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。（操作員說明）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.

接下來，我將請投資者關係高級副總裁史蒂芬‧威辛克 (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。歡迎各位。感謝您加入我們，也感謝您對沃爾瑪的關注。今天，沃爾瑪執行長道格·麥克米倫和財務長約翰·大衛·雷尼從我們在本頓維爾的總部連線我。

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.

Doug 和 John David 將首先分享他們對本季度的看法，然後我們將開放提問環節。在問答環節，我們將邀請各部門的執行長出席，他們分別是沃爾瑪美國公司的約翰·弗納、沃爾瑪國際公司的凱瑟琳·麥克萊和山姆會員店的克里斯·尼古拉斯。

For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our 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信息，包括各業務板塊的亮點，請參閱我們網站上的收益報告和相關簡報。我們將在本次通話安排的一個小時時間內，盡我們所能回答您提出的所有問題。（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，管理層可能會發表前瞻性聲明。這些聲明存在風險和不確定性，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在向美國證券交易委員會提交的文件中確定的因素。請查閱我們的新聞稿和隨附的幻燈片演示文稿，以了解有關前瞻性聲明的警示性聲明，以及我們在 stock.walmart.com 網站上提供的完整安全港和非 GAAP 調節表。

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

道格，我的介紹就到此結束了。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，感謝各位的收看。今天首先，我要感謝我們的同事們。他們既要持續推動當下的績效成長，也要不斷改變以增強我們未來的業務實力。我們有超過 475,000 名員工參與沃爾瑪股票購買計劃，其中 81% 是小時工。各位同事，幹得漂亮！

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.

第一季度，我們以固定匯率計算，銷售額成長了 4%，利潤成長了 3%。國際銷售額成長了7.8%。我們比較了美國山姆會員店的同類產品，其燃油成本率為 6.7%；以及美國沃爾瑪的同類產品，其燃油成本率為 4.5%。雖然第一季強勁的業績並非由通貨膨脹推動，但交易量和銷售成長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。所以第一季營收符合預期，獲利則超乎預期。第一季表現不錯。

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，有很多值得稱道的地方。我們對我們的團隊、策略以及我們的門市和俱樂部感到非常自豪。我們對推動電子商務成長的方式感到非常滿意，這種方式不僅能更好地服務客戶和會員，還能重塑我們的商業模式，從而隨著時間的推移，帶來更高的利潤和更高的回報。

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.

配送速度持續推動著我們的業務發展。我們很快就能為美國 95% 的人口提供三小時或更短時間送達的服務。對沃爾瑪美國公司而言，第一季三小時內送達的訂單數量比去年同期增加了 91%。在中國和印度，我們常談論的是幾分鐘內就能完成的配送時間。

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.

我們有信心在應對商品成本變化的同時，加強這項業務。我們的短期和長期機會都很明確。眼下的挑戰顯然是如何應對美國關稅帶來的影響。自從上個月在達拉斯舉行的投資者大會以來，我們的思維方式和方法並沒有改變。

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中兩國達成更長期的協議，從而進一步降低關稅。我們將盡最大努力把價格保持在盡可能低的水平。但鑑於關稅的規模，即使是本周宣布的降低後的水平，考慮到零售利潤率微薄的現實，我們也無法承受所有的壓力。

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，庫存管理始終至關重要。在這種情況下，它就更加重要，也更具挑戰性。令人欣慰的是，我們進入第二季時庫存管理良好。令人欣慰的是，我們正在全球範圍內跨越電子商務盈利的門檻，而且像會員制和廣告等新興的高利潤業務也在不斷增長。

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.

我們銷售的商品種類繁多，包括食品、日用品和一般商品，這很有幫助。我們的大部分商品都是可補充的，這很有幫助，這意味著我們可以靈活調配。我們不需要一次性確定數量。相反，我們可以調整預測，並與供應商合作，隨著關稅對成本的影響，逐步調整數量。

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.

我們擁有眾多才華橫溢、經驗豐富的採購員和補貨員，他們始終把善待供應商放在首位，這對我們大有裨益。我們與其中大多數公司已經合作多年，未來許多年我們仍將繼續保持業務往來。因此，我們將秉持這種長遠的思維方式，共同度過今年的時光。

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.

值得慶幸的是，我們在美國銷售的產品中，超過三分之二是在美國製造、組裝或種植的。近年來，我們在美國所佔的比例有所增長。去年，我們在美國採購了價值 2,960 億美元的商品，我們在 2021 年承諾，在接下來的 10 年裡，將在美國新增 3,500 億美元的採購量。

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.

我們最近宣布了對美國企業的額外支持，即「與我們共同成長」計劃，該計劃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。你可能會驚訝地發現，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 10 月繼續舉辦公開招商引資活動，邀請尚未與我們開展業務的美國公司介紹他們的公司和產品。對我們商家來說，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。除了美國之外，其他主要市場還有中國、墨西哥、越南、印度和加拿大。特別是中國，在電子產品和玩具等某些類別中佔據了很大的市場份額。

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.

所有這些關稅都會給我們帶來成本壓力，但對中國徵收的高關稅影響最大。受關稅影響的所有市場的成本壓力從 4 月下旬開始，並在 5 月加劇。讓我來描述一下我們是如何看待這個問題以及我們正在採取哪些措施的。

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，我們希望盡可能降低食品和日用品的價格。近年來，美國的食品價格上漲，我們的顧客一直都能感受到這一點。我們不會讓關稅相關的成本壓力對某些一般商品造成影響，進而影響食品價格。

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給香蕉、酪梨、咖啡和玫瑰等進口商品帶來了壓力。我們將盡最大努力控制我們能夠控制的因素，以盡可能降低食品價格。例如，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，我們仍維持零售價格不變。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，我們將盡可能轉移生產。那是一種更簡單的快速方法。但我們為此已經努力多年，所以並不是我們最近才開始做出調整。

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，我們會承擔某個類別或部門內的成本，而不是簡單地將每個項目單獨產生的關稅成本轉嫁出去。我們將對商品、類別和業務進行組合管理。我們還發現一些供應商正在將原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部件。

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、採購團隊和供應商都在發揮創意。看到我們的團隊能夠發現機會並做出調整，真是令人印象深刻。隨著我們透過電子商務、市場和會員服務以及廣告等方式不斷實現利潤來源多元化，我們有一定的空間來消化成本。

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.

我們致力於實現利潤成長速度超過銷售額成長速度。本季或來年沒有任何因素會動搖我們對長期計畫中利潤成長速度超過銷售額成長速度的信心。策略和商業模式都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，我今天講話的重點是：第一，我們第一季業績良好。第二，我們的策略和全通路能力很強。我們將持續改進產品種類和配送速度；我們也會不斷擴大新業務的規模。

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因素。即使在因應商品成本變化的過程中，我們仍對自身能力加強這項業務充滿信心。我們的短期和長期機會都很明確。

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，我們有能力應付關稅帶來的成本壓力，甚至比任何人都做得更好。但即使關稅降低到較低水平，更高的關稅也會導致更高的價格。關稅生效時間和我們的庫存到貨時間對於您解讀我們的季度表現至關重要。約翰大衛將進一步闡述零售業的會計核算和時間安排將如何貫穿全年。

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，我將以與開場時相同的方式結束我的發言，那就是感謝我們的同事們。我們的門市、俱樂部和供應鏈員工正在努力學習新的技能。我們的總部和技術人員正在攜手合作，在應對短期挑戰的同時，著眼於長遠發展。

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，這一次，我們也會像以前一樣，變得比以往任何時候都更加強大。接下來一週我們將與員工和股東會面。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各位朋友。

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

約翰大衛，接下來就交給你了。

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.

謝謝你，道格。我們第一季的業績顯示了我們業務的實力，以及在高度動態的背景下，我們全通路策略的相關性。我對公司持續的銷售動能感到滿意，這反映了我們在零售市場中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.

我們致力於為客戶帶來價值和便利，這項承諾比以往任何時候都更加深入人心。同時，我們在廣告、會員服務和市場服務等高成長領域也取得了進展。

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.

我們四月的業績比預期好，尤其是在美國沃爾瑪的業績。隨著季度的推進，各細分市場的銷售額均有所改善，其中包括強勁的復活節季節性銷售。我們的團隊在庫存管理和可控費用方面做得很好，使得毛利和銷售、一般及行政費用都超出預期。

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%.

儘管去年同期是閏日，但綜合營收以固定匯率計算仍成長了4%，這主要得益於電子商務22%的強勁成長。匯率不利因素導致報告的銷售額減少了 24 億美元，相當於成長下降了 150 個基點。沃爾瑪美國同店銷售額成長 4.5%，主要得益於電子商務銷售額強勁成長 21%。

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.

食品雜貨銷售動能持續強勁，同店銷售額實現中等個位數成長，市佔率持續提升。健康保健品銷售額成長了近 10%，反映出處方藥銷售和非處方藥銷售的增加；而一般商品銷售額略有下降，其中電子產品、家居用品和體育用品的銷售疲軟。

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，並努力保持相對價格優勢，同時透過我們的電子商務選項為客戶節省時間。在美國沃爾瑪，我們針對旗下所有商品進行了超過 5000 次價格下調，自有品牌的銷售表現優於其他品牌，其中食品雜貨自有品牌的滲透率比去年提高了 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.

我們的國際業務以固定匯率計算銷售額成長了 7.8%，這反映了中國市場和 Flipkart 的強勁表​​現。電子商務表現強勁，各市場均實現了兩位數成長，其中取貨送貨和電商平台業務成長最為顯著。我們正在提高客戶的收貨速度。在國際運輸方面，當天或隔天送達的商品數量增加了 35%，其中約 45% 的商品在三小時內送達。

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.

在沃爾瑪墨西哥城，由於去年政府刺激性付款的發放、復活節假期以及與疲軟且不確定的宏觀環境相關的一些季度初疲軟，導致銷售額略低於預期。最近業務回暖，銷售額恢復到預期水平，這令我們倍感鼓舞。

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 Members Mark 表現強勁。電子商務成長了 27%，其中門市配送實現了三位數的成長，門市自提實現了兩位數的成長。

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「掃碼購」的便利性，他們使用該工具的頻率持續增長，滲透率比去年提高了 600 個基點。超過 50% 的會員現在透過某種形式的數位化方式與 Sam's 進行交易，包括線上交易或使用俱樂部內的數位解決方案。

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，由於沃爾瑪美國業務的業績好於預期，合併毛利率提高了 12 個基點，但國際業務的業績低於預期，部分抵消了這一增長，國際業務的渠道和業績組合變化帶來了更大的壓力。

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.

沃爾瑪美國毛利率成長了 25 個基點，反映出持續嚴格的庫存管理，包括降低降價幅度以及改善業務組合，這些都抵消了商品類別組合的更大壓力。

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.

隨著我們的商業模式不斷發展，獲利能力越來越受到多種因素的影響，包括電子商務經濟效益和業務組合的改善。今年第一季度，我們首次實現了美國市場和全球企業的電子商務獲利，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，隨著我們不斷提高最後一公里配送的密度，以及客戶為更快的配送支付費用，電子商務淨配送成本有所下降。業務組合的改善，尤其是廣告和會員費等高利潤領域的改善，也促進了第一季獲利能力的提升。

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.

我們在各市場的廣告業務成長了 50%，其中包括 VIZIO。沃爾瑪在美國的業務成長了31%（不包括VIZIO）。山姆會員商店美國廣告業務成長了 21%，國際市場成長了 20%，其中 Flipkart 的貢獻尤其顯著。

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.

企業整體會員費收入成長近 15%。在美國，山姆會員店的會員數、續約率和Plus會員滲透率持續穩定成長，會員收入成長了9.6%；而沃爾瑪+會員收入則實現了兩位數的成長。在國際市場，隨著會員數量的持續增長，山姆會員商店中國的會員收入增長超過 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、一般及行政費用下降了 6 個基點，其中包括抵銷去年業務重組成本帶來的好處。正如預期的那樣，國際業務和美國山姆會員店的費用槓桿化反映了對員工薪資的計畫投資。沃爾瑪美國公司去槓桿化反映了折舊費用增加以及收購 VIZIO 後的營運成本上升。

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上預告的那樣，我們的意外傷害賠償支出高於預期。根據產業趨勢（即風險調整係數較高），我們的理賠成本也不斷上漲。我們預計這種趨勢至少會持續幾個季度。

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.

調整後的營業收入以固定匯率計算成長了 3%，優於預期；經調整後的每股盈餘為 0.61 美元，高於我們預期的範圍。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，因為我們即將進入一個受關稅影響的時期，成本壓力將影響商品定價，並使預測單一商品的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.

目前情況瞬息萬變，我們需要根據受影響商品的價格彈性來制定數量決策。我很慶幸我們擁有一支經驗豐富的商家團隊，我們可以採取各種措施，並擁有相應的工具來以周全和積極主動的方式管理此事。

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，使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、門市擴張、門市改造和技術。

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.

今年四月，我們以優惠的條件完成了約 40 億美元的債務發行。我們仍預期 2026 財年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。我們對自己的業務充滿信心，並將繼續在股價出現波動時抓住機會進行股票回購。

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.

現在進入指導環節。按照慣例，我們會在第二季末酌情更新全年展望。但我希望就我們如何看待關稅的影響做一些闡述。

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，我想重申我們在四月初投資者日上傳達的訊息。我們對我們的策略充滿信心，目前的情況並沒有改變我們先前對長期財務框架的任何看法，即實現年銷售額增長約 4%，營業收入增長速度超過銷售額。

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.

過去在經濟不確定時期，我們已經看到，我們往往會獲得市場份額，並在局勢好轉後處於更強大的地位。我們預計這段期間也不會例外。我們將採取積極主動的策略，並可能抓住機會投資於能夠提升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.

我們內部已經開展工作，對與正在進行的貿易政策討論相關的各種情景進行建模。這些情景涉及對關稅在特定水平上持續的時間以及在雙邊貿易協議完成後降至較低水平的時間做出假設。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.

或許這顯而易見，但還是值得一提。可能出現的結果範圍比我們最初提供年度預測時大得多。也就是說，在我們模擬的最可能出現的情況下，我們仍然有能力實現全年銷售額和營業收入的預期目標。

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.

這些情景涉及這樣一種信念：貿易政策討論將達成雙邊協議，原則上達成協議，表明存在真誠的討論，並朝著達成協議的方向發展，這些協議可能會使關稅水平低於 4 月初最初提出的水平。但是，如果關稅水準大幅提高，對我們的財務狀況可能會產生重大影響，甚至危及我們逐年成長獲利的能力。

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.

總之，我們對實現全年預期銷售額成長的能力感到滿意，儘管在這些情況下，平均單位面積銷售量與單位銷售量的比例可能會大不相同。儘管季度間的波動可能很大，但鑑於我們已知的資訊和我提到的假設，我們仍然認為我們可以實現今年的營業收入目標。

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有利進展，可能會有上漲空間。如果高關稅長期持續，將有下行風險。幾個月後我們會了解更多情況，但我們有能力應對這種情況，甚至比其他零售商做得更好。

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.

進入第二節。當前經營環境瞬息萬變，因此很難預測近期情況。受關稅影響，物價上漲的幅度和速度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.

美國是我們迄今為止最大的採購市場。在美國銷售的產品中，進口產品佔不到三分之一，而中國、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.

正如道格所指出的，我們對最近的貿易談判感到鼓舞，特別是與中國相關的談判。這些討論最終產生的關稅水平，以及最終生效的時間，可能會導致我們財務表現出現較大的季度波動。

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，還有兩種特定的會計方法使得這些波動更難預測。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，這些可能會對第二季及以後的季度產生影響。

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.

第一個問題與我們美國大部分業務的庫存成本計算方法有關，即零售庫存法，簡稱 RIM。我們沃爾瑪美國分店一直都使用RIM。這對我們來說並不新鮮，也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會計是指以庫存的實際成本與其零售價格的比率來計算庫存，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商品價格上漲，相對於價格水準較穩定的時期，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.

如果之後需要記錄降價訊息，這可能會產生抵消作用。考慮到我們目前採購的庫存可能產生的額外成本，這些波動（無論是正向還是負向）的幅度在我們公司是前所未有的，並且可能導致季度利潤率和收益出現波動。

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.

第二點是隨著價格上漲，可能會產生與後進先出法相關的費用，我們在 2024 財年美國山姆會員店經歷了持續的通貨膨脹時期。我們目前預計第二季以固定匯率計算的銷售額成長率將在 3.5% 至 4.5% 之間，儘管透過 AUR 和單位銷售的組成可能與我們今天的預期有所不同。值得注意的是，如果目前的匯率在整個第二季度保持不變，我們預計報告的銷售成長將面臨約 120 個基點的不利影響。

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.

就營業收入而言，本季的結果範圍要大得多。有關貿易談判的資訊每週都在變化，在某些情況下，甚至每天都在變化。重要的是，我們也希望在這種環境下能夠靈活地進行進攻。

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，我們的存貨核算方法可能會對我們的收益產生比正常季度更大的影響。鑑於以上原因，本季業績結果的範圍非常廣泛，因此提供投資者可以信賴的營業收入預期範圍是不切實際的。

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.

我想鼓勵你們從整體考慮接下來的幾季。第二季我們可能會因加價而獲得更大的收益，但其中一些收益可能會被第三季和第四季的降價所抵消。正因如此，我們才強調了在這種環境下有效管理庫存的重要性。不過總的來說，我們相信我們仍然可以實現今年的營業收入目標。

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，儘管經營環境預計仍將瞬息萬變，但我們的策略很明確，營收成長勢頭強勁，我們將靈活運用自身優勢，在成長的同時保護利潤率。歷史告訴我們，當我們積極應對經濟不確定時期時，我們最終會成為一家更強大的公司。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.

（操作員說明）Paul Lejuez，花旗集團。

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?

感謝您詳細闡述與關稅相關的定價理念，這非常有幫助。我的問題與電子商務有關。公司迎來重大里程碑，電子商務業務獲利。我只是好奇是什麼最終讓你克服了難關，以及從現在開始，這項業務的利潤率相對於其他業務能達到什麼水準。那麼，您認為未來推動電子商務獲利能力進一步提升的關鍵因素是什麼？

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，我想更詳細地介紹一下全球電子商務的獲利能力。我們注意到，我們在全球範圍內以及美國市場都實現了這一目標。

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，如果按細分市場來看，美國市場盈利，山姆會員店盈利，而國際市場略微虧損。但如果把所有這些因素加起來，我們這個季度還是有獲利的。我們對此非常滿意。

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.

有幾個因素推動了這項業績，尤其是在美國，約翰將對此進行更詳細的討論。但其中之一是提高我們網路的密度。我的意思是，現在有很多顧客來到沃爾瑪，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.

我們可以將這些貨物分批送到多個家庭。所以想想看，把包裹送到這條街上的五戶人家和只送到這條街上的一戶人家，哪個機會比較大。因此，隨著我們的發展，我們會繼續將這些成本分攤到更大的銷售上。

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.

第二點是運費。約翰和他的團隊在降低單位成本方面取得了巨大的進展，這要歸功於我們實施的大量供應鏈基礎設施。但部分原因也在於顧客願意支付加急送貨費用。我的意思是，一小時內或三小時內送達。

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，有三分之一的客戶選擇了這個方案，這表明便利性非常重要。即使在最近一段時間，我們也看到這種情況上升。所以約翰，或許你想再補充一點。但在我看來，這兩點是提高獲利能力的關鍵。

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。回顧過去幾年，我認為這是我們過去十年左右進行的各種投資共同作用的結果。這些投資將包括將我們的應用程式整合到一個應用程式中，建立新的物流中心，使門市能夠成為全通路解決方案的一部分。

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.

過去一年，配送速度令人鼓舞。我們的三小時送達服務年增約 91%。約翰大衛也提到了行動的規模。雖然花了數年時間，但我們對成長的進展感到滿意。我們已經連續多個季度維持了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.

尤其令我印象深刻的是，團隊為客戶提供了靈活性，讓他們能夠以自己想要的方式，在客戶希望的時間獲得服務。所以沃爾瑪的顧客可以在櫃檯購物。他們可以選擇路邊取貨的方式來購物。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.

過去幾年，我們的第一方和第三方配送選項（包括為賣家提供的履約服務）一直保持著強勁的成長速度。正如約翰大衛所說，由於密度和頻率的提高，配送成本降低了。所有這些加在一起，使我們能夠——幫助我們將業務組合與廣告和數據業務結合。

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.

綜上所述，我為團隊感到無比自豪，今天我們能夠坐在這裡宣佈公司首次實現季度盈利，正如我們一個月前在達拉斯告訴你們的那樣。更重要的是，球隊帶著強勁的勢頭結束了本季。

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.

四月份市場表現強勁。我們度過了一個美好的復活節。我們的全通路配送能力使我們能夠及時送達人們在復活節和母親節期間所需的鮮花和其他物品。因此，我們將繼續努力尋找更好的客戶服務方式，提高速度，提高密度，並在所有管道中高效運作。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

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.

道格和約翰大衛，你們兩位都談到了這一點。你現在建立了這種商業和財務模式，這樣你的利潤率就可以提高，同時也能更快地投資成長。我之前問過你關於如何平衡這種平衡的問題，也聽過你事先準備好的一些發言。

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.

我會反駁說，在這種環境下，為什麼不更傾向於投資呢？我們知道獲得更多毛利有多麼重要，尤其是在一月和三月。為什麼不深入研究一下呢？你們自己也說過，沃爾瑪應該比大多數公司更有優勢來應對這種環境。

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，然後約翰大衛可以發表評論。我認為在我們的指導下，就今年的情況而言，我們已經做好了適當進取策略的準備。我認為隨著季度的推進，我們可能會根據價格走勢做出不同的選擇。

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.

它是液態的。我們正在密切關注商品成本的走勢。如今的商品銷售涉及許多環節。至於零售價格方面，我們會關注價格差距，同時也會關注顧客的回饋、他們的反應以及他們感受到的壓力。

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.

所以歸根究底，如果我們需要增加投資，我們也可以做到。話雖如此，我還是希望利潤成長速度能超過銷售額成長速度。就像我們為此努力了很久一樣。我認為我們理應得到這個。你們值得擁有這一切。

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.

如果我們能夠平衡客戶、股東和其他所有人的利益，從而保持價格足夠低以幫助人們，並且利潤增長速度超過銷售額，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.

我完全同意道格提出的觀點。西蒙，我覺得我們正努力在投資和利潤成長之間取得平衡。

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.

回顧過去兩年，我們的營業收入平均成長了約 10%。我們預計今年的產量大約是這個數字的一半。所以今年是投資之年。但即便如此，我們仍希望能夠更快實現自身利潤成長。

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.

如果從財務角度來看，本季有什麼值得關注的故事，那就是我們收入來源的多元化。所以你現在看到的就是所有這些事情的發生。如果僅以廣告和會員費為例，這部分就占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.

會員人數非常多。本季度，我們各個細分市場都實現了成長，會員人數均實現了兩位數成長。國際用戶佔比超過 20%。所以，您可以看到我們收入來源的多元化，這使我們能夠繼續以非常長遠的眼光看待問題，並投資於這項業務。

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.

所以，如何掌握好這些面向的平衡總是有點棘手。但我們認為目前的計劃最適合我們。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

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以及高端和低端市場的問題。你指出高收入家庭的增幅非常顯著。除了實體店的情況之外，這種趨勢主要體現在電子商務方面嗎？

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，市場上也出現了一種說法，認為低端消費者的購買力可能正在減弱，面臨越來越大的壓力，這可能會導致一些銷售漏斗底部的損失，他們會從沃爾瑪轉向單價更低、平均成本更低的商店，進行小額購物。那麼，您能否談談您目前觀察到的雙方在健康狀況和股價表現方面的情況？

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。首先，我想談談約翰大衛今天早上早些時候發表的評論，他說，在某些情況下，我們已經聽到了一些客戶的擔憂。他們始終保持選擇和一致性。我們持續看到客戶將價值和交付速度放在首位。

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.

令人欣慰的是，本季所有收入群體都實現了成長。我很自豪的是，我們在四月迎來了許多新客戶，而且——現在或許是時候提醒大家一下本季在日曆上的位置了。

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.

這是去年是閏年的日曆，而且去年的復活節也很晚。所以二月的情況比我們預期的溫和。三月一切恢復正常。我們以非常強勁的四月業績結束了本季度，其中包括強勁的復活節假期，這提醒我們，顧客們正在優先考慮季節性活動、聚會和在家用餐。

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.

更重要的是，我們希望為客戶提供極大的靈活性。如果顧客選擇到店購物，我們希望他們有良好的購物體驗。我們對改造計畫非常滿意。改造後，我們持續看到效果顯著提升，淨推薦值 (NPS) 也很高。

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%.

我們的快速交付率在公司所有評分中名列前茅。在今年剩餘的時間裡，您將看到我們不斷擴大產能和能力，以便從營運中心快速發貨，包括當日達、隔天達和兩日達。我們快速配送選項的年增率幾乎達到 100%，你們今天早上也聽到了，成長率達到了 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，我們將繼續專注於提供物有所值的優質產品和肉類產品，以及我們的優質商品系列；我們為服裝領域的進展感到非常自豪。玩具業務本季表現強勁，尤其是在假日期間。然後，我們將全年保持非常靈活的策略，以滿足客戶的需求。

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——我認為我們現在正在充分發揮會員制倉儲零售模式的優勢。

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.

我們之所以能提供如此優惠的價格，是因為我們為會員精心挑選了商品。我們發現，無論你收入很高，還是在臨近發薪日時還在仔細考慮如何花錢，這都能引起共鳴。

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.

我們看到便利性市場正在成長。我們發現，便利性確實能引起每個人的共鳴。事實上，我們歸還給他們的是時間的力量。所以，如果我們讓人們的生活更輕鬆，他們就會有更多的時間；這對人們來說是極其寶貴的。

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，我們會員數量的增長，以及會員收入 5% 到 10% 的增長，是由更多人續訂會員、更多新會員以及 Plus 會員參與比例的提高所推動的。我們在所有收入群體中都看到了這種情況。

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?

所以，就資本配置而言。您提到資本支出佔銷售額的 3% 到 3.5%。聽起來今年這個數字可能會接近該區間的上限。我想請您介紹一下我們在自動化投資和相關支出方面的現況。我們是否應該認為，至少在中期內，以美元計價的資本支出已經接近高峰？

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?

回購方面也做得很好，很高興看到這種情況。正如你所說，第一季你的支出似乎比去年同期多，也比兩年前多。我們該如何看待這個問題，以及您是否願意投入更多資金回購？

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.

當然可以，彼得。關於資本配置，我先從資本支出說起。對於我們的業務而言，該水準的正確理解方式是佔銷售額的 3% 到 3.5%。因此，隨著收入的成長，這個數字也應該會成長。它可能會在該範圍的上限和下限之間略有波動。

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.

但鑑於我們掌握的資訊以及透過部分投資來提高回報的機會，我們不會迴避這一點。即使在當前的經營環境下，我們看到一些成本正在上升，但我們仍然採取非常長遠的視角。

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.

我們認為資本配置就是讓每一美元都爭取獲得最高回報。這是我們花一美元的最佳方式之一。儘管如此，由於一些不確定因素滲透到市場中，我們在本季看到了明顯的價格錯位。

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.

正如我之前提到的，我們在股票回購方面非常積極，回購量超過了去年全年的回購量。我們將繼續這樣做，因為當價格出現偏差時，我們對我們的策略充滿信心。我們對目前的計劃充滿信心，相信能為股東創造巨大的價值。

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.

因此，當我們看到這類脫位時，你會看到我們採取更積極的措施。顯然，我們可以說，鑑於今年第一季我們已經進行了股票回購，今年我們在股票回購上的支出肯定會比去年更多。總金額尚待確定。我們來看看價格走勢如何。我們需要在提高股利和透過資本支出投資自身發展之間取得平衡。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

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 Connect 的成長尤其令人印象深刻，並且出現了加速成長的跡象。我想請您再多談談廣告方面的優勢，以及您在繼續整合 VIZIO 的過程中所獲得的任何新的經驗教訓。

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。正如您所提到的，沃爾瑪互聯業務本季表現良好，年增 31%，我們在全球範圍內以及我們經營的其他廣告業務也取得了強勁的季度業績。

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 的初期階段。我對我們今年餘下時間為 VIZIO 制定的計劃感到興奮。這是一個很棒的作業系統，非常流暢，註冊也很容易；我們期待 VIZIYA 團隊未來能做出更多貢獻。

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，我們以與市場賣家合作的廣告業務成長而實力強勁。我們的GMV和市場銷售額一直穩定在25%到20%之間。上個季度也是20多歲。我們與第一方和第三方供應商的關係也一直保持強勁勢頭。

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.

所以它具備多種能力。此外，本季我們推出了藥品配送服務，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，隨著我們不斷前進和展望未來，將會出現新的機會。但總的來說，我們對沃​​爾瑪互聯計畫的進展、發展勢頭以及我們組建的團隊感到非常滿意。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

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，你在演講中提到，如果高關稅長期維持，就會有下行風險。你們都是精明的撲克玩家，可能不會明確定義什麼是高關稅，但你們認為目前的關稅水平是否過高？這意味著如果關稅不下降，可能會有下行風險嗎？

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，這種關稅狀況是否會對沃爾瑪的利潤率產生根本性的影響？也就是說，如果給予時間和彈性，您是否能夠完全緩解您目前面臨的所有問題，從而使您的利潤率與您長期的預期相符？

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.

讓我先回答你問題的第二部分。我們什麼也沒看到，這一點——我們在事先準備好的演講稿中已經表明了。我們認為，在當前環境下，沒有任何因素會改變我們對公司長期發展的看法。所以我們認為我們可以應對這種情況。

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.

我認為大家關注的焦點，當然也包括聯準會，是確保這些只是一次性的價格上漲，而不是持續上漲並影響薪資成長和其他具有更長期影響的因素。

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，我們對中國的商品徵收的關稅高達 145%。當然，您也比任何人都清楚，為了這一天，我們做了多少準備。

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，當我們開始為盈利做準備時，這就是我們當時的工作框架。145% 的關稅環境，以及其他國家接近 50% 的關稅水平，對零售商來說都不是一個好結果。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.

我們非常高興並感謝政府為將關稅降至目前的水平所取得的進展。我們今天給予的指導意見，即對全年指導意見的確認，是基於關稅維持在這一水平。

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。有些商品，某些類別的商品，我們需要從其他國家進口。這些商品的價格很可能會上漲，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?

我想就關稅和庫存計劃方面再補充一些問題。正如您所說，這樣的環境不利於庫存規劃。關稅顯然是一個不斷變化的目標；我認為，彈性方面存在不確定性。在這種背景下，您是如何考慮庫存計劃的？

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?

你會保持節儉，寄望關稅下降嗎？因為我們暫停了90天，你們就變得咄咄逼人了嗎？我還有一個與此相關的更宏觀的問題是，你能避免再次發生 2022 年那樣的情況嗎？鑑於當前瞬息萬變的背景，您認為這對零售業來說是一種風險嗎？

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.

我是道格，你們如果想發言也可以。我認為首先要提醒大家的是，正如我在準備好的演講稿中所說，沃爾瑪有很多可以補充的商品。我們的優勢在於，我們採用的是側邊櫃檯而非高低端行銷驅動的模式，例如，我們專注於產品特性、實用性和端架陳列。

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，觀察銷售成本的變化，然後零售商最終會做出調整，並在接下來的幾週和幾個月內進行管理。所以，我們處於非常有利的位置，我們的商家和補貨團隊在這方面做得非常出色。他們每天都在處理這些問題。

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，他們出色地完成了調整、重新計算數量和重新思考的工作。更具挑戰性的是，我們會提前很久就做出與萬聖節和聖誕節等節日相關的決定。如何進行數量調用？你們使用的是哪一個資費編號？

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.

我們能給你的最好答案是：我們已經制定了銷售計畫。我們正在按照該銷售計劃執行。部分數量將根據我們對關稅的預估進行調整。我們對關稅做出了一些假設。

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.

然後我們將與供應商合作，確保貨物流通。如果需要追逐貨物，那就去追逐貨物吧。歸根結底，是的，我們希望避免 2022 年發生的事情，而透過密切關注我們部門的決策，我們將實現這一目標。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

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.

我們想請您談談關稅情況對您市場上的賣家在庫存方面的影響，以及您如何看待在這種更艱難的環境下，廣告業務所受到的影響。

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。就整體庫存管理而言，沃爾瑪憑藉其服務賣家的能力，在過去三年中開發了許多特別有用的工具。對於賣家而言，尤其是像沃爾瑪物流服務這樣的服務，能夠讓他們更清楚地了解庫存所在位置，並且我們能夠在全國範圍內調配貨物，這尤其有幫助。

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.

眼下，港口貨物流通正常，庫存週轉順暢。所以目前我們對美國的連接埠備份沒有任何擔憂。我們的庫存週轉正常。

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.

我之前提到過，尤其是我們市場平台的GMV成長率在過去幾季一直保持穩定。你在新聞稿裡看到了。隨著本季結束，我們再次看到了這種情況。所以四月我們的電子商務表現強勁。這對電子商務業務的整體健康發展起到了很大的推動作用，其成長率已經保持了一段時間，我們對此感到欣慰。 [21]

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，將我們的門市、自有電子商務業務、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，使我們能夠擁有廣告業務和數據業務，這幫助我們實現了在美國的第一個季度盈利。

Scot Ciccrelli, Truist Securities.

斯科特·西克雷利，Truist Securities。

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?

我知道您提到廣告收入成長了 50%，會員人數增加了 15%。那麼，您能否幫忙將這些數據與損益表中會員人數和其他項目近 4% 的增長進行核對，以便我們更好地了解其中的組成？

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正，您能否透露一下過去一兩年裡您遭受的損失規模，以便我們更了解利潤改善的程度？

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，我們對這方面的成長非常滿意。這段時期的數據被誇大了，因為我們有 VIZIO 的參與，而與沒有 VIZIO 的時期相比，數據則顯得更高。但以同等條件比較，我們的整體廣告支出佔比為 27%。所以我們對這一點感到非常滿意。

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.

在會員方面，我們對進展感到非常滿意。正如我之前提到的，我們的國際業務成長率超過了 20%。山姆會員店和美國市場都實現了兩位數的成長。我們損益表中的這一行包含了其他項目。

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.

它提到會員資格和其他事項，其中包括永續發展收入等。所以要考慮如何回收收入等等。這個數字可能比一些人預期的要大。所以，這就是——我認為這就是對你剛才提到的 4% 這個數字的解釋。但總體而言，會員人數實際上是本季的一大亮點。我們在那裡做得非常好。

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 --

關於電子商務虧損，我不想深入探討我們歷史上一些虧損的規模。不過，多年來我們一直看到這方面有所改進。要追溯到幾年前，才能看到損失最嚴重的程度。但約翰和他的團隊，其實這一切都是分段進行的。--

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.

所以，如果你看看 Flipkart 在印度的經營情況，看看 Sam's Club 的經營情況，我們會發現它們的利潤貢獻一直為正。借助數位平台，隨著其利潤的持續增長，最終將實現整體盈利，而這正是我們今天所取得的成就。

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式的時刻。希望我們不必每個季度都談論這件事，但我認為本季度我們達到了這一里程碑，實現了這一利潤水平，這一點值得注意，我們期待未來繼續保持這種成長勢頭。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯，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?

我想請你們詳細介紹一下一般商品的狀況。你們第一季一般商品價格出現了通貨緊縮。您能否幫我們分析一下未來三個季度關稅方面的通貨緊縮與通膨前景？另外，實體店的商品組合或商品組合的變化與你們在電子商務中所做的，是否存在一些顯著差異？

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。一般商品價格已經持續通貨緊縮一年多了，我們已經看到了通貨緊縮的影響。可以把它看作是本季低個位數的通貨緊縮。

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，我們本季實現了銷量成長。因此，我們持續看到這方面取得進展。但消費者面臨壓力。近幾年來，我們已經看到消費者購物籃中的商品種類從一般商品轉向了必需品而非可自由支配的商品。

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 --

所以人們在食品上的花費更多了。所以我們會繼續關注此事。但團隊尤其在產品種類和一般商品的推進上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。我們看到玩具、童裝、嬰兒用品等類別以及其他業務領域的產品都實現了強勁成長。我們的電子商務成長率確實更高。總體而言，成長率也達到了 21%，這反映出各個類別之間確實存在強勁的成長勢頭。

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，會發現二月我們的表現較為疲軟。提醒一下，我們這裡天氣非常惡劣。那年是閏年。全國各地都下了雪，包括東南部地區和東南部的海灘。二月我們這裡天氣異常。

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，更接近我們預期的情況，因為閏年互換，復活節也晚了很多。然後，隨著復活節假期的到來，這些單位的實力顯著增強。今天早上我們報告說，由於通貨緊縮，一般商品銷售略有下滑，但復活節假期到季度末的業績確實令人鼓舞。

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。在經濟低迷的環境下，山姆會員店的通用汽車銷售額連續兩個季度實現了正成長。因此，銷售量是決定業績的關鍵因素。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，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，我只想讓健康和保健領域的發展動能重回正軌。想了解大家對這種發展動能能否持續有何看法？然後，從藥局推廣的角度來看，目前的趨勢與預期相比如何？目前來看，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.

當我們審視藥局產業時——正如您今天早上公佈的業績報告所示，成長率達到了 20% 左右。如果剔除 GLP-1 類藥物的影響，我們看到該季度處方量增加超過 10%，這非常令人鼓舞。這一結果包含了市場份額的成長，並且是由以下幾個因素所驅動的。

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，我想表揚一下我們的藥劑師、藥房技術人員以及現場團隊，他們為顧客和患者提供了他們所需的一切幫助，做得非常出色。其次，我們在第一季推出了藥品配送服務，這項服務不僅方便顧客以他們想要的方式收到處方藥，而且還為其他方面帶來了便利。但這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.

所以我們已經開展了一段時間的簡訊續訂業務。現在你們可以送貨上門了，我們看到人們在沃爾瑪官網和我們的應用程式上註冊了帳戶，我們期待著能夠以更多方式在各個品類中為他們提供服務。

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.

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。即使不計入 GLP，成長率仍達到兩位數，超過 10%。所以我們對這項業務感覺非常好。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券。

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?

第一個問題只是為了了解第二季的結果。我們目前的業績指引範圍很廣，你無法給我們一個明確的獲利範圍。能否簡單介紹一下您在全年指南中的定位？為什麼你仍然有信心維持這個價格區間？

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?

您認為您提到的利潤率和營業收入的大幅波動能否在第二季和第三季合併的時間範圍內得到控制？您在國際業務方面看到了哪些成長勢頭，尤其是在營業收入方面？

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.

我先回答你答案的第一部分，然後把話題交給 Kath 來談談國際面。很難預測。我們不知道雙邊協議最終會決定關稅水準。我們知道，我們很可能會在第二季度經歷一段時期。我們將會看到比平常更多的加價。

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——這就是為什麼道格和其他人提到，在這種環境下正確管理庫存非常重要，因為這會降低第三季甚至第四季降價的可能性。因此，需求彈性究竟是多少，還有待觀察。有些商品的價格會高出 30%，有些商品的價格會高出 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.

所以我們拭目以待。我們擁有一支非常非常優秀的商家團隊；我們對他們應對當前環境的能力充滿信心。幸運的是，或者不幸的是（取決於你怎麼看），我們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.

所以我們會努力解決這個問題。正如道格所說，我對我們目前的情況感到滿意。我認為我們能夠比任何人都更好地應對這件事。但存在許多不確定因素，波動性很大。

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.

這是一個充滿活力且瞬息萬變的環境，我們有信心實現我們之前討論過的年度目標。但季度間的波動比較難預測，我們得看看情況如何。

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.

如果我從那裡繼續說下去——因為可以肯定的是，當我們一起在達拉斯的時候，我們在國際賽場上有過幾次短暫的交集。如果要我評價這個季度，我會說這是一個不錯的結果，但我認為我們可以做得更好。我覺得我的團隊聽到我說這話不會感到驚訝，因為我認為這正是我們一貫的態度。

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 --

當我縱觀各個市場的組成時，發現有幾個市場的背景較為疲軟，例如墨西哥和加拿大。我認為我們在印度等高成長市場進行了戰略投資。你聽過我們的Flipkart執行長Kalyan和我們在一起時談到這件事。但是如果我--

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，我認為我們也遇到了一些日曆上的不規則情況，像是閏年、復活節等等。所以當我退後一步，從整體上看問題時，我認為我們正處於高成長市場。我們的業務實力非常強勁，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，從整體上看，我仍然對領導企業實現成長以及全年利潤成長速度超過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。關於零售會計與第二季、第三季、第四季之間的時間關係，可能值得再重複一次。

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，我們會對所有庫存商品進行加價，即使我們在該季度沒有售出，即使我們最終沒有以該價格售出。因此，可能會出現第二季度收益看起來異常高，但結果範圍更廣的情況，這就是為什麼我們不提供該季度的業績指引。

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?

然後想想第三季和第四季。你能以你標的價格賣出嗎？是還是不是？最終的利潤率是多少？如何管理 Markdown 文件？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.

第三季和第四季可能還會有更多漲幅。我們現在還不知道，因為情勢變化太快了。我希望這對大家有幫助——我想確保你們都明白這是一個會計問題，一個時間問題；歸根結底，這取決於我們如何預測銷售額、管理庫存和做出數量決策。

Greg Melich, Evercore ISI.

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，我只是想再補充一點最後一點。鑑於目前的關稅稅率，中國30%的增量關稅，以及10%的增量關稅似乎是基準，您預計產品上架需要多長時間？是三個月還是六個月後效果最顯著？

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?

關於這一點，還有一個問題，規模有多大？如果以當前利率計算，我們說的是 50 個基點還是 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.

這是一個漸進的過程。正如我們之前提到的，我們在4月和5月開始看到成長。我們一直非常關注返校季的收據。

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.

購買進口商品時，您需要在商品通過海關時繳納關稅。因此成本更高。即使關稅稅率日後下降，成本也已經很高了。所以，我並不認為這是一個特定的時間點，除非你想到像返校季這樣的季節性事情。

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.

所以我認為這個過程會更循序漸進。正如我們一直跟大家說的那樣，我首先想到的就是食品通膨。過去幾年，我們這裡食品價格不斷上漲，我們的顧客也感受到了這一點。他們不希望食品價格繼續上漲。

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，我們希望政策方面能夠有所改變，幫助我們恢復香蕉和其他我們不在這裡種植的農產品的價格（不包括關稅）。所以，食品通膨是我們非常關注的問題。

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.

至於通用汽車，情況會因類別而異。這是哪個國家？如果是中國製造，那含量自然會更高。而這種成本調整將在年內逐步顯現。我們會有一些季節性商品。它會比原本應該有的價格更高。

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.

所以我認為我們看到的是，從四月開始，進口商品面臨著持續一整年的上漲壓力。而且，我們多年來一直在努力確保供應穩定，從合適的地方採購，建立更靈活的供應鏈，並且在這方面取得了進展。我認為相對於其他人來說，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?

我想詢問一下 Marketplace 的發展情況，特別是本財年您在賣家增加方面的策略重點是什麼，您是否希望擴大商品種類的深度或廣度。考慮到關稅成本，您如何看待下半年實體店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。我認為首先需要指出的是，我們希望為客戶提供靈活的服務，並在他們想要的時間，以他們想要的方式交付他們想要的產品或服務。因此，在接下來的幾個月、幾個季度和幾年裡，您將看到我們持續專注於擴大產品種類，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點。

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，包括我們新一代的配送中心，以及我們以高度密集、本地化、低成本的方式利用門市進行配送的能力，都是能夠靈活服務客戶的解決方案的一部分。所以，品種選擇應該是首要考慮因素。

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，我們希望確保為我們的賣家提供合適的配套服務。我們的銷售人員需要知道他們的庫存在哪裡，銷售速度如何。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，無論是推出品牌、開髮品牌或銷售他人的產品，他們都在尋找與對他們的產品感興趣的相關客戶群建立聯繫的方法。因此，能夠利用我們的數據幫助他們接觸到對他們的商品類別感興趣的群體，然後透過沃爾瑪互聯平台進行廣告宣傳，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.

就彈性而言，我們會專注於彈性，並不斷重新預測數量配置。這是我們每天、每週、每月、每季都會做的事情。因此，接下來一段時間我們將密切關注此事——我們正在利用更好的工具和更清晰的視野密切關注此事，以便了解我們擁有什麼、它們在哪裡以及它們將向哪裡移動。

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——正如我們之前所討論的——供應鏈繼續暢通無阻。我們店內櫃檯有現貨，顧客可直接購買。我們有優質新鮮的農產品。最後，我們的物流中心庫存擺放得當，因此如果客戶下訂單，我們就能以最快的速度發貨，兌現我們對客戶的承諾。

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.

如果我能從國際視角插一句，那就是，我們為 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，我們的市場總交易額比去年同期成長超過 30%。這很大程度上是因為我們在本季在墨西哥和加拿大新增了 4000 多名賣家。

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有很大的發展空間和成長動能。

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，問答環節結束。現在我將把電話交給道格·麥克米倫，請他作總結發言。

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%.

再次感謝您撥入電話並提出很好的問題。我們勢頭正盛，而且這種勢頭還會繼續下去。我們有信心贏得客戶的信任，並以他們想要的方式為他們提供服務。令我們感到鼓舞的是，電子商務在所有三個細分市場都保持強勁成長，所有三個細分市場的成長率均超過 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，無論關稅政策如何變化，我們都在不斷加強我們的商業模式，並堅持執行下去。廣告收入成長 50%，會員人數成長 15%，我認為這真的很令人鼓舞。

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應對這種情況，甚至比任何人做得更好。我們將竭盡全力為顧客提供優質服務，以協助維持價格低廉。在這種環境下，這一點非常重要，這也是我們的目標。這就是我們來這裡的目的。

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，我們可以在持續執行策略、改變商業模式的同時，實現利潤成長速度超過銷售額成長速度。這就是我們一貫傳達的訊息，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。您可以在此時斷開線路。感謝您的參與。