沃爾瑪 (WMT) 2025 Q3 法說會逐字稿

Thanks, greetings, and welcome to the Wal-Mart Third Quarter Fiscal Year 2025 earnings call.

謝謝、問候並歡迎參加沃爾瑪 2025 財年第三季財報電話會議。

At this time, all participants are in a question and answer session will follow the formal presentation.

此時，所有參與者都將在問答環節中進行正式演示。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

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 of Steph Wissink, senior vice presidents.

現在我想轉達高級副總裁史蒂芬‧維辛克 (Steph Wissink) 的電話。

Joining me today from our home office in Bentonville, our Wal-Mart CEO., Doug McMillon and CFO, John David Rainey.

今天，我們的沃爾瑪執行長 Doug McMillon 和財務長約翰大衛雷尼 (John David Rainey) 在本頓維爾的總部與我會面。

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

道格和約翰大衛，他們對本季的看法，然後我們將開通您的提問熱線。

During the question and answer session, we will be joined by our segments CEO.s, John Turner from Wal-Mart, U.S. Maclean from Wal-Mart 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 website.

在問答環節中，我們的各部門首席執行官、沃爾瑪的 John Turner、沃爾瑪國際公司的 U.S. Maclean 和山姆會員店的 Chris Nicholas 將與我們一起了解有關我們業績的更多詳細信息，包括各部門的亮點，請參閱我們網站上的收益發布和隨附的簡報。

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

我們將盡一切努力在我們安排的這次電話會議中盡可能回答您的問題。

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，管理層可能會發表前瞻性聲明。

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 machinery statement regarding forward looking statements as well as our entire safe harbor and non-GAAP reconciliations on our website at stock dot walmart.com includes my intro.

請查看我們的新聞稿和隨附的幻燈片演示，以了解有關前瞻性陳述的機械聲明以及我們在股票點 walmart.com 上的整個安全港和非公認會計原則對賬，包括我的介紹。

We're ready to begin.

我們準備好開始了。

Good morning, and thanks for joining us for our associates delivered another strong, continuing our momentum there, working hard to save our customers and members time and money while simultaneously transforming our business for the future.

早安，感謝您加入我們，我們的員工再次提供了強勁的動力，繼續我們的發展勢頭，努力為我們的客戶和會員節省時間和金錢，同時為未來轉變我們的業務。

For the quarter, sales grew 6.1% in constant currency, profit was up 9%.

以固定匯率計算，本季銷售額成長 6.1%，利潤成長 9%。

Globally, we drilled commerce up 27%, advertising grew 28% and membership income was up 22%.

在全球範圍內，我們的商務成長了 27%，廣告成長了 28%，會員收入成長了 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，即使我們努力幫助降低價格並投資於我們的員工。

Rapid growth from these newer businesses is helping to strengthen our business model.

這些新業務的快速成長有助於加強我們的業務模式。

All three segments of our business performed well, sales for 104% in constant currency.

我們的三個業務部門均表現良好，以固定匯率計算銷售額為 104%。

Comp sales for Sam's Club U.S. were 7% in Walmart, U.S. delivered comp sales of 5.3%.

美國山姆會員店的同業銷售額為 7%，美國沃爾瑪的同業銷售額為 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 households earning dollars made up 75% of our share gains in the U.S. and store volumes grew.

每個細分市場的交易數量和單位銷售量均呈正值，我們繼續在美國獲得市場份額，收入美元的雜貨家庭占我們在美國份額增長的 75%，而且商店銷量也有所增長。

Curbside Pickup grew fast and delivery sales grew even faster than that, becoming more convenient for our customers.

路邊取貨成長迅速，送貨銷售成長速度更快，對我們的客戶來說變得更加方便。

And members is going drive our growth.

會員將推動我們的成長。

We had almost like for like inflation in the U.S. this quarter.

本季美國的通貨膨脹率幾乎是一樣的。

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

令人高興的是，儘管價格下跌了 4% 以上，但美國的普通商品仍以低個位數成長。

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

目前，我們在美國沃爾瑪的所有品類上都有大約 6,000 次回溯。

We're feeling some margin pressure from growth in GLP ones.

我們感受到了 GLP 業務成長帶來的一些利潤壓力。

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

因此，我們很高興看到整個公司的一般商品銷售呈正增長。

Inventory is in shape.

庫存狀況良好。

The unique characteristics to this quarter included the US port strike to large chains and the floating day cost.

本季的獨特特徵包括美國港口對大型連鎖店的罷工和浮動日成本。

Our team did a really nice job preparing before those events.

我們的團隊在這些活動之前做了非常好的準備工作。

The team that comes together from across the company.

來自公司各部門的團隊。

Our emergency operations center is impressive.

我們的緊急行動中心令人印象深刻。

They coordinate closely with federal, state and local.

他們與聯邦、州和地方密切協調。

They make sure our associates are accounted for in safe, and we set up distribution points to stores in the affected areas where we serve hot meals, supplies offer showers, laundry sources and phone charging through Walmart and Walmart Foundation.

他們確保我們的員工安全，我們在受影響地區的商店設立了分發點，透過沃爾瑪和沃爾瑪基金會提供熱餐、淋浴用品、洗衣資源和手機充電服務。

We made a $60 million commitment which we've delivered on.

我們做出了 6000 萬美元的承諾，並已兌現。

This includes the eight truckloads of needed totaling nearly 10 million local needs.

其中包括八卡車的需求，總計近 1,000 萬當地需求。

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

我們的卡車司機和其他同事在我們的非營利合作夥伴的支持下幫助為 544,000 份餐點和受影響地區提供了便利或服務。

Customers and members contributed an additional 14.5 million from in-store and online campaigns.

顧客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 the mall total.

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，我對購物中心的總數感到非常自豪。

The storms in the port strike lifted our sales growth by a small amount and negatively affected operating income growth by a larger amount takeaway should be in our financial framework despite the noise from these events, this was clearly a strong quarter, and the changes we've been working on for years are continuing to bear fruit for Western people, how they want to be served, whether that's cutting into a store, picking up an order or having it delivered.

港口罷工的風暴小幅提升了我們的銷售成長，並對營業收入成長產生了較大的負面影響，儘管這些事件帶來了噪音，但我們的財務框架應該考慮到這一點，這顯然是一個強勁的季度，我們的變化我們多年來一直致力於為西方人帶來成果，了解他們想要的服務方式，無論是走進商店、取貨還是送貨。

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

我們的團隊發生了變化，發展了新的能力，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, is it more customer and member centric organization.

我們比以前更有效地建立新技術，我們的速度更快，這是一個更以客戶和成員為中心的組織。

I got to attend our Sam's Club grand opening in Gabon, 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加彭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 design of this cloud have an expanded area for curbside pickup and delivery orders, new category adjacencies with consumables, new the pickup and delivery staging area and a stronger general merchandise presentation that has improved as sales categories boldly.

我們對此雲的設計進行了相當多的更改，擴大了路邊取貨和送貨訂單的區域，與消耗品相鄰的新類別，新的取貨和送貨暫存區域以及更強大的一般商品展示，該展示隨著銷售類別的大膽改進而有所改善。

Our Sam's team also eliminated traditional checkouts.

我們的 Sam 團隊也取消了傳統的結帳方式。

So our members can you scan and go and a new computer vision exit technology to exit the club faster edge and a 150,000 square foot at Sam's Club with no traditional checkout.

因此，我們的會員可以掃描並離開，並採用新的電腦視覺退出技術，以更快的速度退出俱樂部，並在 150,000 平方英尺的山姆會員店無需傳統結帳。

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

在德克薩斯州盛大開幕後的一周，我在抵達前一周去了一趟中國。

We opened up there with 60,000 members.

我們在那裡開業，有 60,000 名會員。

All 50 clubs are performing well, and we have more to come about half our sales in China.

所有 50 個俱樂部都表現良好，我們在中國的銷售額將佔一半。

Our digital thanks in part to our network of over three club distribution points, which provided one hour delay livery service to members extending the reach.

我們的數位化部分歸功於我們由三個以上俱樂部分銷點組成的網絡，該網絡為會員提供了一小時的延遲制服服務，擴大了覆蓋範圍。

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 and places like India, where financial services have digitized at scale.

我們從世界各地的營運中學到了很多東西，並且繼續向中國等地學習，在中國，包括直播在內的社交商務正在快速增長，在印度等地，金融服務已經大規模數位化。

Last week, I spent a couple of days with our team in Mexico.

上週，我和我們的團隊在墨西哥待了幾天。

Team is driving innovation in lots of areas, including with our cellular service, bite our business, Kashi and with health care services, where we've helped over 400,000 customers visit a doctor in our in-store health care clinics in other markets are Walmex team is growing.

團隊正在許多領域推動創新，包括我們的行動服務、咬我們的業務、喀什以及醫療保健服務，我們已幫助超過 40 萬名顧客在其他市場的店內醫療保健診所看醫生。

Ecommerce, adding newer businesses, including marketplace and advertising and becoming an omnichannel retailer mentioned last quarter, we're seeing early tangible results from the deployment of generative.

電子商務、增加新業務（包括市場和廣告）以及成為上季度提到的全通路零售商，我們看到了產生部署的早期實際成果。

A I am a little hesitant to talk about a I 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.

我有點猶豫是否要談論“我”，因為我知道在未來的幾個月和幾年裡，有人會聽到這個，並咯咯地笑，考慮到事情變化得如此之快，這聽起來是多麼老派。

But it's important to convey.

但傳達這一點很重要。

We're learning and applying generative AI, AI and machine learning to solve the practical opportunities right in front of us are datasets are valuable learning to put them to work to improve the customer member experience and assist our associates as they do their daily work.

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擺在我們面前的實際機會，數據集是寶貴的學習資料，可以將它們用於改善客戶會員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 our G&I has helped us improve our product catalog we've had and in beta form for five months and it continues to improve.

我將以上個季度分享的有關 G&I 的範例為基礎，幫助我們改進了五個月內處於測試版狀態的產品目錄，並且還在繼續改進。

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 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鍵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.

除了面對客戶的工作。

15 months ago, we deployed a G&A out to all of our U.S. home office associates.

15 個月前，我們向所有美國總部員工部署了 G&A。

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.

我們已擴大了對另外 13 個國家的家庭辦公室同事的訪問範圍。

The engagement grow, it provides their associates a place to access knowledge and Thompson environment.

參與度不斷提高，為員工提供了獲取知識和湯普森環境的場所。

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.

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，而員工可以獲得常見政策問題的答案。

Like how do I automate discount card through a conversational will continue to build on these use cases to enable more productivity and help identify the next best task for our associates in stores clubs.

就像我如何透過對話自動化折扣卡一樣，我們將繼續以這些用例為基礎，以提高生產力，並幫助我們為商店俱樂部的員工確定下一個最佳任務。

Just as we're enhancing the customer experience with G&A, I we're working to remove friction for our associates through higher value work that they enjoy Flex, serving our customers and being merchants that continue to be excited about how our associates are learning and chain where they think and work.

正如我們透過G&A 增強客戶體驗一樣，我們正在努力透過我們的員工享受Flex 帶來的更高價值的工作來消除他們的摩擦，為我們的客戶提供服務，並成為對我們的員工如何學習和發展繼續感到興奮的商家。

With that, I'll wrap up and turn it over.

這樣，我就會把它包起來並翻過來。

Our CFO, who's Baylor bears, beat my Arkansas Razorback, some basketball recently.

我們的財務長，貝勒熊隊，最近在一些籃球比賽中擊敗了我的阿肯色剃刀鯨隊。

We'll see you in March on day seven.

我們將在三月的第七天見到你。

Well, we look forward to that.

嗯，我們對此充滿期待。

I hope the resurrection of good season just not as good as the bears who want to start by thanking our team for delivering another strong quarter.

我希望好賽季的復甦不會像熊隊那麼好，他們想在開始時感謝我們的球隊再次提供強勁的季度表現。

We're encouraged by this 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 past several quarters with customers to members continuing to respond to our value proposition, we provide lower prices and greater levels of convenience.

重要的是，我們過去幾季表現出色的驅動力是客戶和會員繼續回應我們的價值主張，我們提供更低的價格和更大的便利性。

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

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

As a result, we're also realizing the invoice investments we've made in our core omni retail business and seeing improved profitability with newer businesses were executing on our strategy in the business model is delivering as it's designed to do with operating income growing faster than sales, yet there is much more opportunity ahead.

因此，我們也意識到我們在核心全零售業務中進行的發票投資，並看到新業務的盈利能力得到提高，這些新業務正在執行我們的業務模式策略，因為它旨在實現營業收入更快增長比銷售更重要，但未來還有更多的機會。

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

正如道格指出的那樣，影響美國東南部的颶風在本季造成了意想不到的費用。

I'm incredibly proud of how bonded 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 that the peak of the storms.

我非常自豪能夠利用我們的半拖車車隊、供應鏈物流能力、產品庫存和財務資源來支持我們所服務的社區，以支持風暴高峰期的恢復工作。

We had about 400 stores, clubs and DCs close.

我們有大約 400 家商店、俱樂部和配送中心關閉。

We're pleased where assays you had some.

我們很高興您進行了一些檢測。

The affected areas remain safe and we continue to support them during this disruptive period.

受影響地區依然安全，我們將在這段混亂時期繼續為他們提供支持。

We have since reopened all of our supercenters, except for two that were extensively damaged dose of restoring the stores to serve customers again as soon as possible.

此後，我們重新開放了所有超級中心，除了兩個嚴重受損的超級中心，我們正在恢復商店以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 on a constant currency basis with all three operating segments outperforming our expectations, aided by strong e-commerce growth.

第三季的銷售額、營業收入和每股盈餘均超出了我們以固定匯率計算的指導範圍的上限，在電子商務強勁增長的推動下，所有三個營運部門的表現都超出了我們的預期。

Walmart U.S. comp sales increased 5.3%.

沃爾瑪美國公司銷售額成長 5.3%。

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

商店和電子商務的客戶交易量和銷售成長依然強勁。

For fulfill delivery increased nearly 50% since surpassed 2.5 billion monthly run rate.

月出貨量突破 25 億件，較去年同期成長近 50%。

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

目前，我們已連續 12 個月交付超過 20 億美元。

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

本季的凍結尤其強勁，單位銷售成長達到四年來的最高水準。

We also generated mid 10s growth in health and due largely to branded pharmacy scripts, including GLP-1.

我們的健康業務也實現了 10 多歲的成長，這主要歸功於包括 GLP-1 在內的品牌藥局處方。

Glp-1 sales contributed about one point to the segment comp, while continuing mix pressures and gross profit for encouraged by the improvement in general merchandise, we had low single digit comp sales growth, including strengthen home hardline and toys.

Glp-1 銷售額為此細分市場貢獻了約 1 個百分點，雖然持續的混合壓力和毛利受到一般商品改善的鼓舞，但我們的銷售額增長率較低，包括強化家居硬線和玩具。

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

我們。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 to maximize their budgets will also choosing convenient options to save time.

他們繼續尋求最大化預算，也會選擇方便的選項來節省時間。

Our efforts to bring on pricing have helped as total like-for-like inflation has remained close to flat for the past four quarters with Q. three general merchandise and consumables deflationary food inflationary in the low-single digits, we're seeing higher engagement across income cohorts with upper income households continuing to account GRT of our share gains.

我們在定價方面所做的努力起到了幫助作用，因為過去四個季度的總通膨率一直接近持平，第三季度一般商品和消費品通貨緊縮食品通膨率處於低個位數，我們看到更高的參與度跨收入群體，高收入家庭繼續將總收入占我們的份額收益。

Our international business had another strong quarter with constant currency sales growth of 12.4%.

我們的國際業務又一個強勁的季度，以固定匯率計算銷售額成長 12.4%。

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

我們看到整個市場的銷售量出現積極成長，日用百貨、食品和消費品的銷售強勁。

E-commerce sales increased 43 in penetration grew across all markets with speed of delivery becomes an increasing important to customers.

隨著交付速度對客戶越來越重要，電子商務銷售額成長了 43，所有市場的滲透率都有所成長。

Last 12 months International delivered over 2.1 billion items, same-day or next-day was about 45% of those delivered in under one.

過去 12 個月，國際配送超過 21 億件商品，其中當日或隔日配送商品約佔 1 件以內的 45%。

Our Flipkart BBVD. or big billion DES sales event was up double digits in both top-line and customer growth.

我們的 Flipkart BBVD。或大十億 DES 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 it was earlier than last year, benefiting in our year-over-year sales comparisons in Q three with, of course be headwind expected in Q4.

活動的時間比去年早，這得益於我們第三季的年比銷售比較，當然，第四季預計會出現逆風。

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

Walmex 的成長連續第六個季度超過可比較市場，我們在中國的業務可以兩位數成長，憑藉山姆會員店在電子商務方面的實力。

Phone pay also had a good quarter with monthly transactions surpassing 8.7 billion and total annualized payment volume of approximately 1.6 trillion.

手機支付季度表現也不錯，每月交易量超過87億筆，年化支付總額約1.6兆筆。

Sam's Club U.S. comp sales 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成長 7%，其中電子商務成長 26%，交易量和銷售量的增加幾乎占公司銷售額的全部成長。

In response to member feedback, Sam's rolled out new products in August like express delivery and the elimination of curbside pickup fees for up to your members, which helped e-commerce growth.

為了回應會員的回饋，山姆在 8 月推出了新產品，例如快遞和取消會員的路邊取貨費用，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，電子商務成長較上半年成長了 700 個基點以上，Club 在此期間完成的交付量增加了一倍以上。

The convenience provides both inside the club and via e-commerce is a differentiator in the warehouse club channel Scan & Go.

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 Scan & Go 的差異化優勢。

Penetration of sales increased more than 250 basis points in the nearly completed of our just go exit technology across all 600 clubs is enabling about 70% of members to exit without a check members of our satisfaction scores on exit.

我們在所有 600 個俱樂部中的 just go exit 技術即將完成，銷售滲透率增加了 250 個基點以上，使大約 70% 的會員能夠退出，而無需檢查會員退出時的滿意度得分。

Now close to 90 frictionless approach to serving members by leveraging technology is on full display that our new clubs opened in Grapevine, Texas, first of 30 new clubs.

現在，我們在德克薩斯州格雷普韋恩開設的新俱樂部是 30 個新俱樂部中的第一家，充分展示了利用技術為會員提供近 90 個無摩擦的服務方式。

We expect to open in the coming years.

我們預計在未來幾年內開業。

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

如果您在該地區，我們建議您透過邊距印章進行檢查。

Consolidated gross margin expanded 21 basis points led by Wal-Mart.

綜合毛利率成長了 21 個基點，其中沃爾瑪領先。

U.s. was international results pressured by the timing of Flipkart BBD. sales event in the US.

我們。 Flipkart BBD 的時機對國際績效造成了壓力。美國的銷售活動。

Improved margins reflected strong inventory management.

利潤率的提高反映了強有力的庫存管理。

Again, this quarter was 1.6% 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, providing everyday low prices for our customers and members remains a priority, and we continue to lower prices in the U.S. across our assortment of national brands and press.

同樣，本季銷售額成長超過5%，降價幅度較低，因此下降了1.6%，這使我們能夠根據競爭性價格差距管理定價，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，並且我們繼續降低各種國家品牌和印刷機在美國的價格。

During the quarter, we had price rollbacks on approximately 6,000 items across our assortment, including around 3,000 homes in grocery and have converted nearly 2000 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，其中包括約 3,000 種雜貨店商品，並在過去一年中將近 2000 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 margins improve from a diverse set of offerings.

隨著我們業務模式的發展，令人鼓舞的是看到多元化產品的利潤率不斷提高。

Global e-commerce losses continued to narrow or three, most notably in Walmart U.S.

全球電子商務損失持續縮減至三成，尤其是美國沃爾瑪。

While improved business mix helped, we're seeing 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進步。

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 fulfill delivery business and expand our catchment areas.

隨著我們擴大商店履行配送業務並擴大我們的服務範圍。

We've seen significant improvement in batch density with earnings per delivery up 20%.

我們發現批次密度顯著提高，每次交付的收益提高了 20%。

In addition, the popularity of expedited delivery has resulted in more than 30% of orders coming from customers and members that elected to 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%的訂單來自選擇一小時或三小時內送達的顧客和會員。

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

最後，我們在砷自動化方面不斷取得進展，現在我們的配送中心 50% 以上的數量已自動化，是去年此時的兩倍。

Besides the obvious benefit of lowering the per unit cost of delivery, these factors contributed to the third consecutive of approximately 40% reduction in U. S net delivery cost per order.

除了降低單位交付成本的明顯好處外，這些因素還導緻美國每份訂單的淨交付成本連續第三次降低約 40%。

Importantly, while we drive greater efficiency wherever levels with customer NPS vertebrae reaching all-time highs this quarter, we're also continuing to reshape our profit composition and business mix as we scale growth drivers such as housing membership marketplace and fulfillment and data analytics and insights.

重要的是，雖然我們在本季度客戶NPS 椎骨達到歷史新高的水平上提高了效率，但隨著我們擴大住房會員市場、履約和數據分析等增長動力，我們還將繼續重塑我們的利潤組成和業務組合。

Global advertising business increased 28% in Q. three, 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 U.S., which grew 26%.

全球廣告業務在第三季度增長了 28%，其中國際廣告業務增長了 50%，其中 Flipkart 領銜，並得到了 BBD 的協助。活動以及美國 Walmart Connect 的另一個強勁季度增長了 26%。

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

我們正在建立一個非常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，特別是幫助客戶發現流行趨勢的相關商品，並比較享受沃爾瑪每日低價的選擇，這讓我深受鼓舞。

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

我們也對美國會員計劃的趨勢感到滿意。

Sam's Club continue to grow membership count and increase its penetrate plus members, resulting in 15% membership income growth, while Walmart plus membership income grew double digits.

山姆會員店持續增加會員數量並增加其滲透率+會員，導致會員收入增加15%，而沃爾瑪+會員收入則增加兩位數。

Again this quarter.

本季又來了。

Within International membership income in China from our Sam's Club business grew more than 30% as member counts continue to increase in the U.S. marketplace grew 42% in Q. three, and we've now seen more than 30% growth in each of the past five quarters.

隨著美國市場會員數量的不斷增加，我們山姆會員店業務在中國的國際會員收入增長了 30% 以上，第三季度增長了 42%，而我們現在看到過去每年的增長都超過 30%五個季度。

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

該平台上的賣家數量繼續以兩位數增長，商品數量接近 7 億件，客戶想要市場上的品牌和商品種類更加豐富。

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

美妝、玩具、家居用品和家居用品的銷售額均增加了 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。

Result, more sellers are using our marketplace from IT services with WFS. sales penetration reaching record highs at more than 40% outside of the U.S., we're seeing similar for encouraging trends.

結果，更多賣家透過 WFS 的 IT 服務使用我們的市場。美國以外地區的銷售滲透率達到歷史新高，超過 40%，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.

例如，我們在墨西哥、加拿大和智利的市場。

Combined in Mexico, the number of items delivered through FS. grew over 50%.

在墨西哥，透過 FS 交付的物品數量總計。增長超過50%。

And during Flipkart big Days event, we experienced same-day delivery growth 2.5 times higher than last year.

在 Flipkart big Days 活動期間，我們的當日配送成長比去年高出 2.5 倍。

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

本季度，Flipkart 還推出了名為 Flipkart 的快速商務服務，這意味著許多城市都可以為各種商品提供 15 分鐘內的送貨服務。

Including groceries and electronics and within data analytics and insights, Wal-Mart data ventures continues to grow rapidly with net sales up double digits.

包括雜貨和電子產品以及數據分析和洞察在內，沃爾瑪數據企業持續快速成長，淨銷售額成長了兩位數。

Client base has more than doubled over the past year.

過去一年，客戶群增加了一倍以上。

We're excited about the continuing to broaden our reach to new markets by launching the platform in Canada.

我們很高興透過在加拿大推出該平台來繼續擴大我們對新市場的影響力。

This month.

本月。

As a reminder, the margin gains we were 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，我們在美國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所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 helps in grocery until we return to more normalcy cycle across GM categories.

我們的計劃要求普通商品在未來幾季有所改善，但繼續表現不佳有助於雜貨店的表現，直到我們在通用汽車類別中恢復更正常的週期。

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

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、家居裝飾和汽車供應商。

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 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，提供了能力投資，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%.

綜合營業收入成長 9.8%。

Currency and adjusted EPS increased nearly 14% to $0.58 per share.

匯率和調整後每股收益成長近 14%，至每股 0.58 美元。

Now turning to guidance, we are raising our full year guidance to reflect strong third quarter results.

現在轉向指導，我們正在提高全年指導，以反映強勁的第三季業績。

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

在比較基礎上，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%。

Care to our guidance that we provided at the start of the year.

請注意我們在年初提供的指導。

We now expect operating income to grow nearly 400 basis points more at the midpoint.

我們現在預計營業收入中點將再成長近 400 個基點。

Adjusted EPS is expected to be between $2.42 and $2.47 versus prior guidance of 2005 to 2 43.

調整後每股收益預計為 2.42 美元至 2.47 美元，而先前的指導值為 2005 年至 2 43 美元。

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%.

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%。

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

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

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 Q three after being a tailwind in Q1 and neutral in Q2 three, currency pressured reported sales and operating income growth by about 70 basis points and 160 basis points, respectively.

繼第一季的順風和第二季的中性之後，貨幣波動對第三季的業務產生了負面影響，貨幣波動對報告的銷售和營業收入成長分別造成約 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 and the leader sitting around the table with me today, along with our team of over 2 million associates around the world, are executing on it.

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業績以及今天與我坐在一起的領導者以及我們超過 200 萬名員工的團隊確實令我們深受鼓舞世界各地都在執行它。

Hopefully you share my sentiment.

希望你能分享我的感受。

We appreciate your interest in Wal-Mart 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。

Thank you.

謝謝。

You'd like to ask a question, please press star one on your telephone keypad.

您想提問，請按電話鍵盤上的星號一。

Confirmation tone will indicate your line is the question here.

確認音將表明您的線路是此處的問題。

You may press star two if you'd like to move your questions.

如果您想轉移問題，可以按星二號。

And I can't tell participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

我無法告訴使用揚聲器設備的參與者，在按星號鍵之前可能需要拿起聽筒。

As a reminder, we ask you each keep to one question.

提醒一下，我們要求你們每個人回答一個問題。

Thank you.

謝謝。

Our first question comes from the line of Kate McShane with Goldman Sachs.

我們的第一個問題來自凱特·麥克肖恩 (Kate McShane) 與高盛 (Goldman Sachs) 的對話。

Please proceed with your question.

請繼續你的問題。

Hi, good morning.

嗨，早安。

Thank you for taking my question.

感謝您回答我的問題。

We want to focus our Question and general merchandise gross margin levels.

我們希望重點關注我們的問題和一般商品的毛利率水準。

While general merchandise inflected positive in the quarter, it still seems like NextRadio hardware was based on every day to give you a view on when this gets more balanced.

雖然一般商品在本季度出現積極變化，但 NextRadio 硬體似乎仍然以每天為基礎，讓您了解何時變得更加平衡。

And if we were to see a lot of trade and general merch versus consumables and the growth in the alternative revenue businesses, gross margin expansion look like.

如果我們看到大量的貿易和一般商品與消耗品以及替代收入業務的成長，那麼毛利率就會擴張。

Kate, this is Doug.

凱特，這是道格。

As it relates to general merchandise settle first and then ask all three of the segment leaders to speak.

因為涉及百貨，先安定下來，然後請三位部門主管發言。

And we love general merchandise first party in the first party merchant, something we obviously grew up doing.

我們喜歡第一方商家中的一般商品第一方，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.

所以這是我們熱衷的事。

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

在當今世界，我們可以先在商店和俱樂部中發展部分百貨商品，再加上他們的電子商務，包括取貨和送貨以及向市場的擴張。

So I think we've got a lot of opportunity kind of 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 to John, Chris and cast can chime in share.

約翰，你為什麼不先去找約翰呢，克里斯和演員們可以一起分享。

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 said about seasonal merchandising have been stores just the last couple of months in Utah account that last week, Philadelphia, Tennessee and list goes on and on in the stores are already there and they are really sets and we had a good back-to-school.

我們說過，關於季節性商品，最近幾個月才在猶他州的商店裡，上週，費城、田納西州和商店裡的清單已經在那裡了，它們真的已經準備好了，我們有一個很好的背對-學校。

We had a good how Halloween it is important to string these holidays together, we go into the season with momentum.

我們度過了一個愉快的萬聖節，將這些假期串連在一起非常重要，我們充滿動力地進入這個季節。

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棒的計劃。

It's early November.

現在是十一月初。

So the team will be working on consistent execution of the next couple of months to deliver the best quarter we can for our customers, as we said of general, merchandise have proved, we are still it still experiencing some deflation.

因此，團隊將在接下來的幾個月中持續努力，為客戶提供最好的季度服務，正如我們所說的一般情況，商品已經證明，我們仍然在經歷一些通貨緊縮。

In general.

一般來說。

Merchandise is in the low to mid-single digit range.

商品處於中低個位數範圍內。

That hasn't changed for some time, but we are positive comp due to growth in units prime, Merilee coming out of, as we said earlier, home toys, some of our categories, we're seeing some real bright spots as well in the marketplace with fashion and apparel are really excited about the mix.

這種情況已經有一段時間沒有改變了，但由於主要單位的增長，我們的競爭是積極的，正如我們之前所說，Merilee 來自家庭玩具，我們的一些類別，我們也看到了一些真正的亮點時尚和服裝市場對這種組合感到非常興奮。

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 set seasonally and with our eCommerce business growing at 22% in the quarter, that puts us in a spot with some momentum as we enter the fourth quarter.

因此，我們有很多方式可以向客戶提供服務，無論是在商店裡，這真的很令人興奮，正如我所說的季節性設置，而且我們的電子商務業務在本季度增長了22％，這使我們當我們進入第四季度時，這一點具有一定的勢頭。

Yes. Thanks, John.

是的。謝謝，約翰。

I mean, just a lot of similarity that with us, we love general merchandise. We are excited about items.

我的意思是，與我們有很多相似之處，我們都喜歡日用百貨。我們對物品感到興奮。

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

如果您考慮我們建立所有戰略重點的方式，您會發現這不僅僅是消耗品和食品遊戲。 Mesa絕對是一款GM遊戲。

If you think about the increase engagement, the growth in e-commerce that help people see the gray items we've got than investing in the position.

如果你考慮參與度的增加，電子商務的成長可以幫助人們看到我們擁有的灰色產品，而不是投資這個職位。

We're investing in a great fine. And Doug talked about it in his opening remarks.

我們正在投資巨額罰款。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 club, but also the items that you can buy and on and this online to offline connectivity.

我們在如何銷售您可以在俱樂部購買的商品、以及您可以在網上購買的商品以及線上到線下的連接方面投入了大量精力。

And it's really powerful.

而且它真的很強大。

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

我們看到該俱樂部的百貨商品參與度顯著增加，我認為這是我們今天策略的具體體現。

There's a couple of other things.

還有其他一些事情。

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 and you, but units are still moving ahead of comps.

我想說，從比較的角度來看，我們真的很高興看到第二季通用汽車和你們的積極比較，但單位仍然領先於比較。

So there's still good value out the And similar to John, like in home tech, toys, seasonal, that coal all doing really well and back to college and how away and we're also really strong.

因此，與約翰類似，在家庭科技、玩具、季節性、煤炭方面仍然有很好的價值，回到大學，我們也非常強大。

So we see that momentum continue.

所以我們看到這種勢頭仍在繼續。

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

我說，從國際角度來看，我們看到了 G. 以及墨西哥、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 growing our strength in delivery and I am from same day and also within our, we're seeing that John and growth continued at kind of correlate with that a convenience play.

因此，隨著我們在交付方面的實力不斷增強，我來自同一天，也在我們內部，我們看到約翰和成長的繼續與這種方便的遊戲相關。

I think, to drive G&A growth over the next few years.

我認為，推動未來幾年的一般行政費用成長。

E-commerce becomes crucial.

電子商務變得至關重要。

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

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 pop-up toys shop outside of one of our stores that is just dominant in the toy category.

上週我們在墨西哥時，我們在一家商店外面看到了快閃玩具店，該商店在玩具類別中佔據主導地位。

Look, gorgeous, fun to shop.

瞧，漂亮，購物很有趣。

Kids love it.

孩子們喜歡它。

We just have such an opportunity in the physical world as well as of 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。

Thank you.

謝謝。

Our next question comes from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀集團的 Michael Lasser。

Please proceed with your question.

請繼續你的問題。

Good morning.

早安.

Thank you so much for taking.

非常感謝您的採納。

My question was are finding out about its ability to drive steady growth in the core business while reinvesting back in areas like price in wages to lay the foundation for the future.

我的問題是了解其推動核心業務穩定成長的能力，同時在薪資價格等領域進行再投資，為未來奠定基礎。

And as the Company generate more or evidence of the Google emerging alternative revenue streams, does it make sense to invest even more in these areas or other diminishing over time such that the overall enterprise wide pluggables can accelerate next year, any bond even as we make sizable investments back in the business?

隨著公司產生更多或谷歌新興替代收入來源的證據，在這些領域進行更多投資或隨著時間的推移而減少的其他領域是否有意義，以便明年整個企業範圍的可插拔設備可以加速，即使我們做出任何債券大量投資回到業務？

Thank you so much.

太感謝了。

Thanks, Michael.

謝謝，麥可。

This is a real-time conversations that we have all the time are we investing the right amount back?

這是我們一直在進行的即時對話，我們投資的金額是否正確？

You called out prices and wages.

你喊出了物價和工資。

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

我認為這兩個領域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.

顯然，我們認為我們的投資金額是正確的，但情況是不穩定的。

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

我們關注價格差距，關注就業市場發生的情況，如果我們願意的話，我們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 on the capital side.

因此，我認為從某種損益表的角度來看，我覺得我們在資本方面採取了適當的激進態度。

You know that we've done made some significant decisions over the last few years to invest in automation and the supply chain, for example.

您知道，我們在過去幾年中做出了一些重大決定，例如投資自動化和供應鏈。

But we're also being, I think, very aggressive as it relates to store and club remodels.

但我認為，我們在商店和俱樂部改造方面也非常積極。

So I feel like on the capital side, we're also being aggressive.

所以我覺得在資本方面，我們也很激進。

And as we do that, because of the way that Tom, we've set ourselves up, we can grow profit faster than sales and do those things at the same time, it's just a matter of degree, and we will manage that as we go from the weak.

當我們這樣做時，由於湯姆的方式，我們為自己設定的方式，我們可以比銷售額更快地增長利潤，同時做這些事情，這只是一個程度的問題，我們將按照我們的方式來管理它從弱者出發。

Yes, Michael, I would add to Doug's point that, but 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，但我們覺得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 have the next three to five years, but we want to continue to have the same type of financial requires Elixir Group.

我們還有未來三到五年的時間，但我們希望繼續擁有與 Elixir 集團相同類型的財務需求。

We feel are striking that balance appropriately.

我們認為我們正在適當地實現這種平衡。

In terms of the year.

從年份來看。

Part of the question about our bill LT to maybe accelerate profits into the future.

關於我們的LT法案的部分問題可能是為了加速未來的利潤。

We're comfortable with the outlook that we provided.

我們對我們提供的前景感到滿意。

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, as most should, on average, be about 4%.

我們說過，考慮未來幾年我們的財務架構的方法是，營業收入的成長速度將快於銷售額的成長，因為大多數平均成長應在 4% 左右。

Some years will be a little better some years, maybe a little bit worse had two years now since we provided that outlook.

自從我們提供這一前景以來，有些年份會好一些，有些年份可能會更糟一些。

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% 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我們今年的指導，那就表明我們的利潤增長了約 5% 和 10% 左右。

We're really pleased about that.

我們對此感到非常高興。

But that is not a matter of us being overly conservative or conservative or anything like that.

但這並不是我們過於保守或保守之類的問題。

It's really excuse me, it's really a execution by the team sitting around this table with anything that we do with any strategy that we have.

真的很抱歉，這實際上是坐在這張桌子旁的團隊根據我們現有的任何策略所做的任何事情的執行。

There's always going to be things where you areas where you overperform or underperform, but what she has done a really good job at executing on the basics and also our newer faster-growing businesses.

總是會有一些事情你表現出色或表現不佳，但她在執行基礎知識和我們新的快速成長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, yes, 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 still what we believe today and can.

但我們所製定的金融架構仍然是我們今天所相信和能夠做到的。

Our next question comes from the line of Simeon Gutman with Morgan Stanley. Please proceed.

我們的下一個問題來自西蒙·古特曼與摩根士丹利的對話。請繼續。

Good morning.

早安.

Hi, everyone.

大家好。

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

我想談談頂部，看起來它在第三季相對於第二季有所加速，即基礎運行率。

Can you talk about the underlying inflection years?

您能談談潛在的轉折點年份嗎？

What do we attribute that to come at a low?

我們將其歸因於較低的原因是什麼？

If it's merchandising marketplace, membership all the above and have we inflected?

如果是商品市場、會員制的話，就活用了嗎？

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

是不是感覺我們被選擇了更高的成長率？

Thank you.

謝謝。

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

對我來說，感覺非常一致。

I think 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.

我認為，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，情況確實有所增加。

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

但我仍然覺得我們正在運行相同水平的 Momenta 相同的經濟。

The fourth quarter will be fun to watch the calendars, not our favorite with fewer days between Thanksgiving and Christmas.

第四季看日曆會很有趣，但不是我們最喜歡的，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。

Assuming I'd add that it does feel very consistent to the one exception to that does maybe the timing of the big Days event from, as you know, that that can phone to third quarter some years, fourth quarter in other years goes back and forth because of the way it fell this year, it added about six points of growth to the top line for us in 3Q.

假設我要補充一點，它確實感覺與一個例外非常一致，也許大型日活動的時間安排從，如你所知，可以電話到某些年份的第三季度，其他年份的第四季度可以追溯到，由於今年的下滑，它為我們第三季的營收增加了約六個百分點。

It also will work against us in 4Q, but other than that and which is just a bit, the business is performing very consistently as Doug said.

這也會在第四季對我們不利，但除此之外，正如道格所說，該業務的表現非常穩定。

And our next question comes from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

Please proceed with your question.

請繼續你的問題。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

The changes to in the 4Q operating income guide relative to where you started the year ex the FX change.

第四季營業收入指南中相對於年初的變動（匯率變動除外）。

To what extent did you change in outlook overall in the U.S. Any called out Sam's wage investment, but was there any changes in your expectation around gross margin, given what you're seeing in the alternative profit pools?

您在多大程度上改變了美國的整體前景？

And in 4Q is a big spike in terms of volume.

第四季的交易量大幅成長。

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

那麼這能否讓美國對美國業務獲利呢？

Thank you.

謝謝。

All of others may want to join in that.

所有其他人可能都想加入其中。

Chris, the way I'd probably characterize this, if you look at our guidance last quarter versus what's implied this quarter, there's a modest improvement in fourth QM. performance.

克里斯，我可能會描述這一點，如果你看看我們上個季度的指導與本季度暗示的情況，第四個 QM 會有適度的改善。表現。

There's not been a lot of change before that in terms of our outlook, performances been performing, as we've said, pretty consistent in terms of GM, maybe one thing that has improved a bit a little bit better than what we expected at the beginning of the year.

在此之前，就我們的前景而言，並沒有太大的變化，正如我們所說，就通用汽車而言，表現一直表現得相當一致，也許有一件事比我們在本次會議上的預期有所改善。

And by GM, I'm talking gross margin shrink shrink has performed a little bit better in the US and Sam's segment for the first part of the year here.

就通用汽車而言，我說的是今年上半年美國和山姆細分市場的毛利率收縮表現稍好。

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

但除此之外，這些業務的表現仍與前幾季非常一致。

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

你確實看到一些更數位化的業務，我們所做的業務在第三季的轉折點稍高。

I think also that you keep in mind that that's a function of big days that I just mentioned, but just go down the list, you look at as an enterprise, 28% average size and growth, 42% marketplace growth, 22% membership income growth.

我還認為，您還請記住，這是我剛才提到的重要日子的函數，但只要往下看，您就會將其視為一家企業，平均規模和增長率為28%，市場增長率為42%，會員收入為22%成長。

But we are executing our value proposition is resonating with customers, and that's why you're seeing this gain share.

但我們正在執行的價值主張引起了客戶的共鳴，這就是您看到這種份額成長的原因。

As it relates to profitability in e-commerce, we don't think we should raise to this a long-term game.

由於它關係到電子商務的盈利能力，我們認為我們不應該對此進行長期遊戲。

The 1P 3P mix is one dimension to manage risk components.

1P 3P 組合是管理風險成分的一個向度。

We should carry more first party items and that's some now delays crossing the threshold of profitability were good with that because that's what customers want.

我們應該攜帶更多的第一方產品，現在延遲跨越獲利門檻是件好事，因為這就是客戶想要的。

That's what will drive growth investments and delivery speed cause us to reach profitability of the later.

這將推動成長投資和交付速度，使我們實現後者的利潤。

That's fine, too.

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, whether that happens today, MRO week from now or month on a quarter from now, I don't really care the total works at opportunity to grow our e-commerce business.

因此，我認為我們非常有信心在電子商務中賺錢，無論是今天、MRO 週後還是每季後的一個月，我並不關心成長機會的總工作量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 made 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了錢，但他們只是繼續前進，不再進行這種對話。

And as we've said several times, the shape of the new the income statement and you split it between the original income statement that looks like Astoria now and the new income statement that Scott membership, advertising, fulfillment services, data monetization and maybe some other things happen and it's more profitable.

正如我們多次說過的那樣，新損益表的形式將其分為看起來像現在的阿斯托利亞的原始損益表和斯科特會員資格、廣告、履約服務、數據貨幣化以及可能的一些內容的新損益表。

It just took comparative investments to get there.

只需進行比較投資即可實現這一目標。

So again, we'll grow profit faster than e-commerce will be part of the mix.

因此，我們的利潤成長速度將快於電子商務的成長速度。

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

我們認為這是一個優勢地位，我們期待有一天告訴您我們在全球範圍內的電子商務中賺錢，因為它顯然也因國家而異。

Our next question comes from the line of Robbie Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robbie Ohmes。

Please proceed with your question.

請繼續你的問題。

Well, good morning and I think thanks for taking my question on done this share gains with upper income consumers you guys keep talking about, I was hoping you could sort of talk about it across three dimensions, you know, the grocery versus general merchandise with that upper income, consumer price driving that versus convenience with that consumer and then sort of stores versus a huge marketplace growth in Germany, upper income consumer.

好吧，早安，我想感謝您提出我的問題，即你們一直在談論的高收入消費者的份額收益，我希望你們能從三個維度來談論這個問題，你知道，雜貨與一般商品高收入、消費者價格推動這一趨勢與消費者的便利性以及商店與德國巨大的市場成長、高收入消費者的關係。

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

羅比，我先走，但我也會邀請約翰或其他人也來插話。

It is and all the above answer.

就是上面所有的答案。

We want to sell grocery MGM.

我們想賣雜貨米高梅。

And if you go through and looked at by category by income, will 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.

如果你按收入按類別進行查看，會發現它的表現是否與一般商品相同，即人們在許多情況下將我們作為主要目的地來購物，然後他們向我們提供跨類別的反饋。

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

如果你看看我們的非消耗品，我們的份額相當高，並且相對於我們在一般商品中看到的東西來說是一致的。

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

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，但我們在該領域的份額較低且有許多時尚類別。

Just a customer telling us over the years, I'd rather buy apparel somewhere else.

多年來，一位顧客告訴我們，我寧願在其他地方購買服裝。

But in a nominee world, we have an opportunity with brands.

但在提名世界中，我們有品牌機會。

We have an opportunity with presentation from to increase the amount of market share we have in some of those categories where we should have hired had a higher share all and that e-commerce opportunity is kind of bearing out.

我們有機會透過展示來增加我們在某些​​類別中的市場份額，我們應該在這些類別中僱用更高的份額，並且電子商務機會正在顯現。

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

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, we have more opportunity in fashion areas than we do in basic areas.

所以當我從品類的角度考慮時，主題對我來說看起來是一樣的，我們在時尚領域比在基礎領域有更多的機會。

And that's always been true as it relates to price versus convenience.

這始終是事實，因為它涉及價格與便利性。

Everybody wants to save money and everybody wants to save time.

每個人都想省錢，每個人都想節省時間。

But it's I continue on those that have more discretionary income and wanted to save time are liking what we're doing with a pickup and delivery.

但我繼續認為，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 through a membership, what's happening with our remodels from what's happened with convenience.

我看看沃爾瑪+發生了什麼，以及你透過會員資格建立的關係，我們對便利性的改造發生了什麼。

And it gives me more optimism that that this is something that's going to last a long time.

這讓我更加樂觀，因為這將持續很長時間。

And it was a different inflection point that I leave anything for you to keep.

這是一個不同的轉捩點，我留下了一切讓你保留。

Well, those sorry, I'm right on.

好吧，抱歉，我說得對。

I'll just add a couple of things that data gum.

我將添加一些數據口香糖的東西。

I think you covered a lot of it, but really, we do get the question from time to time in about the different ways that we can serve consumers and how that's different from, say, a decade ago or even five years ago, as we become Omni, we have the ability to sell customers in the store at the curve deliver to their home, and we can do that whenever they want.

我認為您涵蓋了很多內容，但實際上，我們確實時不時地遇到這樣的問題，即我們可以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，因為我們成為Omni 後，我們就有能力在店內向顧客銷售產品並送貨上門，而且只要他們願意，我們就可以做到這一點。

In many cases.

在很多情況下。

However, they want and we heard earlier a number of orders that are sub three hours and are prioritizing time and price.

然而，他們想要，我們之前聽到了一些不到三小時的訂單，並且優先考慮時間和價格。

So that you are one of your questions is is not, and I want to be a great price convenient, and we can do both.

所以你的問題之一是不是，我想要一個偉大的價格方便，我們可以兩者兼得。

At the same time, the expansion and delivery catchments there, expansion delivery, the delivery density and they are as operation have helped us lower our costs, which enabled us to serve customers more flexibly.

同時，那裡的配送範圍的擴大，配送範圍的擴大，配送的密度以及營運情況都幫助我們降低了成本，使我們能夠更靈活地為客戶服務。

So we can do both of those are the same in categories like grocery of, yes, price obviously matters and sodas quality.

因此，我們可以在雜貨店（是的，價格顯然很重要）和蘇打水品質等類別中做到這兩者是相同的。

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

我們確實看到，正如我們之前指出的，我們的市佔率成長的很大一部分來自於僱用一些客戶，這種情況已經發生了幾個季度。

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 in the mix is higher than answer.

我們看到無麩質和乾雜貨或草飼牛肉、有機農產品等類別，我們的份額、提貨和送貨比例要高得多。

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

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，並且可以以這種方式交付。

And then and then last thing is, as Doug had mentioned, this expansion, eCommerce congrats the team for another quarter with momentum at 22% growth.

最後一件事是，正如 Doug 所提到的，電子商務的這次擴張讓團隊在另一個季度取得了 22% 的成長勢頭。

The leading that growth is our marketing 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 prior to this one from Wal-Mart and worse, seeing bright spots in apparel and toys foods.

引領這一成長的是我們的行銷團隊和我們的市場業務，這只是告訴您，我們的客戶正在尋找比之前幾年從沃爾瑪獲得的更多品種，更糟糕的是，他們看到了亮點服裝和玩具食品。

So it's across the board.

所以這是全面的。

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 to just pushing from Sam's point of view, whilst we some of them come down the income, we do definitely skew higher than the core Wal-Mart.

也許只是從薩姆的角度來看，雖然我們中的一些人降低了收入，但我們的收入確實比核心沃爾瑪要高。

And what I would say is that they love price more than anybody like prices at cottage evolves, but great items at great prices we think isn't enough.

我想說的是，他們比任何人都更喜歡價格，就像小屋的價格不斷變化，但我們認為物美價廉還不夠。

And so you're seeing an acceleration in all of the metrics in Sam's because we're also leaning into experience.

因此，您會看到 Sam's 的所有指標都在加速成長，因為我們也傾向於經驗。

And a big part of that is convenient.

其中很大一部分是方便。

Simba.

辛巴。

You see the impact of that.

你看到了它的影響。

Thank you.

謝謝。

Our next question comes from the line of Kristina Kazarian with Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯蒂娜·卡扎里安（Kristina Kazarian）。

Please proceed with your question.

請繼續你的問題。

Hi, good morning, Doug and John.

嗨，早上好，道格和約翰。

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

大衛，我想深入研究一下電子商務的優勢。

Okay.

好的。

Could you talk about what you think is a sustainable on a go-forward basis?

您能否談談您認為未來永續發展的因素是什麼？

Clearly, it's a much larger business that you have a lot more or less on that are driving it as well.

顯然，這是一個更大的業務，你或多或少也有很多東西在推動它。

Whether we think about like it plays out memberships is how do you see the rapid expansion likely place salaries and he has contributed to both growth and as we think about improving the profitability over the next several quarters.

無論我們是否考慮會員資格，你如何看待快速擴張可能對薪資的影響，他對成長以及我們考慮在未來幾季提高獲利能力做出了貢獻。

And as part of that, can you talk about general merchandise performance and it's up both in stores and in the marketplace and in some an assortment perspective, as we think about newness and integration that you call largest.

作為其中的一部分，您能談談一般商品的表現嗎？

But equally I am excited most about holiday.

但同樣我最興奮的是假期。

Thank you.

謝謝。

Is that all Christina, I'm excited about this year.

這就是克里斯蒂娜的全部，我對今年感到很興奮。

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

我們不僅提供優質的物品，還提供便利。

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 and you can expect that we're going to continue investing to carry experience to result in more growth from we have a relatively low market share in e-commerce versus brick-and-mortar.

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，你可以預期我們將繼續投資以累積經驗，從而帶來更多與實體店相比，我們在電子商務領域的市場佔有率相對較低。

And that's our opportunity.

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 there sake of a nice connection between these businesses.

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，以便在這些企業之間建立良好的聯繫。

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 commerce businesses, you get an opportunity to sell and add cell membership for delivery to get additional data.

當您開展第一方和第三方商務業務時，您有機會出售和添加單元會員資格以進行交付，以獲得更多資料。

And it all at all does work together in 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 that's nice for that mix us up that not only gives us top line growth, but it gives us bottom line growth.

正如我剛才提到的，這對我們的混合是件好事，它不僅為我們帶來了營收成長，也為我們帶來了利潤成長。

It is I'll just wrap up by saying it is still an item business and it's still fun like we talk these days a lot about our technology and our investments.

我最後想說的是，這仍然是一個專案業務，而且仍然很有趣，就像我們這些天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.

但到了每年的這個時候，尤其是在談論感恩節大餐時，這個熱門玩具將會很有趣。

That's a lower price this year than it was a year ago, is fun to be part of.

今年的價格比一年前更低，參與其中很有趣。

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

今天我們坐在一個充滿聖誕節氣氛的房間裡，在今年的這個時候感到很興奮。

Thank you.

謝謝。

Our next question from the line of Scot Ciccarelli with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Scot Ciccarelli。

Please proceed with your question.

請繼續你的問題。

Good morning, guys.

早安，夥計們。

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

我想您之前已經向我們提供了一些數字，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 that this quarter?

那麼問題是這個季度嗎？

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

那麼是否可以對會員廣告、3P 等方面的驅動因素進行排名呢？

Thanks.

謝謝。

It's John, David. I'll take that the numbers this quarter to last quarter.

這是約翰、大衛。我將採用本季到上季的數字。

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

因此，會員費和廣告收入為我們的營業收入成長貢獻了略多於一半的收入，佔整體營業收入的三分之一左右，為我們的業務成長提供了動力。

But they don't work without getting the basics right on core retail.

但如果沒有掌握正確的核心零售基礎知識，它們就無法發揮作用。

So I think we're striking a nice balance for all of that worth noting that this quarter were 18 for our business is 18% e-commerce.

因此，我認為我們在所有方面都取得了很好的平衡，值得注意的是，本季我們的業務中有 18% 是電子商務。

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

回想一下 Christine 的問題，這比去年提高了 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 their with their front end and Walmart Canada's add on that and say, I think a look at our results, we've consistently grown profit faster than sales every quarter this year.

顯然，我們的客戶正在從他們的前端和加拿大沃爾瑪的附加功能中發現價值，並說，我認為看看我們的結果，我們今年每季的利潤成長速度一直快於銷售成長。

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

當你分解它時，你會發現主要是那些增加了更高利潤的輔助業務推動了這個結果。

I look at our advertising business is up 50%.

我看我們的廣告業務成長了50%。

And that is largely because of baby day that the other markets growth is also strong and will say that kind of as you look at the half versus the quota may look at the growth in those businesses, it's at tightening revenue, its membership by saying like membership growth across each of the individual markets with different slightly different offerings, but all of them tailored to what are the needs of the local consumers.

這主要是因為嬰兒日，其他市場的成長也很強勁，並且會說，當您查看一半與配額的情況時，可能會看到這些業務的增長，它是在收緊收入，其會員資格會這樣說每個市場的會員數量增長，提供的產品略有不同，但所有產品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, well, it's really helping that whole model play out.

因此，隨著金融服務的增加，它確實有助於整個模式的發揮。

And the consistency of execution across quarters, I think has been and what are the things I'm most proud of.

我認為，各季度執行的一致性是我最引以為傲的。

Maybe one more thing to add, whether it's the international business or here in the United States.

也許還需要補充一件事，無論是國際業務還是美國本土業務。

When we look at the composition of growth engine for us, as an example, there's a healthy balance between increased traffic in and improved conversion.

例如，當我們審視成長引擎的組成時，會發現流量增加和轉換率提高之間存在著健康的平衡。

So you've got more shoppers that are coming to to Wal-Mart or Wal-Mart properties that are finding value in price and convenience, but we're also getting better at how we serve those customers.

因此，越來越多的購物者來到沃爾瑪或沃爾瑪旗下酒店，他們發現了價格和便利性的價值，但我們在為這些客戶提供服務方面也做得越來越好。

And I would say that through conversion, like where we're getting better at converting someone who may just be eyeballs, looking at our website, actually completing a checkout and putting something in their basket and having it delivered to their or how So we're pleased with our progress, but it also indicates we still have a long ways to go.

我想說的是，透過轉化，就像我們更好地轉化那些可能只是眼球的人，瀏覽我們的網站，實際完成結帳並將東西放入他們的購物籃中，然後將其交付給他們或如何所以我們'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 them better and her team is very focused on that.

我們更了解他們，她的團隊也非常關注這一點。

Thank you.

謝謝。

Our next question comes from the line of Peter Keith with Piper Sandler.

我們的下一個問題來自彼得·基思和派珀·桑德勒的對話。

Proceed with your question.

繼續你的問題。

So maybe as a follow-up to Scott's question, you did flag general merchandise should continue to improve in the coming quarters.

因此，也許作為斯科特問題的後續行動，您確實指出日用百貨在未來幾季應繼續改善。

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 alike.

我想知道這種持續的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，這裡的加速良好，以及供應商廣告等。

Sure 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.

當然，在其他條件相同的情況下，您會期望這會對損益表產生正面的影響，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 is on us and continuing to grow our assortment through our marketplace.

但其中一些是由我們承擔的，並繼續透過我們的市場增加我們的品種。

But some of it is through of function of the economy overall.

但其中一些是透過整體經濟的功能來實現的。

And so we'll watch that closely thinking.

因此，我們將密切關注這一想法。

And our next question comes from the line of Peter Benedict with Baird.

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德的對話。

Please proceed with your question.

請繼續你的問題。

Good morning, everyone.

大家早安。

Thanks for.

謝謝。

Thanks for taking my question.

感謝您提出我的問題。

Really just around the turn on competition.

真的就在競爭開始的時候。

I'm curious of your observations, what you're seeing in terms of the competitive response to the share gains that continue to have to the business, I think primarily the US, but really any comments around that would be.

我很好奇你的觀察結果，你所看到的對業務持續增長的份額增長的競爭反應，我認為主要是美國，但實際上任何圍繞這一點的評論都會是。

Yes, will be helpful.

是的，會有幫助的。

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 focused on today is different and it's changing over time, probably the more rapid rate than it used to being in China and Mexico.

我想我唯一要說的是，我們今天關注的競爭環境有所不同，並且隨著時間的推移而變化，變化的速度可能比以前在中國和墨西哥更快。

Recently, we have some strong competitors there.

最近，我們在那裡遇到了一些強大的競爭對手。

And the ones we're focused on are ending from are different than the ones they were that we were focused on just a few years ago, go here in the U.S. competition from all kinds of different directions.

我們所關注的結局與我們幾年前所關注的不同，從各種不同的方向進入美國競爭。

So our mindset is to be aware to watch to learn and when we see the customer responding to something to react if it makes sense for us to react and adapt to change if we need to change.

因此，我們的心態是要意識到觀察學習，​​當我們看到客戶對某些事情做出反應時，如果我們需要改變，我們就會做出反應並適應變化。

So we've tried to stay focused straight ahead on customers.

因此，我們努力將重點放在客戶身上。

Members focused on our associates, have our competitors in our peripheral vision, but studied them and learn and apply.

成員們專注於我們的同事，我們的競爭對手在我們的視野範圍內，但他們研究並學習和應用。

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。

Thank you.

謝謝。

Next question comes from the line of Karen Short with nearly three years.

下一個問題來自近三年的凱倫·肖特（Karen Short）。

With your question.

帶著你的問題。

I have.

我有。

Thanks for taking my question and talk to you again.

感謝您提出我的問題並再次與您交談。

May I kind of have to incur related question?

我可能需要提出相關問題嗎？

So your OpEx at 21.2%, and wondering what the potential is to get closer to 19% and again, back to 19% and in the context of E. ON as it relates to losses?

那麼您的營運支出為 21.2%，您想知道在 E.ON 的背景下，接近 19% 並再次回到 19% 的潛力有多大，因為它與損失有關？

And then the second question was just with all these alternative revenue streams that you have left, plenty of are you looking at a materiality conversation?

然後第二個問題是，對於您留下的所有這些替代收入來源，您是否正在考慮實質對話？

Karen comparisons are for me this John, David, we report.

凱倫的比較對我來說是約翰，大衛，我們報告。

I'll take them in reverse order.

我會以相反的順序來處理它們。

We reported on a segment basis right now, and that satisfies the requirements that we have for segment reporting.

我們現在按分部報告，這滿足了我們對分部報告的要求。

So we'll continue to report our national Sam's and U.S. if something changes in our business will revalue reevaluate that in the future.

因此，如果我們的業務發生變化，我們將繼續報告我們的國家山姆和美國，將來會重新評估。

On OpEx.

關於營運支出。

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.

首先，本季的成長有幾個驅動因素，然後我將回答您有關成長趨勢的問題。

But in the current quarter, we saw a little bit more investment in marketing in the U.S. 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 incentive pay for it.

其他獎勵為此付出代價。

Frontline associates, we think it's important that our frontline associates are awarded in the same way that shareholders are.

第一線員工，我們認為重要的是我們的第一線員工以與股東相同的方式獲得獎勵。

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 who I think the essence of your question, which is the changing mix of our business.

另一個因素涉及我認為你問題的本質，也就是我們業務組合的變化。

And if you look at SG. on a on a brick and mortar basis, it's less than half in digital channels.

如果你看看SG。從實體通路來看，數位通路的佔比還不到一半。

And so as we continue to grow digitally, as we continue to have more coming through e-commerce, you're going to see some pressure on SG&A.

因此，隨著我們繼續數位化發展，隨著我們繼續透過電子商務獲得更多的收入，您將看到SG&A 面臨一些壓力。

That said, the team here is very focused on continuing to tried 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 S, um, that requires work, but there's in any company, especially one our size or there's always opportunities for efficiencies and the use of technology to better serve our customers and members.

因此，我們希望回到 S 的 20% 範圍，嗯，這需要努力，但任何公司，尤其是我們規模的公司，或者總是有機會提高效率和使用技術來更好地服務我們的客戶，成員。

So we're working on that.

所以我們正在努力解決這個問題。

But um, 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.

但是，嗯，你必須記住，隨著我們變得更加數位化，你將看到 SG&A 線面臨的壓力。

Thank you.

謝謝。

Our next question comes from the line of Seth Sigman backplanes.

我們的下一個問題來自 Seth Sigman 背板系列。

Please proceed with your question.

請繼續你的問題。

Great.

偉大的。

Good morning, everyone.

大家早安。

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

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。

I am curious if that was impacted by the hurricane or if there are some other type of inflection that you're starting in basket size, maybe an improvement in GM or catchments.

我很好奇這是否受到颶風的影響，或者是否有其他類型的變化，你開始在籃子大小，也許是在通用汽車或集水區的改進。

It at all also may be a benefit of attracting that higher income consumer.

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，還有更多相關背景嗎？

Thanks so much.

非常感謝。

Good morning.

早安.

This is John.

這是約翰。

I think I think everything you said that some of the improvements that we did see in the quarter, we did mention that there were some tailwinds from some events that happened in the quarter.

我想我認為你所說的一切，我們在本季確實看到的一些改進，我們確實提到本季發生的一些事件帶來了一些順風車。

But the thing that I'm really proud of the team as 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 and low single digits to mid-single digits range were positive comps for the units that grew the I mean, it is all I think election in starting with are we selling the things that customers want to buy during the season?

正如我們所提到的，儘管出現了一些通貨緊縮和低個位數到中個位數的範圍，但我們的百貨業務對增長的單位來說是積極的補償，我的意思是，我認為選擇首先是我們銷售客戶的東西想在旺季期間購買？

There in seasons are important.

季節很重要。

And we ended October with a strong Halloween in all those added up important in this shift from, let's say, not necessarily from, but adding on digital business on top of our store base is helping us attract new buyers and serve them well, what the options that we have, the combination of both the product and service offerings are working on the growth in deliveries under three hours is impressive.

我們在10 月結束了一個強烈的萬聖節，所有這些在這一轉變中都很重要，可以說，不一定是，但在我們的商店基礎上增加數位業務正在幫助我們吸引新買家並為他們提供良好的服務，什麼是我們擁有的選項、產品和服務的結合正在努力使三小時內的交付量增長令人印象深刻。

The team's done 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 looking to save time.

我們知道客戶既追求價值又希望節省時間。

I think our final question this morning comes from the line of Greg Melich, Evercore ISI.

我想我們今天早上的最後一個問題來自 Evercore ISI 的 Greg Melich。

Please proceed with your question.

請繼續你的問題。

Thanks, Josh.

謝謝，喬許。

And I wanted to follow up on the membership growth and the what's what's driving that there are and what sort of behavior you're seeing in terms of lift from people when they do sign up for Walmart plus in particular and what that flows through in terms of the importance of data and internet and the new businesses?

我想跟進會員的成長情況，以及推動會員成長的因素，以及當人們註冊加入 Walmart plus 時，您會看到什麼樣的行為帶來了提升，以及這些行為在哪些方面會產生影響。網路以及新業務的重要性？

Greg or John, I'll start with Walmart plus.

格雷格或約翰，我將從沃爾瑪加開始。

Walmart plus is really important part of the offer.

Walmart plus 是優惠中非常重要的一環。

And as we said this morning with a clear strategy and our results reflect the financial framework that we have laid out, the growth in eCommerce as an indicator of where the customer is headed.

正如我們今天早上所說的，我們有明確的策略，我們的結果反映了我們制定的財務框架，電子商務的成長是客戶發展方向的指標。

And Walmart plus is a great way for customers.

Walmart plus 對顧客來說是個很好的方式。

Cost of delivery over time is that when someone joins the program, we're focused right away, ensuring that we deliver their order on-time when they ask for it, not ahead not after.

隨時間推移的交付成本是指，當有人加入該計劃時，我們會立即集中精力，確保我們在他們要求時按時交付他們的訂單，而不是提前或之後。

And that the orders is full and it's complete with as few as substitutions as possible.

並且訂單已滿，並且已完成並儘可能少地進行替代。

And then when we do that well, that that helped 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, helping them with a birthday cake or just somebody thinks we can do in core retail that makes life easier at a value for our customers.

然後，當我們做得好時，這有助於企業能夠與他們談論他們生活中發生的其他事情，無論是更換汽車輪胎、幫助他們準備生日蛋糕還是只是有人認為我們可以在核心零售領域做一些事情，讓我們的客戶的生活變得更輕鬆，並為他們帶來價值。

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 U.S. again.

我們再次提到沃爾瑪美國的業績成長超過兩位數。

So good to see the momentum and looking at from from here forward in this quarter, in particular, it's about executing really well.

很高興看到本季度的勢頭並展望未來，特別是，這與執行得非常好有關。

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 year when families get together for meals.

這是一年中家人團聚吃飯的時候。

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

非常重要的是，我們要為他們提供支持，讓他們度過最好的賽季。

Like have I just add from a national perspective, I think when we think about membership is a bit of a spectrum.

就像我剛剛從國家角度補充的那樣，我認為當我們考慮成員資格時，它有點像一個範圍。

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 have just launched beneficial to us, which has allowed us to get 20 million members sign-up, which allows us just to be a lot more personalized.

然後，如果你看看它在墨西哥剛推出的產品，對我們來說是有利的，這使我們能夠獲得 2000 萬會員註冊，這使我們變得更加個性化。

And the way that we show up for those members, those a free time loyalty membership programs right through to a paid membership where you're really bundling delivery capabilities.

我們向這些會員展示的方式，從免費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 markets.

如果你看一下，我們會發現大多數主要市場都在成長。

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

但如果我僅以山姆中國為例，他們的會員收入成長超過 30%。

And I think that is a testament to the quality of they say they pay and how attractive that is to our customers.

我認為這證明了他們所說的支付的品質以及這對我們的客戶有多大的吸引力。

The in-club offering, but also the ability to date, the convenience with like over 80% of their deliveries being under an hour.

俱樂部內提供的服務，還有約會的能力，以及超過 80% 的送貨在一小時內完成的便利性。

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

因此，我們將會員資格視為提高忠誠度的一種方式，以創造個性化的能力，使我們的會員擁有更豐富的粘性，並捆綁約會交付的能力，我估計這告訴我們非常重要。

Yes, I think in Sam's Club, we had a 15.1% growth in membership income, but none of this is all an achievement is just hard work.

是的，我認為在山姆會員店，我們的會員收入成長了15.1%，但這一切都不只是努力工作的成果。

John talked about execution, executing on our member value proposition with just value assortment is great experiences and is building that trust with the members.

約翰談到了執行力，透過價值分類來執行我們的會員價值主張是很棒的體驗，並且正在與會員建立信任。

So you build a lifelong relationship with them.

因此，您與他們建立了終生的關係。

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

正如您在電子商務和俱樂部中所聽到的那樣，我們取得了一些良好的成果，我們對此感到非常自豪，並且我們已經看到了其結果。

So great inputs give you a great outcomes.

如此好的投入會為你帶來好的結果。

And we've seen digital penetration increased 400 basis points scan and go up 250 basis points.

我們看到數位滲透率增加了 400 個基點，掃描增加了 250 個基點。

And that's resulted in all-time increasing plus penetrations.

這導致了滲透率的空前增長。

And our renewal is up 230.

我們的續訂金額增加了 230。

So just really needing those base to your members and giving them what they want gives you great outcomes.

因此，只要您的會員真正需要這些基礎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 and invest.

我們期待在未來幾週和幾個月內與你們中的許多人接觸並進行投資。

I won't ask you to mark your calendars for our next investment community meeting, which is on eighth and ninth, 2025.

我不會要求您為我們下一次投資社區會議（即 2025 年第八和第九次會議）標記日曆。

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

我們對這個團隊以及在座的團隊和人員感到非常自豪和感激，他們是我們世界各地員工中更廣泛的領導者。

Nice job of delivering short-term results managing today and building for tomorrow at the same time so that we can continue this momentum.

很好地完成了短期成果管理今天的工作，同時為明天建設，這樣我們就可以繼續這一勢頭。

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

我認為我們採取適當的激進態度，因為這與我們的投資水平有關，例如，無論是與價格、相關投資還是自動化相關。

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

我真的很高興，順便說一句，人們正在與我們的技術團隊合作，以更快、更有效的方式建立東西。

We've got room to improve their.

我們還有進步的空間。

We probably always what we're putting together the I think the outcome to grow the top line while growing the bottom line faster in a sustainable way.

我們可能總是將我們所整合的結果放在一起，我認為結果是在以可持續的方式更快地增加利潤的同時增加利潤。

But while making the necessary as we work towards kind of serve people better for four decades, it's been my experience at our customers and members more for things from us.

但是，儘管我們在四十年裡努力為人們提供更好的服務，但我在我們的客戶和會員身上的經驗更多地來自我們的服務。

They want low prices.

他們想要低價。

They want to really broaden the assortment, products and services.

他們希望真正擴大品種、產品和服務。

They want to have a great experience and that includes convenience and saving them time and they want to do business with somebody their trust and and they get which earn.

他們希望獲得良好的體驗，其中包括便利性和節省時間，他們希望與他們信任的人做生意，並且他們能獲得收入。

So we are working hard today to make sure that tomorrow and 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。

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。