沃爾瑪 (WMT) 2025 Q4 法說會逐字稿

Greetings.

問候。

Welcome to Walmart's fourth quarter fiscal year 2025 earnings call.

歡迎參加沃爾瑪 2025 財年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note this conference is being recorded.

請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations.

現在，我將會議交給投資人關係資深副總裁 Steph Wissink。

Steph, you may begin.

史蒂芬，你可以開始了。

Thank you.

謝謝。

Welcome, everyone.

歡迎大家。

We appreciate you joining us and your interest in Walmart.

感謝您的加入我們以及對沃爾瑪的關注。

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

今天與我一起在本頓維爾總部出席活動的還有沃爾瑪執行長 Doug McMillon；和財務長 John David Rainey。

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

道格和約翰戴維將首先分享他們對本季的看法，然後我們將開放熱線回答您的問題。

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.

在問答環節，我們的分會執行長將與我們一起，來自沃爾瑪美國的 John Furner；沃爾瑪國際的 Kath McLay；以及山姆會員店的克里斯‧尼可拉斯 (Chris Nicholas)。

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

有關我們業績的更多詳細資訊（包括各部門的亮點），請參閱我們網站上的收益報告和隨附簡報。

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

我們將盡力在本次通話所安排的一個小時內回答您的盡可能多的問題。

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

（事件說明）今天的電話會議正在錄音，管理階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.

這些聲明受到風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異。

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美國證券交易委員會提交的文件中確定的因素。

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

請參閱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聲明以及我們網站 stock.walmart.com 上的完整安全港和非 GAAP 對帳。

Doug, that concludes my intro.

道格，我的介紹到此結束。

We're ready to begin.

我們準備開始了。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

We finished the year with another quarter of strong results.

我們以另一個強勁的業績結束了這一財年。

Our associates are doing a great job serving our customers and members.

我們的員工為我們的客戶和會員提供出色的服務。

For the quarter, we had sales growth of 5.2%, and adjusted operating income was up 9.4% in constant currency.

本季度，我們的銷售額成長了 5.2%，以固定匯率計算，調整後的營業收入成長了 9.4%。

We continue to gain market share across countries and income levels.

我們繼續在各個國家和收入水平上獲得市場份額。

As with the first three quarters of the year, transaction counts and unit volumes were up across markets.

與今年前三個季度一樣，各市場的交易數量和交易量均有所上升。

As we look at our results for the quarter and the year, we're pleased to see, first, a healthy top line.

當我們回顧本季和年度的業績時，我們很高興地看到，首先，我們的營收表現十分健康。

We're strengthening our ability to serve people how they want to be served in the moment.

我們正在加強我們的能力，以便根據人們的需要為他們提供他們所需的服務。

That's what's driving our growth.

這就是我們成長的動力。

Our prices are low, and we're becoming more convenient.

我們的價格低廉，而且越來越方便。

Customers are shopping with us more often and buying more items, including in general merchandise categories, which were up low single digits in Walmart US and Sam's US for the quarter.

顧客在我們這裡購物的頻率更高，購買的商品也更多，包括日用百貨類別，本季沃爾瑪美國和山姆會員店的日用百貨類別均實現了個位數的低增長。

Second, we're growing profit faster than sales, and we have runway to scale our higher margin businesses like membership, marketplace and advertising.

其次，我們的利潤成長速度快於銷售額成長速度，我們有足夠的空間來擴大會員、市場和廣告等利潤率更高的業務。

We're mixing ourselves up, while simultaneously investing in lower prices and associate wages.

我們正在混合經營，同時投資於降低價格和員工薪資。

Third, we're able to improve ROI even as we invest higher levels of capital to take advantage of the opportunities we see to strengthen the company.

第三，即使我們投入了更多資本，我們也能夠提高投資報酬率，以利用我們看到的機會來增強公司實力。

All three segments of our business had a good year.

我們業務的所有三個部門都度過了豐收的一年。

I'm proud of our leaders and all of our associates.

我為我們的領導和所有同事感到自豪。

They earned it.

他們贏得了它。

They're learning, they're acting fast and they're working hard.

他們不斷學習、迅速行動並且努力工作。

For the quarter and the year, we're pleased with our performance during the holiday seasons around the world.

就本季和今年而言，我們對全球假期期間的表現感到滿意。

We performed well in the US, Mexico, Canada and in China, where Sam's Club just wrapped up a strong Lunar New Year.

我們在美國、墨西哥、加拿大和中國都表現良好，其中山姆會員商店剛剛在中國度過了一個強勁的農曆新年。

We also performed well in India.

我們在印度的表現也很好。

And I'd like to share the news that PhonePe, our fintech business, is making preparations for an IPO in India.

我想分享一個訊息，我們的金融科技業務 PhonePe 正在為在印度 IPO 做準備。

Our PhonePe team has long aspired to be a public company, and we're excited to be taking these early steps.

我們的 PhonePe 團隊一直渴望成為一家上市公司，我們很高興能夠踏出這些早期步伐。

As a company, we drove a lot of volume during the holidays and ended with our inventory level in good shape, up 2.8%.

作為一家公司，我們在假期期間增加了大量銷量，最終庫存水準保持良好狀態，上漲了 2.8%。

As always, we're working hard to help bring down prices.

像往常一樣，我們正在努力幫助降低價格。

In Walmart US last year, we had over 22,000 rollbacks.

去年在美國沃爾瑪，我們進行了超過 22,000 次回溯。

We're wired to help people save money and live better.

我們的使命是幫助人們省錢並改善生活。

The work we're doing to expand our assortment is another reason for our growth as more customers are finding what they're looking for.

隨著越來越多的客戶找到他們想要的東西，我們正在擴大產品種類，這也是我們成長的另一個原因。

In addition to low prices and a growing assortment to choose from, we're focused on delivery, speed, and accuracy.

除了低廉的價格和不斷增長的選擇範圍外，我們還注重配送、速度和準確性。

If I could change anything about how we're perceived today, it'd be that more people know about our breadth of assortment online and our increasing delivery speed.

如果我可以改變當今人們對我們的看法，那就是讓更多的人了解我們在網路上的商品種類之廣以及我們不斷加快的配送速度。

For Walmart US, we recently announced same day pharmacy delivery and the early response has been strong.

對於美國沃爾瑪，我們最近宣布了當日藥房送貨服務，早期反應非常強烈。

Customers love being able to get a basket of items delivered to their door that includes fresh, frozen, general merchandise, and now pharmacy.

顧客喜歡將一籃商品送到家門口，其中包括新鮮商品、冷凍商品、日用百貨商品，現在還有藥品。

And because we're so close to them, they can get it fast.

而且由於我們距離他們很近，他們可以很快得到它。

Sam's Club recently launched new shipping offer, including free same or next day delivery from the club.

山姆會員商店近期推出了新的送貨服務，包括會員商店免費的當日或隔天送貨服務。

Members asked for it and the team delivered.

成員們提出了要求，團隊也實現了。

Listening to our members and solving what they want is a big reason why Sam's was recently ranked number one in customer satisfaction for retailers and the latest American Customer Satisfaction Index.

傾聽會員的聲音並解決他們的需求是山姆會員商店最近在零售商客戶滿意度和最新的美國客戶滿意度指數中名列第一的重要原因。

Around the world, we're making great progress on delivering goods faster to customers and members.

在世界各地，我們在向客戶和會員更快地運送貨物方面取得了巨大進展。

We're taking learnings from markets like China and quickly standing up fast delivery solutions in other markets.

我們正在從中國等市場吸取經驗，並迅速在其他市場建立快速配送解決方案。

We continue to be excited about our investments in supply chain automation, and we'll share even more on that topic during our investor conference in April.

我們繼續對在供應鏈自動化方面的投資感到興奮，我們將在四月份的投資者會議上分享更多有關該主題的資訊。

These past few quarters, we've talked about how we're using AI.

過去幾個季度，我們一直在討論如何使用人工智慧。

The progress we've made over the years with technology has put us in a position to leverage today's fast moving capabilities closer to real-time.

多年來我們在技術方面取得的進步使我們能夠更接近即時地利用當今快速發展的能力。

I'm very proud of Suresh, our tech team, and all our leaders for how they're leaning in to adapt quickly.

我為 Suresh、我們的技術團隊以及所有領導者感到自豪，因為他們能夠迅速適應。

Today, I'd like to share two more examples.

今天我想再分享兩個例子。

The first is related to a new AI agent for our merchants called Wally.

第一個與我們為商家提供的新型 AI 代理商 Wally 有關。

Wally is learning to help us get to the root cause of issues related to things like out of stocks or overstocks with more accuracy and speed.

沃利正在學習幫助我們更準確、更快速地找到缺貨或庫存過剩等問題的根本原因。

Second, for developers on our tech team, we now have new coding assistance and completion tools that are helping streamline deployments and deliver code faster with fewer bugs.

其次，對於我們技術團隊的開發人員，我們現在有了新的編碼輔助和完成工具，可以幫助簡化部署並更快地交付程式碼，同時減少錯誤。

Last year, these tools helped us save about 4 million developer hours.

去年，這些工具幫助我們節省了約 400 萬個開發小時。

This year, we plan to make these tools available to all developers in North America and India.

今年，我們計劃向北美和印度的所有開發人員提供這些工具。

As we become more productive and reduce the amount of time we work on routine tasks, that gives us time to develop tools that help us grow the business and move faster.

隨著我們變得更有效率並且減少了在日常任務上花費的時間，我們就有時間開發能夠幫助我們發展業務和更快發展的工具。

I love how we're changing how we think and work without changing who we are.

我喜歡我們在不改變自我的情況下改變我們的思維和工作方式。

I can see us getting faster.

我看到我們變得越來越快。

Earlier this year, we began opening some of our new home office buildings in Bentonville.

今年早些時候，我們開始在本頓維爾開設一些新的總部辦公大樓。

We'll be transitioning to the new home office throughout the year.

我們全年都會過渡到新的家庭辦公室。

It's an exciting time.

這是一個令人興奮的時刻。

It's also a time to remember the special things about this company that we want to strengthen and perpetuate.

這也是我們回顧這家公司想要加強和延續的特殊之處的時候。

Moving to a new location doesn't change who we are.

搬到新的地方並不會改變我們的本質。

Cultural characteristics like servant leadership, humility and a sense of urgency remain critical.

僕人式領導、謙遜和緊迫感等文化特徵仍然至關重要。

Operating with an everyday low cost culture and mindset is as important as ever.

以日常低成本文化和思維方式進行營運比以往任何時候都更重要。

We have a meaningful purpose of saving people money and helping them to live better.

我們有一個有意義的目標：為人們節省金錢並幫助他們過上更好的生活。

And we have a set of timeless values that shape our culture regardless of the address of our home office.

我們擁有一套永恆的價值觀，無論我們的總部地址在哪裡，這些價值觀都塑造了我們的文化。

Characteristics and beliefs like these drive our results and make us unique.

這些特點和信念推動了我們的成果並使我們與眾不同。

I hope you'll come see your home office when you visit during our associate and shareholders week in June, and that you'll feel the momentum.

我希望您在六月我們的員工和股東週期間來參觀您的總部，並感受到這種勢頭。

We know who we are, and we like where we're going.

我們知道自己是誰，我們喜歡我們要去的地方。

We feel like we're just getting started.

我們感覺我們才剛開始。

Here's John David.

請聽約翰·戴維的報道。

Thanks, Doug.

謝謝，道格。

I'm excited to discuss our fourth-quarter and full year performance, provide some context on how we're executing against our strategic priorities and offer our outlook for the first quarter and full fiscal year 2026.

我很高興討論我們第四季度和全年的業績，提供一些我們如何執行戰略重點的背景信息，並提供我們對 2026 年第一季度和全年財年的展望。

Let's start with the headline.

讓我們從標題開始。

Walmart delivered another strong quarter, exceeding our sales, profit and earnings expectations.

沃爾瑪又一個季度表現強勁，超出了我們的銷售額、利潤和收益預期。

This performance reflects the strength of our business model and the dedicated work of our associates around the globe.

這項業績反映了我們商業模式的實力以及全球員工的辛勤工作。

Our focus remains on delivering value to customers and members while driving sustainable growth for shareholders.

我們始終專注於為客戶和會員提供價值，同時推動股東的永續成長。

Customers continue to respond to our value proposition as we provide lower prices, a broader assortment, and greater levels of convenience.

由於我們提供更低的價格、更廣泛的品種和更高水準的便利性，客戶繼續回應我們的價值主張。

With improved customer experience, we're earning their trust and seeing share gains as a result.

透過改善客戶體驗，我們贏得了他們的信任，並因此看到了市場份額的成長。

Looking at the full year, consolidated revenue grew 5.6% in constant currency, adding approximately $36 billion versus last year.

縱觀全年，以固定匯率計算，綜合收入成長 5.6%，較去年增加約 360 億美元。

Adjusted operating income increased nearly 10% in constant currency, and adjusted EPS was up 13%.

調整後營業收入以固定匯率計算成長近 10%，調整後每股盈餘成長 13%。

Currency was a headwind to reported sales of approximately $3.2 billion or 50 basis points to growth, and pressured EPS by about $0.02. Our business model is delivering as it's designed to do.

貨幣因素對報告的銷售額造成約 32 億美元或 50 個基點的成長造成不利影響，並對每股盈餘造成約 0.02 美元的壓力。我們的商業模式正在按照設計的那樣發揮作用。

This is the second consecutive year that we've grown sales more than 5% and operating income meaningfully faster.

這是我們的銷售額連續第二年成長超過5%，營業收入也顯著成長。

Relative to our plan, our performance has been broad based across segments.

相對於我們的計劃，我們的表現在各個領域都是廣泛的。

E-commerce economics continue to improve, most notably in Walmart US.

電子商務經濟持續改善，最明顯的是沃爾瑪美國。

Our newer digital businesses have contributed to faster growth and more diversification of our product mix.

我們更新的數位業務促進了我們的產品組合更快成長和更加多樣化。

Over the last year, global advertising grew 27% to about $4.4 billion.

去年，全球廣告業成長了27%，達到約44億美元。

Walmart US Marketplace revenue grew 37%, with nearly 45% of orders fulfilled by WFS.

沃爾瑪美國市場收入成長了 37%，其中近 45% 的訂單由 WFS 完成。

And lastly, global membership income grew 21% to about $3.8 billion.

最後，全球會員收入成長21%，達到約38億美元。

Over our planning horizon, the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales.

在我們的規劃期內，預計該產品組合的成長將成為營業收入成長快於銷售額的最大驅動力之一。

These new profit streams allow us to fund investments in our core business while also expanding our operating margins.

這些新的利潤流使我們能夠為核心業務投資提供資金，同時擴大我們的營業利潤率。

Return on investment improved approximately 50 basis points to 15.5%, a level last achieved in 2016.

投資回報率提高了約 50 個基點，達到 15.5%，這是 2016 年達到的水平。

CapEx totaled $23.8 billion.

資本支出總計238億美元。

Our investments in stores and clubs through remodels and new construction have improved customer and member experience, and have enabled us to broaden our last mile catchment area for digital orders.

我們透過改造和新建對商店和俱樂部的投資改善了客戶和會員的體驗，並使我們能夠擴大數位訂單的最後一哩覆蓋範圍。

Investments in supply chain automation and productivity are expected to lower our cost to serve, which supports our EDLP commitment.

預計對供應鏈自動化和生產力的投資將降低我們的服務成本，從而支持我們的 EDLP 承諾。

Cash flow remained strong.

現金流保持強勁。

And as we announced this morning, we're pleased to raise the dividend by 13% this year, the largest increase in over a decade, reinforcing our commitment to strong cash returns to shareholders.

正如我們今天早上宣布的那樣，我們很高興將今年的股息提高 13%，這是十多年來的最大增幅，這加強了我們向股東提供豐厚現金回報的承諾。

Our business has transformed over the past five years, and we're benefiting from the investments we've made in our core omni-retail business.

過去五年來，我們的業務發生了轉變，並從對核心全零售業務的投資中獲益。

Global e-commerce penetration is now 18% of sales, about 1,100 basis points higher than it was in FY20.

目前全球電子商務滲透率佔銷售額的 18%，比 2020 財年高出約 1,100 個基點。

In the US specifically, we've built marketplace capabilities to broaden our assortment while also growing the average number of e-commerce orders fulfilled from stores by over 500 million orders without new store growth during that time period.

具體來說，在美國，我們建立了市場能力以擴大我們的產品種類，同時在沒有增加新店的情況下，將商店履行的電子商務訂單平均數量增加了 5 億多單。

We're utilizing our stores in new ways to serve more customers and maximize returns, but we obviously don't have a stores only approach for fulfillment.

我們正在以新的方式利用我們的商店來服務更多的客戶並實現回報最大化，但顯然我們不會只採用商店的方式來實現目標。

We're growing our fulfillment center capacity, including through investments in FC automation in parallel.

我們正在擴大我們的履行中心的容量，包括同時投資 FC 自動化。

While the shift in channel mix creates some cost pressure as we fulfill more orders through e-commerce, we've seen improved profitability during this period with efficiencies gained as we densify our delivery routes and with the contributions from newer businesses that are enabled by e-commerce growth.

隨著我們透過電子商務完成更多訂單，通路組合的轉變帶來了一些成本壓力，但隨著我們密集配送路線，以及電子商務成長帶來的新業務的貢獻，我們的獲利能力在此期間有所提高。

We've achieved this despite the margin pressure from merchandise category mix of sales shifting towards grocery and health and wellness and away from general merchandise as consumer wallets have been stretched over the past couple of years.

儘管由於過去幾年消費者的錢包越來越鼓，商品銷售類別結構從日用百貨轉向雜貨、保健和健康商品，給利潤帶來壓力，但我們仍然實現了這一目標。

The way we've designed and grown our evolving business model with more diversified and durable sources of profit like advertising and membership has enabled us to grow operating income faster than sales despite these headwinds.

我們設計和發展不斷發展的商業模式，透過廣告和會員等更加多樣化和持久的利潤來源，使我們儘管面臨這些不利因素，但營業收入的增長速度仍快於銷售額的增長速度。

Turning to our quarterly performance.

談談我們的季度業績。

For the fourth quarter, consolidated revenue increased more than 5% in constant currency, driven by strong results across segments, aided by 16% e-commerce growth.

第四季度，受各部門業績強勁推動以及電子商務成長 16% 的推動，綜合營收以固定匯率計算成長超過 5%。

Currency headwinds reduced reported sales by over $2 billion or 120 basis points of growth.

貨幣逆風導致報告銷售額減少 20 多億美元，或成長 120 個基點。

Walmart US comp sales increased 4.6%, including e-commerce sales growth of 20% with ongoing share gains across categories.

沃爾瑪美國同店銷售額成長 4.6%，其中電子商務銷售額成長 20%，各類別份額持續成長。

Comp growth was led by increased customer transactions in both stores and e-commerce.

同店銷售額的成長主要得益於實體店和電子商務中顧客交易量的增加。

Grocery remains a standout category with mid-single-digit growth, and we saw mid-teens growth in health and wellness due largely to GLP-1 sales, which contributed about a point to the segment comp, consistent with prior quarters.

食品雜貨仍然是一個表現突出的類別，保持著中等個位數的增長率，而我們看到健康和保健品類實現了中等十幾個百分點的增長率，這主要歸功於 GLP-1 的銷售，這為該細分市場的同比增長貢獻了約一個點，與前幾個季度一致。

We're encouraged by the improvement in general merchandise, where we had low single digit comp sales growth for the second consecutive quarter, including strength in hardlines, toys, home and fashion.

我們對日用百貨商品銷售改善感到鼓舞，連續第二季實現低個位數同店銷售額成長，其中耐用品、玩具、家居和時尚等商品表現強勁。

US customers remain resilient, exhibiting behaviors that have been largely consistent over the past year.

美國消費者依然保持著韌性，其行為與過去一年來基本保持一致。

As always, people are looking for value and they want to save time.

像往常一樣，人們尋求價值並希望節省時間。

Becoming more convenient is helping to drive our growth.

變得更加便捷有助於推動我們的成長。

During the quarter, we expanded our store fulfilled delivery catchment areas to now reach 93% of US households with same day delivery.

在本季度，我們擴大了商店配送範圍，目前已能為 93% 的美國家庭提供當日配送服務。

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 scheduled delivery in less than one hour or less than three hours.

加急配送的普及使得超過 30% 的訂單來自選擇支付手續費以便在不到 1 小時或不到 3 小時的時間內收到預定配送服務的客戶和會員。

We're also encouraged by the initial response to our launch of same day pharmacy delivery.

我們推出當日藥品配送服務的初步反應也令我們感到鼓舞。

We're the first to integrate pharmacy, general merchandise and grocery in a single online order, and have gained new pharmacy customers with this service.

我們是第一家將藥房、日用百貨和雜貨整合到一個線上訂單中的公司，並且憑藉這項服務獲得了新的藥房客戶。

Our focus on bringing down pricing through rollbacks continues despite pockets of food inflation in areas like eggs, bacon and ground beef.

儘管雞蛋、培根和碎牛肉等食品領域存在部分價格上漲，我們仍致力於透過降價來降低價格。

Like-for-like pricing in general merchandise and consumables was deflationary, while food remained inflationary in the low single digits.

日用百貨和消費品的同類定價出現通貨緊縮，而食品的通膨率仍維持在個位數的低點。

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

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

Our international business in constant currency delivered sales growth of 5.7%, reflecting strength in China, Walmex and Canada, while operating income grew faster.

以固定匯率計算，我們的國際業務銷售額成長了 5.7%，反映了中國、沃爾瑪墨西哥和加拿大市場的強勁表現，同時營業收入成長更快。

We saw positive traffic and unit growth across markets, with sales strength in general merchandise during festive events.

我們看到各市場的客流量和單位數量均呈現正面成長，節慶期間百貨商品的銷售強勁。

As expected, the timing of Flipkart's Big Billion days event negatively affected year-over-year sales comparisons.

正如預期的那樣，Flipkart 的 Big Billion Days 活動的時間對同比銷售額產生了負面影響。

Outside of India, e-commerce sales grew more than 20% across all markets.

除印度以外，所有市場的電子商務銷售額成長均超過 20%。

Speed of delivery continues to be important to customers.

交貨速度對顧客來說仍然很重要。

In the past 12 months, International delivered over 2.3 billion items same day or next day, which is an increase of over 30%, with about 45% of those items delivered in under three hours.

在過去的 12 個月中，國際上當天或隔天遞送了超過 23 億件物品，增幅超過 30%，其中約 45% 的物品在三小時內遞送。

And our business in China continued to grow double digits with strength in Sam's Club and e-commerce.

我們在中國的業務持續實現兩位數成長，山姆會員商店和電子商務表現強勁。

Sam's Club US comp sales ex-fuel increased 6.8%, with strong growth in transaction and unit volumes, including increased penetration of members mark.

山姆會員商店美國同店銷售額（不含燃料費）成長 6.8%，交易量及單位銷售量強勁成長，會員品牌滲透率提高。

E-commerce grew 24%, including triple-digit growth in club fulfilled delivery, as new perks like express delivery and the elimination of curbside pickup fees for the club membership level continue to resonate with members.

電子商務成長了 24%，其中俱樂部配送業務實現了三位數的成長，因為快遞和取消俱樂部會員等級的路邊取貨費等新福利繼續引起會員的共鳴。

With tech-enabled convenience prevalent both inside the club through Scan & Go and Jusco Exit towers as well as via e-commerce, we are deploying digital solutions to differentiate ourselves in the warehouse club channel.

隨著科技帶來的便利性在俱樂部內部透過 Scan & Go 和 Jusco Exit 塔以及電子商務廣泛傳播，我們正在部署數位解決方案，以在倉儲俱樂部管道中脫穎而出。

From a margin standpoint, consolidated gross margin expanded 53 basis points.

從利潤率的角度來看，綜合毛利率擴大了53個基點。

In our press release and earnings presentation, you'll see new disclosure regarding gross margins by segment.

在我們的新聞稿和收益報告中，您將看到有關各部門毛利率的新揭露。

In Walmart US, improved gross margins reflected strong inventory management as well as lower levels of markdowns and improvement in business mix that has allowed us to manage pricing aligned to competitive price gaps and offset sustained merchandise category mix pressure.

在美國沃爾瑪，毛利率的提高反映了強大的庫存管理、較低的降價水平和業務組合的改善，這使我們能夠管理與競爭價格差距相一致的定價，並抵消持續的商品類別組合壓力。

Gross margins in International benefited from the timing shift of Flipkart's Big Billion Day event.

國際業務的毛利率受益於 Flipkart Big Billion Day 活動時間的轉變。

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

隨著我們的商業模式不斷發展，我們很高興地看到，透過提供多樣化的產品，我們的獲利能力不斷提高。

Globally, e-commerce economics continued to improve in Q4, aided by an approximately 20% reduction in US net delivery cost per order.

從全球來看，第四季電子商務經濟持續改善，得益於美國每筆訂單的淨配送成本降低約 20%。

We also continued to diversify our profit composition through business mix, as we skilled advertising, membership, marketplace and fulfillment, and data analytics and insights.

隨著我們熟練廣告、會員、市場和履行以及數據分析和洞察，我們也繼續透過業務組合來實現利潤構成多樣化。

Our global advertising business increased 29%, led by 24% growth from Walmart Connect in the US.

我們的全球廣告業務成長了 29%，其中美國 Walmart Connect 的成長最為顯著，達 24%。

We're making good progress on expanding the number of US marketplace sellers that also utilize Walmart Connect advertising, with seller advertising counts up about 50% versus last year.

我們在擴大使用 Walmart Connect 廣告的美國市場賣家數量方面取得了良好進展，賣家廣告數量與去年相比增加了約 50%。

We're also excited about the addition of VIZIO and its SmartCast operating system to our portfolio of advertising capabilities.

我們也很高興 VIZIO 及其 SmartCast 作業系統加入我們的廣告功能組合。

VIZIO will help us serve customers in new ways to enhance their shopping journeys while also creating new opportunities for advertisers to connect with customers and boost product discovery, empowering brands to realize greater impact from their advertising spend with Walmart.

VIZIO 將幫助我們以新的方式為客戶服務，以增強他們的購物旅程，同時也為廣告商創造與客戶建立聯繫和促進產品發現的新機會，使品牌能夠從與沃爾瑪的廣告支出中獲得更大的影響力。

Membership income was up 16% across the enterprise.

整個企業的會員收入成長了16%。

In the US, Sam's Club continued to grow membership count and increase its penetration of Plus members, resulting in more than 12% membership income growth, while Walmart Plus membership income grew double digits.

在美國，山姆會員商店繼續增加會員數量並提高其Plus會員的滲透率，導致會員收入增長超過12％，而沃爾瑪Plus會員收入則實現了兩位數的增長。

Within International, membership income from Sam's Club China grew more than 35% as member counts continue to increase, helped by the opening of four new clubs in Q4.

在國際市場，由於第四季度開設了四家新會員店，山姆會員商店中國的會員數量持續增加，會員收入增加超過 35%。

For Marketplace and Walmart fulfillment services, in the US, marketplace grew 34%, continuing the strong trends we've seen all year.

對於 Marketplace 和沃爾瑪配送服務而言，在美國，市場成長了 34%，延續了我們全年看到的強勁趨勢。

With the broader assortment of the general merchandise brands and items customers want, marketplace sales and home management, automotive and seasonal all grew more than 20%.

隨著消費者所需的百貨品牌和商品種類的不斷豐富，市場銷售額以及家居管理、汽車和季節性商品均增長了 20% 以上。

And with our low-cost fulfillment offering for sellers, WFS penetration reached record highs of nearly 50%, which is up nearly 600 basis points versus last year.

透過我們為賣家提供低成本的履行服務，WFS 滲透率達到了近 50% 的歷史新高，比去年增長了近 600 個基點。

Outside the US, we're seeing similar encouraging trends in both Mexico and Canada, the number of WFS sellers increased over 20%, and sales of items delivered through WFS grew over 85%.

在美國以外，我們在墨西哥和加拿大也看到了類似的令人鼓舞的趨勢，WFS 賣家的數量增長了 20% 以上，透過 WFS 運送的商品的銷售額增長了 85% 以上。

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

在數據分析和洞察領域，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 nearly doubled over the past year, and we're excited about continuing to broaden our reach to new markets with the launch of the platform in Canada.

我們的客戶群在過去的一年幾乎翻了一番，我們很高興透過在加拿大推出該平台繼續擴大我們的新市場範圍。

SG&A expenses deleveraged 46 basis points in the quarter.

本季度，銷售、一般及行政開支去槓桿化了 46 個基點。

Walmart US deleverage was primarily driven by the timing of tech investments, increased variable pay as we exceeded planned performance and higher marketing and utilities cost.

沃爾瑪美國去槓桿主要得益於技術投資時機、因業績超額完成計劃而增加的浮動薪酬以及更高的營銷和公用事業成本。

Transaction related expenses for the VIZIO acquisition also impacted the quarter and were not considered in our guidance.

VIZIO 收購的交易相關費用也影響了本季度，並且未在我們的指導中考慮。

In addition, International was impacted by the timing shift of Flipkart's BBD event.

此外，國際業務也受到 Flipkart BBD 活動時間調整的影響。

And Sam's Club US was affected by the previously announced wage investments.

而美國山姆會員商店則受到先前宣布的薪資投資的影響。

While wage investments will pressure profit at Sam's for a couple of quarters, we're pleased with the member response tied to increased renewals as well as the improvement in associate turnover.

雖然薪資投資將在幾個季度內對山姆會員店的利潤造成壓力，但我們對會員對續約增加以及員工流動率改善的反應感到滿意。

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，並致力於在持續投資與為客戶、員工和股東提高回報之間取得平衡。

Our business model provides the ability to fund wage investments for associates and price investments for customers, while also delivering on our financial framework.

我們的商業模式能夠為員工提供薪資投資，為客戶提供價格投資，同時也能實現我們的財務架構。

Summarizing the quarter, in constant currency, sales grew over 5% and adjusted operating income grew more than 9%, both exceeding the upper bound of our guided ranges.

總結本季度，以固定匯率計算，銷售額成長超過 5%，調整後營業收入成長超過 9%，均超過了我們指導範圍的上限。

Adjusted EPS of $0.66 compared favorably to our expectations and reflected strong underlying business performance and lower tax expense.

調整後每股收益為 0.66 美元，優於我們的預期，反映出強勁的基礎業務表現和較低的稅費。

Reported EPS included headwinds of approximately $0.01 from currency and nearly $0.01 from costs related to the acquisition of VIZIO.

報告的每股盈餘包括約 0.01 美元的貨幣不利因素和近 0.01 美元的收購 VIZIO 相關成本影響。

Now let me turn to guidance.

現在讓我來談談指引。

We've been operating in a highly dynamic backdrop for several years, and we expect this year to be no different.

多年來，我們一直在高度動態的背景下運營，我們預計今年不會例外。

Our outlook assumes a relatively stable macroeconomic environment, but acknowledges that there are still uncertainties related to consumer behavior and global economic and geopolitical conditions.

我們的展望假設宏觀經濟環境相對穩定，但也承認與消費者行為以及全球經濟和地緣政治條件相關的不確定性仍然存在。

As a result, we've taken a similar approach to our initial guidance for you for the year as we have in the past couple of years, balancing known risk with what we can control.

因此，我們對今年的初步指導採取了與過去幾年類似的方法，在已知風險和我們可以控制的風險之間取得平衡。

We remain confident that Walmart is well positioned to navigate as it has over the last several years, while continuing to deliver value for customers and shareholders alike.

我們仍然相信，沃爾瑪能夠像過去幾年一樣，繼續為客戶和股東創造價值。

For fiscal year 2026, we expect consolidated net sales growth of approximately 3% to 4%, including the negative impact from lapping leap year and the favorable contribution from VIZIO sales.

對於 2026 財年，我們預期綜合淨銷售額成長約為 3% 至 4%，其中包括閏年帶來的負面影響和 VIZIO 銷售帶來的有利貢獻。

Operating income is projected to grow faster than sales at 3.5% to 5.5%, including 150 basis points of negative impacts for the VIZIO acquisition related to integration investments and transition costs as well as from lapping leap year.

預計營業收入將以 3.5% 至 5.5% 的速度成長，高於銷售額的成長，其中包括因收購 VIZIO 而產生的與整合投資、過渡成本以及閏年重疊帶來的 150 個基點的負面影響。

Adjusted EPS is expected to be in the range of $2.50 to $2.60. This includes a headwind from currency of approximately $0.05 per share, and a higher effective tax rate compared to last year.

調整後的每股盈餘預計在 2.50 美元至 2.60 美元之間。其中包括每股約 0.05 美元的貨幣逆風，以及與去年相比更高的有效稅率。

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

回想一下，我們是根據固定匯率來指導銷售額和營業收入的成長。

Volatility and currency rates had a meaningful impact on last year's results.

波動性和匯率對去年的業績產生了重大影響。

If current exchange rates were to prevail for the full year, we would expect a headwind of approximately 100 basis points to sales growth and approximately 150 basis points to operating income growth, with more significant headwinds in the first half, given the degree of change in exchange rates versus last year.

如果全年匯率維持不變，我們預期銷售額成長將下降約 100 個基點，營業收入成長將下降約 150 個基點，考慮到匯率與去年相比的變化程度，上半年的阻力將更為顯著。

We expect CapEx to range between 3% and 3.5% of sales, as we invest in technology to optimize our supply chain, remodel stores, and open new stores and clubs in both the US and certain international markets.

我們預計資本支出將佔銷售額的 3% 至 3.5%，因為我們投資技術來優化我們的供應鏈、改造商店以及在美國和某些國際市場開設新店和俱樂部。

For the first quarter, it's important to note that our year-over-year comparisons can have an outsized impact on quarterly growth rates.

對於第一季度，值得注意的是，我們的年比比較可能會對季度成長率產生巨大影響。

We expect consolidated net sales growth of 3% to 4% in constant currency.

我們預計以固定匯率計算，合併淨銷售額將成長 3% 至 4%。

This includes the negative effect of approximately 100 basis points to sales growth from lapping leap year and accounts for the shift in Easter timing from Q1 into Q2 in our international portfolio, namely Walmex.

這包括閏年對銷售成長造成的約 100 個基點的負面影響，以及我們的國際投資組合（即 Walmex）的復活節時間從第一季轉移到第二季。

Operating income is projected to grow 0.5% to 2% in constant currency, including the approximately 70 basis point headwind from the VIZIO acquisition as well as the 250 basis point headwind to growth from lapping leap day.

以固定匯率計算，營業收入預計將成長 0.5% 至 2%，其中包括收購 VIZIO 帶來的約 70 個基點的阻力，以及閏日帶來的 250 個基點的成長阻力。

Our operating income guidance also takes into account the Easter timing shift and lapping last year's consumer stimulus timing in Q1 for Walmex.

我們的營業收入預期也考慮了復活節的時間變化，以及沃爾瑪墨西哥第一季去年的消費者刺激計畫的時間安排。

All of these items affect the year-over-year growth rates.

所有這些因素都會影響年成長率。

But let me emphasize, our core business is still performing very strong.

但我要強調的是，我們的核心業務仍然表現強勁。

On a two year stack basis, the midpoint of our guidance would suggest operating income growth of 15%.

以兩年疊加計算，我們的預期中位數顯示營業收入成長率為 15%。

Reflecting strength and consistency in the underlying business, we expect Enterprise net sales and operating income growth to be relatively consistent across quarters after adjusting for calendar impacts.

考慮到基礎業務的實力和一致性，我們預期企業淨銷售額和營業收入成長在調整日曆影響後各季度將相對一致。

Additionally, we expect first half sales and operating income to grow in the range of our full year guidance.

此外，我們預計上半年的銷售額和營業收入將在全年預期範圍內成長。

Notably, if current exchange rates were to stay where they are for the entire first quarter, we would expect a headwind of approximately 150 basis points of sales growth, and approximately 250 basis points to operating income growth.

值得注意的是，如果當前匯率在整個第一季保持原樣，我們預計銷售額成長將遭遇約 150 個基點的阻力，營業收入成長將遭遇約 250 個基點的阻力。

First quarter EPS range is expected to be $0.57 to $0.58. This includes a headwind from currency of approximately $0.02 per share and a higher effective tax rate versus last year.

預計第一季每股收益範圍為 0.57 美元至 0.58 美元。這包括每股約 0.02 美元的貨幣逆風和較去年同期更高的有效稅率。

As we've said in the past, the relationship of operating income growing faster than sales may not occur every quarter that we expect the framework to hold on an annual basis at the enterprise level.

正如我們過去所說的那樣，我們預計該框架在企業層面上每年都會保持的營業收入成長快於銷售額成長的關係可能​​不會在每季都出現。

Before I turn it over to questions, I want to take a moment to thank our associates around the world for their hard work this past quarter and throughout fiscal year 2025.

在開始提問之前，我想花點時間感謝我們在世界各地的同事在過去一個季度以及整個 2025 財年的辛勤工作。

Their dedication and commitment to serving our customers and members every day is what makes Walmart such a special company.

他們每天全心全意地為我們的顧客和會員提供服務，這使得沃爾瑪成為一家如此特別的公司。

As we look ahead to fiscal year 2026, and I speak for the whole team here, we're incredibly excited about our business.

展望 2026 財年，我代表整個團隊，對我們的業務感到無比興奮。

It's not to say that there aren't challenges ahead, but our strategy is the right one.

這並不是說前面沒有挑戰，只是我們的策略是對的。

This team is executing on it.

這個團隊正在執行該任務。

We're serving our customers and members better than ever before, and our associates and shareholders are benefiting, and yet in some ways, it feels like we're just getting started.

我們為客戶和會員提供的服務比以往更好，我們的員工和股東也從中受益，但在某些方面，感覺我們才剛起步。

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

感謝您對我們公司的關注，我們隨時準備回答您的問題。

(Operator Instructions) Michael Lasser, UBS.

（操作員指示） 瑞銀 (UBS) 的 Michael Lasser。

Good morning.

早安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

Over the last several quarters, as Walmart was in the early stages of generating returns from the longer term investments that it's been making.

在過去的幾個季度中，沃爾瑪正處於從其長期投資中獲得回報的早期階段。

It appeared that the company was more insulated to the macro as it was gaining significant market share.

看起來，隨著​​該公司市場份額不斷擴大，其受宏觀影響的抵禦能力似乎更強。

Now is Walmart entering a phase where there's just simply more economic sensitivity to the model or perhaps even less of a countercyclical benefit?

現在沃爾瑪是否進入了一個對該模式具有更多經濟敏感性的階段，或者甚至可能具有更少的逆週期效益？

And how is this factored into the sales and EPS guidance for 2026?

那麼這對 2026 年的銷售和每股盈餘指引有何影響？

And if this macroeconomic sensitivity results in a sales shortfall, what would be the course of action?

如果這種宏觀經濟敏感度導致銷售不足，該怎麼辦？

It may be helpful to frame this with some insight into how the exit rate for fiscal 2025 unfolded.

了解2025財年的退出率是如何變化的，也許有助於理解這一點。

Thank you very much.

非常感謝。

Hey Michael, this is Doug.

嘿，邁克爾，我是道格。

I'll respond quickly, and then hand it over to John David.

我會迅速做出回應，然後將其交給約翰·戴維 (John David)。

Basically, we feel the same way we have been feeling.

基本上，我們的感受和一直以來的感受是一樣的。

Customers members are going to be looking for value.

客戶會員將會尋求價值。

They're going to be looking for convenience.

他們將會尋求便利。

The changes that we're making in the company continue to have us appealing to them in those respects in an even better way.

我們在公司內部所做的變革將使我們在這些方面以更好的方式吸引他們。

So our confidence level is high.

因此我們的信心水準很高。

I'm really pleased to see such a strong quarter, being up 5%, and up 9% on the bottom line, feels really good.

我很高興看到如此強勁的季度業績，成長了 5%，利潤成長了 9%，感覺真的很好。

Great to see that the momentum is still there.

很高興看到這種勢頭仍然存在。

Stores and clubs still driving volume, e-commerce changes are happening.

商店和俱樂部仍然在推動銷量，電子商務正在改變。

So I think it's really consistent in terms of our view of how we look at the external environment.

所以我認為，這與我們看待外在環境的看法非常一致。

Sure, Michael.

當然，邁克爾。

This is John David.

這是約翰·戴維。

With respect to the sensitivity of our model to the macro environment, I hope investors think differently about Walmart because our customers and members are telling us that they do.

關於我們的模型對宏觀環境的敏感性，我希望投資者對沃爾瑪有不同的看法，因為我們的客戶和會員告訴我們他們確實如此。

We're not just known for value, we're also increasingly known for convenience.

我們不僅因價值而聞名，而且我們也越來越因便利而聞名。

Our business is performing well.

我們的業務表現良好。

You asked about how we exited the year.

您問我們如何度過這一年。

January was actually our strongest comp in the US business.

一月份實際上是我們美國業務表現最強勁的月份。

But this increased relevance translates into improved financial performance for us as well.

但這種相關性的增強也意味著我們財務表現的提升。

As we grow these digital businesses like e-commerce, the incremental margins in our e-commerce business globally for us in the quarter were 11% twice the rate -- over twice the rate of what our overall margin is.

隨著我們電子商務等數位業務的發展，本季我們全球電子商務業務的增量利潤率達到了 11%，是我們整體利潤率的兩倍多。

But let me address what is maybe the question behind the question as it relates to the outlook for next year.

但讓我來回答這個問題背後的問題，因為它與明年的前景有關。

Our business outperformed on virtually every operational and financial metric in the quarter.

本季度，我們的業務幾乎在所有營運和財務指標上都表現出色。

We feel like we're performing exceptionally well.

我們感覺我們的表現非常出色。

The guidance that we provided, we feel is very consistent with what we've done in prior years.

我們認為，我們提供的指導與我們前幾年所做的非常一致。

Keep in mind, each of the last two years, we've guided operating income of 4% to 6% growth annually.

請記住，過去兩年，我們都預計營業收入將每年增長 4% 至 6%。

This year, if you normalize for the effect of leap day and the VIZIO transaction, our guidance suggests an outlook of 5% to 7%, that reflects how we all feel about this business.

今年，如果將閏日和 VIZIO 交易的影響標準化，我們的預期成長前景為 5% 至 7%，這反映了我們對這項業務的感受。

We're really excited about what the year holds for us and what we can do there.

我們對於新的一年將為我們帶來什麼以及我們能做什麼感到非常興奮。

We're one month into the year.

今年已經過去一個月了。

So I think it's prudent to have an outlook that is somewhat measured.

因此我認為，採取一種審慎的觀點是明智之舉。

We don't want to get ahead of ourselves.

我們不想超越自己。

There is certainly some unpredictability in any environment that we have.

我們所處的任何環境肯定都存在一些不可預測性。

But we feel really good about our ability to navigate that.

但我們對自己的駕馭能力感到非常滿意。

We feel really good about our relevance with customers.

我們對於我們與客戶之間的密切關係感到非常滿意。

And we feel really good about how our business model is changing to inflect our profits upwards.

我們對我們的商業模式的改變使我們的利潤不斷上升感到非常高興。

Yeah, when you take that noise out of the guidance, you can see that we're stepping things up a bit.

是的，當你從指導中去除這些噪音時，你會發現我們正在加快步伐。

I think that reflects our confidence.

我認為這反映了我們的信心。

And to be in the position we're in right now with this momentum on the top line and the bottom line and inventory levels being so healthy, we feel like we're in a great spot to start the year.

就我們目前的情況來看，營收和利潤都保持了良好的勢頭，庫存水準也非常健康，我們覺得今年的開局非常好。

The 2.8% increase in inventory is what we would want.

庫存增加2.8%是我們想要的。

Our in-stock levels look good.

我們的庫存水準看起來不錯。

We did pull a little bit forward around the edges, but we're selling through that stuff quickly.

我們確實在邊緣處取得了一些進展，但這些東西很快就賣完了。

So really in a good place to begin February.

所以這確實是二月的一個好開始。

Kate McShane, Goldman Sachs.

高盛的凱特‧麥克沙恩 (Kate McShane)。

Hi, good morning.

嗨，早安。

Thanks for taking our question.

感謝您回答我們的問題。

Like you had mentioned in the prepared comments that gross margins are still being impacted by mix.

正如您在準備好的評論中提到的那樣，毛利率仍然受到組合的影響。

How should we think about the mix impact to gross margin in this upcoming fiscal year, especially as general merchandise growth continues to improve?

我們該如何看待產品組合對即將到來的財年毛利率的影響，特別是在百貨商品成長持續改善的情況下？

And just as a second question to that, for your alternative revenue businesses.

第二個問題是關於您的替代收入業務。

Have any of those businesses now reached scale?

這些業務現在都已經達到規模了嗎？

And if not, would you expect them to reach scale in fiscal year '25?

如果沒有，您預計他們能在 25 財年達到規模嗎？

Thank you.

謝謝。

I think we got a lot of room to run on the newer businesses.

我認為我們在新業務上還有很大的發展空間。

I mean you can see our shares are really low.

我的意思是，您可以看到我們的份額確實很低。

It would be great to have general merchandise be strong.

如果百貨商品能夠強勢發展就好了。

You guys might want to comment a little bit on what you're seeing right now?

你們可能想對現在看到的事情發表一點評論嗎？

Sure.

當然。

Good morning Kate.

早安，凱特。

It's John.

是約翰。

Thanks for the question.

謝謝你的提問。

I would just start by saying that I'm really proud of our associates and our team for the quarter that they just had, up 4.6%, that compares to 4% a year ago.

首先我想說，我為我們的同事和團隊感到非常自豪，他們剛剛在本季度取得了 4.6% 的成長，而去年同期則為 4%。

And really excited about the way they're taking care of customers and momentum that they have.

我對他們照顧客戶的方式和所取得的進展感到非常興奮。

In terms of mix, we did have in the material that we are encouraged by the recent couple of quarters in general merchandise.

在產品組合方面，我們確實有一些材料讓我們對最近幾季的百貨商品感到鼓舞。

We're seeing better sales, better units.

我們看到了更好的銷售業績和更好的業績。

We're seeing unit flow through all across the box, which is great.

我們看到單元流經整個盒子，這很好。

We measure ourselves in units to ensure that we're delivering for customers.

我們以單位為單位進行衡量，以確保為客戶提供服務。

Doug mentioned inventory performance being up just about 3%.

道格提到庫存表現上漲了約 3%。

We're really pleased with that performance.

我們對那場演出非常滿意。

As mentioned, our in-stock is better.

如上所述，我們的庫存更好。

I'm selling through and seasonal sell-through has been really strong in the last couple of quarters, which has helped our gross margin.

我的銷售情況很好，而且最近幾季的季節性銷售情況非常強勁，這對我們的毛利率有幫助。

Obviously, that results in savings of markdowns.

顯然，這會節省降價開支。

And on pricing, I just -- I would just say, again, thanks to the team we have over 5,800 rollbacks in stores today.

關於定價，我只想說，再次感謝團隊，今天我們在商店中有超過 5,800 次回滾。

Over 1,000 of those are new in just the last couple of weeks.

其中光是過去幾週就新增了 1,000 多個。

So we remain focused on value.

因此我們仍然關注價值。

And I think we're in a really good position to be able to deliver flexibly for customers any way they want to deliver.

我認為我們處於非常有利的地位，能夠靈活地按照客戶想要的方式提供服務。

And the team has done a great job understanding all the moving pieces and how they build that into the cost structure.

該團隊在理解所有活動部件以及如何將其構建到成本結構方面做得非常出色。

And I'm really proud of the way the team is positioned going into this year.

我為球隊今年的表現感到非常自豪。

Yeah, I think -- it's Chris Nicholas here, Kate.

是的，我想 - 凱特，這是克里斯尼古拉斯。

What I would say is we are seeing a lot of momentum.

我想說的是，我們看到了很大的發展動能。

John David talked about January being the strongest month of the quarter, and we saw the same thing too.

約翰戴維 (John David) 表示一月是本季最強勁的月份，我們也看到了同樣的情況。

We're investing across the member value proposition, and it's really paying dividends.

我們正在對會員價值主張進行投資，並且確實獲得了回報。

And making it easier through digital engagement, making it easier through the member experience we're creating to buy everything you want, whether it's groceries, whether it's consumables, whether it's general merchandise or apparel, we see all resonating.

並且透過數位化互動讓購買變得更容易，透過我們正在創建的會員體驗讓購買您想要的一切變得更容易，無論是雜貨、消耗品、日用百貨還是服裝，我們都看到共鳴。

And it's interesting.

這很有趣。

We're seeing our third quarter of GM comp growth, even though it's still a little deflated, so units are running ahead of comps.

我們看到，第三季通用汽車的同店銷售額有所成長，儘管成長率仍略有放緩，但銷量仍領先同店銷售額。

And we're seeing strength in TVs and technology and apparel.

我們看到電視、科技和服裝領域表現強勁。

So we're seeing good strength on incredible items at incredible value.

因此，我們看到令人難以置信的商品以令人難以置信的價值表現出色。

So it's not getting old.

所以它不會變老。

Yeah, and I would just say, across International, as I look at kind of GM sales, we had really strong GM sales in Q4, particularly in events.

是的，我想說，縱觀國際市場，當我看通用汽車的銷售情況時，我們發現第四季度的通用汽車銷售非常強勁，尤其是在活動期間。

So if I look across Mexico and Canada, we saw really strong response from our customers.

因此，如果我放眼墨西哥和加拿大，我們會看到客戶的反應非常強烈。

We had our largest sales day ever in Walmex in -- during Elfin Irresistible.

在 Elfin Irresistible 期間，我們迎來了 Walmex 史上最大的銷售日。

And a lot of the sales that we saw particularly were coming through GM and apparel.

我們看到很多銷售都來自通用汽車和服裝業。

So happy with how that's all mixing out.

我很高興看到這一切順利地融合在一起。

Kate, this is John, David.

凱特，這是約翰，大衛。

We obviously have a lot to say about this since we're all talking.

既然我們都在談論這個問題，顯然我們有很多話要說。

But I want to directly answer your question.

但我想直接回答你的問題。

Over the last year, the mix change for general merchandise in our business was down about 100 basis points.

去年，我們業務中日用商品的組合變化下降了約 100 個基點。

We're assuming this year is about half of that.

我們估計今年的數量大約是這個數字的一半。

But we're quite excited about what we're doing in general merchandise.

但我們對自己在百貨商品領域所做的事情感到非常興奮。

One of the things that we didn't mention was the benefit that our marketplace is providing there.

我們沒有提到的一件事就是我們的市場在那裡提供的好處。

We have categories in our marketplace business like automotive, toys, patio that are all growing north of 20%.

我們的市場業務包括汽車、玩具、庭院等類別，這些類別的成長率都超過 20%。

So these are good examples of that are specific to Walmart and maybe not just a general macro effect of customers maybe not having their wallet stretched as much, but things that we're doing to provide better assortment where our customers are buying more general merchandise.

因此，這些都是沃爾瑪特有的很好的例子，可能不僅僅是顧客的錢包不再那麼鼓的宏觀效應，而是我們為在顧客購買更多一般商品時提供更好的商品組合而採取的措施。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Hey, good morning.

嘿，早安。

My question is on reinvesting and growing the business faster.

我的問題是關於再投資和更快地發展業務。

It was mentioned that the e-commerce incremental margins were 11%.

其中提到電子商務增量利潤率為11%。

It looks like the enterprise in Q4 was 7%.

看起來第四季的企業成長率是 7%。

And if we think there's upward pressure on this over time.

如果我們認為隨著時間的推移，這個問題將面臨上行壓力。

So the idea of reinvesting at a healthy rate and growing earnings faster, you can clearly do both, which Doug called out a couple of years ago.

因此，以健康的速度進行再投資和更快地增加收益的想法顯然可以同時實現，正如道格幾年前所呼籲的那樣。

The question is, why not invest faster?

問題是，為什麼不更快投資？

Because if incremental margins are rising, then top of funnel things like marketing and plus and anything related to e-commerce should be even more profitable and higher returns.

因為如果增量利潤率上升的話，那麼漏斗頂端的東西，例如行銷、附加價值以及任何與電子商務相關的東西，都應該會帶來更多的利潤和更高的回報。

And I think John David said, we're leading in a little bit, if you could speak to that and then talk about this debate of investing at a faster rate.

我認為約翰·戴維 (John David) 說過，我們處於領先地位，如果你可以談談這個問題，然後談談以更快的速度進行投資的爭論。

Simeon, thanks for the question.

西緬，謝謝你的提問。

I feel that we're striking the right balance right now between investment and margin expansion.

我覺得我們現在在投資和利潤擴大之間取得了正確的平衡。

There are some table stake items in our business, and that's investing in price, investing in our associates.

我們的業務中有一些賭注項目，那就是投資價格，投資我們的員工。

We're always going to do that.

我們會一直這麼做。

Over the more recent years, we've invested a lot in our technology platform as well as supply chain automation.

近年來，我們在技術平台和供應鏈自動化方面投入了大量資金。

But those investments are actually driving the improvements that you see in our results this quarter.

但這些投資實際上推動了我們本季業績的改善。

You don't deliver the bottom line at twice the rate of growth as the top line without some of these investments that we've made.

如果沒有我們所做的這些投資，你的獲利就不可能達到營收成長兩倍的水準。

So as we look forward into the coming years, we certainly see the type of opportunity and incremental margins that we've had this quarter and maybe even something beyond that.

因此，當我們展望未來幾年時，我們肯定會看到本季我們所擁有的機會和增量利潤，甚至可能超越這一點。

But we can do that while investing for the business.

但我們可以在進行業務投資的同時做到這一點。

We don't want to get overly focused on one quarter's performance at the expense of investing for the long term.

我們不想過度專注於一個季度的表現而犧牲長期投資。

We're trying to build a great company here, continue to build a great company and drive these kind of returns for a long period of time, and that requires investment.

我們正努力打造一家偉大的公司，繼續打造一家偉大的公司，並在很長一段時間內推動這種回報，而這需要投資。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Good morning.

早安.

Thanks for taking our questions.

感謝您回答我們的問題。

Doug and John David, you framed the 5% to 7% constant currency EBIT growth kind of excluding the noise from the VIZIO and leap year.

道格和約翰·戴維，你們制定了 5% 到 7% 的恆定貨幣 EBIT 成長率，排除了 VIZIO 和閏年帶來的干擾。

And it is consistent or maybe even slightly better than the past few years originally, but it does seem a little conservative relative to what you achieved this year and to the momentum you have in the business.

而且它與過去幾年的業績保持一致，甚至可能略有好轉，但相對於今年取得的成就和業務發展勢頭而言，它確實顯得有些保守。

So I was wondering if you could just touch on two factors -- a couple of factors.

所以我想知道您是否可以談談兩個因素——幾個因素。

One, the tariffs and just what you're assuming and how the consumer responds to that, how you're planning on passing that through and if that is assumed to be any sort of headwind to earnings this year?

第一，關於關稅，您有何假設？ 消費者對此有何反應？

And then also the demand for expedited orders that you're seeing that continues, I think to be helping the e-commerce profitability.

而且，您所看到的加急訂單需求持續成長，我認為這有助於提高電子商務的獲利能力。

Are you assuming that, that continues at the same pace or any changes there on that front?

您是否認為這種情況會以同樣的速度持續下去，或者在這方面會有什麼變化？

Yeah, let me talk a little bit about tariffs and expedited orders.

是的，讓我談談關稅和緊急訂單。

John David, and then turn it over to you.

約翰·戴維，然後把它交給你。

As we've been saying, tariffs are something we've managed for many years, and we'll just continue to manage that.

正如我們一直所說，多年來我們已經管理了關稅，而且我們將繼續管理它。

We've got a great team.

我們擁有一支出色的團隊。

We know how to do that.

我們知道如何做到這一點。

We can't predict what will happen in the future, but we can manage it really well.

我們無法預測未來會發生什麼，但我們可以很好地應對。

And we're wired to try and save people money.

我們本著盡力為人們省錢的宗旨。

So that will be our ultimate goal.

所以這將是我們的最終目標。

And as it relates to delivery speed, it's important, and we're seeing behavior with our customers and members around the world that causes us to be excited about what's possible.

它與交付速度有關，非常重要，我們看到世界各地的客戶和會員的行為讓我們對可能發生的事情感到興奮。

And having these assets so close to people is such a big advantage, and the stores are doing a great job of improving order quality and delivering with speed.

這些資產距離人們如此之近是一個巨大的優勢，商店在提高訂單品質和快速交付方面做得很好。

And I think that will just get better and better as things go through the year.

而且我認為隨著時間的推移，情況會變得越來越好。

We will have, as kind of Simeon was pointing to flexibility.

我們將擁有靈活性，正如西緬所指出的。

We manage the year.

我們管理這一年。

We don't just start the year with a plan and execute the plan.

我們不只是在新年伊始就制定計劃並執行該計劃。

Things change.

事情發生了變化。

I mean look at what's happening with Generative AI right now and the opportunity to build code in different ways.

我的意思是看看生成式人工智慧現在正在發生的事情以及以不同方式建立程式碼的機會。

We've got opportunities to save money, get faster.

我們有機會節省資金並提高速度。

And we're making fluid decisions about how much we invest in technology, what do we put into wages and where, what needs to be done on prices this week?

我們正在做出靈活的決定，包括我們在技術上投資多少、我們將在工資上投入多少以及在哪裡投入、本週需要對價格做些什麼？

And to have the business model be morphing the way it is, just gives us the room to be able to do what we want to do strategically and manage the business for the mid and longer term, not just the short term. while we deliver results each quarter, growing profit faster than sales.

而且，商業模式的不斷轉變，為我們提供了空間，讓我們能夠策略性地做我們想做的事情，並且管理中長期業務，而不僅僅是短期業務。雖然我們每季都會發布業績，但利潤成長速度快於銷售額成長速度。

Kelly, a couple of things.

凱利，有幾件事。

We don't have any explicit assumption in our guidance around tariffs.

我們在關稅指引中沒有任何明確的假設。

We feel like we'll be able to navigate that.

我們覺得我們能夠解決這個問題。

Will it turn out differently than maybe what we expect today?

結果會不會與我們今天預期的不同？

Perhaps, and we feel good about our ability to do that though.

或許吧，但我們對自己做到這一點的能力感到很滿意。

With respect to the guidance.

關於指導。

Look, I think similar to last year, the last couple of years very consistently, we have to acknowledge that we are in an uncertain time.

看，我認為與去年類似，過去幾年的情況非常一致，我們必須承認我們正處於不確定的時期。

And we don't want to get out over our skis here.

我們不想在這裡滑雪。

There's a lot of the year to play out.

今年還有很多事情要做。

Again, we feel good about our ability to navigate the environment, whether it's tariffs or other macro uncertainty.

再次，我們對自己應對環境的能力充滿信心，無論是關稅還是其他宏觀不確定性。

On delivery with e-commerce, like overall, you're continuing to see this diversification of our business that is improving our profitability.

就電子商務交付而言，與整體一樣，您將繼續看到我們的業務多樣化，從而提高我們的盈利能力。

The newer businesses and by newer businesses, I'll just suggest like advertising, membership, WFS, some of those categories, they contributed to over half of the operating income growth this quarter.

較新的業務，我建議的較新的業務包括廣告、會員、WFS 等一些類別，它們為本季度的營業收入增長貢獻了一半以上。

So you're seeing this change in our business.

所以您看到了我們業務的這種變化。

As we leverage more of these digital channels, a lot of the faster growing parts of our business are the higher margin ones.

隨著我們更多地利用這些數位管道，我們業務中許多成長較快的部分都是利潤較高的部分。

Densification of our network is one, and so you're seeing as more customers avail themselves of the services that we provide, same-day delivery, things like that, and even paying for that, if they want it within one hour or three hours, that's continued to improve our e-commerce profitability.

其中之一就是我們網路的密集化，因此你會看到，越來越多的客戶利用我們提供的服務，例如當日送達等，如果他們想要在一小時或三小時內送達，甚至可以付費，這將繼續提高我們的電子商務盈利能力。

Just in the US alone, just in the US alone, we saw an 80% improvement in the level of e-commerce losses in the last year.

光是在美國，光是在美國，去年我們就看到電子商務損失水準改善了 80%。

So we feel really good about how the business is changing here.

因此，我們對這裡的業務變化感到非常高興。

This omnichannel position really is an advantage.

這種全通路地位確實是個優勢。

We're still seeing curbside growth.

我們仍然看到路邊增長。

We're seeing in-store in club growth, and we've got this growth in delivery, and being able to do all of those things all the time is a big advantage.

我們看到俱樂部店內業務的成長，我們的配送業務也取得了成長，能夠一直做這些事情是我們的一大優勢。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Thanks.

謝謝。

Good morning.

早安.

Congrats on a great quarter and a great year.

恭喜您度過了一個美好的季度和美好的一年。

I was hoping you could discuss what you're seeing in Walmart Plus membership and whether that's accelerated or held steady in recent quarters?

希望您能討論一下您對 Walmart Plus 會員的看法，以及最近幾季會員數量是否有所加速或保持穩定？

And then how much of the growth in Walmart Plus is being driven by Walmart Plus Assist?

那麼 Walmart Plus 的成長有多少是由 Walmart Plus Assist 推動的呢？

And then separately, can you talk about the underlying assumptions you have in the next year for like-for-like inflation, both in grocery and within general merchandise?

然後另外，您能否談談您對明年食品雜貨和日用百貨商品同類通膨的基本假設？

Thank you.

謝謝。

Hey Chuck, good morning.

嘿，查克，早安。

It's John Furner.

我是約翰‧弗納。

Good to talk to you.

很高興和你談話。

We continue to be excited about Walmart Plus.

我們繼續對 Walmart Plus 感到興奮。

We've had consistent growth over the last couple of years, last couple of quarters.

過去幾年、最近幾季我們一直保持著持續的成長。

The number of deliveries and the number of orders they're placing continue to rise, which is great to see.

他們的送貨數量和訂單數量持續上升，這是令人高興的。

I just want to pick up one point we're talking about and with the last question with fast delivery and then our same-day.

我只想談談我們正在討論的一點，最後一個問題是關於快速交付，然後是我們的當日交付。

Our deliveries under three hours and under one hour, we grew 180% year-on-year, which is really exciting.

我們的三小時以內和一小時以內的送達服務同比增長了 180％，這真的令人興奮。

So we see that offer continue to grow.

因此我們看到報價持續成長。

And a large part of that offer is Walmart Plus members, so Plus members are seeing the value, and we see the repeat rates coming through.

優惠的很大一部分來自沃爾瑪 Plus 會員，因此 Plus 會員看到了其價值，我們也看到了回頭率的提升。

Our same-day delivery of over 5 billion units last year, over 100% growth for the year.

我們去年當日派送的包裹超過 50 億件，較去年同期成長超過 100%。

And then the third thing that we mentioned this morning, which is really exciting to see how strongly it started is our pharmacy delivery program.

然後我們今天早上提到的第三件事，看到它開局如此強勁真的令人興奮，那就是我們的藥房配送計劃。

We are seeing a lot of members and customers participate in this program.

我們看到很多會員和顧客都參與了這個計畫。

And we think this will have a lot of momentum as the year goes.

我們認為，隨著時間的推移，這一趨勢將會產生很大的發展動能。

And it's exciting to see the number of customers who are building baskets while they have their prescription delivered.

看到這麼多顧客在配送處方的同時還在製作籃子，真是令人興奮。

And that's true for both acute prescriptions where maybe you have a sick child, and you need groceries with it, or it's your regular prescription.

這對於緊急處方都是如此，也許你的孩子生病了，你需要買些雜貨，或者這是你的常規處方。

So that's exciting to see.

看到這一點很令人興奮。

And then the second part of your question, in terms of inflation, we plan to I'd say a normalized year, and I know this is 1% to 2%.

然後是你問題的第二部分，就通貨膨脹而言，我們計劃實現正常化一年，我知道這是 1% 到 2%。

There will always be some anomalies like what we're seeing right now with eggs as a result of avian flu last fall.

總是會出現一些異常現象，就像我們現在看到的去年秋天禽流感導致的雞蛋異常現象。

Those things tend to work themselves out over time, as we don't have a large inflation number planned into this year.

隨著時間的推移，這些問題會逐漸解決，因為我們預計今年的通膨數字不會很高。

Yeah, maybe I know, Chuck, you didn't ask about it, but seeing as we're talking about membership.

是的，也許我知道，查克，你沒有問過這個問題，但我們正在談論會員資格。

Membership in Sam's Club is at all-time highs as our renewal rates.

山姆會員商店的會員數量和我們的續約率都達到了歷史最高水準。

And the reason for that is because of our incredible associates and because we're investing across the member value proposition.

原因在於我們擁有優秀的員工，也在於我們對會員價值主張的投資。

So our first year renewal rates this year are up hundreds of basis points.

因此，我們今年的第一年續約率上漲了數百個基點。

And so when we've talked to you all about the associate investments and the wage investments, we're seeing that paying dividend with turnover down 1,700 basis points year-on-year.

因此，當我們與您討論員工投資和薪資投資時，我們發現支付的股息和營業額比去年同期下降了 1,700 個基點。

So yeah, good things still to come for Sam's Club too.

是的，山姆會員商店未來還會有好事發生。

And then if you think about membership from an International flavor, if I look at Sam's Club where we have a straight membership, membership income grew there over 35% this year.

如果你從國際角度考慮會員資格，如果我看看山姆會員店，我們有直接會員資格，今年會員收入增加了 35％ 以上。

So strong resonating CVP with the Sam's Club China business, but we also think about membership from a know-your-customer perspective.

因此，CVP 與山姆會員商店中國業務有著強烈的共鳴，但我們也會從了解客戶的角度考慮會員資格。

And over the last year, we launched a program called Beneficios in Mexico, and we have had over 45 million customers sign up for that, which enables us to know them, to enable us to also personalize services and offerings to them.

去年，我們在墨西哥推出了一項名為 Beneficios 的項目，目前已有超過 4500 萬名客戶註冊，這使我們能夠了解他們，從而為他們提供個人化的服務和產品。

Mike Baker, DA Davidson.

麥克貝克、DA 戴維森。

Great.

偉大的。

Thanks.

謝謝。

I just wanted to ask about the overall consumer environment, what you're seeing?

我只是想問一下，您看到了什麼整體消費環境？

I think after last call, it was right after the election you had said that there was a little bit more consumer confidence after the election.

我認為在最後一次通話之後，也就是選舉結束後不久，您曾說過選舉後消費者信心會有所增強。

Doug, in December, you had said something about storm clouds lifting or something along those lines.

道格，去年 12 月，你曾說過關於風暴雲消散或類似的事情。

Are you still seeing that?

你還看到了嗎？

Has anything changed in the last couple of months?

過去幾個月有沒有什麼變化？

It seems like the environment maybe has gotten a little bit more volatile.

看起來環境可能已經變得更加不穩定了。

And related to that, I know this is asked a lot, but I'll ask it again.

與此相關，我知道這個問題問得很多，但我還是會再問一次。

The rollback number of 5,800 seemed to be a little bit less than it was in the last few quarters.

5,800 的回滾數量似乎比前幾季少了一點。

Remind us how we think about that?

提醒我們一下我們是如何看待這個問題的？

I don't think it's that you're investing less in price, but love to hear that explanation again.

我不認為你在價格上投入較少，但我很想再聽到這個解釋。

Thanks.

謝謝。

Mike, this is Doug.

麥克，這是道格。

Let me clarify the storm clouds thing.

讓我澄清一下暴風雲的事情。

What I said was we had seen clouds on the horizon and they never came.

我說的是，我們曾看見地平線上有雲，但它們一直沒有出現。

And I kind of feel that same way right now.

我現在也有同樣的感覺。

We're just seeing a lot of consistency.

我們只是看到很多的一致性。

Doug, I agree with the consumer environment.

道格，我同意消費者環境。

Very consistent.

非常一致。

We mentioned the word resilient, mix has shifted slightly throughout the year, but really encouraged by the trends we saw in the last couple of quarters.

我們提到了「彈性」這個詞，組合在全年略有變化，但確實受到了過去幾季看到的趨勢的鼓舞。

So we're optimistic given all the things that we've done to improve our strategy, working in omni is an exciting way to work on behalf of customers.

因此，考慮到我們為改善策略所做的一切努力，我們感到樂觀，在 omni 中工作是一種代表客戶工作的令人興奮的方式。

And what that means is we'll be ready to fulfill customers wants and needs any way they want to, whether it's in the store, at the curb, at their home, we're seeing growth rates across those.

這意味著我們將隨時準備好以任何方式滿足顧客的需求，無論是在商店、路邊還是在家裡，我們都看到了這些方面的成長率。

And so we're ready for any environment.

因此我們已經做好了應對任何環境的準備。

This is a team that's experienced.

這是一支經驗豐富的團隊。

They've been through a lot of changes in the economy in the last 5 to 10 years, and they know how to manage things really well.

在過去五到十年裡，他們經歷了經濟的許多變化，而且他們非常懂得如何管理好事情。

So we'll react accordingly.

因此我們將做出相應的反應。

But we -- again, we see a consistent, resilient consumer.

但是，我們再次看到了始終如一、富有彈性的消費者。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Hey, thanks, guys.

嘿，謝謝大家。

You mentioned seeing lower markdowns in the fourth quarter.

您提到第四季的降價幅度較低。

Curious how that came in relative to your plan and also what you assume about the promotional landscape of '26, whether you build in significant price investment into your guidance?

好奇這與您的計劃有何關係，以及您對 26 年促銷前景的看法，您是否在您的指導中納入了重大價格投資？

And just remind us how that will shake out this year versus what you thought coming into the year?

您能提醒我們一下，與您預期的相比，今年的情況會如何？

And then just a bigger picture question.

接下來是一個更大的問題。

You mentioned some increased investment in Canada a few weeks back.

幾週前您提到對加拿大的投資增加。

Just curious how you view the long term opportunity of that market?

只是好奇您如何看待該市場的長期機會？

Thanks.

謝謝。

This is John.

這是約翰。

Let me pick up the question on margins, markdowns first.

讓我先回答一下關於利潤和降價的問題。

It's really important for us that we control and manage our inventory based on what our customers are wanting to buy the teams and the supply chain in stores, fulfillment centers did a really nice job flowing inventory.

對我們來說，根據客戶想要購買的商品來控制和管理我們的庫存非常重要，商店中的團隊和供應鏈、履行中心在庫存流動方面做得非常好。

We made a number of improvements with technology, both in-store and across the supply chain to have a really accurate understanding of what we have, where it is, how quickly we can deploy that inventory for customers.

我們對店內和整個供應鏈的技術進行了許多改進，以便真正準確地了解我們擁有什麼、在哪裡，以及我們可以多快為客戶部署庫存。

And so the results did show an increase in gross margin that we're proud of, but there are some pieces there that are important.

因此，結果確實顯示毛利率增加，這是我們感到自豪的，但其中還有一些重要因素。

There's gross margin for merchandise.

商品有毛利率。

There are also some other things in there like ad revenues and some things that increased margin that are part of our newer businesses, our new digital services.

其中還包括一些其他的東西，例如廣告收入和一些可以增加利潤的東西，這些都是我們新業務和新數位服務的一部分。

So our core margins -- our core markdown management, we're proud of the way that we've managed that.

因此，我們的核心利潤——我們的核心降價管理，我們為我們的管理方式感到自豪。

I feel great about inventory going into this year.

我對今年的庫存感到十分滿意。

That number of 50, 100 rollbacks is a large number of rollbacks historically.

從歷史上看，50 到 100 次回滾都是很大的數字。

And that will fluctuate quarter-to-quarter.

而且該數字每季都會有所波動。

Again, we've added about 1,000 in the last few weeks.

再次，我們在過去幾週內增加了約 1,000 個。

And we're prepared for all sorts of environments, whether it's more promotional or less promotional.

我們已經為各種環境做好了準備，無論是促銷較多的環境還是促銷較少的環境。

We're going to focus on value for our customers, and we're going to do everything we can do to control prices and keep prices low.

我們將專注於客戶價值，並盡一切努力控制價格並保持低價。

And if I pick up on Canada, I would say we're pleased with the top line growth we're getting in Canada.

如果我談到加拿大，我會說我們對加拿大的營收成長感到滿意。

But one of the real highlights for me has been the e-com performance, which has been up 30%.

但對我來說，真正的亮點之一是電子商務的業績，成長了 30%。

And their growth has accelerated every quarter over the last year.

過去一年來，他們的每個季度的成長都在加速。

And so we are seeing our offering in Canada, really resonating with the customer.

因此，我們看到我們在加拿大提供的產品確實引起了客戶的共鳴。

We're focused on value.

我們注重價值。

We were able to offer a Canadian Thanksgiving lunch for CAD40 for four people.

我們能夠為四人提供一份價值 40 加元的加拿大感恩節午餐。

And so really leaning into making sure we have the price positioning right but also the customer is really responding from a convenience perspective.

因此，我們確實傾向於確保我們的價格定位正確，但客戶也確實從便利的角度做出回應。

So we're excited about the business we have in Canada.

因此，我們對在加拿大的業務感到非常興奮。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone.

嘿，大家早安。

I wanted to ask about VIZIO.

我想問一下有關 VIZIO 的問題。

Could you talk about some of the details around the dilution that you've embedded here and then perhaps discuss plans to integrate that, how do you expect to leverage their platform?

您能否談談此處嵌入的稀釋的一些細節，然後討論整合計劃，您希望如何利用他們的平台？

And in general, as you think about Walmart Connect, pretty incredible momentum there.

總的來說，當你想到 Walmart Connect 時，你會發現那裡的發展勢頭相當令人難以置信。

You've been really disciplined in building that out.

在建造這項功能時您一直非常嚴謹。

I'm just curious how do you think about the growth outlook?

我只是好奇您如何看待成長前景？

Thanks so much.

非常感謝。

Sure, Seth.

當然，塞斯。

We're really excited about having the VIZIO team join Walmart and what that new platform will do for our customers.

我們非常高興 VIZIO 團隊加入沃爾瑪，並期待這個新平台能為我們的客戶帶來更多好處。

We do have some dilution related to the transaction cost with that in the first quarter, about 70 basis points.

我們確實在第一季因交易成本而產生了一些稀釋，大約 70 個基點。

But we expect this transaction to begin being accretive to Walmart next year.

但我們預計這筆交易將於明年開始為沃爾瑪帶來增值。

And so this will create new channels for us to reach out to our customers and allow them to avail themselves of all the things that Walmart and Sam's provides.

這將為我們創造新的管道來接觸我們的客戶，並讓他們能夠享受沃爾瑪和山姆會員店提供的所有產品。

But John, do you want to add anything else?

但約翰，你還想補充什麼嗎？

Sure.

當然。

I'm really excited about the addition of VIZIO to the Walmart family.

我非常高興 VIZIO 加入沃爾瑪大家庭。

I've known William and the team for a long time, and it's just great to have them part of the team.

我認識威廉和他的團隊很久了，很高興他們能成為我們團隊的一員。

The operating system in VIZIO is an impressive operating system.

VIZIO 中的作業系統是一款令人印象深刻的作業系統。

It works with very little friction.

其工作時摩擦力很小。

It's easy to set up and install.

設定和安裝都非常簡單。

I have several of these personally, and I've acquired more since we started talking about this acquisition.

我個人擁有其中的幾件，自從我們開始談論這項收購以來，我又獲得了更多。

I'm just really pleased with the way it works for the Walmart Connect business to have more ways to distribute advertising for sellers and suppliers, that's really exciting for them.

我對 Walmart Connect 業務的運作方式感到非常滿意，它為賣家和供應商提供了更多發布廣告的方式，這對他們來說真的令人興奮。

We hope to be able to do that in a very efficient way.

我們希望能夠以非常有效的方式做到這一點。

So we're starting the process of integration.

因此，我們正在開始整合的過程。

And over this next year, we'll be working on bigger plans for the brand as the teams get more time to work together.

明年，隨著團隊有更多的時間合作，我們將為該品牌制定更大的計劃。

Zhihan Ma, Bernstein.

馬志涵，伯恩斯坦。

Hi, thank you very much for taking my question.

你好，非常感謝您回答我的問題。

I guess I wanted to follow up on the e-commerce side.

我想我想跟進一下電子商務方面的情況。

If you could just help us understand what are the top three drivers of you improving e-commerce profitability between the alternative revenue streams and also reducing core e-commerce cost?

您能否幫助我們了解，在替代收入來源之間提高電子商務獲利能力以及降低核心電子商務成本的三大驅動因素是什麼？

And you mentioned retail media membership kind of driving more than 50% of EBIT growth.

您提到零售媒體會員推動了超過 50% 的息稅前利潤成長。

Are you able to share what proportion of EBIT dollars for now coming from the high-margin alternative revenue streams?

您能否分享目前來自高利潤替代收入來源的息稅前利潤佔比是多少？

Thank you.

謝謝。

Let me give you a couple of data points here, starting with the last part of your question.

讓我在這裡給你幾個數據點，從你問題的最後一部分開始。

So if you just take advertising and membership, just those two categories, that was a little more than a quarter of the overall operating income for us in the quarter.

因此，如果只考慮廣告和會員這兩個類別，那麼它們就略微占到我們本季整體營業收入的四分之一多一點。

So really encouraged about these new parts of our business.

我對我們的業務的這些新部分感到非常鼓舞。

In terms of the drivers of e-commerce profitability and no particular order, there are a few things that I would call out.

就電子商務獲利能力的驅動因素而言（無特定順序），我想指出幾點。

One is the densification of our network.

一是網路密集化。

So think of this as one of our drivers instead of delivering a package to one house on the street is now hitting four or five houses on that street.

想像一下，我們的一名司機不再將包裹送到街上的一戶人家，而是送到街上的四、五戶人家。

So we're able to spread those costs over more volume.

因此我們能夠將這些成本分攤到更多的產量上。

And as more customers come to us, this is really improving the unit economics here.

隨著越來越多的客戶來到我們這裡，這確實提高了我們的單位經濟效益。

The second area would be the fact that over 30% of our customers that are having something delivered from a store are paying something extra to have that delivered within one hour or three hours.

第二個方面是，超過 30% 的客戶在選擇從商店送貨上門的服務時，都願意支付額外費用，以便在一小時或三小時內送達。

On Christmas Eve, 77% of the orders were this express type delivery.

聖誕節前夕，77%的訂單都是這種快遞。

So that certainly helps with the unit economics there.

這肯定有助於那裡的單位經濟。

And the third area are these newer parts of our business, like membership, like advertising that continue to have a lot of runway and improve our margins.

第三個領域是我們業務的較新部分，例如會員資格、廣告等，這些部分將繼續有很大的發展空間並提高我們的利潤率。

Edward Kelly, Wells Fargo.

富國銀行的愛德華‧凱利。

Hi, good morning, everyone.

大家早安。

I wanted to start just with a follow-up on that question around e-com economics.

我想先就有關電子商務經濟學的問題進行追蹤。

So incremental margin of around 11%, obviously, good margin.

因此增量利潤率約為 11%，顯然，利潤率還不錯。

But what does that look like over time?

但隨著時間的推移，情況會如何？

Does that grow?

那會長嗎？

How do we think about e-com overall returning to profitability or I should say, attaining profitability?

我們如何看待電子商務整體恢復獲利能力，或是說獲利？

And then as we look out over time, in addition to that, just kind of curious, issues like immigration, does that -- how are you thinking about that?

然後，隨著我們隨著時間的推移，除此之外，只是有點好奇，像移民這樣的問題，您是如何看待這個問題的？

Any impact that you think that might have this year?

您認為這會對今年產生什麼影響？

Ed, this is Doug.

艾德，這是道格。

When you look at the second P&L, as we've described it, it ends up being more profitable than the first P&L.

當您查看第二份損益表時，如我們所描述的，它最終比第一份損益表更有利可圖。

First P&L being kind of the traditional retail store P&L.

第一個損益表是傳統零售店的損益表。

When you put together e-commerce components like membership and advertising, data monetization, all the things that we get to do as we scale an e-commerce business, it's both first-party and third-party, by the way, it just lifts the overall operating income percentage of the business, and that's what's happening.

當你將電子商務組件（例如會員資格和廣告、數據貨幣化）以及我們在擴展電子商務業務時要做的所有事情（既是第一方又是第三方）組合在一起時，它只會提升業務的整體營業收入百分比，而這就是正在發生的事情。

So the key is keep the foot on the gas as it relates to e-commerce growth, serving people how they want to be served.

因此，關鍵在於在電子商務成長方面保持強勁勢頭，以人們希望的方式為他們提供服務。

And as I mentioned a minute ago, the great thing about omni is, however someone wants to shop in the moment, we can help them.

正如我剛才提到的，Omni 的優點在於，無論人們當時想如何購物，我們都可以幫助他們。

We want to go to a store a club, we're there and we're close to you.

我們想去商店或俱樂部，我們就在那裡，而且離您很近。

You want to do curbside pick-up, you can.

如果你想在路邊取貨，你可以的。

You want to get delivered in a variety of forms, we can do that too.

您希望以多種形式進行交付，我們也可以做到。

As it relates to immigration, it hasn't been anything that's impacted us in any way that we could share anything interesting.

就移民問題​​而言，它並沒有對我們產生任​​何影響，因此我們無法分享任何有趣的事情。

It's a non-event for us so far.

到目前為止這對我們來說還不算什麼大事。

Robbie Ohmes, Bank of America.

美國銀行的羅比·奧姆斯（Robbie Ohmes）。

Oh hey, thanks for taking my question.

哦，嘿，感謝您回答我的問題。

I think this might be for John David Rainey.

我認為這可能是給約翰大衛雷尼的。

Just operating expenses delevered.

僅營業費用槓桿化。

I think it was 50-plus basis points in the fourth quarter, excluding the opioid settlement.

我認為，第四季的成長幅度超過 50 個基點（不包括鴉片類藥物和解金）。

Can you just help us -- tell us how we should think about the SG&A ratio for Walmart, the puts and takes for opportunities to be better than expected this year versus worse, but also the sort of way we should think about that long term for Walmart?

您能否幫助我們——告訴我們應該如何看待沃爾瑪的銷售、一般和行政費用比率，以及今年好於預期與更差的機會的看跌和看漲，以及我們應該如何看待沃爾瑪的長期業績？

Sure, Robbie.

當然，羅比。

It's good to speak with you.

很高興與您交談。

To start with, I think we need to be grounded in how our business is changing.

首先，我認為我們需要了解我們的業務是如何變化的。

I talked about in my prepared remarks that our business is 18% e-commerce right now.

我在準備好的發言中談到，目前我們的業務有 18% 是電子商務。

That's 1,100 basis points higher than it was five years ago.

這比五年前高出 1,100 個基點。

The SG&A related to a digital transaction, an e-commerce transaction is higher than it is for brick and mortar.

與數位交易、電子商務交易相關的銷售、一般及行政費用高於實體店交易。

So historically, we thought of our business when it was more brick and mortar as 20% or maybe slightly below that was a good way to think about the cost profile of that business.

因此從歷史上看，當我們的業務主要以實體經營為主時，我們認為 20% 或略低於這個數字是思考該業務成本狀況的好方法。

As our business moves more digital, it's going to create pressure there.

隨著我們的業務越來越數位化，這將會產生壓力。

It's just a channel mix equation.

這只是一個渠道組合方程式。

But at the same time, we've got a hyper focus as we always have on everyday low cost.

但同時，我們一如既往地高度關注日常低成本。

But we have an opportunity to make investments in the business as well.

但我們也有機會對該業務進行投資。

If you look at the fourth quarter, marketing is an area that stands out that we invested a little bit more heavily into.

如果你看一下第四季度，你會發現行銷是一個引人注目的領域，我們在這個領域投入了更多資金。

It also drove some of the improvement that we saw in general merchandise.

它也推動了我們在日用百貨方面看到的一些改進。

But fundamentally, as you think about our cost structure going forward, one of the big drivers is going to be the improvements that we see in supply chain automation.

但從根本上來說，當你考慮我們未來的成本結構時，其中一個重要的驅動因素就是供應鏈自動化的改進。

We're already seeing that.

我們已經看到了這一點。

We're encouraged by some of the early productivity metrics.

一些早期的生產力指標令我們感到鼓舞。

But still today, less than half of the stores in the US are served fully by automation.

但時至今日，美國仍只有不到一半的商店實現了完全自動化服務。

And so there's a lot of benefit still to come here as we automate our supply chain as we continue to automate our stores that will drive improvements in SG&A.

因此，隨著我們實現供應鏈自動化，以及我們繼續實現商店自動化，並將推動銷售、一般及行政開支 (SG&A) 的改善，我們將面臨許多好處。

We're excited to show you a few facilities in Dallas in April.

我們很高興在四月向您展示達拉斯的一些設施。

You'll remember the trip to Florida, those of you that came, I think we're going to have a similar positive experience when you see what we're doing there.

你們將會記得我們去佛羅裡達的旅行，那些來過的人，我想當你們看到我們在那裡所做的事情時，我們也會有類似的正面體驗。

Yeah.

是的。

Corey Tarlowe, Jefferies.

傑富瑞 (Jefferies) 的科里‧塔洛 (Corey Tarlowe)。

Hi, good morning and thank you for taking my question.

大家好，早安，感謝您回答我的問題。

Doug, you had mentioned some exciting news regarding PhonePe.

道格，你提到了一些關於 PhonePe 的令人興奮的消息。

I was wondering if you could share any details around the business, around the growth or profitability today?

我想知道您是否可以分享有關當今業務、成長或獲利能力的一些細節？

And then just as another question.

然後就像另一個問題一樣。

John David in your prepared remarks, you mentioned that ROI is an interesting stat that I think it's the highest it's been since 2016.

約翰·戴維 (John David) 在您準備好的發言中提到，投資回報率 (ROI) 是一個有趣的統計數據，我認為它是自 2016 年以來最高的。

Is there a way to maybe put into context just how high you think your ROI can go, and where some of these newer investments rank as you think about the trajectory for your return on investment?

有沒有辦法可以說明您認為您的投資報酬率可以達到多高，以及當您考慮投資回報軌跡時，這些較新的投資排名如何？

Thank you so much.

太感謝了。

I'll pick up the one on just on PhonePe.

我會在 PhonePe 上選一個。

I mean the PhonePe business to by the end of January 31, hit 1.7 trillion TPV and they have something like 310 million transactions daily.

我的意思是，到 1 月 31 日，PhonePe 業務的 TPV 達到 1.7 兆，每天的交易量約為 3.1 億筆。

It's a very strong business, and we're excited to make the announcement that they are going to commence their preparation towards IPO.

這是一項非常強大的業務，我們很高興地宣布他們將開始 IPO 準備。

That's a significant milestone for PhonePe.

對 PhonePe 來說，這是一個重要的里程碑。

I think who's also going to celebrate its 10-year anniversary this year.

我想今年它也會慶祝其十週年紀念日。

So their business spans both financial services through the technology solutions, and excited to be able to make that announcement.

因此，他們的業務涵蓋金融服務和技術解決方案，並且很高興能夠宣布這一消息。

On ROI, first, I think we're fortunate to be a 63 year old company that has the type of opportunities to invest in itself and drive the returns that we see.

關於投資報酬率，首先，我認為我們很幸運，作為一家擁有 63 年歷史的公司，我們擁有投資自己並獲得回報的機會。

I mentioned supply chain automation as one example, but there are many, but these are returns that are approaching 20% in some cases.

我提到了供應鏈自動化作為一個例子，但還有很多，但在某些情況下，這些的回報率接近 20%。

The standard that we're holding ourselves to is that we want to see our ROI go up every single year.

我們的標準是希望看到我們的投資報酬率每年都在上升。

And we've seen that result over the last couple of years.

我們在過去幾年中已經看到了這一結果。

And so I'd hope that we'd be able to get to historical highs over some period of time.

因此我希望我們能夠在一段時間內達到歷史最高水準。

But we want to continue to see these investments pay off with our ROI going up.

但我們希望看到這些投資持續獲得回報，投資報酬率不斷上升。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克（Rupesh Parikh），奧本海默。

Good morning and thanks for taking my question.

早上好，感謝您回答我的問題。

I'll be quick here.

我會很快到這裡。

Just as we look forward this year, I think free cash flow was down versus last year.

展望今年，我認為自由現金流較去年下降。

I just want to get a sense if we're getting closer to a positive free cash flow inflection?

我只是想知道我們是否正在接近正自由現金流拐點？

And then we did see an increase in dividends, so just any updated thoughts on capital allocation going forward?

然後我們確實看到股息增加，那麼對於未來的資本配置有什麼最新的想法嗎？

Sure.

當然。

I'll take that, Rupesh, good to speak with you.

我接受，魯佩什，很高興與您交談。

We do feel like we're getting really close to both in earnings and a free cash flow inflection as you look at the benefits of a lot of these changes in our business just becoming larger as the composition of our overall business.

我們確實感覺到，我們在盈利和自由現金流方面都非常接近實現拐點，因為您可以看到我們業務中許多這些變化帶來的好處，這些變化作為我們整體業務的組成部分變得越來越大。

And hopefully, our capital allocation reflects the conviction and excitement that we have in our business.

希望我們的資本配置能反映出我們對業務的信心和熱情。

We announced a 13% increase in our dividend.

我們宣布股利增加13%。

Our plan this year assumes that we're going to buy back more stock than we did last year.

我們今年的計劃是回購比去年更多的股票。

And certainly, if the early reaction to today's announcement is any indication, we have an opportunity too right now.

當然，如果對今天的公告的早期反應有任何跡象的話，我們現在也有機會。

But we're also going to invest in our business with CapEx.

但我們也將利用資本支出來投資我們的業務。

And so I think we can be very balanced there going forward with both returning cash to shareholders and investing in ourselves.

因此我認為我們可以在向股東返還現金和自我投資方面實現平衡。

Thank you.

謝謝。

At this time we've reached the end of the question and answer session.

此刻，問答環節已經結束。

I'll turn the call over to management for closing remarks.

我將把電話轉給管理階層，請他們作結束語。

Yeah, this is Doug.

是的，這是道格。

John David just mentioned how old we are.

約翰戴維剛才提到了我們的年齡。

What went through my mind was we feel young.

我當時腦子裡想的是，我們覺得自己很年輕。

Like if you look at what's happening around the company, whether it's what we're doing with tech or moving to this new office location, there's a lot of freshness and newness and the momentum is helping to fuel that.

如果你看看公司周圍發生的事情，無論是我們在技術方面所做的事情，還是搬到新的辦公地點，都會看到很多新鮮事物，而這種勢頭正在推動這些事物的發展。

We're really pleased to see that the consistent momentum in the fourth quarter showed up in our results.

我們非常高興地看到第四季度的持續成長勢頭在我們的業績中得以體現。

We're obviously known for saving people money, but we're increasingly saving them time and that matters, and it's driving our growth.

我們顯然以幫助人們省錢而聞名，但我們也越來越多地為他們節省時間，這很重要，並且它推動了我們的成長。

And not only is the team executing in the short term with things like unit growth and market share improvements and pricing investments and inventory management, but they're building for the long term and seeing ROI grow at the same time.

該團隊不僅在短期內執行諸如單位成長、市場份額提高、定價投資和庫存管理等任務，而且還在進行長期規劃，同時看到投資回報率 (ROI) 成長。

And I'm really impressed by that and grateful for that.

我對此印象深刻並心存感激。

It's awesome to be in the position we are for International.

在國際上能取得這樣的成績真是太棒了。

International has got a really bright future, had a really strong year yet again on top of strong years in the past.

國際業務前景光明，在過去的幾年表現強勁的基礎上，今年又取得了優異的成績。

All three segments had a good year.

今年，三個部門都取得了豐碩成果。

So we feel like we're in a good spot to start the year, and we'll just stay focused on playing offense and making the most of our opportunity.

因此，我們感覺今年的開局不錯，我們只需集中精力進攻，充分利用機會。

Thank you all for dialing in.

感謝各位撥電。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。