沃爾瑪 (WMT) 2026 Q1 法說會逐字稿

Greetings. Welcome to Walmart's first quarter fiscal year 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加沃爾瑪 2026 財年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在我請投資人關係資深副總裁 Steph Wissink 發言。史蒂芬，你可以開始了。

Thank you. Welcome, everyone. We appreciate you joining us and your interest in Walmart. Joining me today from our home office in Bentonville are Walmart's CEO, Doug McMillon; and CFO, John David Rainey.

謝謝。歡迎大家。感謝您的加入我們以及對沃爾瑪的關注。今天，沃爾瑪執行長 Doug McMillon 也從本頓維爾總部與我一起出席；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. 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.

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。在問答環節，我們的部門執行長將加入我們，他們是來自沃爾瑪美國的 John Furner、來自沃爾瑪國際的 Kath McLay 和來自山姆會員店的 Chris Nicholas。

For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website. We will make every effort to answer as many of your questions as we can in the hour we have scheduled for this call. (Event Instructions)

有關我們業績的更多詳細資訊（包括各部門的亮點），請參閱我們網站上的收益報告和隨附簡報。我們將盡力在本次電話會議預定的時間內回答您的盡可能多的問題。（活動須知）

Today's call is being recorded, and management may make forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

今天的電話會議正在錄音，管理層可能會做出前瞻性的陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC. Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements as well as our entire Safe Harbor and non-GAAP reconciliations on our website at stock.walmart.com.

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。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警示性聲明以及我們整個安全港和非 GAAP 對賬，網址為 stock.walmart.com。

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

道格，我的介紹到此結束。我們準備開始了。

Good morning, and thanks for joining us. I'll start today by thanking our associates. They continue to drive results for today while changing to strengthen our business for tomorrow. We have more than 475,000 associates participating in our Walmart share purchase plan, and 81% of them are hourly. For all those associates that are listening, nice job, everybody.

早安，感謝您加入我們。今天我首先要感謝我們的同事。他們繼續推動今天的成果，同時做出改變以加強我們明天的業務。我們有超過 475,000 名員工參與沃爾瑪股票購買計劃，其中 81% 是按小時計酬的。對於所有正在聆聽的同事來說，大家都做得很好。

For our first quarter, we grew sales 4% and profit by 3% in constant currency. We grew international sales by 7.8%. We drove a Sam's US comp of 6.7%, excluding fuel; and a Walmart US comp of 4.5%. Though strong Q1 results were not driven by inflation, transactions and units drove our top line.

以固定匯率計算，第一季我們的銷售額成長了 4%，利潤成長了 3%。我們的國際銷售額成長了7.8%。我們駕駛的 Sam's US 汽車的綜合成本為 6.7%，不包括燃料費；沃爾瑪美國公司股價上漲 4.5%。儘管強勁的第一季業績並非受通貨膨脹推動，但交易量和單位數推動了我們的營收成長。

Globally, we grew e-commerce 22%, with each segment delivering growth of at least 20%. Inventory is in good shape. So the first quarter was what we expected on the top line and better than what we expected on the bottom line. It was a good first quarter.

在全球範圍內，我們的電子商務成長了 22%，每個細分市場都實現了至少 20% 的成長。庫存狀況良好。因此，第一季的營收符合我們的預期，並且優於我們的獲利預期。第一季表現良好。

There's a lot to like about how we're changing and where we are. We feel great about our team, our strategy, and our stores and clubs. We feel great about how we're driving e-commerce growth in a way that not only serves customers and members better but reshapes our business model, resulting in a more profitable business with higher returns over time.

我們正在發生的變化以及我們所處的位置有很多值得欣賞的地方。我們對我們的團隊、我們的策略以及我們的商店和俱樂部感到非常滿意。我們很高興能夠推動電子商務的成長，這種方式不僅可以更好地服務客戶和會員，而且可以重塑我們的商業模式，從而實現更有利可圖的業務，並隨著時間的推移獲得更高的回報。

Delivery speed continues to help drive our business. We'll soon reach 95% of the population in the US with delivery options of three hours or less. For Walmart US, the number of deliveries in less than three hours grew by 91% for Q1 versus a year ago. And in China and India, we're frequently talking about delivery times that happen in minutes.

交付速度繼續幫助推動我們的業務。我們很快將透過三小時或更短的送貨服務覆蓋美國 95% 的人口。對沃爾瑪美國公司而言，第一季三小時內送達的商品數量與去年同期相比成長了 91%。在中國和印度，我們經常談論的是幾分鐘內的送貨時間。

We're confident in our ability to strengthen this business even as we navigate cost of goods changes. Our short- and longer-term opportunities are clear. The immediate challenge is obviously navigating the impact of tariffs here in the US. Our mindset and approach haven't changed since our investor conference last month in Dallas.

即使在商品成本改變的情況下，我們也對自己加強這項業務的能力充滿信心。我們的短期和長期機會是明確的。目前的挑戰顯然是應對美國關稅的影響。自從上個月在達拉斯舉行的投資者會議以來，我們的思維方式和方法都沒有改變。

I want to thank President Trump and Secretary Bessant for the progress made recently. We're hopeful that it leads to a longer-term agreement between the US and China that would result in even lower tariffs. We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins.

我要感謝川普總統和貝桑特部長最近的進展。我們希望這能促成美國和中國之間達成長期協議，從而降低關稅。我們將盡力保持盡可能低的價格。但考慮到關稅的幅度，即使本周宣布降低關稅水平，考慮到零售利潤率較低的現實，我們也無法承受所有壓力。

In retail, managing inventory is always important. In this situation, it's even more important and even more challenging. It's helpful that we're entering the second quarter with well-managed inventory. It's helpful that we're crossing the threshold of profitability with e-commerce globally and that we have these newer, higher-margin businesses growing like membership and advertising.

在零售業中，庫存管理始終很重要。在這種情況下，這一點就顯得更為重要，也更具挑戰性。我們以良好的庫存管理進入第二季度，這很有幫助。對我們有幫助的是，我們在全球範圍內透過電子商務跨越了盈利門檻，並且我們擁有會員和廣告等更新、利潤更高的業務。

It's helpful that we sell a broad assortment that includes food, consumables and general merchandise. It's helpful that so much of our assortment is replenishable, which means we can flow it. We don't have to make a one-time call on a quantity. Instead, we can adjust the forecast and partner with our suppliers to adjust quantities over time as we navigate tariff impacts on costs.

我們銷售包括食品、消耗品和日用百貨在內的多種商品，這很有幫助。我們的許多商品都是可補充的，這很有幫助，這意味著我們可以流通商品。我們不必對某個數量進行一次性呼叫。相反，我們可以調整預測，並與我們的供應商合作，隨著我們應對關稅對成本的影響而隨時調整數量。

It's helpful that we have so many talented and experienced merchants and replenishment associates, treating our suppliers well as a priority. We've worked with most of these companies for many years, and we'll be doing business together for many years to come. So we'll have that longer-term mindset as we work together through this year.

我們擁有如此多才華橫溢、經驗豐富的商家和補貨員工，他們優先對待我們的供應商，這對我們很有幫助。我們與其中大多數公司已經合作多年，並且在未來的許多年裡我們仍將繼續合作。因此，我們在今年的合作中將擁有更長遠的眼光。

It's helpful that more than two-thirds of what we sell in the US is made, assembled or grown here. In recent years, our US percentage has grown. Last year, we purchased $296 billion in the United States, and we made a commitment back in 2021 to add another $350 billion in incremental US volume over the following 10 years.

我們在美國銷售的產品有三分之二以上是在這裡製造、組裝或種植的，這很有幫助。近年來，我們在美國所佔的比例有所增長。去年，我們在美國購買了 2,960 億美元，早在 2021 年我們就承諾在未來 10 年內再增加 3,500 億美元的美國增量。

We recently announced additional support for US businesses in the form of Grow With Us, which will provide small businesses in the US with the education, training, and resources they need to help them get started with us. You might be surprised to know that nearly 60% of our suppliers in the US are small businesses.

我們最近宣布以「與我們一起成長」的形式為美國企業提供額外支持，這將為美國的小型企業提供所需的教育、培訓和資源，幫助他們與我們一起起步。您可能會驚訝地發現，我們在美國近 60% 的供應商都是小型企業。

We'll also continue to hold our Open Call event in October where we invite US companies that aren't doing business with us to introduce their company and their products. That is one of the most fun days of the year for us as merchants.

我們也將在十月繼續舉辦公開招募活動，邀請尚未與我們有業務往來的美國公司介紹他們的公司和產品。對我們商人來說，那是一年中最快樂的日子之一。

The merchandise that we import comes from all over the world from dozens of countries. Other than the US, the other large markets are China, Mexico, Vietnam, India, and Canada. China, in particular, represents a lot of volume in certain categories like electronics and toys.

我們進口的商品來自世界各地數十個國家。除美國外，其他大型市場還有中國、墨西哥、越南、印度和加拿大。尤其是中國，在電子產品和玩具等特定類別中佔有很大的份額。

All of the tariffs create cost pressure for us, but the larger tariffs on China have the biggest impact. The cost pressure from all the tariff impacted markets started in late April, and it accelerated in May. Let me describe how we think about that and what we're doing about it.

所有關稅都會給我們帶來成本壓力，但對中國徵收的更高關稅影響最大。所有受關稅影響的市場的成本壓力始於 4 月底，並在 5 月加速。讓我描述一下我們對此的看法以及我們為此採取的措施。

First, we want to keep our food and consumables prices as low as we can. Food prices in the US have gone up in recent years, and our customers have been feeling that all along. We won't let tariff-related cost pressure on some general merchandise items put pressure on food prices.

首先，我們希望盡可能保持食品和消耗品的價格低廉。近年來，美國的食品價格上漲，我們的顧客也一直感受到這一點。我們不會讓部分日用百貨商品的關稅成本壓力影響到食品價格。

But as it relates to food, tariffs on countries like Costa Rica, Peru, and Colombia are pressuring imported items like bananas, avocados, coffee, and roses. We'll do our best to control what we can control in order to keep food prices as low as possible. An example would be controlling the amount of fresh food waste.

但就食品而言，對哥斯達黎加、秘魯和哥倫比亞等國徵收的關稅正在給香蕉、酪梨、咖啡和玫瑰等進口商品帶來壓力。我們將盡最大努力控制我們能控制的，以盡可能降低食品價格。一個例子就是控制新鮮食物浪費的數量。

In some cases, we're holding our retails where they are despite the tariff cost pressure. Flowers for Mother's Day at Sam's Club US is a good example. When it comes to the general merchandise categories that are impacted, we'll move production where that's possible. That is an easier fast. But we've been working on that for years, so it's not like we've just started to make adjustments.

在某些情況下，儘管面臨關稅成本壓力，我們仍維持現有的零售業務。美國山姆會員商店的母親節鮮花就是一個很好的例子。對於受影響的一般商品類別，我們會盡可能轉移生產。這是一種比較容易的齋戒。但我們多年來一直在努力做到這一點，所以我們並不是才剛開始做出調整。

In some cases, we'll absorb costs within a category or department and not simply pass on a tariff cost attributable to each item individually. We'll be managing mix across items, categories, and businesses. We also have suppliers shifting materials from tariff-impacted components like aluminum to fiberglass, where there is no tariff.

在某些情況下，我們會吸收某個類別或部門內的成本，而不是單純地轉嫁歸屬於每件商品的關稅成本。我們將管理跨專案、跨類別和跨業務的組合。我們的供應商也正在將材料從受關稅影響的鋁等部件轉移到沒有關稅的玻璃纖維。

Our merchants, sourcing team, and suppliers are being creative. It's been impressive to watch our team identify opportunities and adjust. As we continue to diversify our profit streams through our e-commerce offering, our marketplace and membership, and advertising, we have some room to absorb costs.

我們的商家、採購團隊和供應商正在發揮創意。看到我們的團隊發現機會並進行調整令人印象深刻。隨著我們繼續透過電子商務產品、市場和會員資格以及廣告來實現利潤來源多元化，我們有一定的成本吸收空間。

We're committed to growing profit faster than sales. There isn't anything about this quarter or anything about this coming year that shakes our confidence about growing profit faster than sales over the term of our long-range plan. The strategy and business model are set up to do that.

我們致力於使利潤成長速度快於銷售額成長速度。本季度或明年的任何事情都不會動搖我們對長期計劃期間利潤增長速度快於銷售額增長速度的信心。我們的策略和商業模式就是為了實現這一目標而製定的。

In summary, the takeaways from my remarks today are, one, we delivered a good first quarter. Two, our strategy and omnichannel capabilities are strong. We'll keep getting better in terms of assortment, delivery speed; and we'll keep scaling our newer businesses.

總而言之，我今天的演講的要點是：第一，我們的第一季表現良好。二是我們的策略和全通路能力很強。我們將在品種、配送速度等方面不斷改進；我們將繼續擴大我們的新業務。

We'll keep driving growth, and we'll control what we can control. We continue to be confident in our ability to strengthen this business even as we navigate cost of goods changes. Our short- and longer-term opportunities are clear.

我們將繼續推動成長，並控制我們能夠控制的事情。即使在商品成本改變的情況下，我們仍然對自己加強這項業務的能力充滿信心。我們的短期和長期機會是明確的。

And three, we're positioned to manage the cost pressure from tariffs as well or better than anyone. But even at the reduced levels, the higher tariffs will result in higher prices. The timing of the tariffs and our inventory receipts matters as you interpret our results by quarter. John David will say more about how retail accounting and timing will play out through the year.

第三，我們有能力比任何人更能管理關稅帶來的成本壓力。但即使在降低的水平上，更高的關稅也會導致價格上漲。當您按季度解讀我們的業績時，關稅和庫存收據的時間很重要。約翰·戴維 (John David) 將詳細介紹零售會計和時間安排在今年將如何發揮作用。

I'll wrap up my remarks today the same way I opened, by thanking our associates. Our store, club, and supply chain associates are working hard in learning new capabilities. Our home office and tech associates are partnering to manage the short term while building for the long term.

今天，我將以同樣的方式結束我的講話，感謝我們的同事。我們的商店、俱樂部和供應鏈員工正在努力學習新的能力。我們的總部和技術夥伴正在合作管理短期事務，同時著眼於長期發展。

We've been operating in challenging environments for years now, and we'll come through this one stronger than ever, just as we have before. We have associates and shareholders a week coming up. It's my favorite week of the year. I look forward to seeing so many of our associates and many of you here in Northwest Arkansas.

多年來，我們一直在充滿挑戰的環境中運營，這次我們將比以往任何時候都更加強大，就像我們以前所做的那樣。下一周我們將與同事和股東見面。這是我一年中最喜歡的一週。我期待在阿肯色州西北部見到我們的許多同事和你們中的許多人。

John David, I'll turn it over to you.

約翰戴維，我將把它交給你。

Thanks, Doug. Our first-quarter performance demonstrates the strength of our business and the relevance of our omni strategy in the context of a highly dynamic backdrop. I'm pleased with the continued sales momentum across the company, and it speaks to the competitive advantages that set us apart in the retail marketplace.

謝謝，道格。我們第一季的業績證明了我們業務的實力以及在高度動態的背景下我們的全方位策略的相關性。我對整個公司持續的銷售勢頭感到高興，這反映了我們在零售市場上脫穎而出的競爭優勢。

Our commitment to delivering value and convenience to our customers is resonating more than ever. At the same time, we're driving progress in high-growth areas like advertising, membership, and marketplace services.

我們致力於為客戶提供價值和便利，這項承諾比以往任何時候都更加受到重視。同時，我們正在推動廣告、會員和市場服務等高成長領域的進步。

Our April results were better than we had expected, particularly in Walmart US. Sales across segments improved as the quarter progressed, including strong Easter seasonal events. And our teams did a nice job managing inventory and controllable expenses, leading to a stronger-than-forecasted performance in both gross profit and SG&A.

我們四月的業績優於預期，尤其是沃爾瑪美國公司。隨著本季的進展，包括強勁的復活節季節性活動，各部門的銷售額都有所改善。我們的團隊在管理庫存和可控費用方面做得很好，使得毛利和銷售、一般及行政費用（SG&A）的表現都優於預期。

Consolidated revenue increased 4% in constant currency despite lapping last year's leap day. driven by strong growth in e-commerce of 22%. Currency headwinds reduced reported sales results by $2.4 billion or 150 basis points of growth. Walmart US comp sales grew 4.5%, aided by strong e-commerce sales growth of 21%.

儘管去年與閏日重疊，但以固定匯率計算，綜合收入仍成長了 4%。受電子商務 22% 強勁成長的推動。貨幣不利因素導致報告的銷售額減少了 24 億美元，即成長 150 個基點。沃爾瑪美國同店銷售額成長 4.5%，這得益於電子商務銷售額 21% 的強勁成長。

Momentum in grocery sales continued with a mid-single-digit comp and ongoing share gains. Health and wellness sales increased high teens, reflecting higher prescription volumes and over-the-counter sales; while general merchandise sales declined slightly with softness in electronics, home products and sporting goods.

食品雜貨銷售持續保持強勁勢頭，較去年同期成長中位數，市佔率持續成長。健康和保健產品的銷售額出現了高位增長，這反映了處方量和非處方藥銷售額的增加；而日用百貨銷售額則略有下降，其中電子產品、家居用品和體育用品銷售額疲軟。

We're focused on value and managing our relative price position while also saving customers' time with our e-commerce options. In Walmart US, we have more than 5,000 price rollbacks across our assortment, and we've seen private brand sales outperform with grocery private brand penetration up 60 basis points versus last year.

我們專注於價值和管理我們的相對價格地位，同時透過我們的電子商務選項節省客戶的時間。在美國沃爾瑪，我們的商品種類已降價超過 5,000 種，而且自有品牌的銷售表現優異，雜貨自有品牌滲透率比去年上升了 60 個基點。

Our international business grew sales 7.8% in constant currency, reflecting strength in China and Flipkart. E-commerce was strong with double-digit growth across markets, led by pickup and delivery and marketplace. We're increasing speed of delivery for customers. In international, items delivered same or next day increased by 35%, with about 45% of those items delivered in under three hours.

我們的國際業務銷售額以固定匯率計算成長了 7.8%，反映了中國和 Flipkart 的強勁表​​現。電子商務表現強勁，各市場均達到兩位數成長，其中以提貨、送貨和市場業務最為突出。我們正在加快向客戶交付的速度。在國際上，當天或隔天送達的物品增加了 35%，其中約 45% 的物品在三小時內送達。

At Walmex, lapping last year's government stimulus payments, the Easter shift, and some early quarter softness tied to a weaker and uncertain macro environment led to slightly softer sales than anticipated. We're encouraged by the pickup in business more recently with sales back in line with our expectations.

在墨西哥沃爾瑪公司，受去年政府刺激計劃支付、復活節轉變以及較弱和不確定的宏觀環境導致的本季初的疲軟影響，銷售額略低於預期。近期業務回升令我們感到鼓舞，銷售額已恢復到我們的預期。

Sam's Club US comp sales, ex fuel, increased nearly 7% with strong growth in transactions, including strength in Members Mark. E-commerce grew 27%, led by triple-digit growth in club-fulfilled delivery and double-digit growth in pickup.

山姆會員商店美國同店銷售額（不含燃料）成長近 7%，交易量強勁成長，其中包括會員標記的強勁成長。電子商務成長了 27%，其中俱樂部配送業務實現了三位數成長，提貨業務實現了兩位數成長。

Members value the convenience of Scan & Go, and their usage of this tool continues to grow, with penetration increasing 600 basis points versus last year. Over 50% of our members now transact digitally in some form with Sam's, online, or using digital solutions in Club.

會員們非常重視 Scan & Go 的便利性，而且他們對該工具的使用率持續增長，滲透率比去年增加了 600 個基點。目前，超過 50% 的會員透過某種形式與 Sam's 進行線上數位交易，或使用俱樂部中的數位解決方案。

From a margin standpoint, consolidated gross margin increased 12 basis points due to better-than-expected results at Walmart US, partially offset by lower-than-expected results in international which saw increased pressure from channel and format mix changes.

從利潤率的角度來看，由於沃爾瑪美國公司的業績好於預期，綜合毛利率增加了 12 個基點，但國際市場的業績低於預期，部分抵消了這一增長，因為國際市場的通路和業績組合變化帶來的壓力增加。

Gross margins in Walmart US increased 25 basis points, reflecting continued disciplined inventory management, including a lower level of markdowns and improvements in business mix that have offset increased pressure from merchandise category mix.

沃爾瑪美國公司的毛利率增加了 25 個基點，反映出持續嚴格的庫存管理，包括較低的降價幅度和業務組合的改善，抵消了商品類別組合增加的壓力。

As our business model evolves, contributions to profitability are increasingly influenced by a diverse set of drivers, including improved e-commerce economics and business mix. We achieved e-commerce profitability, both in the US as well as for the global enterprise in Q1 for the first time, an important milestone for our company.

隨著我們商業模式的發展，獲利能力的貢獻越來越受到各種驅動因素​​的影響，包括改善的電子商務經濟和業務組合。我們在第一季首次在美國和全球企業實現了電子商務獲利，這對我們公司來說是一個重要的里程碑。

In the US, e-commerce net delivery costs have declined as we've continued to densify our last-mile deliveries and as customers pay fees for faster delivery. Business mix, most notably from higher-margin areas like advertising and membership fees, also contributed to the improvement in Q1 profitability.

在美國，隨著我們繼續加強最後一哩的配送，以及客戶為更快的配送支付費用，電子商務淨配送成本已經下降。業務組合（尤其是廣告和會員費等利潤率較高的領域）也促進了第一季獲利能力的提高。

Our advertising business across markets increased 50%, including VIZIO. Walmart Connect in the US, which doesn't include VIZIO, grew 31%. Sam's Club US ad business was up 21%, and we saw 20% growth in our international markets, led by Flipkart.

我們的跨市場廣告業務成長了 50%，其中包括 VIZIO。美國的 Walmart Connect（不包括 VIZIO）成長了 31%。山姆會員店美國廣告業務成長了 21%，在 Flipkart 的帶動下，我們的國際市場成長了 20%。

Membership fee income was up nearly 15% across the enterprise. In the US, Sam's Club continued to see steady growth in member counts, renewal rates, and increased penetration of Plus members, resulting in membership income growth of 9.6%; while Walmart+ membership income grew double digits. Within international, membership income from Sam's Club China grew more than 40% as member counts continue to increase.

整個企業的會員費收入增加了近15％。美國地區山姆會員商店會員數、續約率持續穩定成長，Plus會員滲透率不斷提升，會員收入成長9.6%； Walmart+會員營收則達到兩位數成長。在國際市場，隨著會員數量的不斷增加，山姆會員商店中國的會員收入成長超過40%。

SG&A expenses deleveraged 6 basis points, including the benefit from lapping last year's business reorganization costs. As expected, International and Sam's Club US expense deleverage reflects planned investments in associate wages. Walmart US deleverage reflected increased depreciation expense as well as VIZIO operating costs post acquisition.

銷售、一般及行政開支下降了 6 個基點，其中包括抵銷去年業務重組成本的收益。正如預期的那樣，國際和山姆會員店美國分店的費用去槓桿反映了對員工薪資的計畫投資。沃爾瑪美國去槓桿反映了收購後折舊費用和 VIZIO 營運成本的增加。

As we previewed at our Investor Day, we experienced higher-than-expected casualty claims expense. We're accruing a higher rate for claims cost based on the industry trends that point to higher risk adjustment factors. We expect this trend to persist for at least a few quarters.

正如我們在投資者日所預測的那樣，我們的傷亡索賠費用高於預期。根據指向更高風險調整因素的行業趨勢，我們正在累積更高的索賠成本率。我們預計這一趨勢將持續至少幾季。

Adjusted operating income was better than expected with growth of 3% in constant currency, and adjusted EPS of $0.61 was higher than our guided range. Importantly, our inventory is at a healthy level, up 3.8%. That's obviously as important as ever as we head into a tariff-impacted period where cost pressures will impact item pricing and make it more challenging to anticipate demand by item.

調整後的營業收入優於預期，以固定匯率計算成長 3%，調整後的每股盈餘為 0.61 美元，高於我們的指導範圍。重要的是，我們的庫存處於健康水平，成長了3.8%。顯然，這一點比以往任何時候都更加重要，因為我們正進入受關稅影響的時期，成本壓力將影響商品定價，並使預測商品需求變得更具挑戰性。

This is a highly fluid situation, and we'll need to manage quantity decisions as we measure the price elasticity of impacted items. I'm grateful that we have a team of experienced merchants, various levers we can pull, and the tools available to manage this in a thoughtful and proactive way.

這是一個高度不穩定的情況，我們需要在衡量受影響商品的價格彈性時管理數量決策。我很感激我們擁有一支經驗豐富的商人團隊、可以利用的各種手段以及可用的工具，以便以周到和積極主動的方式管理這一切。

Our cash position provides the flexibility we need to lean into opportunities to grow share while also continuing to invest in areas with long-term strategic value, such as supply chain automation, store growth, remodels, and tech.

我們的現金狀況為我們提供了所需的靈活性，讓我們能夠抓住機會擴大市場份額，同時繼續投資於具有長期戰略價值的領域，例如供應鏈自動化、門市成長、改造和技術。

In April, we completed an approximately $4 billion debt issuance at attractive terms. We continue to expect FY26 CapEx to be in the range of 3% to 3.5% of sales. During Q1, we repurchased $4.6 billion in stock, an amount equivalent to our share repurchases for the entire year last year. We have a lot of confidence in our business, and we'll continue to be opportunistic with buybacks as share price dislocations occur.

四月份，我們以優惠的條件完成了約 40 億美元的債務發行。我們繼續預期 26 財年的資本支出將佔銷售額的 3% 至 3.5%。第一季度，我們回購了價值 46 億美元的股票，相當於去年全年的股票回購額。我們對我們的業務充滿信心，當股價出現混亂時，我們將繼續抓住機會進行回購。

Now turning to guidance. As a matter of practice, we provide an update on our full year outlook at the end of the second quarter, if appropriate. But I'd like to give some color on how we're thinking about the impact from tariffs.

現在轉向指導。按照慣例，如果合適，我們會在第二季末更新全年展望。但我想解釋一下我們如何看待關稅的影響。

I want to start with reiterating our message from our Investor Day in early April. We have a lot of confidence in our strategy, and there is nothing about this current period that makes us feel differently about anything we previously said about our long-term financial framework to grow annual sales about 4% and operating income faster than sales.

首先，我想重申一下我們在四月初投資者日所傳達的訊息。我們對我們的策略充滿信心，當前情況下，我們對長期財務框架的看法沒有改變，即年銷售額成長約 4%，營業收入成長速度快於銷售額。

We've seen during periods of economic uncertainty in the past, we tend to gain share and come out of the other side in an even stronger position. We expect this period to be no different. We'll play offense and may opportunistically invest in areas to improve our value proposition, but we're not fully immune from the financial impacts in the short term.

我們看到，在過去的經濟不確定時期，我們往往會獲得市場份額，並以更強大的地位走出困境。我們預計這段時期也不會有什麼不同。我們將採取進攻措施，並可能抓住機會投資於能夠改善我們價值主張的領域，但短期內我們並不能完全免受財務影響。

We've done work internally to model various scenarios related to the ongoing trade policy discussions. These scenarios involve making assumptions about how long tariffs persist at certain levels versus coming down to some lower level once bilateral trade deals are completed. We also must make assumptions about the elasticity of demand as well as the overall macro backdrop in this environment.

我們已經在內部開展工作，模擬與正在進行的貿易政策討論相關的各種情景。這些情景涉及對關稅在某一水平上持續多長時間以及雙邊貿易協議完成後降至某個較低水平做出假設。我們也必須對需求彈性以及這種環境下的整體宏觀背景做出假設。

Perhaps it's obvious, but worth stating. The range of possible outcomes is much greater than when we originally provided our annual guidance. That said, in what we believe are the most likely scenarios that we've modeled, we still have the ability to achieve our full year guidance for both sales and operating income.

這也許很明顯，但值得說明。可能出現的結果範圍比我們最初提供年度指導時大得多。也就是說，在我們認為最有可能出現的情況下，我們仍然有能力實現全年銷售額和營業收入的預期。

These scenarios involve the belief that trade policy discussions will result in bilateral agreements, agreements in principle for the existence of good faith discussions moving toward agreements that could result in tariff levels lower than those initially proposed in early April. However, if we see a restoration of dramatically higher tariff levels, the impact on our financials could be significant and even jeopardize our ability to grow earnings year over year.

這些情景涉及這樣的信念：貿易政策討論將達成雙邊協議，原則上同意透過誠信談判達成協議，從而可能導致關稅水平低於 4 月初最初提出的水平。然而，如果我們看到關稅水準大幅回升，對我們的財務狀況的影響可能會很大，甚至危及我們逐年增加獲利的能力。

In any case, we're comfortable with our ability to grow sales in the range we've guided for the year, though the mix of AUR versus units may be much different in these scenarios. While the swings from quarter to quarter could be large, we still think we can achieve our operating income guidance for the year given what we know and our assumptions that I referenced.

無論如何，我們對在年度指導範圍內實現銷售額成長的能力感到滿意，儘管在這些情況下 AUR 與單位的組合可能會有很大不同。儘管季度之間的波動可能很大，但根據我們已知的情況和我所參考的假設，我們仍然認為我們可以實現今年的營業收入預期。

Should more progress on trade in the next several weeks be favorable, there could be upside. If elevated tariffs remain in place for an elongated period, there would be downside risk. We will know a lot more in a couple of months, but we are equipped to manage this as well or better than other retailers.

如果未來幾週貿易方面取得更多進展，那麼可能會有上行空間。如果高關稅長期持續，就會有下行風險。幾個月後我們就會知道更多信息，但我們有能力比其他零售商更好地管理這個問題。

Turning to the second quarter. The operating environment is highly fluid, and it makes the very near term exceedingly difficult to forecast. The level and speed at which tariff-impacted prices could go up is more extreme than in normal periods.

轉向第二季。經營環境高度不穩定，短期內的狀況極難預測。受關稅影響的價格上漲幅度和速度可能比正常時期更為極端。

The US is by far our number one market for sourcing. For the less than a third of what we sell in the US that's imported, China, Mexico, Canada, Vietnam, and India are our largest markets.

到目前為止，美國是我們最大的採購市場。我們在美國銷售的產品中不到三分之一是進口的，中國、墨西哥、加拿大、越南和印度是我們最大的市場。

As Doug noted, we're encouraged by the recent trade negotiations, especially concerning China. The level of tariffs that result from those discussions, and the timing of when they ultimately become final may cause larger swings in our financial performance from one quarter to the next.

正如道格所說，最近的貿易談判，尤其是有關中國的貿易談判，令我們感到鼓舞。這些討論產生的關稅水平以及最終生效的時間可能會導致我們的財務表現在一個季度與下一個季度之間出現較大波動。

Moreover, there are two specific accounting methods that make these swings more difficult to forecast. I want to take the time to explain these because they may impact the second and future quarters given cost pressures caused by tariffs.

此外，兩種特定的會計方法使得這些波動更加難以預測。我想花點時間解釋一下這些，因為考慮到關稅造成的成本壓力，它們可能會影響第二季及未來季度。

The first relates to our method of accounting for the cost of inventory for the majority of our US business, the retail inventory method, or RIM for short. We've always used RIM in Walmart US. It's not new for us, and it's a common method of accounting in the retail industry.

第一個與我們大部分美國業務的庫存成本計算方法有關，即零售庫存法，簡稱 RIM。我們一直在美國沃爾瑪使用 RIM。這對我們來說並不新鮮，這是零售業常見的會計方法。

RIM accounting implies a ratio of the actual cost of the inventory to its retail price to calculate an inventory and therefore, derive cost of goods sold. As prices go up, this can result in the potential for markups on our inventory and increased merchandise margin gains relative to periods of more constant price levels.

RIM 會計意味著以庫存的實際成本與零售價的比率來計算庫存，從而得出銷售成本。隨著價格上漲，這可能會導致我們的庫存加價，相對於價格水準較為穩定的時期，商品利潤率也會提高。

To the extent that later markdowns need to be recorded, it can have an offsetting effect. The magnitude of these swings, both positive and negative, given the level of additional costs that could be applied to the inventory that we're purchasing right now, are unprecedented in our business and could result in swings in margin and earnings by quarter.

如果需要記錄後續降價，它可以產生抵消效應。考慮到我們目前購買的庫存可能產生的額外成本水平，這些波動的幅度（正向和負向）在我們的業務中都是前所未有的，並可能導致利潤率和季度收益的波動。

The second is the possibility of LIFO-related charges as prices go up, which we experienced in Sam's Club US during a sustained inflationary period in FY24. We currently expect that sales growth on a constant currency basis will be in the range of 3.5% to 4.5% for the second quarter, though the composition of sales through AUR versus units may be different than what we expect today. Notably, if current exchange rates were to stay where they are right now for the entire second quarter, we would expect a headwind of approximately 120 basis points to reported sales growth.

第二個是隨著價格上漲，可能會產生後進先出法相關費用，我們在 2024 財年持續通膨期間在美國山姆會員商店就經歷過這種情況。我們目前預計，以固定匯率計算，第二季的銷售額成長率將在 3.5% 至 4.5% 之間，但以 AUR 計算的銷售額與按單位計算的銷售額組成可能與我們今天的預期不同。值得注意的是，如果當前匯率在整個第二季度保持當前水平，我們預計報告的銷售成長將面臨約 120 個基點的阻力。

For operating income, the range of outcomes for the quarter is much wider. The information related to the trade discussions taking place is changing by the week and, in some cases, by the day. Importantly, we also want to provide flexibility for us to play offense in this environment.

對於營業收入而言，本季的結果範圍要廣泛得多。與正在進行的貿易討論相關的資訊每週都在變化，有時甚至每天都在變化。重要的是，我們還希望為我們在這種環境下進攻提供靈活性。

And lastly, our method of accounting for inventory could have a larger impact on our earnings than in normal quarters. For these reasons, the range of outcomes for the quarter is so wide that it would be impractical to provide a range of operating income guidance that investors could credibly rely upon.

最後，我們的庫存核算方法對我們的收益的影響可能比正常季度更大。由於這些原因，本季的結果範圍如此之廣，以至於提供一系列投資者可以信賴的營業收入指引是不切實際的。

I want to encourage you to think about the next couple of quarters in the aggregate. We may experience larger gains related to markups in the second quarter, and some of those may be offset by markdowns in the third and fourth quarters. This is why we've underscored the importance of managing inventory well in this environment. In total, though, we believe that we can still achieve our operating income guidance for the year.

我想鼓勵你們從總體上考慮接下來的幾個季度。我們可能會在第二季獲得與加價相關的更大收益，其中一部分收益可能會被第三季和第四季的降價所抵消。這就是為什麼我們強調在這種環境下管理好庫存的重要性。總體而言，我們相信我們仍然可以實現今年的營業收入預期。

In closing, as we look ahead, while operating conditions are expected to remain dynamic, our strategy is clear, our top-line momentum is strong, and we're flexing into our advantages to protect margins as we grow. History tells us that when we lean into these times of economic uncertainty, we emerge on the other side as a stronger company. We expect this time to be no different.

最後，展望未來，雖然預計經營狀況將保持動態，但我們的策略是明確的，我們的營收成長勢頭強勁，而且我們正在發揮優勢，在成長的同時保護利潤率。歷史告訴我們，當我們面對經濟不確定的時期時，我們最終會成為更強大的公司。我們預計這次也不會例外。

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，現在我們準備好回答您的問題。

(Operator Instructions) Paul Lejuez, Citigroup.

（操作員指示）花旗集團的 Paul Lejuez。

Thanks for all the detail on your pricing philosophy tied to tariffs, very helpful. My question is on e-com. Big milestone for the company, achieving profitability in the e-com business. Just curious what finally got you over the hump and where to from here in terms of where margins in that business can go relative to the rest of the business. And what do you see as the key drivers of further improvement to e-com profitability from here?

感謝您提供有關關稅定價理念的所有詳細信息，非常有幫助。我的問題是關於電子商務的。這是公司的重大里程碑，在電子商務業務上實現盈利。我只是好奇是什麼最終幫助您渡過了難關，以及相對於其他業務而言該業務的利潤率可以達到什麼水平。您認為未來進一步提高電子商務獲利能力的關鍵驅動因素是什麼？

This is John David. Let me start with just giving a little bit more detail on global e-com profitability. We noted that we achieved it on an enterprise basis globally as well as for the US segment.

這是約翰大衛。首先，讓我稍微詳細地介紹一下全球電子商務的獲利能力。我們注意到，我們在全球企業以及美國市場都實現了這個目標。

And so if you were to break that down by segment, the US was profitable, Sam's was profitable, and the international was slightly unprofitable. But if you take all of those together, we had a profit for the quarter. So we're really pleased with that.

因此，如果按細分市場進行細分，美國市場是盈利的，山姆會員店也是盈利的，而國際市場則略微無利可圖。但如果把所有這些因素綜合起來，我們本季就實現了盈利。所以我們對此感到非常高興。

There are a few things that have driven the performance, notably in the US, and John will talk more about this. But one is the densification of our network. And what I mean by that is we have customers that are coming to Walmart now and taking advantage of our e-commerce offerings.

有幾個因素推動了業績的成長，尤其是在美國，約翰將對此進行更多討論。但其中之一就是我們的網路密集化。我的意思是，現在有顧客來到沃爾瑪並利用我們的電子商務服務。

We're able to spread those deliveries over multiple households. So think about the opportunity to deliver a package to five houses on the street versus one house on the street. And so as we grow, we continue to spread those costs over more volume.

我們能夠將這些貨物分散運送到多個家庭。因此，想像一下將包裹送到街上五戶人家和送到街上一戶人家的機會。因此，隨著我們的發展，我們會繼續將這些成本分攤到更多的產量上。

The second is delivery cost. And this is where John and his team have made a tremendous amount of progress in reducing the unit cost, and this is a lot of the supply chain infrastructure that we've implemented. But part of that, too, is the willingness that customers have shown to be able to pay for expedited delivery. And what I mean by that is delivery within one hour or within three hours.

第二是配送成本。這就是約翰和他的團隊在降低單位成本方面取得的巨大進展，也是我們實施的大量供應鏈基礎設施。但其中一部分原因也是顧客願意支付加急送貨的費用。我的意思是一小時內或三小時內送貨。

We noted in the last quarter that fully a third of our are taking advantage of that option, and it shows the relevance of convenience. We've seen an uptick in that even in the most recent period. And so John, maybe you want to add a little bit more. But to me, those are a couple of things that stand out to help improve the profitability.

我們在上個季度注意到，我們有三分之一的人正在利用該選項，這表明了便利性的重要性。即使在最近一段時間，我們也看到了這一趨勢的上升。那麼約翰，也許你想補充一點。但對我來說，這些都是有助於提高獲利能力的突出因素。

Paul, a few things. If you look back over the last few years, I think it's a combination of investments we made for about the last decade. And those investments would include getting our applications to a single app, building new fulfillment centers, enabling stores to be part of the omni solution.

保羅，有幾件事。如果回顧過去幾年，我認為這是我們過去十年來所進行的投資的組合。這些投資包括將我們的應用程式整合為一個應用程式、建立新的履行中心、使商店成為全方位解決方案的一部分。

The speed of delivery has been encouraging the last year. Our three-hour deliveries are up about 91% year on year. John David mentioned also the scale of the operation. It has taken a number of years, but we're pleased with the progress in the growth. We've been running 21% growth for multiple quarters in a row.

去年的交貨速度令人鼓舞。我們的三小時送貨量年增了約 91%。約翰·戴維也提到了這次行動的規模。雖然這花了數年時間，但我們對成長的進展感到滿意。我們已連續多個季度實現21%的成長。

For customers, in particular, what the team has done that I've been really impressed with is providing customers flexibility to serve customers when they want to be served, the way they would be served. So a Walmart customer can shop at the counter. They can shop with curbside pickup. We have in-home delivery.

特別是對於客戶而言，團隊所做的事情給我留下了深刻的印象，那就是為客戶提供靈活性，讓他們能夠在客戶需要的時候以他們希望的方式為他們提供服務。因此沃爾瑪的顧客可以在櫃檯購物。他們可以透過路邊取貨的方式購物。我們提供送貨上門服務。

Our first and third-party delivery options, including fulfillment services for our sellers, has been on a strong growth rate for the last few years. And that has resulted in, as John David said, lower delivery costs due to density and frequency. All of that put together has enabled us to -- has helped us enable business mix with advertising our data businesses.

我們的第一方和第三方配送選項（包括為我們的賣家提供的配送服務）在過去幾年中一直保持強勁成長率。正如約翰·戴維所說，這導致運輸成本因密度和頻率而降低。所有這些加在一起使我們能夠——幫助我們實現業務組合與數據業務的廣告。

And when you put it all together, just really proud of the team to be able to sit here today and announce a quarter of profitability for the first time, as we told you just a month ago we were together in Dallas. And importantly, the team has exited the quarter with momentum.

當你把所有這些放在一起時，我真的為團隊能夠今天坐在這裡並首次宣布季度盈利而感到自豪，正如我們一個月前在達拉斯告訴你們的那樣。重要的是，球隊在本季表現強勁。

There was a strong April. We had a strong Easter. Our omni capabilities enabled us to deliver floral and other things that people need last minute for the Easter holiday and Mother's Day. So we'll keep working on better ways to serve customers, improving speed, improving density, and working efficiently across all the channels.

四月表現強勁。我們度過了一個充實的復活節。我們的全方位能力使我們能夠在復活節假期和母親節的最後一刻提供人們所需的鮮花和其他東西。因此，我們將繼續致力於以更好的方式為客戶提供服務，提高速度、提高密度，並在所有管道中高效運作。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So Doug and John David, you both touched on this. You built this business and financial model now that your margins could go up and invest faster for growth at the same time. I've asked you in the past about like the toggling that balance, and I heard some of the prepared remarks on this.

道格和約翰·戴維，你們都談到了這一點。您現在建立了這個商業和財務模型，以便您的利潤率可以上升，同時可以更快地進行投資以實現成長。我以前曾問過您有關如何切換平衡的問題，並且我聽到了一些關於此問題的準備好的評論。

I'll push back and say, why not toggle it in favor of investments even more in this environment? We know how much -- how important it is getting more gross profit dollars, especially in Jan, March. Why not lean into there? And you said it yourselves, Walmart should be better positioned than most to navigate this environment.

我要反駁說，為什麼不在這種環境下將其轉向更有利於投資呢？我們知道獲得更多毛利有多重要，尤其是在一月和三月。為什麼不靠近那裡呢？你們自己也說過，沃爾瑪應該比大多數公司更有能力應付這種環境。

This is Doug. I'll go first, and then John David can comment. I think with our guidance, where it is for the year, we positioned ourselves to be appropriately aggressive. I think as the quarters play out, we may make different choices depending on what's happening with pricing.

這是道格。我先說，然後約翰戴維 (John David) 可以發表評論。我認為，根據我們今年的指導，我們已將自己定位為適當積極主動。我認為隨著各個季度的進展，我們可能會根據定價情況做出不同的選擇。

It is fluid. We're watching what's happening with cost of goods. There are a lot of moving parts as it relates to merchandising these days. And as it relates to the retail prices, we'll watch where our price gaps are, but we'll also watch what customers are telling us and the response that we get from them and the pressure that they're feeling.

它是流體。我們正在關注商品成本的變化。如今，商品銷售涉及許多活動部件。至於零售價格，我們會關注價格差距，但我們也會關注客戶的意見、他們的反應以及他們所感受到的壓力。

So the bottom line is if we need to invest more, we can. Having said that, I really want to grow profit faster than sales. Like we've been working on this for a long time. I think we deserve that. You guys deserve that.

所以重點是，如果我們需要投資更多，我們可以投資更多。話雖如此，我確實希望利潤的成長速度快於銷售額的成長速度。就像我們已經為此努力了很長時間一樣。我認為這是我們應得的。這是你們應得的。

And if we can navigate this in a way as we balance all the interest between customers, shareholders, and everyone else such that we can keep prices low enough to help people and grow profit faster than sales, that's what winning looks like to me.

如果我們能夠以某種方式平衡客戶、股東和其他所有人之間的利益，從而保持足夠低的價格來幫助人們，並使利潤增長速度快於銷售額，那麼在我看來，這就是勝利。

I would underscore the points that Doug made. I feel, Simeon, that we are striking the right balance between investment and growing profits.

我要強調 Doug 提出的觀點。西緬，我覺得我們在投資和利潤成長之間取得了正確的平衡。

If you look over the last two years, we grew operating income about 10% on average. Our guidance is, let's call it, roughly half of that this year. And so this is a year of investment. But even while doing that, we are hopeful to be able to grow profits faster themselves.

如果你回顧過去兩年，我們的營業收入平均成長了約 10%。我們的預期是，今年大約能達到這個數字的一半。所以這是投資的一年。但即使這樣做，我們仍然希望能夠更快地實現利潤成長。

If there's, to me, a story about the quarter from a financial perspective, it's really one of the diversification of our income streams. And so you're seeing all these things play out. If you were to just take advertising and membership as an example, that's a quarter of our profits.

對我來說，如果從財務角度來看本季有什麼故事的話，那它實際上是我們收入來源多樣化的一個面向。所以你就會看到所有這些事情的發生。如果僅以廣告和會員資格為例，那就是我們利潤的四分之一。

Membership was really strong. In the quarter, we grew each segment, membership double digits. International was north of 20%. So you're seeing this diversification of our income streams that allows us to continue to take a very long-term perspective and invest in this business.

會員人數確實很多。本季度，我們各部門的會員數量均實現了兩位數的成長。國際份額超過 20%。因此，您會看到我們的收入來源多樣化，這使我們能夠繼續以非常長遠的眼光投資於這項業務。

So these are always a little tricky in terms of what's striking that right balance. But we like the plan that we have right now is the right one for us.

因此，如何實現正確的平衡總是有點棘手。但我們認為現在的計劃對我們來說是正確的。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So I wanted to ask a question about the consumer and the upper and lower end. You called out strong gains with upper income households. Is that coming through on the e-commerce side, mainly, in addition to what's going on in the store?

所以我想問一個關於消費者和上端和下端的問題。您指出高收入家庭的收入大幅增加。除了商店中發生的事情之外，這是否主要體現在電子商務方面？

And then on the other side, there's been a dialogue in the market that maybe the lower-end consumer is getting weaker and seeing some incremental pressure and perhaps leading to some bottom-of-funnel loss where they're trading out of Walmart to lower unit, lower average cost locations and doing smaller shops. So can you talk about what you're seeing on the both sides in terms of the health as well as the share performance?

另一方面，市場上有一種觀點認為，低端消費者可能正在變得越來越弱，並感受到一些遞增的壓力，這可能會導致一些漏斗底部的損失，他們會從沃爾瑪轉移到單位價格更低、平均成本更低的地點，並開設規模較小的商店。那麼，您能否談談您對雙方健康狀況以及股價表現的看法？

Christopher, it's John. I'll first anchor on comments that John David made earlier this morning, which are that customers, in some cases, we've heard of some concern. They remain choiceful and consistent. And we continue to see customers prioritizing value and speed of delivery.

克里斯多福，我是約翰。我首先要談談約翰戴維今天早上發表的評論，即在某些情況下，我們聽到了客戶的一些擔憂。他們保持選擇性和一致性。我們繼續看到客戶優先考慮價值和交付速度。

We have seen growth across all income cohorts in the quarter, fortunately. I'm proud of the fact that in April, we saw a number of new customers and probably -- it's probably a good time to remind you just the shape of the quarter in terms of the calendar.

幸運的是，本季我們看到所有收入群體都實現了成長。我很自豪，我們在四月迎來了許多新客戶，現在可能是從日曆角度回顧本季情況的好時機。

This is a calendar where we had leap year last year. and then we had a very late Easter. So February was softer than we expected. March was back to normal. And we exited the quarter with a very strong April, including a strong Easter holiday, which is a reminder that customers are prioritizing seasonal events, getting together, having meals at home.

這是去年閏年的日曆。然後我們度過了一個非常晚的復活節。因此二月的表現比我們預期的要疲軟。三月已恢復正常。我們以非常強勁的四月份業績結束了本季度，其中包括強勁的復活節假期，這提醒我們，顧客優先考慮季節性活動、聚會和在家吃飯。

And importantly, we want to be very flexible for our customers. If customers choose to shop in store, we want to have a great store experience. We're very pleased with our remodel program. We continue to see accelerated results and high NPS scores after remodel.

重要的是，我們希望為客戶提供極大的靈活性。如果顧客選擇在店內購物，我們希望擁有良好的購物體驗。我們對我們的改造計劃非常滿意。改造後，我們繼續看到加速的結果和較高的 NPS 分數。

Our fast delivery scores are some of the highest scores that we have in the company. And over the course of the rest of the year, you will continue to see us expand our capacity and capability to deliver from FCs quickly, including same-day, next-day, and two days. And we are growing our fast delivery options almost 100% year on year, you heard that this morning, growing 91%.

我們的快速交貨分數是公司中最高的分數之一。在今年剩餘的時間裡，您將繼續看到我們擴大產能和快速交付 FC 的能力，包括當天、隔天和兩天。我們的快速送貨選項年增近 100%，正如您今天早上所聽到的，增長了 91%。

So we'll continue to focus on value with great products and meat produce, our Better Goods line; really proud of the progress in apparel. Toys has had a strong quarter, particularly the holiday. And then we'll remain very, very flexible for our customers as we move throughout the year.

因此，我們將繼續專注於優質產品和肉類產品的價值，即我們的 Better Goods 系列；我對服裝領域的進步感到非常自豪。玩具本季的銷售表現強勁，尤其是假期期間。然後，我們將在全年的營運中為客戶提供非常靈活的服務。

I think from a Sam's Club point of view -- underlying everything that John just said, I think that right now, I think we're leaning into the power of the model of the membership warehouse retail model.

我認為從山姆會員店的角度來看——正如約翰剛才所說的，我認為現在，我們正傾向於會員倉儲零售模式的力量。

We have incredible prices because we've curated items for members. And what we find is that this resonates whether you're earning a lot of money or whether you're working through how you spend your money each toward the end of your pay packet.

我們擁有令人難以置信的價格，因為我們為會員精心挑選了商品。我們發現，無論你是賺很多錢，還是在接近發薪日時還在思考如何花錢，這都會產生影響。

We're seeing growth in convenience. We really see that convenience is something that resonates for everybody. And in fact, what we give them back is the power of time. So if we make things easier for people, they have more time; and that's incredibly valuable to people.

我們看到了便利性的成長。我們確實看到，便利性是每個人都關心的事。而事實上，我們回報給他們的，是時間的力量。所以如果我們讓事情變得更容易，人們就會有更多的時間；這對人們來說非常有價值。

So I would just close by saying that the growth in our membership, the 5% -- 10% growth in our membership income, is driven by more people renewing, more new members, and higher mix of Plus participation. And we're seeing that across all of our income cohorts.

最後我想說的是，我們的會員數量增長，即會員收入 5% - 10% 的增長，是由更多續約人員、更多新會員以及更高的 Plus 參與度所推動的。我們在所有收入群體中都看到了這一點。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

So just on capital allocation. You talked about CapEx, 3% to 3.5% of sales. Sounds like that probably trends towards the upper end of that range this year. I'm wondering if you could frame where we stand with the automation investment and the spend on that front. Should we be thinking CapEx in dollars is at a peakish level here, at least for the intermediate term?

因此僅討論資本配置。您談到了資本支出，佔銷售額的 3% 到 3.5%。聽起來今年的趨勢可能接近該範圍的上限。我想知道您是否可以介紹一下我們在自動化投資和這方面的支出。我們是否應該認為美元資本支出目前處於高峰水平，至少在中期內是如此？

And then on the buyback, great to see. In the first quarter, it looks like you spent, as you said, more than last year but also more than two years ago. Any way we should be thinking about that going forward and your willingness to commit more to buy back?

然後談到回購，很高興看到。正如您所說，第一季的支出似乎比去年同期還多，但也比兩年前還多。我們應該如何考慮未來的發展以及您是否願意投入更多資金來回購？

Sure, Peter. On capital allocation, I'll start with CapEx. The right way to think about that level for our business is in the 3% to 3.5% of sales. So that should grow with revenue as we go forward. It may vacillate a little bit between the top end and the bottom end of that.

當然，彼得。關於資本配置，我將從資本支出開始。對於我們的業務來說，正確的思考方式是將這一水準設定為銷售額的 3% 到 3.5%。因此，隨著我們前進，收入也會隨之成長。它可能會在頂端和底端之間稍微搖擺不定。

But given what we know and opportunities that we have to drive improved returns through some of this investment, we're not shying away from this. And we're taking a very long-term perspective even in this current operating environment where we see some of those costs are coming in higher.

但鑑於我們所知的情況以及透過部分投資提高回報的機會，我們不會迴避這一點。即使在當前的營運環境下，我們也看到部分成本正在上升，因此我們採取了非常長遠的眼光。

We look at capital allocation as every dollar has to fight for its highest return. And this is one of the best ways that we can spend a dollar. That said, we saw significant price dislocation in the quarter as some of the uncertainties filtered through the market.

我們看待資本配置時，每一美元都必須爭取最高的報酬。這是我們花錢的最佳方式之一。儘管如此，由於一些不確定因素滲透到市場，我們在本季看到了嚴重的價格混亂。

And we are very aggressive in our share buyback as I noted, buying back more than we did in the entirety of last year. And we'll continue to do that as we see price dislocation because we have a lot of conviction in our strategy. We have a lot of confidence in the plan that we have, and we believe there's a lot of shareholder value to be created here.

正如我所說，我們在股票回購方面非常積極，回購的股票比去年全年還要多。當我們看到價格錯位時，我們會繼續這樣做，因為我們對我們的策略充滿信心。我們對現有的計劃非常有信心，並且相信它可以為股東創造很多價值。

And so as we see these types of dislocations, you're going to see us be more aggressive. I think it's fair to say, obviously, we're going to use -- we're going to spend more in share buyback this year than we did last year, given that we've already done that one quarter into the year. The total amount of that is to be determined. We'll see where prices are. We need to balance this with both increasing our dividend as well as investing in ourselves through CapEx.

所以，當我們看到這些類型的混亂時，你會看到我們變得更加積極主動。我認為可以公平地說，顯然，我們今年在股票回購上的支出將比去年更多，因為我們已經在今年的一個季度完成了股票回購。總金額尚待確定。我們將看看價格是多少。我們需要在增加股利和透過資本支出進行自我投資之間取得平衡。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

The Walmart Connect growth was particularly impressive this quarter and showed some acceleration for you. I was wondering if you could comment a bit more on the strength in advertising and any incremental learnings you've had so far as you continue to integrate VIZIO.

本季沃爾瑪互聯的成長尤為令人印象深刻，並顯示出一定的加速。我想知道您是否可以進一步評論廣告方面的優勢，以及在繼續整合 VIZIO 的過程中您迄今為止獲得的任何增量經驗。

It's John. We had a good quarter with Walmart Connect, as you mentioned, up 31% year on year and also a strong quarter around the world and the other advertising businesses that we operate.

是約翰。正如您所說，沃爾瑪互聯本季表現良好，年成長 31%，全球業務以及我們經營的其他廣告業務也表現強勁。

We're in the initial stages of integrating VIZIO. I'm excited about the plans we have for VIZIO the rest of the year. It's a great operating system, very frictionless, easy to sign up; and we're looking forward to the contributions of the VIZIYA team going forward.

我們正處於整合 VIZIO 的初始階段。我對今年剩餘時間 VIZIO 的計劃感到非常興奮。這是一個很棒的作業系統，非常順暢，易於註冊；我們期待 VIZIYA 團隊未來能做出貢獻。

In terms of the core advertising business, we've had strength with the growth of advertising with our marketplace sellers. Our GMV and marketplace has been very consistent in the mid- to high 20s. Last quarter was in the mid-20s as well. We also have had continued strength with first-party and third-party suppliers.

就核心廣告業務而言，我們與市場賣家合作的廣告業務不斷成長，實力雄厚。我們的 GMV 和市場規模一直穩定在 25% 左右。上個季度也處於 20 多歲左右。我們與第一方和第三方供應商的合作關係也持續保持強勁。

So it's a broad mix of capabilities. Additionally, this quarter, we launched pharmacy delivery, and that's another opportunity for our customers to enjoy the flexibility that we offer. And so there will be new opportunities, I think, as we go forward and look ahead. But in general, we're really pleased with the progress, the momentum, and the team that we've established at Walmart Connect.

所以它是一種多種能力的組合。此外，本季度我們推出了藥房配送服務，這為我們的客戶提供了享受我們提供的靈活性的另一個機會。因此，我認為，隨著我們不斷前進、展望未來，將會有新的機會。但總的來說，我們對 Walmart Connect 所取得的進展、發展勢頭以及所建立的團隊感到非常滿意。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

John David, in your remarks, you said if elevated tariffs remain in place for an elongated period, there would be downside risk. Now you guys are astute poker players and probably will not clearly define what elevated tariff rates are, but would you consider the current level of tariffs to be elevated, meaning that there could be downside risk if they don't come down?

約翰戴維，您在演講中表示，如果高關稅長期持續下去，就會有下行風險。現在，你們是精明的撲克玩家，可能不會明確定義提高的關稅稅率，但你是否認為當前的關稅水平已經提高，這意味著如果不降低，可能會有下行風險？

And more importantly, over the long term, is there anything about this tariff situation that would existentially impact Walmart margins, meaning that given the opportunity of time and flexibility, you would be able to fully mitigate all that you see in front of you such that you would be able to have margin rates that are consistent with what you would expect to do over the longer term?

更重要的是，從長遠來看，這種關稅情況是否會對沃爾瑪的利潤率產生根本性影響，這意味著，如果有時間和靈活性的機會，您是否能夠完全緩解您面前所看到的所有問題，從而使您的利潤率與您預期的長期利潤率保持一致？

Let me start with the second part of your question first. We don't see anything, and this is -- we indicated this in our prepared remarks. We don't see anything that changes the way that we think about our business long term related to the current environment that we're in. And so we think that we can navigate this.

我先從你問題的第二部分開始。我們什麼也沒看到，我們在準備好的演講稿中已經表明了這一點。我們沒有看到任何能夠改變我們對當前所處環境相關的長期業務的看法的因素。所以我們認為我們可以解決這個問題。

I think the thing that everyone is focused on, certainly the Fed, is to make sure that these are a one-time price increase and not something that persists and bleeds into wage growth and other things that have a more longer-term effect.

我認為每個人，尤其是聯準會，關注的是確保這些是一次性的價格上漲，而不是持續存在並影響薪資成長和其他具有長期影響的因素。

In terms of the first part of your question, what I was referring to is where the level of tariffs that were announced at the beginning of April. Keep in mind, a week ago, we were at 145% tariffs in China. And certainly, you know as well as anyone the preparation that goes into this day for us.

關於你問題的第一部分，我指的是四月初宣布的關稅水準。請記住，一週前，我們對中國的關稅為 145%。當然，您和其他人一樣清楚，我們為這一天做了哪些準備。

And so when we started the preparation around earnings, that's the construct that we were working under. And 145% tariff environment and tariffs at a level that are approaching 50% for other countries is not a good outcome for retailers. It's not a good outcome for the economy.

因此，當我們開始圍繞收益進行準備時，這就是我們所遵循的結構。145%的關稅環境以及其他國家接近50%的關稅水準對零售商來說不是一個好結果。這對經濟來說不是一個好結果。

We're very pleased and appreciative of the progress that's been made by the administration to bring tariffs down to this level. And the guidance that we gave today, the affirmation of our full-year guidance, is with tariffs at this level.

我們非常高興並讚賞政府在將關稅降至這一水平方面所取得的進展。我們今天給予的指導，以及對全年指導的確認，都是基於這一水準的關稅。

But let me emphasize, we still think that's too high. There are certain items, certain categories of merchandise that we're dependent upon to import from other countries. And prices of those things are likely going to go up, and that's not good for consumers.

但我要強調的是，我們仍然認為這個數字太高了。某些物品、某些類別的商品我們需要從其他國家進口。這些東西的價格可能會上漲，這對消費者來說不是好事。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to follow up on another tariff question and inventory planning. And as you stated, it's a difficult backdrop for planning inventory. Tariffs, obviously, a moving target; I think, uncertainty around elasticities. So against that backdrop, how are you thinking about the planning of the inventory?

我想跟進另一個關稅問題和庫存計劃。正如您所說，這對於庫存規劃來說是一個困難的背景。顯然，關稅是一個不斷變化的目標；我認為，彈性存在不確定性。那麼在這樣的背景下，您如何考慮庫存規劃？

Do you stay lean, hoping the tariffs come down? Do you get aggressive because we're on a 90-day pause? And bigger picture question that I have related to this is, can you avoid the risk of another '22 scenario? Given the dynamic backdrop, do you think that that's a risk for retail?

您是否會保持精簡，希望關稅下降？因為我們處於 90 天的暫停期，所以你們會變得咄咄逼人嗎？與此相關的更大的問題是，你能避免再次出現 22 年情境的風險嗎？考慮到動態背景，您認為這對零售業來說是一個風險嗎？

This is Doug, and you guys can chime in if you want to. I think the way to start is to remind you, as I said in my prepared remarks, that we have a lot of replenishable items at Walmart. It's such a strength to be operating off the side counters rather than some high-low marketing-driven model, where we're focused on features and the actionality and end caps, for example.

我是 Doug，如果你們願意的話可以加入。我認為首先要提醒大家，正如我在準備好的演講中所說的那樣，沃爾瑪有很多可補充的商品。與一些高低行銷驅動的模式不同，我們在側邊櫃檯進行運營，這是一種優勢，例如，我們專注於功能、操作性和端蓋。

So on replenishable goods, we have the opportunity to partner with our suppliers to see what happens with sales as cost and then eventually retails adjust and then manage that through the weeks and months ahead. So that's a great position to be in, and our merchants and our replenishment team are really good at that. And they're managing that on a daily basis.

因此，對於可補充商品，我們有機會與供應商合作，看看銷售成本會發生什麼變化，然後最終零售進行調整，並在未來幾週和幾個月內進行管理。這是一個很好的機會，我們的商家和補貨團隊在這方面非常擅長。他們每天都在管理這些事情。

As tariff numbers have changed, they've done a great job of pivoting, recalculating quantities, and thinking through it again. Where it can get more challenging is we make decisions related to things like Halloween and Christmas further out. And how do you make a quantity call? And what tariff number do you use?

隨著關稅數字的變化，他們在調整、重新計算數量和重新思考方面做得很好。更具挑戰性的是，我們要做出與萬聖節和聖誕節等事情相關的決定。那麼如何進行數量調用呢？您使用的資費編號是多少？

And the best answer we can give you is we've got a sales plan. We're operating against that sales plan. Some of the quantities will be adjusted based on what we think the tariffs are going to be. We've made some tariff assumptions.

我們能給您的最佳答案是，我們有一個銷售計劃。我們正在按照該銷售計劃開展工作。部分數量將根據我們對關稅的預期進行調整。我們做出了一些關稅假設。

And then we'll partner with our suppliers to flow that. And if we need to chase goods, chase some goods. And the bottom line is, yes, we want to avoid what happened back in 2022 and by paying close attention to our unit decisions, that's how we'll do it.

然後我們將與我們的供應商合作來實現這一目標。如果我們需要追逐商品，那就追逐一些商品。最重要的是，是的，我們希望避免 2022 年發生的事情，並透過密切關注我們單位的決定來做到這一點。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We wondered if you could talk about how the tariff situation is impacting your sellers on marketplace both from an inventory standpoint and how you think about the contribution to advertising as a result of this more difficult environment.

我們想知道您是否可以從庫存的角度談談關稅情況如何影響您在市場上的賣家，以及您如何看待這種更困難的環境對廣告的貢獻。

It's John. In terms of overall inventory management, Walmart, along with our capability to serve sellers, we've built a number of tools in the last three years that are particularly helpful. And for sellers, in particular, having services like Walmart Fulfillment Service with heightened visibility of their inventory, where it is, our ability to move around the country is particularly helpful.

是約翰。在整體庫存管理方面，沃爾瑪以及我們為賣家提供服務的能力在過去三年中建立了許多特別有用的工具。特別是對於賣家來說，擁有沃爾瑪配送服務等服務可以提高庫存可見性，我們在全國範圍內調動庫存的能力特別有幫助。

As we sit here today, the ports are flowing, inventory is moving. So we don't have any concerns at this point about port backups in the United States. So our inventory is flowing through.

當我們今天坐在這裡時，港口正在流動，庫存正在移動。因此，我們目前並不擔心美國的港口備份問題。所以我們的庫存正在流通。

I did mention earlier that our GMV growth rates in marketplace, in particular, have been consistent over the last few quarters. You saw that in the release. We are also seeing that again as you exit the quarter. So we had a strong April in e-commerce. And this is a big contributor to the overall health of the e-commerce business with the [21] growth rate that has been in place for some time, which we are pleased to see.

我之前確實提到過，我們市場中的 GMV 成長率在過去幾季一直保持穩定。您在發布會上看到了這一點。當您退出本季度時，我們再次看到了這一點。因此，我們四月的電子商務表現強勁。這對電子商務業務的整體健康發展做出了巨大貢獻，[21] 並且已經保持了一段時間的成長率，我們很高興看到這一點。

And then finally, adding together our stores, our first-party e-commerce business, our new automated fulfillment centers, distribution capabilities, our third-party business, and fulfillment services, that has enabled us to have this ad business and data business, which has helped us mix out to achieve our first quarter of profitability in the United States.

最後，將我們的商店、第一方電子商務業務、新的自動化履行中心、分銷能力、第三方業務和履行服務加在一起，我們就能擁有廣告業務和數據業務，這幫助我們實現了在美國第一季的盈利。

Scot Ciccrelli, Truist Securities.

Truist Securities 的 Scot Ciccrelli。

I know you talked about 50% growth in advertising and 15% in membership. So can you help reconcile those figures against what looks like just under 4% growth in the membership and other line in the P&L, just so we can better understand the components there?

我知道您談到了廣告成長 50% 和會員成長 15%。那麼，您能否幫助我們將這些數字與會員人數和損益表中其他項目的略低於 4% 的增長率進行核對，以便我們更好地了解其中的組成部分？

And then secondly, now that e-comm has turned positive, can you provide any color on the magnitude of losses you had incurred over the last, call it, year or two, just so we can better understand the size of the profit improvement?

其次，既然電子商務已經轉為正值，您能否提供一下過去一兩年內您遭受的損失程度，以便我們更好地了解利潤增長的幅度？

Sure. I'll take the question. First, on advertising, really pleased with the growth that we've seen there. It was inflated this period because we've got VIZIO in there versus comparing to, I guess, a period that we don't. But our overall advertising on an apples-to-apples basis was 27%. So we feel really good about that.

當然。我來回答這個問題。首先，在廣告方面，我們對所看到的成長感到非常高興。這個時期的價格被誇大了，因為我們有 VIZIO，而我想，與我們沒有的時期相比。但以同類比較來看，我們的整體廣告支出為 27%。因此我們對此感到非常高興。

On membership, we felt really good about the progress there. As I noted, we had international that grew north of 20%. Both Sam's and US grew double digits. The line that we have in our P&L, it includes other.

就會員資格而言，我們對那裡的進展感到非常滿意。正如我所指出的，我們的國際業務成長了 20% 以上。Sam's 和 US 均實現了兩位數的成長。我們的損益表中的這一行包括其他內容。

It says membership and other, and that includes things like sustainability income. So think about recycling revenue, things like that. And that's probably a larger figure than what some people expect. And so that's what's -- that's the reconciliation to, I think, the 4% number that you quoted there. But overall membership is -- actually, it's really one of the shining points of the quarter. We're doing really well there.

它提到了會員資格和其他內容，其中包括可持續收入等。所以考慮一下回收收入之類的事情。這個數字可能比一些人預期的要大。這就是 — — 我認為這就是與您在此處引用的 4% 這個數字相符的結果。但總體而言，會員人數實際上是本季的亮點之一。我們在那裡做得很好。

On e-comm losses, I don't think I want to get into the magnitude of some of the losses that we've had historically. We've consistently, though, for years seen improvements there. You'd have to go back several years to see the depth of where losses topped out. But John and his team, and it's really all segments --

關於電子商務損失，我認為我不想深入討論我們歷史上遭受的一些損失的嚴重程度。但多年來我們一直看到那裡不斷取得進步。你必須回顧幾年前的情況才能了解損失達到頂峰的程度。但約翰和他的團隊，以及所有細分市場--

So if you look at what Flipkart is doing in India, look at what Sam's has been doing, we've continued to see contribution profit be positive. And with the digital platform, as you grow that at a positive contribution profit, you ultimately get to overall profitability, which is where we are today.

因此，如果你看看 Flipkart 在印度所做的事情，看看 Sam's 所做的事情，我們會繼續看到貢獻利潤為正。借助數位平台，隨著利潤貢獻的增加，最終實現整體獲利，這就是我們今天所處的水平。

So this is a milestone moment for us as a company. Hopefully, we don't talk about it every single quarter, but I think it's notable this quarter that we've reached this milestone, and we've achieved this level of profit, and we're looking forward to continuing to have that growth in the future.

所以這對我們公司來說是一個里程碑時刻。希望我們不要每個季度都談論它，但我認為本季度值得注意的是我們已經達到了這個里程碑，並且我們實現了這種利潤水平，我們期待著未來繼續保持這種增長。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

I was wondering if you guys could talk -- give a little more detail on general merchandise. You guys had deflation in general merchandise in the first quarter. Can you help us think about deflation versus inflation in tariffs for the outlook here for the next three quarters? And also is there any -- are there pretty significant differences between mix of general merchandise or changing in mix of general merchandise for in-store versus what you guys are doing in e-commerce?

我想知道你們是否可以談談——提供更多關於日用商品的細節。你們第一季的日用百貨商品遭遇了通貨緊縮。您能否幫助我們思考一下未來三個季度關稅前景中的通貨緊縮與通貨膨脹？另外，店內日用百貨的混合或日用百貨混合的變化與你們在電子商務中所做的事情之間是否存在顯著差異？

I'll start, and some of the others may want to jump in. General merchandise has been deflationary for over a year right now, and we've seen the impact of that. And think of it as deflationary in low single digits in the quarter.

我先開始，其他人可能也想加入。目前，日用百貨商品的通貨緊縮已經持續了一年多，我們已經看到了其影響。並將其視為本季通貨緊縮的低個位數。

Importantly, though, we grew units in the quarter. So we continue to see progress there. But the consumer is pressured. We've seen for a couple of years now a shift in the baskets away from general merchandise to those items that are more necessities versus discretionary.

但重要的是，我們本季的銷量有所成長。因此我們繼續看到那裡的進展。但消費者面臨壓力。幾年來，我們已經看到購物籃的購買重點從日用百貨轉向必需品而非可自由支配的物品。

So people are spending more on food. So we'll continue to monitor that going forward. But the team, in particular, has made really good progress on the assortment that we have and advancing general merchandise. John, do you want to --

因此人們在食物上的支出增加了。因此我們將繼續監控此事。但特別是團隊，在擴大我們的商品種類和推進日用百貨方面取得了非常好的進展。約翰，你想--

Sure. Sure. We did see strong growth in categories like toys, kids apparel, in our baby categories, and others across the business. We do have stronger growth rates in e-commerce. In the total, you can see that as well with 21% growth rates, which would reflect really a strong mix across categories.

當然。當然。我們確實看到玩具、兒童服裝、嬰兒用品類別以及其他業務類別的強勁成長。我們的電子商務確實擁有更強勁的成長率。總體而言，您還可以看到 21% 的成長率，這確實反映了各個類別的強勁組合。

And as we look at where we ended the quarter, we were softer in February. Just a reminder, we had really tough weather. It was lapping leap year. We had snow across the country, including the Southeast and on beaches across the Southeast. So we had unusual weather in February.

當我們回顧本季末的情況時，我們發現二月的經濟表現較為疲軟。提醒一下，我們遇到了非常惡劣的天氣。那年是閏年。全國各地都下雪了，包括東南部和東南部的海灘。所以二月的天氣異常。

I mentioned this earlier, March was -- felt like more of a normalized month, closer to what we expected given the flip in leap year and a much later Easter. And then as we got the Easter holiday, the units strengthened pretty significantly. And we reported this morning that we were slightly negative in general merchandise with deflation, but was really encouraged by the results that we had from the Easter holiday until the end of the quarter.

我之前提到過，三月感覺更像是一個正常的月份，考慮到閏年的轉換和更晚的復活節，更接近我們的預期。隨著復活節假期的到來，部隊實力顯著增強。我們今天上午報告稱，由於通貨緊縮，我們對一般商品的銷售略有負面影響，但從復活節假期到本季末的業績確實讓我們感到鼓舞。

Yeah. And in Sam's Club, we had a positive quarter of GM sales back to back in a deflated environment. So units are the driver of that performance.

是的。在山姆會員店，儘管經濟不景氣，通用汽車的銷售額連續兩季保持正成長。因此，單位是績效的驅動因素。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So I just want to go back to a strong momentum in the health and wellness category. Just want to get a sense of how you guys feel about the sustainability of the momentum? And then as you look at the pharmacy rollout, how is that trending versus expectation? And any sense of whether it's driving new customer acquisition at this point?

所以我只想回到健康和保健類別的強勁勢頭。只是想了解你們對於這種勢頭的可持續性有何看法？然後，當您查看藥房的推出情況時，其趨勢與預期相比如何？目前，它是否正在推動新客戶的獲取？

When we look at the pharmacy business -- and you saw in the reported results this morning growth in the mid-20s. When you strip out the impact of GLP-1s, we saw prescription growth over 10% growth in the quarter, which is very encouraging. That result is inclusive of market share gains. and it's driven by a few things.

當我們觀察藥房業務時——您可以從今天早上報告的結果中看到，其成長率達到了 20% 左右。如果剔除 GLP-1 的影響，我們發現本季處方藥成長率超過 10%，這是非常令人鼓舞的。此結果包括市場份額的成長。這是由一些因素推動的。

First, I would just like to complement our pharmacists, our pharmacy techs, the team in the field who do such a great job helping customers and patients with whatever they need help with. And then the second was the initiative of pharmacy delivery, which we launched in the first quarter, which has been helpful not only for customers to receive their prescriptions the way they want to receive them. But it has resulted in growth of new digital users in our e-commerce business.

首先，我要讚揚我們的藥劑師、藥房技術人員以及現場團隊，他們為客戶和患者提供他們需要的任何幫助，做得非常出色。第二項是我們在第一季推出的藥局配送計劃，這項計畫不僅幫助顧客以他們想要的方式收到處方。但它卻帶來了我們電子商務業務中新數位用戶的成長。

So we've had a digital business with text message for some time where you could renew. Now that you can deliver, we see people signing up for an account on walmart.com and our app, and we're looking forward to being able to serve them in more ways across categories.

因此，我們已經開展了一項帶有短信的數位業務，您可以進行續訂。現在您可以送貨上門了，我們看到人們在 walmart.com 和我們的應用程式上註冊帳戶，我們期待能夠以更多方式跨類別為他們提供服務。

I think it's worth mentioning that Sam's, once again for the ninth year in a row, won the JD Power Pharmacy Company of the Year. And the ex-GLP growth is still double digit, so it's over 10%. So we're feeling really good about that business.

我覺得值得一提的是，山姆會員店連續第九年榮獲 JD Power 年度最佳藥局公司稱號。而除 GLP 之外的成長率仍是兩位數，因此超過 10%。所以我們對這項業務感到非常滿意。

David Bellinger, Mizuho Securities.

瑞穗證券的戴維·貝林格。

The first one, just on understanding outcomes for Q2. We're so wide on the guidance right now, and you can't give us a definitive range there on profitability. Can you just walk us through your positioning on the full year guide? Why are you still confident to keep that range?

第一個問題，僅了解第二季的結果。我們目前的指導範圍非常廣泛，您無法給我們一個明確的獲利範圍。您能否向我們介紹一下您對全年指南的定位？為什麼您仍然有信心維持這個範圍？

Do you expect these wide swings you talked about on margins and operating income -- could those be contained within the combined Q2 and Q3 time span? And just anything on international the momentum you're seeing there, especially on the operating income side?

您是否預期利潤率和營業收入的大幅波動會在第二季和第三季合併後的時間跨度內得到控制？您在國際上看到了什麼發展勢頭，特別是在營業收入方面？

I'll start with the first part of your answer and then kick it over to Kath to talk about international. It's hard to predict. We don't know the level of tariffs where the bilateral agreements are going to finalize that. We do know that we're probably going to be in a period in the second quarter. We're going to see more markups than normal.

我將從您回答的第一部分開始，然後交給凱斯 (Kath) 來談論國際問題。這很難預測。我們不知道雙邊協議最終將確定何種關稅水準。我們確實知道我們可能會進入第二季的某個時期。我們將會看到比正常情況下更多的加價。

If we -- it's why Doug and others have mentioned that it's so important to get inventory right in this environment because that reduces the likelihood of taking markdowns in the third quarter and potentially even into the fourth. And so it remains to be seen what the elasticity of demand is. It's something that's 30% higher or, in other cases, 10% higher in certain items.

如果我們——這就是為什麼 Doug 和其他人提到在這種環境下正確獲取庫存非常重要，因為這會降低第三季甚至第四季降價的可能性。因此，需求彈性如何還有待觀察。在某些商品上，價格會高出 30%，或者，在其他情況下，會高出 10%。

So we'll have to see that. We've got a really, really good team of merchants; and we have a lot of confidence in their ability to navigate this environment. Fortunately or unfortunately, depending upon how you look at it, we've got some experience here from a couple of years ago.

所以我們必須看到這一點。我們擁有一支非常非常優秀的商人團隊；我們對他們駕馭這種環境的能力充滿信心。幸運的是，或者不幸的是，這取決於你怎麼看待它，我們在幾年前就已經累積了一些經驗。

And so we'll try to navigate this. And as Doug said, I like our hand here. I think we can navigate this as well or better than anyone. But there's a lot of uncertainty, a lot of volatility.

因此我們將盡力解決這個問題。正如道格所說，我喜歡我們在這裡的做法。我認為我們可以像其他人一樣，甚至比其他人更好地解決這個問題。但也存在著許多不確定性和波動性。

It's a dynamic and fluid environment, and we feel confident that we can land the year in the range that we've talked about. But the swings from quarter to quarter are a little harder to predict, and we'll have to see how that comes.

這是一個充滿活力和變化的環境，我們有信心在今年實現我們所談論的範圍。但季度之間的波動有點難以預測，我們必須觀察如何發生。

If I pick it up from there -- because definitely, foreshadow that we have swings by quarter in international when we were together in Dallas. If I was to characterize the quarter, I would say it was a good result, but I think we can still do better. I don't think my team would be surprised to hear me say that because I think that's the constant posture we typically have.

如果我從那裡開始——因為肯定預示著當我們在達拉斯一起時，我們在國際上每個季度都會有波動。如果要我描述這個季度的話，我會說這是一個很好的結果，但我認為我們仍然可以做得更好。我想我的團隊聽到我這麼說不會感到驚訝，因為我認為這是我們一貫採取的姿態。

When I look across the composition of the markets, we had a couple that had a weaker backdrop, which would be more Mexico and Canada. I think we made strategic investments in high-growth markets like India. You heard Kalyan, our CEO Flipkart, talk about that when we were together. But if I --

當我審視整個市場的組成時，我們發現有幾個市場的背景較弱，例如墨西哥和加拿大。我認為我們對印度等高成長市場進行了戰略投資。當我們在一起時，您聽到我們的 Flipkart 首席執行官 Kalyan 談論過這個問題。但如果我--

And then I think we also had some choppy calendar results, Leap year, Easter, et cetera. So when I look -- step back and look at the overall result, I think we're in high-growth markets. We've got really strong businesses, and we're in a leading omnichannel position in those markets.

然後我認為我們也得到了一些不穩定的日曆結果，閏年、復活節等等。因此，當我回顧並查看整體結果時，我認為我們正處於高成長市場。我們的業務非常強大，並且在這些市場中處於全通路領先地位。

And so I think holistically, I still feel really good about leading the enterprise from a growth perspective and growing profit faster than sales across the full year.

因此，我認為從整體上看，我仍然對從成長角度領導企業以及全年利潤成長速度快於銷售額感到非常滿意。

This is Doug. It's probably worth just repeating one more time the point about retail accounting as it relates to the timing between Q2, Q3, Q4.

這是道格。可能值得再重複一次有關零售會計的觀點，因為它與 Q2、Q3、Q4 之間的時間有關。

In Q2, if we have a markup, we take it on all the inventory we have on hand even if we don't sell it in that quarter and even if we don't ultimately sell at that price. So you could get a situation where Q2 earnings look unusually high and the range of outcomes is wider, which is why we're not providing guidance for the quarter.

在第二季度，如果我們有加價，我們將對我們手頭上的所有庫存加價，即使我們沒有在該季度售出，即使我們最終沒有以該價格售出。因此，您可能會遇到第二季度收益看起來異常高且結果範圍更廣的情況，這就是我們不為本季提供指導的原因。

Then think about Q3 and Q4. Can you sell it at the price that you marked it up to? Yes or no? What are the resulting margins look like? How do you manage markdowns? How do you manage inventory effectively through the Q3 and Q4 period?

然後考慮 Q3 和 Q4。您能依照標價賣出嗎？是還是不是？最終的利潤是什麼樣的？您如何管理降價？您如何在第三季和第四季有效管理庫存？

And there may be more markups in Q3 and Q4. We don't know right now because this environment is so fluid. I hope that helps everybody just -- I want to make sure that you all understand this is an accounting issue, a timing issue, b; it ultimately boils down to how well do we forecast sales, manage inventory and make quantity decisions.

第三季和第四季的漲幅可能還會更大。我們現在還不知道，因為這個環境非常不穩定。我希望這對每個人都有幫助——我想確保你們都明白這是一個會計問題、一個時間問題，b；最終歸結為我們如何預測銷售、管理庫存和做出數量決策。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

And I guess, Doug, I just want to follow up on that last point. Given where we are today with the tariff rate, the 30% incremental China and then the 10% seems to be the baseline, what's the time lag that you would expect to see that show up on the shelf? Is it three months, six months is when the peak effect would be?

我想，道格，我只是想跟進最後一點。考慮到我們目前的關稅稅率，中國增加 30%，然後 10% 似乎是基準，您預計產品上架需要多長時間？是三個月、六個月的時候效果才會達到高峰？

And as another question on that, what's the magnitude? Are we talking 50 or 100 bps if it had to pass through at current rates?

另一個問題是，規模有多大？如果以目前的利率計算，我們討論的是 50 還是 100 個基點？

It happens gradually. And as we mentioned earlier, we started to see increases happen in April and through May. We've been really focused on back-to-school receipts.

它是逐漸發生的。正如我們之前提到的，我們從四月到五月開始看到成長。我們一直非常關注返校收據。

When you have an imported item, you pay the tariff at the time it comes through through customs. And so the cost is higher. Even if the tariff rate comes down later, the cost has been elevated. So I wouldn't think of this as a moment in time necessarily, except when you think about seasonal things like back to school.

當您有進口物品時，您需要在物品通過海關時支付關稅。因此成本較高。即使後來關稅稅率下降，成本也已經上升。因此，我不會認為這是一個必然的時刻，除非你想到像返校這樣的季節性的事情。

So I think it will feel more gradual. And as we've been saying to everyone, the first thing that goes through my mind is food inflation. We've been through a number of years here where prices have gone up on food, and our customers have felt that. And they don't want any more food inflation.

所以我認為它會感覺更加漸進。正如我們一直對大家說的那樣，我首先想到的是食品通膨。我們這裡已經經歷了好幾年食品價格上漲的現象，我們的顧客也感受到了這一點。他們不希望再出現食品通膨。

And so what we hope happens is that there are changes from a policy point of view that help us get prices back, ex tariffs, on bananas and things that we don't grow here. So food inflation is very much on our mind.

因此，我們希望從政策角度做出改變，幫助我們恢復香蕉和其他我們這裡不種植的農產品的價格（不含關稅）。因此，我們非常擔心食品通膨。

And as it relates to GM, it will vary by category. Which country is it? If it's from China, obviously, it will have a higher amount. And this reset of costs will play out through the year. We'll have seasonal items. It will be higher than they would have been otherwise.

由於它與 GM 相關，因此會因類別而異。是哪個國家？如果來自中國，顯然含量會更高。這種成本重置將持續全年。我們將有季節性商品。它將比原本的水平更高。

So I think what we're looking at is upward pressure that began in April and plays through the entire year on things that are imported. And again, we've been working for years to try and make sure that we've got surety of supply, we're sourcing from the right places, create a more flexible supply chain, and we've made progress on that. And I think relative to others, we're well positioned.

所以我認為，我們所看到的是始於四月並持續全年的進口商品上漲壓力。再說一次，我們多年來一直努力確保我們的供應有保障，我們從正確的地方採購，創建更靈活的供應鏈，我們在這方面已經取得了進展。我認為相對於其他人而言，我們處於有利地位。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

I wanted to ask about the evolution of Marketplace and specifically, what your strategic priorities are for the current fiscal year as it relates seller additions, where you are looking to expand the depth or breadth of the assortment. And just given the cost of tariffs, how are you thinking about general merchandise elasticity for the in-store business versus marketplace in the back half of the year?

我想問 Marketplace 的發展情況，特別是您當前財年的策略重點是什麼，因為它涉及到賣家的增加，您希望擴大商品種類的深度或廣度。考慮到關稅成本，您如何看待下半年店內業務與市場業務的一般商品彈性？

It's John. I think the first thing that is important to note is we want to be flexible for our customers and deliver what they want, when they want it, however they want it to be delivered. And so what you'll see in the coming months, quarters, and years is a continued focus on expanding our assortment to be able to deliver our customers what they're looking for without the need of looking at another app or going to another location.

是約翰。我認為首先要注意的是，我們希望為客戶提供靈活性，並在他們想要的時間以他們想要的方式提供他們想要的東西。因此，在接下來的幾個月、幾個季度和幾年裡，您將看到我們繼續致力於擴大產品種類，以便能夠為客戶提供他們想要的東西，而無需查看其他應用程式或前往其他地方。

Our supply chain capabilities that include our new -- next-generation fulfillment centers, our ability to use our stores for delivery in a very dense, local, low-cost way are all parts of the solution to be able to serve customers flexibly. So assortment would be first.

我們的供應鏈能力包括我們的新一代履行中心，以及我們以非常密集、本地化、低成本的方式利用我們的商店進行配送的能力，這些都是能夠靈活地為客戶提供服務的解決方案的一部分。因此，分類是首要的。

Second, we want to ensure that we have the right suite of services available to our sellers. Our sellers need to know where their inventory is, the rate of sale. We have an application they can look at it on their phone that tells them a lot of the critical information that they're going to need.

其次，我們希望確保我們能為賣家提供合適的服務套件。我們的賣家需要知道他們的庫存在哪裡，銷售率是多少。我們有一個應用程序，他們可以在手機上查看，該應用程式會告訴他們很多他們需要的關鍵資訊。

And then third, our sellers who are launching brands, developing brands, or selling someone else's product, they're looking for ways to connect to relevant customer cohorts that are interested in their products. So being able to use our data to help them access cohorts who are interested in their categories and then advertise through Walmart Connect is a big part of the solution that all of our sellers are going to need.

第三，我們的賣家正在推出品牌、開發品牌或銷售他人的產品，他們正在尋找方法來與對其產品感興趣的相關客戶群建立聯繫。因此，能夠使用我們的資料來幫助他們接觸對他們的類別感興趣的群體，然後透過 Walmart Connect 進行廣告宣傳，這是我們所有賣家都需要的解決方案的重要組成部分。

In terms of elasticity, we watch elasticity and we are constantly reforecasting quantities placement. This is something that we do each and every day, every week, every month, every quarter. So there'll be a period here where we'll be watching this -- and we are watching this very closely with much better tools and visibility know what we own, where it is and where it's moving.

在彈性方面，我們觀察彈性並持續重新預測數量位置。這是我們每天、每週、每月、每季都會做的事情。因此，我們將有一段時間關注這一點——我們將透過更好的工具和可見性密切關注這一點，了解我們擁有什麼、它在哪裡以及它向何處發展。

And then we'll continue to ensure that -- just as we talked about earlier, the supply chains continue to flow. We're in stock for our customers in the store at the counter. We have great quality produce and fresh. And then finally, our fulfillment center inventory is placed well so that if a customer places an order, we'll be able to deliver it in a very fast manner and meet the promise that we told them.

然後我們將繼續確保——正如我們之前談到的，供應鏈繼續暢通。我們商店櫃檯有存貨供顧客購買。我們擁有優質且新鮮的農產品。最後，我們的履行中心庫存安排得很好，這樣如果客戶下訂單，我們就能以非常快的方式交付並兌現我們對他們的承諾。

And if I can just chime in from an international perspective, like, we're very proud of the progress we're making in Flipkart. But if I focus on our other marketplace businesses in Canada, Chile, and Mexico, our total marketplace GMV grew over 30% year on year. And a lot of that is because we have -- in this quarter, we signed up over 4,000 new sellers in Mexico and Canada.

如果我可以從國際視角來談談，我們對 Flipkart 所取得的進步感到非常自豪。但如果我關注我們在加拿大、智利和墨西哥的其他市場業務，我們的整個市場 GMV 年比成長超過 30%。這在很大程度上是因為我們——本季度，我們在墨西哥和加拿大簽約了 4,000 多名新賣家。

We also launched Walmart Connect for our marketplace sellers in Canada, and we've seen really high engagement with that. And our SKU count grew over 80% in Canada and Mexico over this last quarter. So a lot of upside and a lot of growth and momentum in our Marketplace business across international.

我們也為加拿大的市場賣家推出了 Walmart Connect，我們看到了非常高的參與度。上個季度，我們在加拿大和墨西哥的 SKU 數量增加了 80% 以上。因此，我們的國際市場業務具有很大的優勢、巨大的成長和動力。

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

謝謝。至此，問答環節已經結束。現在我將把電話交給 Doug McMillon 來做結束語。

Thanks again for dialing in and asking great questions. We have momentum, and that momentum continues. We feel good about our ability to win with customers, to serve them how they want to be served. We're encouraged by the fact that e-commerce growth across all three segments continues to be strong, all three segments growing more than 20%.

再次感謝您撥電話過來並提出很好的問題。我們擁有強勁勢頭，而且這種勢頭還將持續下去。我們對自己贏得客戶、以客戶期望的方式為他們提供服務的能力感到非常滿意。令我們感到鼓舞的是，三個領域的電子商務成長持續強勁，增幅均超過 20%。

And secondarily, we're strengthening our business model, playing that through regardless of what's happening with tariffs. The 50% growth in advertising, the 15% growth in membership, I think, are really encouraging.

其次，我們正在加強我們的商業模式，無論關稅如何變化，我們都會繼續努力。我認為，廣告收入成長 50%，會員收入成長 15%，這確實令人鼓舞。

And then thirdly, as it relates to the short-term environment, we think we are positioned to manage this as well or better than anybody. We will do our best to serve our customers well, to help keep prices low. That's really important in an environment like this, and it's our purpose. That's what we're here to do.

第三，就短期環境而言，我們認為我們有能力比任何人更好地應對這個問題。我們將竭盡全力為客戶提供良好的服務，以幫助維持低價。在這樣的環境中，這一點非常重要，這也是我們的目標。這就是我們來這裡要做的事情。

But we believe we can do that while continuing to execute the strategy, change the business model, and grow profit faster than sales. So that's our consistent message, and we're confident in our plan.

但我們相信，我們可以做到這一點，同時繼續執行策略，改變商業模式，並使利潤成長速度超過銷售額。這是我們一貫的訊息，我們對我們的計劃充滿信心。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。