沃爾瑪 (WMT) 2026 Q2 法說會逐字稿

Greetings. Welcome to Walmart's second-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 財年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may begin.

現在，我將會議交給投資人關係資深副總裁 Steph Wissink。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. Doug and John David will first share their views on the quarter, and then we'll open up the line for your questions.

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，沃爾瑪執行長道格·麥克米倫 (Doug McMillon) 和首席財務官約翰·戴維·雷尼 (John David Rainey) 也從本頓維爾總部與我一起出席了此次會議。道格和約翰戴維將首先分享他們對本季的看法，然後我們將開放熱線回答您的問題。

During the question-and-answer portion, we will be joined by our segment CEOs, John Furner from Walmart U.S.; Kath McLay from Walmart International; and Chris Nicholas from Sam's Club. For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website.

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

We will make every effort to answer as many of your questions as we can in the hour we have scheduled for this call. As a courtesy to others, please limit yourself to one question. 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.

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。為了尊重他人，請只問一個問題。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，以及我們網站 stock.walmart.com 上的完整安全港和非 GAAP 對帳。

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. Our team delivered strong topline results again this quarter, with sales up 5.6% in constant currency. Growth in transactions and units is helping drive our performance. We grew e-commerce sales by 25% globally with all segments exceeding 20% growth, led by Walmart U.S. and Sam's Club U.S. at 26%.

早安，感謝您加入我們。本季我們的團隊再次取得了強勁的業績，以固定匯率計算銷售額成長了 5.6%。交易量和單位的成長有助於提高我們的業績。我們在全球的電子商務銷售額成長了 25%，所有部門的成長率都超過 20%，其中沃爾瑪美國和山姆會員店美國的成長幅度最大，為 26%。

Customers are liking our faster delivery speed. From a segment point of view, we grew international sales by 10.5% in constant currency, led by China, Walmex and Flipkart. International continues to help lift our topline growth rate. Sam's Club U.S. delivered a strong comp of 5.9%, driven primarily by unit growth.

客戶喜歡我們更快的送貨速度。從細分市場來看，我們的國際銷售額按固定匯率計算增長了 10.5%，其中中國、沃爾瑪和 Flipkart 的銷售額位居前列。國際業務持續幫助我們提高營業額成長率。山姆會員商店美國分店的銷售額年增 5.9%，主要得益於銷售量的成長。

Walmart U.S. sales were stronger than we expected when we started the quarter. We grew comp sales by 4.6% with consistent strength throughout the quarter. Sales in general merchandise were positive in every segment and across categories in the US, led by apparel, media and gaming and automotive.

本季初，沃爾瑪美國公司的銷售額超出了我們的預期。我們的銷售額成長了 4.6%，整個季度保持了強勁的成長勢頭。美國各領域、各類別的日用百貨銷售額均呈現正成長，其中服裝、媒體、遊戲和汽車銷售額最高。

Again, this quarter, we gained market share in the US and across markets internationally. Globally, we grew our marketplace by 17% and membership income by 15%. We grew global advertising by 46%, including VIZIO, Walmart Connect in the US was up 31%, and that excludes VIZIO.

再次，本季度，我們在美國和國際市場的市佔率均有所成長。在全球範圍內，我們的市場成長了 17%，會員收入成長了 15%。我們的全球廣告成長了 46%，其中包括 VIZIO，美國的 Walmart Connect 成長了 31%，但不包括 VIZIO。

These strong growth rates in our newer businesses continue to change the shape of our income statement. Looking at profit for the quarter, adjusted operating income grew 0.4% in constant currency. This is below what we expected going into the quarter as we absorbed a headwind of 560 basis points for the expenses related to general liability claims in the US.

我們新業務的強勁成長率持續改變我們的損益表形態。從本季的利潤來看，調整後的營業收入以固定匯率計算成長了 0.4%。這低於我們預期的季度業績，因為我們承受了與美國一般責任索賠相關的費用 560 個基點的阻力。

Our businesses were able to overcome the additional expenses and still deliver profit growth. The model we're building gives us more price and wage flexibility, and it also means we're better positioned when unusual items come our way.

我們的業務能夠克服額外的開支並仍然實現利潤成長。我們正在建立的模型為我們提供了更大的價格和工資靈活性，這也意味著當出現不尋常的物品時，我們能夠更好地定位。

John David will talk to you about our annual guidance in a minute. We're still driving towards growing profit faster than sales this year, and that's reflected in our guidance. Importantly, the composition of our inventory is in good shape as we start the back half of the year. We're up 3.8% globally and up 2.2% in Walmart U.S..

約翰·戴維 (John David) 馬上就會和您討論我們的年度指導。我們今年仍在努力實現利潤成長快於銷售額的成長，這反映在我們的指導下。重要的是，當我們進入下半年時，我們的庫存組成狀況良好。我們在全球的銷售額成長了 3.8%，沃爾瑪美國公司的銷售額成長了 2.2%。

With regards to our US pricing decisions, given tariff-related cost pressures, we're doing what we said we would do. We're keeping our prices as low as we can for as long as we can. Our merchants have been creative and acted with urgency to avoid what would have been additional pressure for our customers and members.

關於我們在美國的定價決策，考慮到與關稅相關的成本壓力，我們正在按照我們所說的去做。我們會盡可能長時間地保持低價格。我們的商家富有創造力，並採取緊急行動，以避免對我們的客戶和會員造成額外的壓力。

They've done a terrific job managing pricing and mix across merchandise categories. They managed to generate rollbacks. They've made good quantity and flow decisions, and they've set us up well as we start the back half of the year.

他們在管理商品類別的定價和組合方面做得非常出色。他們設法產生了回滾。他們在數量和流量方面做出了良好的決策，並且在我們開始下半年時為我們做好了準備。

As it relates to what we're experiencing with customers and members here in the US, their behavior has been generally consistent. We aren't seeing dramatic shifts. The way things have played out so far, the impact of tariffs has been gradual enough that any behavioral adjustments by the customer have been somewhat muted.

就我們在美國的客戶和會員的經驗而言，他們的行為總體上是一致的。我們並沒有看到劇烈的轉變。從目前的情況來看，關稅的影響相當緩慢，消費者的行為調整也相當有限。

But as we replenish inventory at post tariff price levels, we've continued to see our costs increase each week, which we expect will continue into the third and fourth quarters. Not surprisingly, we see more adjustments in middle and lower-income households than we do with higher-income households.

但隨著我們以關稅後的價格水準補充庫存，我們的成本每週都在增加，我們預計這種情況將持續到第三季和第四季。毫不奇怪，我們發現中低收入家庭的調整幅度比高收入家庭更大。

In discretionary categories where item prices have gone up. We see a corresponding moderation in units at the item level as customers switch to other items or in some cases, categories. As always, our customers are aware, smart and value conscious.

在可自由支配的類別中，商品價格已經上漲。隨著顧客轉向其他商品或在某些情況下轉向其他類別，我們看到商品等級的單位數量出現相應的緩和。一如既往，我們的客戶都是有意識的、聰明的、注重價值的。

We have approximately 7,400 price rollbacks across our assortment, which is about 2,000 more than last quarter. Our rollback count in grocery was up 30% in the quarter compared to last year. Back-to-school is usually something of an indicator of how the holidays will go, and we feel good about how it went for us in terms of units and dollars sold and inventory sell-through at both Walmart and Sam's Club.

我們的產品系列中大約有 7,400 種價格下調，比上一季增加了約 2,000 種。與去年相比，本季我們的食品雜貨回滾數量增加了 30%。開學通常是假期狀況的指標，我們對沃​​爾瑪和山姆會員店的銷售量、銷售和庫存銷售感到滿意。

Our top back-to-school items had a lower price than last year, and we offered a basket of everything students need for their first day of school for under $65. We had our Walmart U.S. store managers together last week for our holiday planning meeting where they got to see many of our new items in pricing for the upcoming season.

我們最暢銷的開學物品價格比去年更低，我們提供一籃子學生開學第一天所需的一切物品，價格低於 65 美元。上週，我們與沃爾瑪美國門市經理們召開了假日計劃會議，會上他們了解到了我們許多新商品在即將到來的季節的定價情況。

We liked what we saw and heard, and we like our position for the back half of the year. We're expecting to have a good holiday season at Walmart. For a few quarters now, I've been commenting on our use of artificial intelligence. Our enthusiasm for how AI can help us serve customers and members better improve the experience for our associates and increased productivity continues to grow.

我們喜歡我們所看到和聽到的，我們對今年下半年的立場也感到滿意。我們期待沃爾瑪度過一個愉快的假期。幾個季度以來，我一直在評論我們對人工智慧的使用。我們對人工智慧如何幫助我們更好地服務客戶和會員、改善員工體驗和提高生產力的熱情不斷增長。

It's been years since we made a structural change for a role reporting to the CEO, and we've done it in this case because we're clear on a path to accelerate. Daniel Denkers joined us to lead AI acceleration, product management, design, tech prioritization and AI-related change management.

我們已經好幾年沒有對向執行長報告的職位進行結構性變革了，這次我們這樣做是因為我們清楚地知道要走一條加速發展的道路。Daniel Denkers 加入我們，領導 AI 加速、產品管理、設計、技術優先順序和 AI 相關變更管理。

Daniel brings tremendous expertise and experience from places like Instacart and Uber. We also announced a new role reporting to Suresh Kumar, our Chief Technology Officer, that will focus on AI platforms. This role will help us increase innovation, speed and productivity, own the AI platforms and architect our intelligent system stack.

丹尼爾在 Instacart 和 Uber 等公司擁有豐富的專業知識和經驗。我們還宣布了一個新職位，向首席技術長 Suresh Kumar 匯報，該職位將專注於人工智慧平台。這個角色將幫助我們提高創新、速度和生產力，擁有人工智慧平台並建立我們的智慧系統堆疊。

We're building agents into the core of how we operate, including four super agents. There will be many agents that roll up to these super agents that our customers, associates and other stakeholders experience.

我們正在將代理商打造成為我們營運的核心，其中包括四名超級代理商。我們的客戶、同事和其他利害關係人將會體驗到許多超級代理商。

First is Sparky. Sparky is the customer-facing assistant, you see smiling at the bottom of our app. Today, Sparky takes us from traditional search to intelligent AI-powered assistance. Sparky will develop Agentic capabilities over time. Customers are giving us positive feedback, and we're excited about the road map ahead.

首先是 Sparky。Sparky 是客戶的助理，您可以在我們的應用程式底部看到它微笑。如今，Sparky 帶領我們從傳統搜尋走向智慧 AI 輔助。Sparky 將隨著時間的推移開發 Agentic 功能。客戶給予我們正面的回饋，我們對未來的發展路線圖感到興奮。

As we improve in scale Sparky, we'll make it even smarter and more personalized. It will be the primary digital vehicle for discovery, shopping and for managing everything from reorders to returns. We see Sparky becoming an indispensable part of how people shop with us.

隨著 Sparky 規模的不斷提升，我們將使它變得更加智慧和個人化。它將成為發現、購物以及管理從重新訂購到退貨等一切事務的主要數位工具。我們看到 Sparky 正在成為人們購物過程中不可或缺的一部分。

The other super agents we're building include one for associates that will bring everything into one place from scheduling to sales data, one for our suppliers, sellers and advertisers that they will use to manage things like onboarding orders and campaigns.

我們正在打造的其他超級代理包括一個面向員工的超級代理，它將把從日程安排到銷售數據的所有內容集中到一個地方；一個面向我們的供應商、賣家和廣告商的超級代理，他們將用它來管理入職訂單和活動等事宜。

And lastly, a developer agent built to scale innovation across the business by speeding up how we test, build and launch new products. This is just the beginning of how we'll deploy AI over time. We see lots of opportunities, whether that's with digital twins of our facilities, which can help predict or prevent issues before they happen or the accuracy of dynamic delivery windows, which will provide to 95% of US households by the end of this year. Our opportunities are numerous. We're seizing the moment with AI.

最後，我們建立了一個開發代理，透過加快我們測試、建構和推出新產品的方式來擴大整個業務的創新。這只是我們如何逐步部署人工智慧的開始。我們看到了許多機會，無論是設施的數位孿生，它可以幫助預測或預防問題的發生，還是動態交付窗口的準確性，到今年年底將為 95％ 的美國家庭提供服務。我們的機會很多。我們正在利用人工智慧抓住機會。

I'll close today by thanking our associates for their hard work and ability to change. Since we shared our first quarter results, I've had the chance to visit with our associates in stores and clubs here in the US, India and Mexico. Those conversations have left me feeling so encouraged. Our associates are leaning forward and they're excited about our future. They're doing a great job, and I'm confident they'll continue to learn, change and strengthen our business.

今天最後，我要感謝我們的同事們的辛勤工作和變革能力。自從我們分享第一季業績以來，我有機會拜訪了我們在美國、印度和墨西哥的商店和俱樂部的同事。這些談話讓我感到非常鼓舞。我們的同事充滿希望，並對我們的未來感到興奮。他們做得很好，我相信他們會繼續學習、改變和加強我們的業務。

John David, over to you.

約翰戴維，交給你了。

Thanks, Doug. I also want to extend my appreciation to our associates. The setup going into this quarter was more challenging than normal, and they did a great job executing, focusing on what we could control by reinforcing price leadership, strengthening customer experience and managing cost and inventory.

謝謝，道格。我還要向我們的同事表示感謝。本季的設定比平常更具挑戰性，但他們執行得非常出色，專注於我們能夠控制的事情，包括加強價格領導地位、增強客戶體驗以及管理成本和庫存。

Here's what I'd like you to take away from my remarks. First, our core business is strong and growing with accelerating e-commerce momentum. We told you that we expect to gain share during this period of economic uncertainty and that's what's happening. As a result, we're raising our sales guidance for the year.

我希望你們從我的發言中了解到以下幾點。首先，我們的核心業務強勁且隨著電子商務的加速發展而成長。我們告訴過您，我們預計在經濟不確定時期會增加市場份額，而事實也確實如此。因此，我們提高了今年的銷售預期。

Second, we're navigating this dynamic operating backdrop very well. We said we would play offense to keep prices as low as we can for as long as we can, and that's what we're doing. Third, growth in our higher-margin businesses is contributing to our profit transformation, providing the financial flexibility to aggressively pursue share gains in the near term.

其次，我們很好地駕馭了這種動態的營運背景。我們說過，我們會盡力長時間保持盡可能低的價格，而這正是我們正在做的。第三，我們高利潤業務的成長正在促進我們的利潤轉型，並為我們在短期內積極追求份額成長提供了財務靈活性。

We're maintaining our full year guide for operating income even with some additional cost pressures this year. And we're raising our guide for EPS to reflect lower headwinds experienced year-to-date from currency. And lastly, we're playing for the long term, balancing the pursuit of share gains while investing in our associates, and our supply chain automation in stores and clubs and in AI and technology.

儘管今年面臨一些額外的成本壓力，我們仍維持全年營業收入指南不變。我們提高了每股收益指引，以反映今年迄今為止貨幣方面遇到的較低阻力。最後，我們著眼於長遠，在追求份額成長的同時，也投資於我們的員工、商店、俱樂部的供應鏈自動化以及人工智慧和技術。

Now I'll get into the details of some of our performance. Consolidated Q2 revenue increased 5.6% in constant currency. These results were better than we expected with each of our business segments delivering stronger sequential sales growth than in Q1. E-commerce was a big contributor, with sales up 25% year-over-year, driven by continued strong demand from customers for convenient and fast delivery with order volumes increasing across our segments.

現在我將詳細介紹我們的一些表演。以固定匯率計算，第二季綜合營收成長 5.6%。這些結果優於我們的預期，我們每個業務部門的連續銷售成長都比第一季更強勁。電子商務是一大貢獻者，銷售額年增 25%，這得益於客戶對方便快速送貨服務持續強勁的需求，各部門的訂單量都在增加。

Walmart U.S. topline outperformed our expectations as Q2 comps accelerated even when facing a more difficult year-over-year comparison versus Q1. Comp sales grew 4.6%, reflecting ongoing share gains across key categories and all income cohorts with upper income households contributing the largest gains.

沃爾瑪美國公司第二季的營收超出了我們的預期，儘管與第一季相比，其同比增速更為困難。同店銷售額成長 4.6%，反映出主要類別和所有收入群體的份額持續成長，其中高收入家庭貢獻了最大的收益。

Customers are responding as we lean into value with more rollbacks while also providing the convenience they desire. We're encouraged by the improvement in general merchandise sales trends, which delivered a low single-digit positive comp in Q2, reflecting strength in fashion, media and gaming and automotive categories.

隨著我們透過更多回滾來提升價值，同時提供他們所需的便利，客戶做出了積極的反應。我們對一般商品銷售趨勢的改善感到鼓舞，該趨勢在第二季度實現了低個位數的正增長，反映了時尚、媒體、遊戲和汽車類別的強勁表現。

Walmart U.S. e-commerce sales grew 26%, stepping up from the low 20% growth range we delivered over the prior four quarters. All fulfillment channels increased, led by delivery from store, which was up almost 50%. Speed of delivery is important to customers, and we're continuing to get faster.

沃爾瑪美國電子商務銷售額成長 26%，高於前四個季度 20% 的低成長區間。所有履行管道均有所成長，其中商店配送成長最為顯著，成長了近 50%。交付速度對客戶來說很重要，我們正在不斷加快交付速度。

Approximately one-third of deliveries from store in recent weeks were fast delivery in three hours or less, reinforcing the value of our store network and driving speed and 20% of those deliveries arrived to our customers in 30 minutes or less. Meanwhile, marketplace sales grew nearly 20% with more sellers utilizing our fulfillment services.

最近幾週，大約有三分之一的門市送貨都是在三小時或更短的時間內快速送達，這強化了我們門市網路和駕駛速度的價值，其中 20% 的送貨在 30 分鐘或更短的時間內送達客戶。同時，隨著更多賣家使用我們的履行服務，市場銷售額成長了近 20%。

Approximately 44% of marketplace volumes flow through WFS, an increase of 250 basis points versus last year. International was once again growth accretive to the enterprise, with sales up more than 10% in constant currency, led by strength in China, Walmex and Flipkart.

約有 44% 的市場交易量透過 WFS 進行，比去年增加了 250 個基點。國際市場再次為企業帶來成長，以固定匯率計算，銷售額成長超過 10%，主要得益於中國、沃爾瑪和 Flipkart 的強勁表​​現。

We saw broad-based growth across product categories and seasonal event sales were strong. Sales in China grew 30% and Walmex grew over 6%. E-commerce growth was up more than 20% with penetration approaching 27% of segment sales. Across markets, this momentum continued to be led by store fulfilled pickup and delivery and 3P Marketplace.

我們看到各產品類別均廣泛成長，季節性活動銷售強勁。中國市場的銷售額成長了 30%，而沃爾瑪的銷售額成長了 6% 以上。電子商務成長超過 20%，滲透率接近細分銷售額的 27%。在各個市場中，這一勢頭繼續由店內取貨和送貨以及第三方市場引領。

Sam's Club U.S. comp sales ex fuel increased nearly 6% with strong growth driven entirely by units sold. We delivered positive comps across all key product categories, including another quarter of growth in general merchandise. The quality and value of Member's Mark products continue to resonate with members as sales penetration increased 140 basis points.

山姆會員店美國同店銷售額（不含燃料）成長近 6%，強勁成長完全由銷售單位推動。我們在所有主要產品類別中都取得了積極的業績，其中日用百貨產品又實現了一個季度的成長。隨著銷售滲透率增加 140 個基點，Member's Mark 產品的品質和價值繼續引起會員的共鳴。

E-commerce grew 26%, with club fulfilled delivery representing nearly 50% of this increase, even while curbside pickup was up double digits. Members are finding more ways to shop the club in an omni way and we're pleased to see unit growth accelerating along with spend per member, frequency and renewals, all driving Sam's Club U.S. results.

電子商務成長了 26%，其中俱樂部配送佔了成長的近 50%，儘管路邊取貨也成長了兩位數。會員們正在尋找更多方式在俱樂部購物，我們很高興看到單位增長以及每位會員的支出、頻率和續訂都在加速，所有這些都推動了山姆會員商店美國的業績。

Earlier this month, we opened a new club in Tempe, Arizona, is the second club to feature a digital-first experience, leveraging the convenience and popularity of our Scan & Go app with members. Q2 consolidated gross margin increased 4 basis points on a reported basis and was up 9 basis points on an adjusted basis when excluding an $80 million one-time restructuring charge at Sam's.

本月初，我們在亞利桑那州坦佩開設了一家新俱樂部，這是第二個以數位優先體驗為特色的俱樂部，利用了我們的 Scan & Go 應用程式在會員中的便利性和受歡迎程度。第二季綜合毛利率在報告基礎上增加了 4 個基點，在不包括 Sam's 8000 萬美元一次性重組費用的情況下，調整後毛利率增加了 9 個基點。

We saw improved business mix across our segments. In Walmart U.S., margins also reflected the benefits of strong inventory management, while merchandise category mix remains a headwind as sales growth in grocery and health and wellness outpaced general merchandise.

我們看到各部門的業務組合有所改善。在沃爾瑪美國公司，利潤率也反映了強大的庫存管理的好處，而商品類別組合仍然是一個阻力，因為食品雜貨和健康保健品的銷售增長超過了一般商品。

In international, gross profit rate declined with continued pressure from channel and format mix as well as strategic investments in price across markets and our quick commerce capabilities in India. As we indicated, exiting Q1 our decision not to give Q2 operating income guidance was predicated on the dynamic cost of goods backdrop, principally to preserve flexibility to drive share and price leadership.

在國際市場，由於通路和形式組合的持續壓力以及跨市​​場價格的策略投資和我們在印度的快速商業能力，毛利率下降。正如我們指出的，在第一季結束後，我們決定不提供第二季營業收入指引，這是基於動態的商品成本背景，主要是為了保持靈活性以推動份額和價格領先地位。

Given the uncertainty around the cost and price environment when we reported last quarter, we flagged the potential for a higher level of markups on our Walmart U.S. inventory. We ultimately realized lower markups than anticipated, and therefore, the effect on our margins under the retail method of accounting, or REM, was also less pronounced.

鑑於我們上個季度報告中成本和價格環境的不確定性，我們指出沃爾瑪美國庫存的加價幅度可能會更高。我們最終實現了比預期更低的加價，因此，按照零售會計方法（REM）對我們的利潤率的影響也不太明顯。

Our merchants did an excellent job managing inventory and price levels, which has resulted in strong sales and more normalized margins. As our business model evolves, contributions to operating income are increasingly influenced by a diverse set of interrelated drivers, including improved e-commerce economics and business mix most notably from higher-margin areas like advertising and membership fees.

我們的商家在管理庫存和價格水準方面做得非常出色，從而帶來了強勁的銷售和更正常的利潤率。隨著我們商業模式的發展，營業收入的貢獻越來越受到各種相互關聯的驅動因素的影響，包括電子商務經濟的改善和業務組合，最顯著的是廣告和會員費等利潤率較高的領域。

Walmart U.S. e-commerce profitability continued to increase in Q2 as we make progress on improving net delivery costs and see strong momentum in advertising. We invested in marketing to improve awareness of Walmart's value, convenience and assortment and saw growth in active customers and frequency.

由於我們在改善淨配送成本方面取得進展並看到廣告業務的強勁勢頭，沃爾瑪美國電子商務獲利能力在第二季度繼續增長。我們投資行銷來提高人們對沃爾瑪的價值、便利性和分類的認識，並看到活躍客戶和頻率的成長。

With strong growth in e-commerce, our advertising business globally increased nearly 50%, including VIZIO. Walmart Connect in the US, ex-VIZIO grew more than 30%. Advertising at Sam's Club U.S. was up 24%, and we saw 15% growth in international advertising led by Flipkart. Membership fee income was up over 15% across the enterprise.

隨著電子商務的強勁成長，包括 VIZIO 在內的我們全球廣告業務成長了近 50%。美國 Walmart Connect（前 VIZIO）成長超過 30%。山姆會員店美國分部的廣告成長了 24%，以 Flipkart 為首的國際廣告成長了 15%。全企業會員費收入成長15%以上。

In the US, Sam's Club continued to see steady growth in member counts, renewal rates and increased penetration of Plus members, resulting in 7.6% membership income growth while Walmart+ membership income grew double digits. I'm also really excited about the upcoming launch of our new OnePay cash rewards credit card, which should be available before holiday.

在美國，山姆會員商店的會員數量、續約率以及Plus會員滲透率持續穩定成長，導致會員收入成長7.6%，而沃爾瑪+會員收入則達到兩位數成長。我也對即將推出的全新 OnePay 現金獎勵信用卡感到非常興奮，該卡應該會在假期前上市。

Cardholders will earn 3% unlimited cash back at Walmart. And if you're a Walmart+ member, that will jump to 5%. The card also provides 1.5% cash back for non-Walmart purchases. This is another great example of the increasing value of a Walmart+ membership.

持卡人在沃爾瑪可獲得 3% 無限現金回饋。如果您是 Walmart+ 會員，這一比例將躍升至 5%。該卡還為非沃爾瑪購物提供 1.5% 的現金回饋。這是 Walmart+ 會員價值不斷提升的另一個很好的例子。

Adjusted SG&A expenses deleveraged 35 basis points in Q2 due primarily to higher claims expense in the US as I previewed in our last quarter's remarks. This expense pertains to general liability and workers' compensation claims for which we self-insure. While this claim count has decreased year-over-year, the cost to resolve claims has risen, both for us and across the retail industry. And we've increased our accrual to reflect these trends.

正如我在上個季度的評論中預測的那樣，第二季度調整後的銷售、一般和行政費用 (SG&A) 去槓桿率為 35 個基點，這主要歸因於美國的索賠費用增加。此費用涉及我們自行承保的一般責任和工人賠償索賠。雖然索賠數量比去年同期有所下降，但對於我們和整個零售業來說，解決索賠的成本卻有所上升。我們增加了應計金額以反映這些趨勢。

We accrued an additional $450 million over and above our planned expense in Q2, which equates to a headwind of 560 basis points to adjusted operating income growth in the quarter. We have and continue to take actions to mitigate the number and cost of these claims.

我們在第二季的計畫支出基礎上額外增加了 4.5 億美元，這相當於本季調整後的營業收入成長遭遇 560 個基點的阻力。我們已經並將繼續採取行動來減少這些索賠的數量和成本。

Our full year operating income guidance, which is unchanged, contemplates the business fully absorbing the $730 million of incremental expense in Q1 and Q2, and as well as continued inflation in claims cost in Q3 and Q4, although we do not expect the same magnitude of increases as we experienced in the first half of the year.

我們的全年營業收入指引保持不變，預計業務將完全吸收第一季和第二季 7.3 億美元的增量費用，以及第三季和第四季索賠成本的持續上漲，儘管我們預計增幅不會與上半年相同。

Unexpected costs are part of managing a business of this complexity. And while these costs put pressure on operating income growth for the quarter and for the year-to-date period, they don't change our annual or long-term outlook nor our conviction in our profit growth.

意外成本是管理這種複雜業務的一部分。雖然這些成本給本季和年初至今的營業收入成長帶來了壓力，但它們不會改變我們的年度或長期前景，也不會改變我們對利潤成長的信心。

Q2 adjusted operating income increased about 0.5 percentage point on a constant currency basis, driven by stronger-than-expected sales and continued progress on underlying operating margins, offset by higher claims cost. Adjusted EPS was up 1.5% to $0.68. We had discrete charges related to legal matters and restructuring in the quarter, and those have been adjusted out of operating income and EPS for comparison purposes.

第二季調整後的營業收入按固定匯率計算增長了約 0.5 個百分點，這得益於銷售額強於預期以及基礎營業利潤率的持續增長，但被索賠成本的上升所抵消。調整後每股收益成長1.5%，至0.68美元。本季我們產生了與法律事務和重組相關的單獨費用，為了便於比較，這些費用已從營業收入和每股盈餘中調整出來。

Importantly, as we begin Q3, momentum has persisted and our inventory is at a healthy level, up about 4%. The year-over-year increase in inventory is primarily attributable to higher cost of imported goods and timing of receipts. In this tariff-impacted period, we're closely monitoring customer demand and managing quantity decisions as we measure the price elasticity of impacted items.

重要的是，隨著我們開始第三季度，成長勢頭持續，我們的庫存處於健康水平，增長了約 4%。庫存年增率主要歸因於進口商品成本上升和收貨時間延長。在這個受關稅影響的時期，我們密切監控客戶需求，並在衡量受影響商品的價格彈性的同時管理數量決策。

Now turning to guidance. Today, we're raising our full year sales growth guidance in constant currency by 75 basis points to a range of 3.75% to 4.75% growth. This reflects our year-to-date performance and confidence in our team's ability to continue driving share gains in the back half of the year.

現在轉向指導。今天，我們將全年銷售成長預期（以固定匯率計算）上調 75 個基點，至 3.75% 至 4.75% 的成長範圍。這反映了我們今年迄今為止的表現以及對我們團隊在下半年繼續推動股價上漲的能力的信心。

For Q3, we also expect constant currency sales growth of 3.75% to 4.75%. Notably, if currency exchange rates were to stay where they are now for the entire third quarter, we would expect a modest headwind to reported sales growth. Business mix will continue to be a margin benefit, and we expect merchandise category mix to continue to be a headwind.

對於第三季度，我們也預期固定貨幣銷售額成長率將達到 3.75% 至 4.75%。值得注意的是，如果整個第三季的貨幣匯率都保持在目前的水平，我們預期報告的銷售成長將遭遇適度阻力。業務組合將繼續成為利潤優勢，而我們預計商品類別組合將繼續成為阻力。

While the cost of goods backdrop remains fluid, it appears clear directionally than a quarter ago, although still unsettled. We await final tariff resolution across some of our largest import markets.

儘管商品成本背景仍然不穩定，但方向似乎比一個季度前更明確，儘管仍不確定。我們正在等待一些最大進口市場的最終關稅決議。

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, Vietnam, India and Canada are our largest markets. Q3 operating income is expected to be in a range of 3% to 6% growth.

美國是我們迄今為止最大的採購市場，我們在美國銷售的產品不到進口產品的三分之一，中國、墨西哥、越南、印度和加拿大是我們最大的市場。預計第三季營業收入成長3%至6%。

This guidance reflects a wider range of outcomes than our prior approach, which we believe is prudent given the ongoing trade policy discussions, a demand backdrop that remains somewhat uncertain and the desire to maintain flexibility to invest for share gains.

這項指引反映了比我們之前的方法更廣泛的結果，我們認為，鑑於正在進行的貿易政策討論、仍然存在一定不確定性的需求背景以及保持投資靈活性以增加份額的願望，這種方法是謹慎的。

Based upon our experience in Q2, we believe the impacts on margins and earnings from higher cost of goods and how they flow through our inventory accounting method will be less pronounced than previously anticipated. At the low end of 3% operating income growth, we assume sales moderate quarter-over-quarter and unit sales slow, requiring us to take markdowns against higher prices to calibrate to demand.

根據我們在第二季度的經驗，我們認為，商品成本上升以及其如何透過我們的庫存會計方法流動對利潤率和收益的影響將不如之前預期的那麼明顯。在 3% 的營業收入成長率的低端，我們假設銷售額環比下降且單位銷售額放緩，這要求我們根據更高的價格進行降價以適應需求。

At the upper bound of 6% OI growth, we assume customer and member behavior remains consistent with year-to-date observations and our approach to pricing on a relative basis continues to drive share gains across channels while inventory turns remain healthy.

在 6% OI 成長的上限下，我們假設客戶和會員的行為與年初至今的觀察結果保持一致，並且我們相對定價的方法將繼續推動跨通路的份額成長，同時庫存週轉率保持健康。

Our annual guidance for adjusted operating income growth remains unchanged at 3.5% to 5.5% on a constant currency basis, despite the negative impact from higher claims expense than originally anticipated, implying the underlying structural margins of the company continue to advance.

儘管索賠費用高於最初預期產生了負面影響，但我們對調整後營業收入增長的年度指導仍按固定匯率計算保持在 3.5% 至 5.5% 不變，這意味著公司的基礎結構利潤率將繼續提高。

Recall, this guidance also includes 150 basis points of headwinds from the VIZIO acquisition and lapping leap year, consistent with our original guidance issued in February. Importantly, if we were to achieve the midpoint of our updated guidance for FY26, sales would grow 4.25% and operating income would grow 4.5% or 6% growth when factoring in the 150 basis points of callouts.

回想一下，該指引還包括 VIZIO 收購和閏年重疊帶來的 150 個基點的不利因素，與我們 2 月發布的原始指引一致。重要的是，如果我們要實現 26 財年更新後的指引的中點，銷售額將增長 4.25%，營業收入將增長 4.5%，或者在考慮到 150 個基點的調出率時增長 6%。

This aligns with our financial framework of operating income growing faster than sales, and we're especially pleased in this uncertain backdrop, that we can grow share at an accelerated pace while growing OI ahead of sales. We have, of course, hoped to deliver better results, but feel it's prudent at this point in the year to preserve maximum flexibility.

這符合我們營業收入成長快於銷售額的財務框架，在這種不確定的背景下，我們尤其高興，我們可以加速成長份額，同時使營業收入成長快於銷售額。當然，我們希望取得更好的結果，但我們認為在今年這個時候保持最大的靈活性是明智的。

Like you, we continue to monitor customer and member behavior on a day-to-day and week-to-week basis, alongside tracking macro indicators such as CPI, job growth and wage growth. We know from history, that when Walmart leans into these moments of uncertainty, we emerge stronger on the other side, driving share gains this year positions us well for sustained sales growth momentum and stronger omni-channel advantages into future years.

與您一樣，我們持續每天和每週監控客戶和會員的行為，同時追蹤消費者物價指數、就業成長和薪資成長等宏觀指標。我們從歷史中知道，當沃爾瑪面對這些不確定的時刻時，我們會變得更加強大，推動今年的份額成長，為我們在未來幾年持續的銷售成長勢頭和更強大的全通路優勢做好準備。

As the cost of goods environment settles, we expect the transformation of our profit mix to be even more pronounced, and we're confident in a return to operating income growth more consistent with the multiyear trend.

隨著商品成本環境的穩定，我們預期利潤結構的轉變將更加明顯，我們有信心恢復營業收入成長，與多年趨勢更加一致。

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。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Good morning and thank you. I have a two-part question. First part is the topline is impressive and as good as one could hope -- can you talk about how much of the underlying profitability is being masked by temporary factors and if anything is not working in the flywheel?

早安，謝謝。我有一個由兩個部分組成的問題。第一部分是營收令人印象深刻，並且如人們所希望的那樣好——您能否談談有多少潛在盈利能力被暫時因素掩蓋，以及飛輪中是否存在什麼問題？

And then the second part, more for you, Doug, you mentioned the AI higher and perhaps this is first for a retailer to even have such an officer. Is AI already accelerating Walmart's topline and margin gains? And if not yet, when do they become more material? Thanks.

然後是第二部分，Doug，您更多地提到了 AI 更高，也許這是零售商第一次擁有這樣的官員。人工智慧是否已經加速了沃爾瑪的營業收入和利潤的成長？如果還沒有，那麼什麼時候它們會變得更物質化？謝謝。

Hey Simeon, this is Doug. I'll take the second question first. As it relates to AI, I don't think it's lifting our topline sales yet. I think this is very early days. But I am excited about the road map, as I mentioned. I think what lies ahead is really exciting for us, given how our assortment has grown and our capabilities today as it relates to tech and Daniel is going to do a great job. Suresh and his team are doing a great job of laying out the architecture and the plan for us to drive sales.

嘿，西緬，我是道格。我先回答第二個問題。就人工智慧而言，我認為它尚未提升我們的銷售額。我認為這還為時過早。但正如我所提到的，我對路線圖感到興奮。我認為，考慮到我們的產品種類不斷增加以及我們目前在技術方面的能力，未來對我們來說真的令人興奮，而丹尼爾將會做得很好。Suresh 和他的團隊在為我們制定推動銷售的架構和計劃方面做得非常出色。

And maybe lastly, I'll just say that from a bias point of view, we're biased towards growth as it relates to AI. It's exciting to think about the productivity opportunities. But when we wake up in the morning, we're thinking about how we can serve customers better using AI. Just think about all the inventory management improvement that we can make with it, for example.

最後，我只想說，從偏見的角度來看，我們偏向與人工智慧相關的成長。想到生產力機會就令人興奮。但當我們早上醒來時，我們會思考如何利用人工智慧來更好地為客戶服務。例如，想想我們可以利用它來實現哪些庫存管理改進。

As it relates to the flywheel and what's underneath John David can certainly comment to, but I don't see anything that I'm worried about. I feel as good about what's happening in the business mix of our company, as I ever have.

由於它與飛輪及其下方的情況有關，約翰戴維當然可以發表評論，但我沒有看到任何讓我擔心的事情。我對我們公司的業務組合的進展感到一如既往的滿意。

We shared all the growth rates across marketplace, advertising, membership, all those areas of that story still seems very much intact to me. And it's disappointing that we have some noise in our numbers this quarter, but when you get past it and see all the things that are happening, I think you'll feel the same way.

我們分享了市場、廣告、會員等方面的所有成長率，這個故事的所有這些領域對我來說似乎仍然完好無損。令人失望的是，我們本季的數據存在一些噪音，但當你回顧過去並看到正在發生的所有事情時，我想你會有同樣的感受。

I would just add to that, Simon. It is kind of a nuanced earnings report given some of the cost pressures. But when you dig into the details, particularly of the e-commerce business, you look at things like membership growth of 16%, advertising growing 50% year-over-year, 30% in the US, you go line by line, and you can see why we're excited about the momentum in the business.

我只想補充一點，西蒙。考慮到一些成本壓力，這是一份細緻的收益報告。但當你深入了解細節時，特別是電子商務業務，你會看到會員數量增長了 16%，廣告同比增長了 50%，在美國增長了 30%，你逐行查看，你就會明白為什麼我們對業務的發展勢頭感到興奮。

We said that we're going to play offense, and we see that we're accelerating some of the share gains. Our business is strong, and we feel good about the back half of the year, particularly in light of what is still a rather uncertain environment, but I think we're positioned to win.

我們說過，我們將採取進攻措施，而且我們看到，我們正在加速部分市場份額的成長。我們的業務很強勁，我們對今年下半年感到樂觀，特別是考慮到目前仍然相當不確定的環境，但我認為我們有能力取勝。

And we feel good about how the business is performing, and you see that with the increase in guidance and the maintain and profit guidance even despite what is roughly $0.75 billion of cost pressure that was not anticipated when we gave that original guidance this year.

我們對業務表現感到滿意，儘管成本壓力約為 7.5 億美元，而這是我們今年給出最初指引時未曾預料到的，但你還是看到了指引的增加以及維持和盈利指引的提高。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks, and thanks for taking my question. So there was recent news about your largest competitor expanding grocery delivery. It's a bit of an open mic question, but how do you think about the dynamics of this announcement?

謝謝，也謝謝您回答我的問題。最近有消息稱，你們最大的競爭對手正在擴大食品雜貨配送業務。這有點像是開放式的問題，但您如何看待這項聲明的動態？

How does it change the advantage that you have given the convenience of stores and how local fresh is typically? And then on the other hand, does it necessitate faster investment on your side to remain competitive that perhaps affects that second P&L and the accelerating margin and cash flow dynamics over the next few years? Thank you.

它如何改變您賦予商店便利性的優勢以及當地新鮮食品的典型特徵？另一方面，是否需要您進行更快的投資以保持競爭力，這可能會影響第二份損益表以及未來幾年的加速利潤率和現金流動態？謝謝。

What goes through my mind is that, gosh, I've been doing this for a long time now and competition just keeps getting better. So that's kind of factored into our plan. Like what do we expect people to do? We expect them to get better. And the best will get stronger. So that means that we got to keep doing the same thing.

我心裡想的是，天哪，我已經做這件事很久了，而且競爭越來越激烈。所以這已經成為我們計劃中的一個因素。例如我們希望人們做什麼？我們期待他們能夠變得更好。最好的將會變得更強大。所以這意味著我們必須繼續做同樣的事情。

And we know what our plan is, and we know what customers want, whether it's price or the growing assortment, the way we improve the experience of shopping, you guys know that convenience has been driving our business for a while now, and I think that will continue. So I read just like you do what's happening at competition, but we stay focused on what's happening with the customer.

我們知道我們的計劃是什麼，我們知道顧客想要什麼，無論是價格還是不斷增加的商品種類，我們改善購物體驗的方式，你們知道便利性一直在推動我們的業務發展，我認為這將繼續下去。因此，我就像您一樣閱讀競爭中發生的事情，但我們仍然關注客戶發生的事情。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. One of the reasons why Walmart's multiple has expanded so significantly in the last couple of years, is the market has come to rely on the consistency of Walmart sales and profit performance?

早安.非常感謝您回答我的問題。沃爾瑪本益比在過去幾年大幅擴張的原因之一是，市場已經開始依賴沃爾瑪銷售和利潤表現的一致性？

This quarter's gross margin result in the US and some other factors within the P&L has really tested that assumption? How do you decel this concern and make the case that this is a one-off rather than beginning of a trend. Thank you very much.

本季美國的毛利率結果和損​​益表中的一些其他因素是否真的檢驗了這個假設？您如何緩解這種擔憂並證明這只是一次性事件而不是一種趨勢的開始。非常感謝。

Michael, good to speak with you. Thanks for the question. Look, the first thing I would say is that the reality of managing a business of our size and complexity is you're going to have unexpected expenses that occur from time to time. A couple of years ago, we encountered a higher level of shrink in the business. We demonstrated that we navigated that really well.

邁克爾，很高興與您交談。謝謝你的提問。聽著，我想說的第一件事是，管理我們這種規模和複雜程度的企業的現實情況是，你會時不時地遇到意外開支。幾年前，我們的業務出現了較大幅度的萎縮。我們證明我們已經很好地解決了這個問題。

I think we're going to demonstrate that we're navigating this current environment pretty well also. So I tend to not worry so much about quarter-to-quarter and look at the long-term trend. If you look at what we've done over the last two years, we've grown the topline, 5% or 6% and profits at almost 10% over that period of time.

我認為我們將證明我們也能很好地應對當前環境。所以我傾向於不要過度擔心季度變化，而是專注於長期趨勢。如果你看看我們過去兩年所取得的成就，你會發現我們的營業額成長了 5% 或 6%，利潤成長了近 10%。

And as I alluded to in my remarks, that's the way that we think about our multiyear trajectory that we're on. To suggest that we can do that every quarter. It's not a reality given the complexities of our business. And I should pause on that for a second because if you think about the backdrop that we're in right now, when we last released our earnings, we were roughly three weeks into this new tariff environment.

正如我在發言中提到的那樣，這就是我們對我們所處的多年發展軌蹟的看法。建議我們每個季度都這樣做。考慮到我們業務的複雜性，這不切實際。我應該暫停一下，因為如果你想想我們現在所處的背景，當我們上次發布收益時，我們大約已經進入了新的關稅環境三週了。

I think I would argue very strongly that we've navigated that very well, both in terms of managing the impact on our financial statements but also minimizing the impact to our customers and members. And so, I would encourage people to look at the full year guide which we raised our revenue guidance, and we're keeping our operating income guidance the same in the face of these higher costs.

我認為我會非常有力地爭辯說我們已經很好地處理了這個問題，不僅在管理對財務報表的影響方面，而且在盡量減少對我們的客戶和會員的影響方面。因此，我鼓勵人們查看全年指南，我們提高了收入預期，並且面對更高的成本，我們仍維持相同的營業收入預期。

When you look at the fundamentals of our business and how we're gaining share with customers, how our value proposition is resonating more strongly than it ever has, I would argue, we feel really good about this. We've got a lot of conviction in our strategy and our plan, and we've got a team that's executing on that.

當你看到我們業務的基本面，以及我們如何贏得客戶的青睞，我們的價值主張如何比以往產生更強烈的共鳴時，我想說，我們對此感到非常高興。我們對我們的策略和計劃充滿信心，我們有一個團隊來執行這些策略和計劃。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking my question. So I was hoping to focus on inventory. So inventory management continues to be strong. How are you feeling about the healthier inventory in in-stocks as you enter the back half of the year, including some of the more tariff-impacted categories?

早上好，感謝您回答我的問題。所以我希望專注於庫存。因此庫存管理持續強勁。進入下半年，您對庫存狀況更健康的情況有何看法，包括一些受關稅影響較大的類別？

Hey, Rupesh. Good morning. It's John Furner. First, obviously, we're really proud of the team and the performance in the second quarter. As the quarter moved along, I would say the quarter was consistent with prior quarters. But what was in particularly helpful was the improvement in general merchandise as the quarter progressed.

嘿，魯佩什。早安.我是約翰‧弗納。首先，顯然，我們對球隊和第二節的表現感到非常自豪。隨著本季的進展，我想說本季與前幾季保持一致。但特別有幫助的是隨著本季的進展，一般商品的改善。

We had strength in GM really across the board, but in particular, at the end of the quarter with some strong events led by our e-commerce business and marketplace. Our e-commerce business has accelerated. I'd say that's one difference in the quarter, the 26% growth rate, which compares to [20s] in previous quarters.

我們在通用汽車方面確實全面實力雄厚，但特別是在本季末，我們的電子商務業務和市場引領了一些強勁的事件。我們的電子商務業務加速發展。我想說這是本季的一個不同之處，即 26% 的成長率，而前幾季的成長率為 [20%]。

And the team is obviously operated in dynamic environments for some time. And this quarter was impressive the way that they managed inventory almost on a daily basis. I've been in stores all over the country in the last few months, and I'm really pleased with the inventory levels on the floor, in the supply chain, the back rooms are in great shape. So I feel really good about the way we exited the quarter.

而且該團隊顯然已經在動態環境中運作了一段時間。本季度，他們幾乎每天都管理庫存的方式令人印象深刻。過去幾個月我去過全國各地的商店，我對店面、供應鏈和後台的庫存水準感到非常滿意，他們的狀況非常好。因此，我對我們結束本季的方式感到非常滿意。

We exited with 2% inventory growth. A lot of that growth is what we would describe as in transit rather than being in the store. And then just one other highlight in terms of positioning inventory at a clean sell-through early and back-to-school. Our fashion business, in particular, has been great.

我們退出時庫存成長率為 2%。我們所說的成長很大一部分是在運輸過程中，而不是在商店中。然後，在早期和返校期間將庫存定位在乾淨的銷售狀態，這只是另一個亮點。我們的時尚業務尤其出色。

More and more customers are choosing Walmart as a destination for fashion, and that's exciting. We've had growth across the board from shoes to ladies to men's, kids and baby. We have a lot of great work in style. We have a lot of great work on our inventory. And it's delivering a great experience for our customers.

越來越多的顧客選擇沃爾瑪作為購買時尚商品的目的地，這令人興奮。從鞋類到女裝、男裝、童裝和嬰兒用品，我們的產品全面成長。我們有很多風格出色的作品。我們在庫存方面做了很多出色的工作。它為我們的客戶帶來了極佳的體驗。

So as we enter the third quarter, I would just start with how we exited the second. Our sales were up 4.6% on a comparable basis. Our inventory is up 2%. Our inventories are clean, and we have 7,000 plus rollbacks, a dramatic increase from the second quarter. So we feel really good about our position going into the quarter.

因此，當我們進入第三季時，我想先談談我們如何結束第二季。我們的銷售額年增了4.6%。我們的庫存增加了2%。我們的庫存很乾淨，我們有 7,000 多個回滾，比第二季大幅增加。因此，我們對本季的狀況感到非常滿意。

Hey, Rupesh. Chris Nicholas here from Sam's Club too. I think just a lot same as with John, I'd like to say I'm really pleased with the continued strength of the business, topline and underlying bottom line after you adjust out for the complexity. When you look at the composition of our sales, comp sales were up 5.9%. That was entirely unit driven.

嘿，魯佩什。我也是來自山姆會員店的克里斯·尼古拉斯 (Chris Nicholas)。我認為與約翰的情況有很多相似之處，我想說，在調整了複雜性之後，我對業務、營業額和基本利潤的持續強勁感到非常滿意。從我們的銷售組成來看，同店銷售額成長了 5.9%。那完全是由單位驅動的。

And what's really interesting about that is that's an acceleration of units quarter-on-quarter. That's really exciting. E-com plays a really big part of that. So 26% growth in e-commerce is good, two-thirds of the sales growth actually was e-commerce and delivery was a powerhouse within that.

真正有趣的是，銷量環比成長加速。這真是令人興奮。電子商務在其中扮演了非常重要的角色。因此，電子商務 26% 的成長率是好的，銷售額成長的三分之二實際上來自電子商務，而配送是其中的強勁動力。

From an inventory point of view then, we have to buy to hit the growth that we're seeing in those units. So we pay, of course, very close attention to units, and we feel really good. We need the growth in inventory to support the unit growth. And we've made some tactical buys, of course, but our turns and days on hand of flat and units are accelerating. So just a lot of gratitude for our members and our associates in helping us maintain this momentum.

從庫存的角度來看，我們必須購買才能達到我們在這些單位中看到的成長。因此，我們當然非常關注單位，我們感覺非常好。我們需要庫存的成長來支持單位的成長。當然，我們也進行了一些戰術性購買，但我們的平板和單位的周轉率和庫存天數正在加快。因此，我們非常感謝我們的會員和同事幫助我們保持這一勢頭。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone. I was wondering if you could elaborate on the price changes that you started to make this quarter and the consumer response. Doug, I think you talked about maybe some elasticity at the item level that you were starting to see?

嘿，大家早安。我想知道您是否可以詳細說明本季開始進行的價格調整以及消費者的反應。道格，我想您談到的可能是您開始看到的物品等級的一些彈性？

And then how do we think about the general philosophy across categories? For example, I think it was notable that rollbacks in grocery being up 30% right now. Do you see opportunities to lean in on price, perhaps in certain categories to, I guess, offset the inflationary pressure the consumer is seeing in other places?

那我們如何思考跨類別的一般哲學呢？例如，我認為值得注意的是，目前食品雜貨的降價幅度已上升至 30%。您是否看到了透過降低價格來抵消其他地方消費者所面臨的通膨壓力的機會，或許是在某些類別中？

Yeah. From a business model point of view, the fact that we have businesses like advertising and membership growing obviously help with flexibility as it relates to when we decide to absorb part of the tariff cost increase.

是的。從商業模式的角度來看，我們擁有廣告和會員成長等業務，這顯然有助於提高靈活性，因為這與我們決定吸收部分關稅成本增加有關。

And we also have, thankfully, general merchandise business positive. I think what John covered just a minute ago is really encouraging as it relates to mix. So those things help us with flexibility. You're right, we do see as costs go up, units change, but that is always true.

值得慶幸的是，我們的百貨商品業務也表現積極。我認為約翰剛才講到的與混合有關的內容確實令人鼓舞。所以這些東西有助於我們提高靈活性。你說得對，我們確實看到成本上升，單位發生變化，但這始終是事實。

Customers, as I mentioned, they're so quick, and they understand what's going on, and they make rational trade-offs as they move from one category to the next. So as I've said to you many times, I think one of the things I love about our business is the ability to manage mix. It gives us a lot of flexibility.

正如我所提到的，客戶反應非常快，他們了解正在發生的事情，並且在從一個類別轉移到另一個類別時做出理性的權衡。正如我多次跟你們說過的，我認為我喜歡我們業務的原因之一就是管理組合的能力。它給了我們很大的靈活性。

Corey Tarlowe, Jefferies.

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

Hi. Good morning, and thank you for taking my question. I wanted to ask on your international strategy. if you could provide an update on the international portfolio, particularly Canada, India and Mexico. What are the strategic priorities in those markets? And how are they fitting into the long-term growth outcome. Thank you.

你好。早上好，感謝您回答我的問題。我想問一下您的國際戰略。您是否可以提供國際投資組合的最新情況，特別是加拿大、印度和墨西哥。這些市場的策略重點是什麼？它們如何適應長期成長結果？謝謝。

Hey, Corey. It's Kath. Thank you for the question. And I do want to start by appreciating our associates and everything they've done over this quarter. This quarter for us, Corey, was really one where we took the opportunity to lean into momentum as well as differentiating our capabilities.

嘿，科里。是凱絲。謝謝你的提問。首先我要感謝我們的同事以及他們在本季所做的一切。科里，對我們來說，這個季度確實是我們抓住機會順應發展勢頭並展現差異化能力的季度。

I'm going to talk about that, and then that will help you understand how we're thinking about Canada, Mexico and India. This quarter, our e-com growth was up 22%. And as you kind of look at that, that's really being bolstered by both still fulfilled pickup and delivery and marketplace.

我將談論這個問題，這將幫助你了解我們如何看待加拿大、墨西哥和印度。本季度，我們的電子商務成長了 22%。正如您所看到的，這確實受到了仍在履行的提貨、送貨和市場的支持。

If you look at our business in China, we opened 33 clouds which now means that we have 455 clouds. And as you remember, over 50% of our sales in China is online initiated. So that's enabling us to be able to get to the customer less than an hour. So seeing strength coming through that business.

如果你看看我們在中國的業務，我們開設了 33 片雲，這意味著現在我們擁有 455 片雲。大家還記得，我們​​在中國超過 50% 的銷售額都是透過網路銷售實現的。這樣我們就能在不到一小時的時間內到達客戶那裡。因此，我們可以看到該業務正在不斷增強實力。

Then if you look at kind of India, we now have 300 minutes FCs which enables us to get to the customer in less than 15 minutes, and we have 60 MFCs for Myntra, which enables them to be able to get to the customer in under 30 minutes. So we're beginning to position ourselves to be able to really take advantage of this growth into the quick commerce channel, but to do it efficiently by ensuring that our third-party inventory is placed closer to the consumer.

如果你看看印度，我們現在有 300 分鐘的 FC，這使我們能夠在不到 15 分鐘的時間內到達客戶那裡，我們為 Myntra 提供了 60 分鐘的 MFC，這使他們能夠在 30 分鐘內到達客戶那裡。因此，我們開始定位自己，以便能夠真正利用快速商務管道的這種成長，但要透過確保我們的第三方庫存更接近消費者來有效地做到這一點。

And then if I think about Mexico and Canada, we have talked previously about the fact that we're bringing global platforms. So the best of our tech to the markets and over this quarter, we really focused on how do we bring our Walmart Commerce platform to both Canada and to Mexico.

然後，如果我想到墨西哥和加拿大，我們之前已經討論過我們正在帶來全球平台的事實。因此，我們將最好的技術推向市場，在本季度，我們真正關注的是如何將我們的沃爾瑪商務平台帶到加拿大和墨西哥。

And so, in Canada, that is now up and launched. And in Mexico, that means that we're bringing a merged hallway so that you can. So the customer can experience both 1P and 3P in a unified experience. As we've done that, we have increased our sellers this quarter by 75%, and we've increased the SKUs by $40 million.

目前，這項計劃已在加拿大啟動。在墨西哥，這意味著我們將建立一條合併的走廊，以便您可以。因此客戶可以在統一的體驗中同時體驗 1P 和 3P。透過這樣做，我們本季的賣家數量增加了 75%，SKU 增加了 4000 萬美元。

So a lot of work this quarter, particularly to reposition and make sure that we are investing in differentiating our capabilities across Mexico, Canada, India and China to position ourselves for strength.

因此本季有很多工作要做，特別是重新定位並確保我們投資在墨西哥、加拿大、印度和中國地區實現差異化，從而獲得優勢。

If you look back at the last two investor conferences, we've talked about what the longer-range plan looks like and how profitability is going to grow faster than sales in international. So not only are we getting topline help from international, but the bottom line will lift return on investment even more than the other segments.

如果你回顧一下最近的兩次投資者會議，我們討論了長期計劃是什麼樣的，以及盈利能力將如何比國際銷售額增長得更快。因此，我們不僅獲得了來自國際的收入幫助，而且底線投資回報率也將比其他部門更高。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi. Good morning. Thanks for taking our question. We know Walmart's US e-commerce profitability continued to increase in the quarter, driven by better net delivery costs and advertising. But could you comment on e-commerce profitability globally? And is there any quantification about or how much it's contributing to operating income dollar growth in the quarter and what you expect for the year?

你好。早安.感謝您回答我們的問題。我們知道，受淨配送成本和廣告效益改善的推動，沃爾瑪美國電子商務獲利能力在本季持續成長。但您能評論一下全球電子商務的獲利能力嗎？有沒有量化數據來說明它對本季營業收入成長的貢獻有多大，以及您對全年的預期是什麼？

Sure, Kate. Good to speak with you. Globally, we continue to make progress on our e-commerce business. And it's roughly as I described in the last quarter's earnings call where we have a small profit in the SM segment. The US segment is continuing to add to their profits there and the international segment operates at a loss, although it's a contribution margin positive operation, and we continue to see improvements there year-over-year.

當然，凱特。很高興和你交談。在全球範圍內，我們的電子商務業務持續取得進展。大致就像我在上個季度的收益電話會議上所描述的那樣，我們在 SM 部門獲得了少量利潤。美國分部的利潤持續增加，而國際分部則處於虧損狀態，儘管其貢獻利潤率為正，而且我們繼續看到該分部的利潤逐年改善。

If you look at the most recent quarter, maybe one way to think about our e-commerce business and maybe even more broadly, all the diversified new businesses that we have for purposes of this, I'm going to exclude the incremental claims cost. I think that's probably a better way to look at this part of our business right now. But 50% of our incremental profit, excluding claims, was related to advertising, membership and marketplace.

如果你看一下最近一個季度，也許可以這樣來思考我們的電子商務業務，甚至更廣泛地說，為了這個目的，我們將排除增量索賠成本。我認為這可能是目前看待我們業務這一部分的更好方式。但不包括索賠，我們的增量利潤的 50% 與廣告、會員資格和市場有關。

And I'm even thinking back to Michael's question about the multiple of our business. I think of our earnings multiple is something that is a factor of both the growth of the business as well as the certainty of the business. And it's pretty rare to find a company of our size with a roughly $700 billion revenue base that is growing organically 5% to 6% each period. We're really pleased with what we're seeing there. And if you look at the contribution to that growth, it's primarily e-commerce.

我甚至還在回想邁克爾關於我們業務倍數的問題。我認為我們的本益比既是業務成長的因素，也是業務確定性的因素。像我們這樣規模的公司，收入基礎約為 7000 億美元，並且每個時期的有機成長率都達到 5% 到 6%，這種情況非常罕見。我們對所見所聞感到非常高興。如果你看一下對這一成長的貢獻，你會發現主要是電子商務。

So this is fantastic. And what we realize is we have a set of assets that really plays to our hand here to be able to expand this offering to customers. The other part of that question on the multiple I talked about growth, but certainty or maybe said differently, durability of our earnings stream. We are more than just a standard brick-and-mortar retail business.

這真是太棒了。我們意識到，我們擁有一系列真正有用的資產，能夠擴大我們為客戶提供的服務。關於倍數，我談到了這個問題的另一部分，即成長，但確定性，或者換句話說，我們的獲利流的持久性。我們不僅僅是一家標準的實體零售企業。

We have a much more diversified set of profit streams now that are both higher growing as well as higher margin. And I think that is reflected in our multiple. And so, this has been a challenging quarter. It's one of the reasons that we did not give guidance going into it because we knew it could be a wide range of outcomes. But when you look at the core fundamentals of our business, at the profit composition changing, we're really excited about the progress.

我們現在擁有更多樣化的利潤來源，既有更高的成長率，也有更高的利潤率。我認為這反映在我們的多元化上。因此，這是一個充滿挑戰的季度。這是我們沒有提供指導的原因之一，因為我們知道這可能會產生各種各樣的結果。但當你看到我們業務的核心基本面，看到利潤組成的變化時，我們對這項進展感到非常興奮。

And Kate, it's John. And for the US with the growth rate of 26%, I think a couple of things that are really helping. One, of course, we're leaning into growth. It's exciting to see that the growth rate has accelerated from previous quarters.

凱特，我是約翰。對於成長率達到 26% 的美國來說，我認為有幾件事確實有所幫助。首先，當然，我們傾向於成長。令人興奮的是，成長率較前幾個季度有所加快。

And within that, the mix has been better. I mentioned general merchandise and the strength of apparel that is true online. It's true in stores. So having better mix, obviously, is a big contributor here. Another way to think about mix is the mix of business units. So digital services like advertising with a 31% growth rate also help contribute to profitability.

並且，其中的混合效果更好。我提到了日用百貨和服裝在網路上的真正優勢。在商店裡確實如此。因此，顯然，更好的組合是一個很大的貢獻者。思考混合的另一種方式是業務部門的混合。因此，廣告等數位服務的成長率達到 31%，也有助於提高獲利能力。

But if there's one thing that I think I'm most excited about most proud about is that Walmart is getting faster. Our customers are responding to our delivery speeds. We see billions and billions of units at a high growth rate being delivered same day and within same day from our store deliveries, about a third of those deliveries are under three hours and 20% of those units are delivered in less than 30 minutes.

但如果說有一件事讓我感到最興奮、最自豪的話，那就是沃爾瑪的速度越來越快了。我們的客戶對我們的送貨速度做出了積極的回應。我們看到，當天和當天從我們的商店交付的數十億個單位的交付量以高增長率增長，其中約三分之一的交付時間少於三小時，而 20％ 的交付時間少於 30 分鐘。

So I'm excited about what the team has done to lean into speed. We're now covering 93% of the country under three hours. We think that will be 95% by the end of the year. So our reach is getting better. Our speed is improving, and customers love being able to deliver with speed.

因此，我對團隊為提高速度所做的努力感到非常興奮。現在我們的覆蓋範圍已在三小時內覆蓋了全國 93% 的地區。我們認為到今年年底這一比例將達到 95%。因此我們的覆蓋範圍正在不斷擴大。我們的速度正在提高，客戶喜歡能夠快速交付。

For a while now, we've described our business as being two P&Ls, the traditional store P&L and then the new digital P&L, which has got marketplace, marketplace commissions, membership, advertising, all those kinds of things in it. And what we were pointing to is we think that the second P&L over time can be more profitable than the first P&L and lift the total.

一段時間以來，我們將我們的業務描述為兩個損益表，即傳統商店損益表和新的數位損益表，其中包含市場、市場佣金、會員資格、廣告等所有這些東西。我們所指出的是，我們認為隨著時間的推移，第二個損益表可以比第一個損益表更有利可圖，並提高總額。

And I think what you're seeing now is what we've been seeing coming for a while. And I would add that, that's global like the business model that we're talking about applies across countries, which gives us the opportunity to build tech more often that's common across markets, which gives us more leverage and more speed eventually. We're working hard on speed.

我認為您現在看到的正是我們一段時間以來一直看到的情況。我想補充一點，這是全球性的，就像我們正在談論的商業模式適用於各個國家一樣，這使我們有機會更頻繁地建立跨市場通用的技術，最終為我們提供更大的槓桿作用和更快的速度。我們正在努力提高速度。

So I am very excited about that. I think that the future our long-range plan and the way this business model looks are really exciting. And then you layer on top of that what AI will do to help us further those efforts and it's really exciting.

所以我對此感到非常興奮。我認為我們未來的長期計劃以及這種商業模式看起來確實令人興奮。然後在此基礎上，人工智慧將如何幫助我們進一步實現這些努力，這真的令人興奮。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

Good morning. Thanks for taking my question. I wanted to follow up or see if I can follow up and get you guys to talk a little bit more about gross margin scenarios in the back half. When you guys reported the first quarter, you said there were some different potential scenarios.

早安.感謝您回答我的問題。我想跟進一下，或者看看我是否可以跟進，讓你們更多地談論後半部分的毛利率情景。當你們報告第一季時，你們說過存在一些不同的潛在情況。

And one of them was that maybe gross margin could be better than expected in the second quarter because of retail accounting method and timing of price increases and things like that. Now we're heading into the back half with more rollbacks.

其中之一是，由於零售會計方法和價格上漲時機等因素，第二季的毛利率可能比預期好。現在我們正進入後半部分，並進行更多回滾。

And could you guys just talk about the -- do you guys have -- I know it's still uncertain, but have you gained more certainty on what competitors are doing with price or just how your elasticities are telling you things that you're setting up well for the second half year on a gross margin standpoint.

你們能否談談——你們有沒有——我知道這仍然不確定，但你們是否更加確定競爭對手在價格方面的做法，或者你們的彈性如何告訴你們從毛利率的角度來看，你們為下半年做好了準備。

Yeah. Robbie, this is Doug. I think that's a key question, and you're probably going to be dissatisfied with our answer because we have to be flexible. I really, as several of us have said, very impressed with how our merchants have been navigating this so far.

是的。羅比，這是道格。我認為這是一個關鍵問題，而且您可能會對我們的答案不滿意，因為我們必須靈活變通。正如我們中的一些人所說，我真的對我們的商家迄今為止的處理方式印象深刻。

But just imagine for a minute being one of the category buyers and having to think through what the impacts are from a cost point of view, from an elasticity point of view, how our customer is going to respond for Halloween and Christmas as well as off the side counters every day.

但試想一下，作為該類別的買家之一，必須從成本的角度、從彈性的角度考慮其影響，我們的客戶將如何應對萬聖節和聖誕節以及每天的櫃檯購物。

And as we said at the beginning of this quarter that we just finished, we want to preserve the flexibility that we have to be able to make decisions and not them at a time managing markdowns and sell-throughs are another key component and the team did a great job managing back-to-school sell-throughs.

正如我們在剛結束的本季初所說的那樣，我們希望保持靈活性，以便能夠做出決策，而不是在管理降價和銷售的同時做出決策，這是另一個關鍵組成部分，團隊在管理返校銷售方面做得很好。

They did a great job managing some are seasonal in categories like toys, I expect that will continue. Our team, as we've been saying all along, is able to manage this well, they've got the tools, they've got the experience.

他們在管理玩具等季節性類別方面做得很好，我希望這種情況能持續下去。正如我們一直所說的那樣，我們的團隊能夠很好地管理這一點，他們擁有工具，擁有經驗。

And as we go through the quarter, we'll be watching price gaps. We'll be watching gross margins. We'll be watching bottom line profitability,p and we'll do what we need to do to serve the customer and make sure we preserve topline momentum and as our guidance reflects, bring profit in to grow profit faster than sales by the end of the year. That's our focus.

隨著本季的到來，我們將關注價格差距。我們將關注毛利率。我們將專注於底線獲利能力，並將盡我們所能服務客戶，確保保持營收成長勢頭，正如我們的指導意見所反映的那樣，到年底，利潤成長速度將超過銷售額成長速度。這就是我們的重點。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Good morning. Thanks for taking our questions. Wanted to also kind of dig in on the gross margin, the US gross margin a little bit. You mentioned you ended up with lower markups, I think, than planned? And can you just talk about why that was? Is that due to your ability to mitigate more of the tariff-related costs? Or you found more ways to offer more rollbacks than planned?

早安.感謝您回答我們的問題。也想深入了解毛利率，美國的毛利率。您提到最終的加價幅度比計畫的要低，是嗎？您能解釋為什麼會這樣嗎？這是因為你們有能力降低更多關稅相關的成本嗎？或者您找到了比計劃更多的方法來提供回溯？

I'm just trying to understand how much price has been already passed on to the consumer and how that might change in the back half. I believe the general merchandise category went from negative mid-single digit or mid single-digit deflation to low single-digit deflation. And I'm just trying to understand if that's just due to the tariff-related impacts and what that could look like in the back half.

我只是想了解有多少價格已經轉嫁給消費者，以及下半年這種情況可能會發生怎樣的變化。我認為日用百貨類別的通貨緊縮程度已從負中個位數或中個位數通貨緊縮轉為低個位數通貨緊縮。我只是想知道這是否只是由於關稅相關影響造成的，以及下半年的情況會如何。

Hey, Kelly. It's John. I'll pick up where Doug left off and our merchants have a lot of capabilities in terms of being able to mix their business out and being competitive in the market is really important, you alluded to the 7,000 plus rollbacks that are out today operate in stores and online. We're excited about that.

嘿，凱利。是約翰。我將從 Doug 停止的地方繼續說，我們的商家在混合業務方面有很多能力，並且在市場上具有競爭力非常重要，您提到了目前在商店和網上運營的 7,000 多個回滾業務。我們對此感到很興奮。

We see customers respond each time that we're able to invest in the customer value overall. The second thing I'd say is we are really focused on inventory management, how you close a quarter has a lot to do with how you'll get into the next quarter, inventory price drive sales and margin. It can create markdowns and shrinkage.

每次我們能夠對客戶價值進行整體投資時，我們都會看到客戶的回應。我想說的第二件事是，我們真正關注的是庫存管理，一個季度的結束方式與進入下一個季度的方式有很大關係，庫存價格推動銷售和利潤。它可以造成降價和縮水。

And we do have some tailwinds with markdowns and shrinkage because of the inventory management. And we're really proud of the improvement in days on hand in stores, in the supply chain, in our fulfillment centers.

而且由於庫存管理，我們確實遇到了降價和收縮等一些順風。我們為商店、供應鏈和配送中心庫存週轉天數的改善感到非常自豪。

So as turns continue to increase with sales growing 4.6%, it puts us in a good position to manage our way through it. And as you look at the rest of the year, I'm particularly excited about the values that we intend to offer in key categories and key events for customers coming up over the next couple of quarters.

因此，隨著營業額不斷增加，銷售額成長 4.6%，我們能夠更好地應對這種情況。展望今年剩餘時間，我對我們打算在未來幾季在關鍵類別和關鍵活動中為客戶提供的價值感到特別興奮。

So I think we're positioned well going into it. We will watch our competitors really closely. We always do that. We want to maintain price gaps to ensure that we have value for customers. And lastly, having this ability to deliver at the scale and speed that we are, we're really proud of the dollar share gains we see in key categories like our food areas, and we're getting closer to customers.

所以我認為我們已做好充分準備。我們將密切關注我們的競爭對手。我們總是這麼做。我們希望保持價格差距，以確保為客戶提供價值。最後，憑藉我們現有的規模和速度，我們為食品等關鍵類別的美元份額成長感到非常自豪，我們也越來越貼近客戶。

So we'll continue to manage through this. Of course, there will be some uncertainty. The environment is tending to move around like it has been over the last few quarters. But we have a team of people who are experienced, and they'll be able to manage it. So pretty consistent quarter-to-quarter from a merchandise margin standpoint. I think you see that in the numbers, and that will be our focus going forward.

因此，我們會繼續努力解決這個問題。當然，也會存在一些不確定性。環境正像過去幾季一樣發生變化。但我們擁有一支經驗豐富的團隊，他們能夠管理好它。因此，從商品利潤率的角度來看，季度間表現相當一致。我想您可以從數字中看到這一點，這將是我們未來的重點。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Hi, Doug and John Rainey, thank you. Regarding artificial intelligence, you've had a nice history here with loyalty adaptive and using LLMs as well as using this with employees. What would you say are your competitive advantages and how you might contrast this relative to competition within AI. And then within AI, what might be harder versus easier and lower hanging fruit that you see ahead, a lot of progress with Sparky.

你好，Doug 和 John Rainey，謝謝你們。關於人工智慧，您在忠誠度自適應、使用 LLM 以及將其用於員工方面有著良好的歷史。您認為您的競爭優勢是什麼？與人工智慧領域的競爭相比，您的競爭優勢如何？然後在人工智慧領域，什麼可能是更難的，什麼可能是更容易的，以及你預見未來更容易實現的目標，Sparky 已經取得了很大進展。

A quick follow-up as well. As you build Walmart into an ecosystem and a lifestyle brand and thinking about the progress you made with higher income consumers and style, what's on your mind for the road map with respect to that aspect of the brand and the customer experience. Thank you.

同樣快速跟進。當您將沃爾瑪打造為生態系統和生活方式品牌，並思考您在高收入消費者和風格方面所取得的進展時，您對品牌和客戶體驗方面的路線圖有何想法。謝謝。

I'll kick off the first one. John, you may want to help out with the second one. All of you are welcome to join in this response. And when I think about AI, Oliver, one of the things that we've obviously got as a ton of data and it's not just product catalog data these days, it's delivery data. It's real-time data. And the way that we can put that to work to understand the context in which someone's shopping is really exciting to think about. I think it's compelling.

我先開始第一節。約翰，你可能想幫忙解決第二個問題。歡迎大家參與此回應。奧利佛，當我想到人工智慧時，我們顯然已經獲得了大量數據，而且現在不僅僅是產品目錄數據，還有交付數據。這是即時數據。我們可以透過這種方式來了解人們的購物背景，這真是令人興奮。我認為這很有說服力。

There are times when you want to replenish your home with the things you buy at the time. There are other times when you're browsing for fun, and I think we're going to do a better job of understanding what the moment calls for and being able to meet the need, whether it's delivery speed or it's the breadth of the assortment. One of the interesting things about our advantages is the physical nature of them.

有時您會想用當時購買的東西來補充家裡的物品。有時您只是為了好玩而瀏覽，我認為我們會更了解當時的需求並能夠滿足需求，無論是交付速度還是商品種類的廣度。我們的優勢的一個有趣之處是其物理性質。

If we can compete as it relates to the digital aspects, but we bring customer service culture, a lot of great associates that bring that culture to life, the physical supply chain, being able to fulfill the order across the breadth of our assortment that's online is something that not very many people can do.

如果我們能夠在數位化方面參與競爭，但我們帶來了客戶服務文化，許多優秀的員工將這種文化帶入生活，實體供應鏈，能夠在網上完成我們所有商品的訂單，這是很多人都做不到的。

So it's one thing to know what intent is. It's another to be able to close it out. And I think we're in a position to be able to do both of those things, and this omni nature of our business proves to be an advantage once again.

所以知道意圖是什麼是一回事。能夠將其關閉又是另一回事。我認為我們有能力同時做到這兩點，而我們業務的這種全方位性質再次證明是一種優勢。

And Doug, I think it's really exciting at the stage that we're in to be able to understand customer intent and customer preferences at a one-to-one level. So helping customers take time out of their day so that we can understand what it is they're trying to accomplish, whether it's planned for a meal or create a solution for an event and then having memory to be able to help us anticipate what customers need.

道格，我認為，在我們目前的階段，能夠一對一地了解客戶意圖和客戶偏好，這真的令人興奮。因此，幫助客戶抽出時間，以便我們能夠了解他們想要完成的任務，無論是計劃用餐還是為活動制定解決方案，然後透過記憶來幫助我們預測客戶的需求。

So if they want to stay in stock in their home, we'll be able to do that in ways that we haven't been able to before. I'm really excited about where Sparky is today, when we had our managers together last week, we talked about some of the things that Sparky will be able to do in the near future. And I think those are important developments as we look forward. So this will be an enabler for our customers.

因此，如果他們想保留家中的庫存，我們將能夠以以前無法做到的方式做到這一點。我對 Sparky 目前的狀況感到非常興奮，上週我們的經理們聚在一起時，我們討論了 Sparky 在不久的將來能夠做的一些事情。我認為這些都是我們展望未來的重要發展。因此，這將為我們的客戶帶來幫助。

It's also an enabler for our associates, being able to help associates throughout the supply chain in the stores, know what the next best action to take is will be particularly helpful when it comes to serving customers, managing inventory and preparing ourselves for the next couple of quarters.

這也對我們的員工來說是一個推動因素，能夠幫助整個商店供應鏈中的員工了解下一步的最佳行動，這在服務客戶、管理庫存和為接下來的幾個季度做好準備方面將特別有幫助。

I feel really good about all of that as it pertains to Sam's Club too. The one thing I'd add with Sam's Club is I'm really excited about the level of digital engagement we're seeing in our clubs. We've got well over 40% now. We're trending to 40%, well over 40% of the weekend of people using Scan & Go and the just go arches.

我對這一切感到非常高興，因為它也與山姆會員店有關。我想補充一點，山姆會員商店的數位參與程度讓我感到非常興奮。現在我們已經遠遠超過 40% 了。我們預計週末有 40% 甚至超過 40% 的人會使用 Scan & Go 和 Just Go Arches。

And really cool about that is it's bringing AI and computer vision and bringing them together to make our associates' lives easier and our members' lives easier, and it's really resonating. And that's one of the big reasons we're trending so much younger with our new members that we're acquiring. So I think it's online, and I think it's physical too, and I'm excited about what the future looks like for Sam's Club.

真正酷的是，它將人工智慧和電腦視覺結合在一起，讓我們的員工和會員的生活變得更輕鬆，這確實引起了共鳴。這就是我們新會員越來越年輕化的一個重要原因。所以我認為它是在線的，而且我認為它也是實體的，我對山姆會員店的未來感到興奮。

This might sound a bit intangible, but I also think trust is a competitive advantage. Like we've been serving customers across all of the markets and giving them access to get better prices through everyday low prices.

這聽起來可能有點難以理解，但我認為信任也是一種競爭優勢。就像我們一直為所有市場的客戶提供服務，並透過每日低價讓他們獲得更優惠的價格。

And I think you're building a relationship over many years where they know they can trust that we'll have the best price for them. And I think that trust, transfers in an AI world to being a part of our competitive advantage as well.

我認為你們已經建立了多年的合作關係，他們知道他們可以相信我們會為他們提供最優惠的價格。我認為，在人工智慧世界中，這種信任也會成為我們競爭優勢的一部分。

And the second part of the question was plans related to higher income customers.

問題的第二部分是與高收入客戶相關的計劃。

Look, I think customers in every part of the value chain are looking for ways to save time and they're looking for more flexibility and we've talked about this for the last few years. We have gained share, and we've earned the business of customers who are higher income.

你看，我認為價值鏈每個環節的客戶都在尋找節省時間的方法，他們正在尋求更大的靈活性，我們在過去幾年裡一直在討論這個問題。我們獲得了市場份額，並贏得了高收入客戶的業務。

But at the same time, we've continued to maintain and grow with other income levels, in particular, the higher income customers the flexibility that we offer, whether it's the marketplace with over 0.5 billion items, which is growing well, our ability to deliver faster the growth in same-day and next-day delivery is particularly helpful.

但同時，我們繼續保持並成長其他收入水平，特別是高收入客戶我們提供的靈活性，無論是擁有超過 5 億件商品的市場，它都在良好地增長，我們能夠更快地交付當日和次日交付的增長特別有幫助。

And then channels like fast delivery, which we've talked about with over 20% of our store, a third of our store delivery is coming under three hours and 20% of those under 30 minutes is particularly helpful. So whether you're planning out what you're going to do this week, whether it's fashion that you're looking for, which is accelerated here at Walmart or it's an ingredient or something you're missing and you need in the next few minutes, we can help accomplish all these things for customers.

然後是快速送貨等管道，我們已經與超過 20% 的商店討論過，三分之一的商店送貨時間在 3 小時內，20% 的商店送貨時間在 30 分鐘內，這特別有幫助。因此，無論您計劃本週要做什麼，無論您尋找的是時尚商品（沃爾瑪可以為您提供加速服務），還是您缺少某種原料或某種東西，而您在接下來的幾分鐘內需要它，我們都可以幫助客戶完成所有這些事情。

So excited about the growth across income groups, but I'm also particularly excited about the number of customers that we have met, acquired seen who are higher income that are transacting more frequently with Walmart.

我對各個收入群體的成長感到非常興奮，但我也對我們遇到的顧客數量感到特別興奮，我們發現收入較高的顧客與沃爾瑪的交易更頻繁。

Yeah. We see the largest proportion of our members are those higher income members and thus they're still growing. One of the things I'm excited to see is the growth in our GM business. So we're in our fifth quarter of positive comps in GM. Units are growing ahead of comp. Apparel is doing really well. Seasonal is doing really well.

是的。我們發現，我們的會員中最大的一部分是高收入會員，而且這群人還在持續成長。我很高興看到的事情之一是我們的通用汽車業務的成長。因此，我們已進入通用汽車第五個業績呈正成長的季度。單位數的成長速度快於公司。服裝業務表現非常好。季節性表現確實很好。

But I think it's worth bringing a bit of focus on. We brought 50 new brands into GM this quarter. And these are brands that maybe Sam's Club wouldn't have gotten before. It's just this last couple of weeks, Vera Bradley, Outdoor Voices, CurrentBody, like these are call interesting items and our merchants are finding them, and it's bringing in the kind of members that you'd hope you would see.

但我認為這是值得關注的。本季我們為通用汽車引進了 50 個新品牌。這些品牌以前可能是山姆會員商店無法獲得的。就在最近幾週，Vera Bradley、Outdoor Voices、CurrentBody 等都是有趣的商品，我們的商家正在尋找它們，並吸引了您希望看到的那種會員。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey, thank you. Good morning. I wanted to ask about the new ad campaign called Who Knew?, which I think is pretty good. It launched in mid-June. So it might be a little bit early, but I think it does a good job of highlighting the broad selection and the delivery capability. So wondering if there's been any initial reaction you've noticed with the ad campaign. Certainly, the acceleration of e-com growth might be coincidental, but it is interesting.

嘿，謝謝你。早安.我想問一下有關名為“誰知道？”的新廣告活動，我認為這個廣告活動非常好。它於六月中旬推出。所以可能有點早，但我認為它很好地突出了廣泛的選擇和交付能力。所以想知道您是否注意到廣告活動有任何初步反應。當然，電子商務成長的加速可能是巧合，但卻很有趣。

Hey, good morning, Peter. It's John. We're really excited about the campaign. It's been a lot of fun. I think the team is particularly excited about the messaging. You mentioned a couple of points. What we were obviously, hoping to do was help people see Walmart a bit differently and help explain to people that may not know, a lot of people do, but a lot of people do not know that we have such a broad assortment, which would include our stores, our first-party commerce business and marketplace.

嘿，早上好，彼得。是約翰。我們對這次活動感到非常興奮。這很有趣。我認為團隊對於訊息傳遞特別興奮。您提到了幾點。顯然，我們希望做的是幫助人們以不同的方式看待沃爾瑪，並幫助向那些可能不知道的人解釋，很多人都知道，但很多人不知道我們有如此廣泛的產品種類，其中包括我們的商店、我們的第一方商務業務和市場。

Certainly, as the campaign kicked off in June, we had a lot of excitement around it. We were able to introduce it in front of our associates here in town. But since that time, hard to measure at this point, I'll say that first. But our e-commerce business and the channels that we talked about, the breadth of assortment and speed of delivery have accelerated.

當然，隨著六月活動拉開序幕，我們對此感到非常興奮。我們能夠在城裡的同事面前介紹它。但從那時起，目前很難衡量，我先說這一點。但我們的電子商務業務以及我們談到的管道、商品種類的廣度和交付速度都加快了。

This is a great quarter for the team, up 26%, which is 5% to 6% above where we've been trending. So we'll continue to monitor the results. We're happy with the progress, and we have some exciting plans for the campaign in the back half of the year.

對於團隊來說，這是一個出色的季度，成長了 26%，比我們的趨勢高出 5% 至 6%。因此我們將繼續監測結果。我們對進展感到滿意，並且對今年下半年的活動制定了一些令人興奮的計劃。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hi. This is Eric on for Chuck. Early in the call, you mentioned that the lower mountain consumers are feeling the pressure of higher prices. Curious if you're seeing positive comps from all the different income cohorts. If there's been any divergence in the trends those cohorts. And also just curious if you're seeing any changes in sort of how you're thinking about capital allocation now with tariffs being a bigger impact going forward?

你好。這是 Eric 代替 Chuck 上場的。在通話開始時，您提到低山區的消費者正感受到價格上漲的壓力。好奇您是否看到了來自不同收入群體的正面對比。如果這些群體的趨勢出現任何分歧。另外，我很好奇，由於關稅在未來會產生更大的影響，您是否看到您對資本配置的看法發生了任何變化？

At First, on the customer, we are always focused on opening price points and having what we would call a ladder in our assortment to ensure that we're offering opening price point, good and better qualities. We've seen growth in all three. We mentioned earlier in the call that we have over 7,000 rollbacks, about 7,400. That's up almost 2,000 from the prior quarter.

首先，對於客戶來說，我們始終專注於開放的價格點，並在我們的產品組合中設置所謂的階梯，以確保我們提供開放的價格點、良好和更好的品質。我們看到這三項都實現了成長。我們之前在電話會議中提到，我們有超過 7,000 個回滾，大約 7,400 個。這比上一季增加了近 2,000。

So our merchants will continue to focus on mixing out categories, we want to be the price leader in opening price point, and we want to have great values in food and consumables, general merchandise. Our food business, again, in units in fresh food, in particular, had a strong quarter.

因此，我們的商家將繼續專注於混合類別，我們希望成為開價點的價格領導者，我們希望在食品和消耗品、日用百貨方面具有很高的價值。我們的食品業務，尤其是新鮮食品業務，本季表現強勁。

Our ability to deliver has worked for all income groups. There may be some assumptions that one group would take delivery more frequently than others. We see that being much more balanced as we look across. So we're particularly excited about the growth of all.

我們的服務能力已惠及所有收入群體。可能存在一些假設，認為某一群體會比其他群體更頻繁地接收貨物。放眼望去，我們發現情況更加平衡。因此，我們對所有人的成長感到特別興奮。

We did highlight high-income customers, and that's great. I think that's a response to some of the better brands that we're now offering, including private brands like bettergoods. But it's been pretty balanced and look forward to serving customers at all income levels as we look ahead.

我們確實專注於高收入客戶，這很好。我認為這是對我們現在提供的一些更好品牌的回應，包括像 bettergoods 這樣的自有品牌。但它已經相當平衡，我們期待為各個收入水平的客戶提供服務。

On capital allocation, I think we're very fortunate to be a company that has so many opportunities to invest a dollar for high returns. As I've said before, though, every dollar has to compete for that highest return. And I think we're fortunate to have opportunities to invest in ourselves in things like technology, AI, supply chain automation to drive returns in some cases, in the 20% range.

在資本配置方面，我認為我們非常幸運，我們是一家擁有如此多機會投資以獲得高回報的公司。不過，正如我之前所說，每一美元都必須爭取最高的回報。我認為我們很幸運有機會在技術、人工智慧、供應鏈自動化等領域進行投資，在某些情況下可帶來約 20% 的回報。

But we also -- because we generate a fair amount of free cashflow, we have an opportunity to be balanced there. And in the most recent quarter, we also were aggressive in buying back more stock. Year-to-date, we bought back over $6 billion of our shares, and that's 50% more than we did all of last year.

但我們也——因為我們產生了相當數量的自由現金流，所以我們有機會實現平衡。最近一個季度，我們也積極回購更多股票。今年迄今為止，我們回購了超過 60 億美元的股票，比去年全年的回購額增加了 50%。

And so, as the market dislocated a little bit with some of the concerns around tariffs earlier in the year, we were more aggressive, and we'll continue to be aggressive buyers of our stock when we see prices dislocate because of all the things that you've heard today.

因此，當市場在今年早些時候因對關稅的擔憂而出現一些混亂時，我們採取了更積極的行動，並且當我們看到價格因您今天聽到的所有事情而混亂時，我們將繼續積極購買我們的股票。

We have a lot of conviction in our plan. We like where we're going. We like our strategy, and we believe that that's going to generate returns well in excess of what we've done historically.

我們對我們的計劃充滿信心。我們喜歡我們要去的地方。我們喜歡我們的策略，我們相信這將產生遠遠超過我們歷史所獲得的回報。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

Yeah. Hey guys, thanks for taking the question. I wanted to go back to -- I think, something Doug mentioned, you feel pretty confident about the holiday season and think it should be a pretty solid one, which I think is welcome news to a lot of investors.

是的。嘿夥計們，謝謝你們回答這個問題。我想回顧一下——我認為，正如道格提到的那樣，你對假日季非常有信心，並認為它應該是一個非常穩固的季節，我認為這對許多投資者來說都是好消息。

So I was curious maybe you could say why you think that, given all the cost pressures that across retail in general and maybe it's that people will be shopping more frequently at Walmart. But I wanted to ask about that and maybe any changes to your approach for the holiday season and maybe for both Sam and for Walmart. Thanks.

所以我很好奇，也許您可以說為什麼您會這麼認為，考慮到整個零售業面臨的所有成本壓力，也許人們會更頻繁地在沃爾瑪購物。但我想問這個問題，也許您對假期的做法有任何改變，也許對山姆和沃爾瑪都是如此。謝謝。

Joe, this is Doug. What I said was Walmart is going to have a good holiday season. I think if you look at what happened with back-to-school, it's usually an indicator of what will happen with Halloween and Christmas. I think the other thing that's gotten us excited is we had a chance to be together, John, with all the US store managers last week and to see the items and to see the prices that we've got coming for holiday.

喬，這是道格。我說的是沃爾瑪將會有一個愉快的假期。我認為，如果你觀察一下開學時發生的事情，它通常可以預示萬聖節和聖誕節會發生什麼。我認為另一件讓我們興奮的事情是，約翰，上週我們有機會與所有美國商店經理聚在一起，查看商品並了解假期的價格。

So I feel like that when I look at the rest of the year and is reflected in our guidance that we're going to finish strong and we're going to be in good shape, in particular, we got to keep a close eye on inventory management, obviously, pricing and sell-throughs matter. But as we've been talking about during the call, I think we're well on top of that.

因此，當我展望今年剩餘時間時，我感覺這反映在我們的指導中，我們將會強勁收官，並且我們將保持良好的狀態，特別是我們必須密切關注庫存管理，顯然，定價和銷售率很重要。但正如我們在通話中談到的那樣，我認為我們已經很好地掌握了這一點。

Thank you. We've reached the end of the question-and-answer session. And I'll turn the call over to Doug McMillon for closing remarks.

謝謝。問答環節已經結束。現在我將把電話轉給 Doug McMillon 來做最後演講。

As always, thanks for your time and attention today. I hope you can tell we're focused. We're focused on the customer, kind of the fundamentals of the business, whether it's pricing or inventory management. It's great to have topline momentum, and we want to keep that going, keep the share gains growing. We've got good growth in e-commerce at 25%, we have a lot of headroom.

一如既往，感謝您今天的時間和關注。我希望您能看出我們很專注。我們專注於客戶，專注於業務的基本要素，無論是定價還是庫存管理。擁有營收成長動能真是太好了，我們希望保持這種勢頭，保持市場份額的成長。我們的電子商務業務取得了 25% 的良好成長，我們還有很大的發展空間。

Like our share in e-commerce is still relatively low. So there's a long runway there. It's good to have rollbacks in the mix as we get cost pressure on some items. It's nice to be able to have some relief for customers in other places, really nice to have general merchandise performing well. Pleased with how inventory management has gone so far.

像我們在電子商務方面的份額還比較低。那裡有一條很長的跑道。由於我們在某些​​產品上面臨成本壓力，因此，進行一些回滾是件好事。能夠為其他地方的顧客提供一些幫助真是太好了，百貨商品的表現也很好。對目前的庫存管理進度感到滿意。

I think strategically just continuing to focus on strengthening the business model and growing those newer businesses like advertising and membership is obviously key. We did that this quarter. We've been doing that for quite a while now, and I expect that to continue. Thank you.

我認為從策略上來說，繼續專注於加強商業模式和發展廣告和會員等新業務顯然是關鍵。本季我們做到了這一點。我們已經這樣做了很長一段時間，我希望能夠繼續下去。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we 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。