working hard today to make sure that tomorrow, we're continuing to have quarters like the one that we had this quarter.

因此，我們今天正在努力工作，以確保明天我們能夠繼續擁有像本季一樣的季度。

Thank you, all.

謝謝大家。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。