沃爾瑪 (WMT) 2026 Q3 法說會逐字稿

Greetings. Welcome to Walmart's third 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財年第三季財報電話會議。（操作員說明）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. Thank you, Steph. You may begin.

現在我將把會議交給投資者關係高級副總裁史蒂芬‧威辛克 (Steph Wissink)。謝謝你，史蒂芬。你可以開始了。

Welcome, everyone. Thank you for 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 will begin with remarks about our upcoming leadership transition. Then we will hear from John Furner, recently named as CEO of Walmart, Inc.

歡迎各位。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。道格將首先就即將到來的領導交接發表演說。接下來我們將聽取最近被任命為沃爾瑪公司執行長的約翰·弗納的演講。

beginning February 1, 2026. Doug and John David will then share their views on the third quarter and our business trends. Thereafter, we'll open the line for your questions. During the question-and-answer portion, we'll invite segment leaders to join in responding to your questions. John for Walmart U.S., Kath McLay for Walmart International; and Chris Nicholas for Sam's Club U.S. We will make every effort to answer as many questions as we can in the hour we have scheduled for this call. As a courtesy to others, please limit yourself to one question. For additional detail on our results, including highlights by segment, please see our earnings release and supplemental presentation on our website.

自2026年2月1日起。接下來，Doug 和 John David 將分享他們對第三季和我們業務趨勢的看法。之後，我們將開通問答環節。在問答環節，我們將邀請各部門主管參與回答您的問題。沃爾瑪美國公司的約翰、沃爾瑪國際公司的凱瑟琳·麥克萊以及山姆會員店美國公司的克里斯·尼古拉斯將出席本次電話會議。我們將盡一切努力在預定的一個小時時間內回答盡可能多的問題。出於對其他人的尊重，請您只提一個問題。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補充演示文稿。

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. 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 slide presentation for a cautionary statement regarding forward-looking statements as well as our entire safe harbor statement and non-GAAP reconciliations on our website at stock.walmart.com.

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。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幻燈片簡報，以了解有關前瞻性聲明的警示性聲明，以及我們在 stock.walmart.com 網站上的完整安全港聲明和非 GAAP 財務報表調整表。

That concludes my introduction. Doug, it's my privilege to turn the earnings call over to you one last time.

我的介紹到此結束。道格，我很榮幸最後一次把財報電話會議交給你。

Good morning, and thanks for joining us. The team delivered another strong quarter. Our associates have us well positioned to finish the year with momentum. It's been an honor to serve them as CEO, and I'm as excited about the future of this company as I've ever been. John is ready. He knows our business so well and he has the characteristics to lead us into the future. I couldn't be happier for him and for our company.

早安，感謝各位的參與。球隊又打出了一個強勁的季度。我們的合作夥伴讓我們能夠以強勁的勢頭完成今年的工作。能夠擔任他們的執行長是我的榮幸，我對公司的未來也一如既往地充滿信心。約翰準備好了。他非常了解我們的業務，並且具備帶領我們走向未來的品質。我真心為他和我們公司感到高興。

Congratulations, John.

恭喜你，約翰。

Thank you, Doug. I'm excited about our future. I'm appreciative and humbled by this opportunity and look forward to accepting the responsibility to serve Walmart more broadly as President and CEO. I love this company and I love our associates. I believe in our values and in our purpose to help people save money and live better.

謝謝你，道格。我對我們的未來感到興奮。我非常感激並深感榮幸能獲得這個機會，期待著承擔起總裁兼執行長的重任，為沃爾瑪做出更廣泛的貢獻。我熱愛這家公司，也熱愛我們的同事。我相信我們的價值觀和宗旨，即幫助人們省錢，過更好的生活。

I believe we're well positioned to fulfill our purpose.

我相信我們已做好充分準備，能夠實現我們的目標。

You'll be great. Back to the quarter, the team delivered strong sales and profit growth across each of our segments. Sales grew 5.9% overall in constant currency, and adjusted operating income grew even faster at 8%. We drove positive transaction counts and unit volumes, and we're gaining market share in grocery and general merchandise, including here in the U.S., where we saw strength across income cohorts and especially with higher income households.

你會很棒的。回到本季度，團隊在各個業務部門都實現了強勁的銷售額和利潤成長。以固定匯率計算，銷售額整體成長了 5.9%，調整後的營業收入成長速度更快，達到 8%。我們實現了交易量和銷售的正成長，並且在食品雜貨和一般商品領域獲得了市場份額，包括在美國，我們看到各個收入群體，尤其是高收入家庭的購買力都很強勁。

It's great to see the positive general merchandise sales across the company, and I'm excited about what we're seeing with our fashion categories in Walmart U.S. in particular. E-commerce was a highlight again in Q3, up 27% in total. Each segment delivered growth in e-commerce above 20%. The way we're driving growth on the top line is helping us strengthen and differentiate our bottom line. Globally, advertising grew 53%, including VIZIO, and membership income was up 17%.

很高興看到公司整體商品銷售表現良好，尤其令我興奮的是，我們在沃爾瑪美國分公司的時尚品類方面取得的成績。第三季電子商務再次成為亮點，總成長27%。每個細分市場的電子商務成長率均超過 20%。我們透過提升營收來推動業務成長，這有助於我們增強獲利能力並提升獲利競爭力。全球廣告收入成長了 53%，其中包括 VIZIO 的廣告收入，會員收入成長了 17%。

Let's talk about each segment. I'll start with International, which continues to lift the growth rate for the company. International drove the strongest performance with a sales increase of 11.4% in constant currency and adjusted operating income grew 16.9%. We continue to benefit from business mix changes and lower losses in e-commerce. Transaction counts and unit volumes are up across markets, and we're gaining market share.

我們來逐一討論每個部分。我先從國際業務說起，它持續提升著公司的成長率。國際業務表現最為強勁，以固定匯率計算銷售額成長了 11.4%，調整後的營業收入成長了 16.9%。我們持續受益於業務組合的變化和電子商務損失的減少。各市場的交易量和銷售量均有所成長，我們的市佔率也不斷擴大。

E-commerce sales for international were up 26%. That included our Flipkart team in India executing a record Big Billion Days event. Almost a third of our business outside the U.S. is digital with e-commerce in China at 50% penetration. And the team in China is delivering orders fast. Nearly 80% of digital orders arrived in under an hour.

國際電子商務銷售額成長了26%。其中包括我們在印度的 Flipkart 團隊成功舉辦了創紀錄的 Big Billion Days 活動。我們在美國以外的業務中，近三分之一是數位化業務，其中在中國的電子商務滲透率達到 50%。中國團隊正在快速交付訂單。近 80% 的線上訂單在一小時內送達。

In October, I got to visit three Chinese cities. In Hefei, a city of about 10 million people, we visited a relatively new Sam's Club that was outstanding. We now have 60 Sam's Clubs in the country and a healthy pipeline of new clubs coming. China is more advanced in terms of digital retail than anywhere we operate, and there's always a lot to learn that helps inform what we do around the world. I also got a chance to visit our team in Canada last month. I'm excited about the leadership team and the opportunity we have to grow market share, reinforced by EDLP and tapping into our omnichannel advantages.

十月份，我有機會遊覽了中國的三個城市。在擁有約 1000 萬人口的合肥市，我們參觀了一家相對較新的山姆會員店，這家店非常出色。目前全國已有 60 家山姆會員店，並且還有大量新店正在籌備中。中國的數位化零售水準比我們開展業務的任何地方都更先進，總有很多東西值得我們學習，這有助於我們在全球各地開展業務。上個月我還有機會去加拿大拜訪了我們的團隊。我對領導團隊以及我們有機會擴大市場份額感到興奮，EDLP 策略和全通路優勢將進一步鞏固這一機會。

For Walmart U.S., we drove comp sales of 4.5%, and we grew e-commerce by 28% with marketplace sales growth of 17%. We continue to deliver the value people are looking for with healthy growth in both transactions and units sold. Comps were good across each month of the quarter, and share gains were consistent with what we've seen this year. Delivery speed matters, and we're delivering faster than ever. For Q3, 35% of digital orders were delivered in under three hours.

對於沃爾瑪美國公司，我們實現了 4.5% 的同店銷售額成長，電子商務成長了 28%，其中市場銷售額成長了 17%。我們持續提供人們所追求的價值，交易量和銷售量均實現健康成長。本季各月同店銷售額均表現良好，市佔率成長與今年以來的情況一致。配送速度至關重要，而我們的配送速度比以往任何時候都更快。第三季度，35% 的數位訂單在三小時內送達。

At a category level, sales in general merchandise were positive with fashion, home and automotive leading the way. Grocery performed well with good unit growth, and health and wellness was up low double digits. For Sam's Club here in the U.S., the team delivered comp sales of 3.8% with strength across categories. The comp was driven by transaction counts, and we're gaining market share in grocery and general merchandise. Sam's continues to do a great job of engaging our members digitally.

從類別來看，一般商品銷售情況良好，其中時尚、家居和汽車用品銷售領先。食品雜貨業務表現良好，銷售成長可觀；健康與保健業務也實現了兩位數的低成長。在美國，山姆會員店的團隊實現了 3.8% 的同店銷售成長，各品類表現強勁。此次比較主要依據交易量，我們在食品雜貨和一般商品領域正在獲得市場份額。山姆會員店在數位化方面一直做得非常出色，能夠有效地與我們的會員互動。

We have a profitable e-commerce business that outpaced our expectations again this quarter, up 22% in sales. For Sam's membership, we see good growth in member count, renewal rates and Plus member penetration.

我們的電子商務業務獲利頗豐，本季再次超出預期，銷售額成長了 22%。Sam 的會員數量、續費率和 Plus 會員滲透率均呈現良好成長。

As we look at our customers and members here in the U.S., they're still spending with upper and middle income households driving our growth. We continue to benefit from higher income families choosing to shop with us more often. Middle income households have been steady, and while lower income families have been under additional pressure of late, were encouraged by how our teams are meeting them with greater value across necessities and doing what we can to help them stretch their dollars further.

當我們審視我們在美國的客戶和會員時，我們發現，他們仍然主要以中高收入家庭的消費為主，這推動了我們的成長。我們持續受益於高收入家庭更頻繁地選擇在我們這裡購物。中等收入家庭一直保持穩定，而低收入家庭最近承受著額外的壓力，但我們的團隊在滿足他們的需求方面做得更好，盡我們所能幫助他們更有效地利用資金，這讓他們感到鼓舞。

For the quarter, like-for-like inflation in Walmart U.S. was 1.3% with food and general merchandise up low single digits. We continue working to resist the upward pressure on our cost of goods and to manage our mix. We have about 7,400 active rollbacks in Walmart U.S. right now, with more than half of those in the grocery category.

本季度，沃爾瑪美國同店零售通膨率為 1.3%，其中食品和一般商品的漲幅為個位數低段。我們將繼續努力抵禦商品成本上漲的壓力，並優化商品組合。目前沃爾瑪美國約有 7,400 項正在進行的降價促銷活動，其中超過一半屬於食品雜貨類別。

Often, our 90-day rollbacks lead to a permanent price reduction, a new EDLP. Since the beginning of the year, more than 2,000 rollbacks have become the new everyday price. We'll keep strengthening our ability to save people time and money, and we'll keep finding ways to keep our prices as low as possible and being strategic in our pricing actions. Everyone wants value. Inventory management is always important, and it's especially important in this environment as we reduce markdown risk to help fund stronger price gaps.

通常情況下，我們90天的降價促銷活動會導致永久性的價格降低，也就是新的EDLP（天天低價促銷）。今年年初以來，已有超過 2000 項降價措施成為新的日常價格。我們將繼續增強為人們節省時間和金錢的能力，並將繼續尋找方法將價格保持在盡可能低的水平，並在定價策略上採取策略性措施。人人都想要物有所值。庫存管理一直都很重要，在當前環境下尤其重要，因為我們需要降低降價風險來幫助彌補更大的價格差距。

Our team continues to do a great job. The ability of our Walmart U.S. team in particular, to make good quantity decisions and manage pricing and mix well has been impressive. Both Walmart and Sam's U.S. delivered strong seasonal sell-throughs for back-to-school and Halloween.

我們的團隊一直表現出色。沃爾瑪美國團隊尤其在數量決策、定價和產品組合管理方面表現出色，令人印象深刻。沃爾瑪和山姆會員店在美國的返校季和萬聖節期間都取得了強勁的銷售業績。

The results we're delivering today are powered by our people and by technology. We continue to get better at putting our data to work, building more capable tech products and platforms and by deploying physical automation. The investments to automate our supply chain continue to go well. The team is delivering according to plan, and it's helping our associates and our stores receive and manage inventory better than before.

我們今天所取得的成果，離不開我們的人才和技術。我們不斷改進資料利用方式，建構更強大的技術產品和平台，並部署實體自動化。我們用於供應鏈自動化的投資進展順利。團隊正在按計劃開展工作，這有助於我們的員工和門市比以往更好地接收和管理庫存。

As it relates to AI, we continue building towards an e-commerce experience that is one, more personalized and relevant; two, multimodal, meaning a voice, text, image and video experience that is more conversational. Interacting with our app will include improved imagery, short-form video, live streaming and interaction with influencers. Ads will still be present, but in a more contextual and helpful way, surfacing as recommendations or sponsored bundles that add value. There'll be attention, capture and decision influence through data. And three, the new experience will be contextual, understanding customer intent and anticipating needs to save them time.

在人工智慧方面，我們持續致力於打造一個更個人化和相關的電子商務體驗；其次，多模態的體驗，即更對話的語音、文字、圖像和視訊體驗。與我們的應用程式互動將包括改進的圖像、短影片、直播和與影響者的互動。廣告依然會出現，但會以更具針對性和實用性的方式呈現，以推薦或贊助套餐的形式出現，從而增加價值。透過數據，人們將獲得關注、獲取資訊並影響決策。第三，新的體驗將具有情境性，了解客戶的意圖並預測他們的需求，從而節省他們的時間。

As we think about new tech products and capabilities, sometimes we build our own tech and sometimes we partner. Our recent announcement with OpenAI is an example. This new partnership will allow customers and members to purchase items from Walmart and Sam's Club directly through ChatGPT. This starts relatively simplistically with the checkout process. It will become more immersive, integrated and seamlessly connected experiences that bring Walmart closer to customers in new ways.

在考慮新技術產品和功能時，有時我們會自主研發技術，有時我們會尋求合作夥伴。我們最近與 OpenAI 的合作公告就是一個例子。這項新的合作關係將允許顧客和會員直接透過 ChatGPT 從沃爾瑪和山姆會員店購買商品。這一切都從相對簡單的結帳流程開始。它將成為更具沉浸感、更一體化、更無縫連接的體驗，以全新的方式拉近沃爾瑪與顧客之間的距離。

We're adopting artificial intelligence in its various forms across the company. Take software development, for example. When AI is used for software development, more than 40% of the new code is either AI-generated or AI-assisted. We're helping our associates build the skills they will need to thrive in an AI-powered workplace through things like embracing OpenAI certifications and rolling out ChatGPT enterprise licenses.

我們正在公司內部以各種形式應用人工智慧。以軟體開發為例。當人工智慧用於軟體開發時，超過 40% 的新程式碼要么是人工智慧生成的，要么是人工智慧輔助生成的。我們正在透過諸如接受 OpenAI 認證和推出 ChatGPT 企業許可證等方式，幫助我們的員工培養在人工智慧驅動的工作場所取得成功所需的技能。

I'll wrap up by saying thank you and conveying my excitement about our future. Our strategy is clear, and we're focused on innovating and consistently executing to deliver greater sales, margins and returns. Our associates continue to impress. They care, they learn, they step up and change. They're moving forward.

最後，我要表示感謝，並表達我對我們未來的期待。我們的策略很明確，我們專注於創新和持續執行，以實現更高的銷售、利潤率和回報。我們的同事們表現持續出色。他們關心他人，他們學習進步，他們勇於擔當，並做出改變。他們正在向前邁進。

They bring our purpose and our values to life. This company and our team's ability to change should not be underestimated. That ability enables us to adapt and thrive. Our timeless purpose and values, combined with the ability to innovate, ensure our strong future.

它們將我們的宗旨和價值付諸實踐。這家公司和我們團隊的變革能力不容小覷。這種能力使我們能夠適應環境並蓬勃發展。我們永恆的目標和價值觀，加上創新能力，確保了我們擁有美好的未來。

John David, over to you.

約翰大衛，接下來交給你了。

Thanks, Doug. We're pleased with how the team executed this quarter and with the strength of our business across markets, continued share gains and disciplined cost control. Our results were better than expected on the top and bottom line and reflect the advantages of our omnichannel model and the diversified nature of our profit streams. As we indicated earlier this year, we're playing offense, accelerating our growth, reinforcing our customer and member value proposition, evolving our model and diversifying our profits. Importantly, we're delivering on our financial framework of growing profit faster than sales.

謝謝你，道格。我們對團隊本季的業績表現、各市場的強勁業務表現、持續的市場份額成長以及嚴格的成本控制感到滿意。我們的業績在營收和利潤方面都超出了預期，反映了我們全通路模式的優勢以及利潤來源的多元化。正如我們今年稍早所指出的，我們正在採取積極主動的策略，加速成長，強化客戶和會員價值主張，改進模式，並實現利潤多元化。重要的是，我們正在實現利潤成長速度超過銷售額成長速度的財務目標。

Our strategy of offering everyday low prices while leveraging our physical and digital assets to provide greater convenience is clearly resonating. Now I'll get into some of the details of our third quarter performance. Consolidated revenue in constant currency increased 6% or more than $10 billion, led by continued e-commerce momentum with 27% growth.

我們透過提供日常低價，同時利用我們的實體和數位資產來提供更大的便利，這項策略顯然引起了共鳴。現在我將詳細介紹我們第三季的業績。以固定匯率計算的合併收入成長了 6%，超過 100 億美元，這主要得益於電子商務持續強勁的成長勢頭，成長幅度達 27%。

In all of our markets, we're getting faster with delivery speeds, reaching more households across a broader assortment and improving execution. For example, in Walmart U.S., approximately 35% of store-fulfilled orders were expedited or delivered in under three hours. And sales through these expedited channels increased nearly 70% this quarter. The notable thing about our e-commerce growth is the consistency of it across our markets.

在我們所有的市場中，我們的配送速度都在加快，產品種類越來越豐富，覆蓋的家庭越來越多，執行力也不斷提高。例如，在美國沃爾瑪，約有 35% 的門市配送訂單被加急配送或在三小時內送達。本季透過這些快速管道實現的銷售額成長了近 70%。我們電子商務成長的顯著特徵是其在各個市場上的一致性。

In Walmart U.S. comp sales grew 4.5% with traffic growth both in stores and online. E-commerce sales grew 28%, led by strength in pickup and delivery and advertising. This was the seventh consecutive quarter of e-commerce growth above 20%. We're encouraged by the share gains across grocery, health and wellness and general merchandise categories.

沃爾瑪美國同店銷售額成長了 4.5%，實體店和線上客流量均成長。電子商務銷售額成長了 28%，主要得益於自提、送貨和廣告業務的強勁成長。這是電子商務連續第七個季度增長超過 20%。我們對食品雜貨、健康保健和一般商品類別的市場份額成長感到鼓舞。

Fashion in particular, has been a bright spot with improving comp trends throughout this year. The U.S. team continues to do an excellent job balancing price and mix to reinforce our value proposition. We're leaning into price rollbacks and making both everyday essentials and seasonal celebrations more affordable for customers and members. Walmart's Thanksgiving meal basket is a great example.

時尚界尤其表現出色，今年以來競爭趨勢持續改善。美國團隊在平衡價格和產品組合方面繼續表現出色，從而強化了我們的價值主張。我們正在加強降價力度，讓顧客和會員都能更實惠地購買日常必需品和季節性商品。沃爾瑪的感恩節餐籃就是一個很好的例子。

It will feed a group of 10 people for less than $40. The International segment delivered over 11% sales growth in constant currency, led by strength in Flipkart, China and Walmex. Flipkart had strong results aided by the earlier timing of the Big Billion Days or BBD sales event. The BBD event saw strong customer engagement with sales growth led by mobile devices, electronics and fashion. At our peak, we delivered 87 orders per second with the fastest delivery in about three minutes.

不到 40 美元就能供 10 人食用。國際業務以固定匯率計算實現了超過 11% 的銷售成長，這主要得益於 Flipkart、中國和 Walmex 的強勁表​​現。由於提前舉辦了 Big Billion Days（BBD）促銷活動，Flipkart 取得了強勁的業績。BBD展會期間，顧客參與度很高，行動裝置、電子產品和時尚產品帶動了銷售成長。巔峰時期，我們每秒可處理 87 筆訂單，最快送達時間約 3 分鐘。

Sales in China increased 22% in Q3, reflecting ongoing strength at Sam's Club and more than 30% growth in e-commerce. Sam's Club U.S. comp sales ex fuel increased 3.8%. Recall that we're lapping a multiday period of strong comps in Q3 last year related to a port strike that equated to an approximate 120 basis points benefit to comp sales in last year's period.

中國市場第三季銷售額成長 22%，反映出山姆會員商店持續強勁的成長動能以及電子商務超過 30% 的成長。山姆會員店美國同店銷售額（不含燃料）成長 3.8%。回想一下，我們正處於去年第三季與港口罷工相關的連續數日強勁的同店銷售增長期，這相當於去年同期同店銷售額增長了約 120 個基點。

Members continue to engage more digitally, both inside the club using Scan & Go as well as through the convenience of Curbside Pickup and delivery options. Member adoption of Scan & Go reached 36% in Q3, an increase of 450 basis points versus last year, and club fulfilled delivery grew triple digits again this quarter. The Sam's team continues to enhance member benefits related to e-commerce. Curbside Pickup is now free for all members with no minimum purchase requirements, and we've accelerated the speed of delivery by leveraging Walmart's Spark driver platform to pick and fulfill delivery orders. These actions have contributed to stronger e-commerce sales and improved average delivery times.

會員們繼續更參與數位化活動，既在俱樂部內使用「掃碼購」服務，也透過便利的路邊取貨和送貨上門服務進行消費。第三季度，會員對「掃碼購」的接受度達到 36%，比去年同期成長了 450 個基點，俱樂部配送量在本季度再次實現了三位數的成長。山姆會員商店團隊持續提升與電子商務相關的會員權益。現在所有會員均可免費享有路邊取貨服務，且無最低消費需求。此外，我們也利用沃爾瑪的 Spark 司機平台來揀貨和完成配送訂單，從而加快了配送速度。這些措施促進了電子商務銷售成長，並縮短了平均交貨時間。

Consolidated gross profit was relatively flat year-over-year. Walmart U.S. increased 19 basis points as a result of disciplined inventory management and favorable business mix. This was offset by pressure in the international segment from channel and format mix due in part to Flipkart's BBD event as well as ongoing price investments in Mexico. Merchandise category mix in Walmart U.S. remains a headwind as sales growth in grocery and health and wellness outpaced general merchandise.

合併毛利與去年同期基本持平。由於嚴格的庫存管理和有利的業務組合，沃爾瑪美國公司的股價上漲了 19 個基點。國際市場通路和形式組合方面的壓力抵消了這一影響，部分原因是 Flipkart 的 BBD 活動以及在墨西哥持續的價格投資。沃爾瑪美國公司的商品類別組合仍然是一個不利因素，因為食品雜貨和健康保健品的銷售成長速度超過了一般商品。

Across the enterprise, our business model continues to evolve with operating income increasingly influenced by improved e-commerce economics, particularly in Walmart U.S. and Flipkart, with growing contributions from business mix, most notably in higher-margin areas like advertising and membership fees. This quarter, the combination of advertising and membership fee income represented approximately a third of our consolidated adjusted operating income.

在整個企業範圍內，我們的商業模式不斷發展，營業收入越來越受到電子商務經濟改善的影響，尤其是在沃爾瑪美國和 Flipkart，業務組合的貢獻也在不斷增長，尤其是在廣告和會員費等高利潤領域。本季度，廣告收入和會員費收入合計約占我們合併調整後營業收入的三分之一。

With continued strong momentum in e-commerce, our advertising business globally increased 53%, including VIZIO. Walmart Connect in the U.S. ex VIZIO grew 33% as we continue to grow advertiser counts, including through our third-party marketplace. We also saw 34% growth in international advertising led by Flipkart.

由於電子商務的持續強勁成長勢頭，我們的全球廣告業務成長了 53%，其中包括 VIZIO。在美國（不包括 VIZIO），沃爾瑪 Connect 成長了 33%，這得益於我們不斷增加的廣告客戶數量，包括透過我們的第三方市場。我們也看到國際廣告業務成長了 34%，其中 Flipkart 引領了這一成長。

Membership income increased 17% across the enterprise, led by 34% growth in international, primarily due to Sam's Club China. In the U.S., Walmart+ membership income continued to grow at double-digit pace. Across all income cohorts, we saw membership income growth accelerate with overall Q3 net adds our strongest on record, supported by new benefits like our OnePay Cash Rewards credit card and expanded streaming services. Sam's Club U.S. membership income grew 7%.

企業會員收入整體成長 17%，其中國際業務成長 34%，主要得益於山姆會員商店中國業務的成長。在美國，Walmart+會員收入持續以兩位數的速度成長。在所有收入群體中，我們看到會員收入成長加速，第三季淨新增會員數量創歷史新高，這得益於新的福利，例如我們的 OnePay 現金獎勵信用卡和擴展的串流媒體服務。山姆會員店美國會員收入成長了7%。

We're encouraged by the strength of new member acquisition at Sam's globally, particularly among younger demographics. Adjusted SG&A expenses leveraged slightly in Q3. Expenses are being well managed across the business. Technology and AI have been enablers of efficiency gains. We're using AI across the organization to manage cost effectively and to accelerate our growth.

我們對 Sam's 全球範圍內新會員的強勁成長勢頭感到鼓舞，尤其是在年輕群體中。第三季調整後的銷售、一般及行政費用略有成長。公司各部門的支出管理都很到位。科技和人工智慧促進了效率的提升。我們正在全公司範圍內應用人工智慧技術，以有效控製成本並加速成長。

As we continue to invest in supply chain automation, we're also seeing improved efficiency and fulfillment economics. In Walmart U.S., more than 60% of our stores are now receiving some freight from automated distribution centers, and more than 50% of our e-commerce fulfillment center volume is now automated, which is driving better unit productivity and helping to lower the cost to serve.

隨著我們不斷增加對供應鏈自動化的投資，我們也看到了效率和履約經濟效益的提升。在美國沃爾瑪，超過 60% 的門市現在都從自動化配送中心接收部分貨物，超過 50% 的電子商務履行中心業務量現在都實現了自動化，這提高了單位生產力，並有助於降低服務成本。

Enterprise adjusted operating income increased 8% in constant currency, growing faster than sales across each of our operating segments. International delivered strong operating income growth of nearly 17%, reflecting contributions from business mix, improved e-commerce economics and growth of membership income, while we saw mid-single-digit growth from both of our U.S. segments. Adjusted EPS was slightly better than we expected, up nearly 7% to $0.62.

企業調整後營業收入以固定匯率計算成長了 8%，各營運部門的銷售額成長率均高於調整後營業收入成長率。國際業務實現了近 17% 的強勁營業收入成長，這主要得益於業務組合的優化、電子商務經濟效益的改善以及會員收入的增長；而我們在美國的兩個業務部門均實現了中等個位數的增長。調整後每股收益略優於預期，成長近 7% 至 0.62 美元。

Our third quarter GAAP results include a charge of approximately $700 million related to our PhonePe subsidiary in India. This was a discrete noncash charge related to share-based compensation expense and contemplation of a potential IPO. Our teams continue to do a great job managing inventory in this dynamic environment. Inventory levels increased approximately 3% for the total company, with Walmart U.S. inventory up 2.6% despite higher costs from tariffs.

我們第三季的 GAAP 業績包括與我們在印度的子公司 PhonePe 相關的約 7 億美元的費用。這是一筆與股權激勵費用和潛在IPO相關的非現金支出。在當前瞬息萬變的環境下，我們的團隊在庫存管理方面繼續表現出色。該公司整體庫存水準成長約 3%，其中沃爾瑪美國庫存成長 2.6%，儘管關稅導致成本上升。

With our growing 3P marketplace, we have the ability to better balance owned and third-party inventory, improving our working capital efficiency, while still offering the customer a broader assortment. Return on investment is measured over the last 12 months declined slightly, primarily due to the PhonePe charge discussed earlier.

隨著我們 3P 市場的發展，我們能夠更好地平衡自有庫存和第三方庫存，提高營運資金效率，同時也為客戶提供更廣泛的商品類型。過去 12 個月的投資報酬率略有下降，主要原因是前面提到的 PhonePe 費用。

Underlying ROI performance continues to improve, supported by capital discipline and operating cash flow strength. The business continues to generate strong cash flow with year-to-date operating cash flow of $27 billion, up $4.5 billion compared to last year. This provides flexibility to reinvest in the business while at the same time returning significant capital to shareholders.

在資本紀律和強勁的經營現金流的支撐下，基礎投資回報率持續改善。該業務持續產生強勁的現金流，今年迄今的營運現金流為 270 億美元，比去年增加了 45 億美元。這樣既可以靈活地對業務進行再投資，同時也能向股東返還大量資本。

Year-to-date, we've returned nearly $13 billion through dividends and share repurchases. Overall, Q3 results demonstrate the underlying strength and resiliency of our business model. Our diverse portfolio of businesses, our scale and our commitment to innovation give us confidence in our ability to deliver sustainable growth.

今年迄今為止，我們已透過分紅和股票回購返還了近 130 億美元。整體而言，第三季業績顯示了我們商業模式的內在實力和韌性。我們多元化的業務組合、我們的規模以及我們對創新的承諾，使我們有信心實現永續成長。

Now, turning to guidance. Recall at our Investor Day in April, on the heels of the tariff announcements, we said that we're going to play offense. We said that we would look to gain share. And we said that despite some of the obvious headwinds, we're not giving up on our goal of growing profits faster than sales. Given the year-to-date performance and our outlook for Q4, we're raising our guidance for sales and operating income for the year. Full year sales in constant currency is expected to grow between 4.8% and 5.1%, up from 3.75% to 4.75% prior. This reflects our confidence in our team's ability to continue driving share gains in Q4.

現在，我們來談談指導。回想一下我們在四月的投資者日上，在關稅公告發布之後，我們說過我們將採取主動出擊。我們說過我們會努力爭取市場佔有率。我們說過，儘管面臨一些顯而易見的阻力，但我們不會放棄利潤成長速度超過銷售額成長速度的目標。鑑於今年迄今的業績以及我們對第四季度的展望，我們提高了全年銷售額和營業收入的預期。以固定匯率計算，全年銷售額預計將成長 4.8% 至 5.1%，高於先前預測的 3.75% 至 4.75%。這體現了我們對團隊在第四季持續提升市場佔有率能力的信心。

Fourth quarter constant currency sales guidance is for growth of 3.75% to 4.75%. Notably, if currency exchange rates stay where they are today for the entire fourth quarter, we would expect a $1.1 billion benefit to reported sales growth.

第四季以固定匯率計算的銷售額預期成長3.75%至4.75%。值得注意的是，如果匯率在整個第四季度保持目前的水平，我們預計報告的銷售成長將增加 11 億美元。

For operating income, we expect full year growth in a range of 4.8% to 5.5% on a constant currency basis, with Q4 growth in a range of 8% to 11%. Currency is expected to be an approximate 100 basis point benefit to fourth quarter reported operating income growth. Importantly, despite 150 basis points of headwinds from the VIZIO acquisition and lapping leap year, as well as higher-than-expected claims expense, we still expect to grow operating income faster than sales for the year, which aligns with our longer-term financial framework.

對於營業收入，我們預計全年以固定匯率計算成長 4.8% 至 5.5%，第四季將成長 8% 至 11%。預計匯率波動將使第四季報告的營業收入成長增加約 100 個基點。重要的是，儘管 VIZIO 收購和閏年帶來了 150 個基點的不利影響，以及高於預期的索賠支出，我們仍然預計今年的營業收入增長速度將超過銷售額增長速度，這符合我們的長期財務框架。

For Q4, our operating income guide reflects the timing shift of Flipkart's BBD event as well as the lapping of wage investments in Sam's Club U.S. Business mix will continue to be a margin benefit, and we expect merchandise category mix to continue to be a headwind. For adjusted EPS, we expect the full year to be in a range of $2.58 to $2.63 with Q4 in a range of $0.67 to $0.72.

對於第四季度，我們的營業收入預期反映了 Flipkart 的 BBD 活動時間調整以及 Sam's Club 美國公司薪資投資的到期。業務組合將繼續帶來利潤率優勢，但我們預期商品類別組合將繼續構成不利因素。對於調整後的每股收益，我們預計全年將在 2.58 美元至 2.63 美元之間，其中第四季度將在 0.67 美元至 0.72 美元之間。

The consumer environment remains dynamic, and we continue to monitor customer member behavior alongside tracking the macro environment. We're entering Q4 with strong momentum, healthy inventory and a clear focus on our value proposition, price, convenience and a broad assortment.

消費者環境瞬息萬變，我們將持續關注客戶會員行為，同時追蹤宏觀環境。我們帶著強勁的發展勢頭、健康的庫存和對價值主張（價格、便利性和廣泛的產品種類）的明確關注進入第四季度。

I'd like to extend my gratitude to our associates who are serving our customers and members every day during a busy holiday season. I'd also like to share that we're excited to announce that our stock listing will be moving to NASDAQ, aligning with the people-led tech-powered approach of our long-term strategy. Walmart is setting a new standard for omnichannel retail by integrating automation and AI to build smarter, faster and more connected experiences for customers while enabling our associates to deliver even greater value at scale. We are appreciative of our long partnership with such a story institution as the New York Stock Exchange, but we're excited about partnering with NASDAQ on this next chapter of our growth story.

在繁忙的假期季，我謹向每天為顧客和會員提供服務的同事們表示衷心的感謝。我還想分享一個好消息，我們很高興地宣布，我們的股票將移至納斯達克上市，這與我們以人為本、技術驅動的長期策略方針相一致。沃爾瑪正在透過整合自動化和人工智慧，為全通路零售樹立新標準，為顧客打造更智慧、更快捷、更互聯的體驗，同時使我們的員工能夠大規模地創造更大的價值。我們非常感謝與紐約證券交易所這樣歷史悠久的機構建立的長期合作關係，但我們也很高興能與納斯達克合作，開啟我們成長故事的下一個篇章。

Lastly, I'd like to say a couple of comments about our leadership change. I think I speak for many people at Walmart when I say that it has been the honor of my career to work alongside Doug. His mark will forever be on Walmart. This company would not be what it is today without his leadership. Doug, we will miss you. At the same time, I can't think of a better leader to hand over the reins to than John.

最後，我想就我們領導階層的變動談幾點看法。我想我代表沃爾瑪的許多人說，能與道格共事是我職業生涯的榮幸。他將永遠在沃爾瑪留下自己的印記。如果沒有他的領導，這家公司就不會擁有今天的成就。道格，我們會想念你的。同時，我想不出還有誰比約翰更適合接任領導職務。

John was the first person on the Walmart management team that I had the opportunity to meet several years before coming here, and he's a big reason why I am at Walmart today. Every company should be so fortunate to have such a capable and qualified leader to transition to. John, you have 2.1 million associates standing behind you as you lead us in this next chapter. We're now ready to take your questions.

約翰是我在來沃爾瑪之前幾年有機會認識的沃爾瑪管理團隊中的第一個人，他是我今天能在沃爾瑪工作的重要原因。每家公司都應該感到非常幸運，能有這樣一位能力強、資歷深厚的領導者進行過渡。約翰，在你帶領我們開啟下一個篇章之際，你後方有 210 萬名員工的支持。現在我們可以回答你們的問題了。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作說明）西蒙古特曼，摩根士丹利。

Congratulations, Doug and John. So I have one question and there might be a part A to it. The question is, do you think agentic will supercharge Walmart's e-com growth? And in that answer, talk about the advantages that can uniquely help Walmart. And the Part A, I know, John, you just mentioned that you feel strong heading into the -- or a good start or I think strong heading into the fourth quarter. Do you have enough read from Q3 and Q4 to date to predict how the consumer may perform over the holiday?

恭喜道格和約翰。我有一個問題，這個問題可能還有A部分。問題是，你認為 Agentic 會大大促進沃爾瑪的電子商務成長嗎？在回答中，談談沃爾瑪獨有的優勢。我知道，約翰，你剛才提到你感覺狀態很好，即將進入——或者說開局不錯，或者我認為你狀態很好，即將進入第四節。您目前對第三季和第四季的數據是否有足夠的了解，可以預測消費者在假期期間的消費行為？

Thanks for the question, Simeon. I'll kick off this agentic discussion, but I invite my colleagues to chime in with me. I'm really excited about what's possible. We're always trying to find ways to serve customers better. And I think the advantages that we have include our breadth of assortment being so close to people, which will help us with delivery speed and, of course, everyday low prices. I wouldn't underestimate the physical aspects that kind of underpin the advantages that we have.

謝謝你的提問，西蒙。我先來拋磚引玉，也歡迎各位同事積極參與討論。我對未來的可能性感到非常興奮。我們一直在努力尋找更好的方法來服務客戶。我認為我們的優勢包括商品種類豐富，而且離顧客很近，這有助於我們提高配送速度，當然還有每天都能享受到的低價。我不會低估那些支撐我們所擁有優勢的物質因素。

But at the same time, we've gotten so much better with technology that we have the ability to execute a vision that will be multimodal, more personalized, understand context, and it will help people save time and have more fun shopping. And I think when we put all those things together, it will be a very important growth aspect or channel for us. It won't be the only one. We say omnichannel these days, and I think people frequently think of just stores and e-comm, but social commerce and all kinds of forms of shopping are happening today. And I think we're well set up to be able to participate in all those channels going forward.

但同時，我們的技術也取得了長足的進步，我們有能力實現一個多模式、更個人化、理解情境的願景，這將幫助人們節省時間，讓購物更有樂趣。我認為，當我們把所有這些因素結合起來時，這將是我們非常重要的成長面向或管道。這不會是唯一一個。如今我們常說全通路，我認為人們常常只想到實體店和電子商務，但社交電商和各種形式的購物如今都在發生。我認為我們已經做好充分準備，能夠參與未來所有這些管道。

Simeon, this is John and Doug, that's really well said. And we're really excited about some of the capabilities that our customers are engaging in with what we call Sparky today, our digital agent that's live in the app. We continue to hit new milestones. I'm also really excited about some of the new capabilities coming over the next few months as Sparky can take more action on behalf of our customers. And when you put that on top of this platform that Doug described with physical assets with 4 deployed inventory all around the country, increasing the speed of delivery -- we're using agentic AI to help people think about the things that they may want to reorder or in other words, give them nudges about staying in stock.

西蒙，這是約翰和道格，說得真好。我們很高興看到我們的客戶正在使用我們今天稱為 Sparky 的一些功能，Sparky 是我們應用程式中的即時數位代理。我們不斷取得新的里程碑。我也非常期待未來幾個月 Sparky 將推出的一些新功能，屆時它將能夠代表我們的客戶採取更多行動。再加上道格描述的這個平台，以及遍布全國的 4 個已部署庫存的實體資產，提高了交付速度——我們正在使用智慧人工智慧來幫助人們思考他們可能想要重新訂購的商品，或者換句話說，提醒他們保持庫存。

There are so many ways that we can serve customers, which is very different than where we were 5 to 10 years ago. We can serve people in minutes. We can keep you in stock at home. We have a really broad assortment and having a digital agent that is there working for you, we think, is going to be really powerful.

我們現在有很多種服務客戶的方式，這和 5 到 10 年前的情況截然不同。我們可以在幾分鐘內為人們提供服務。我們可以幫您在家中儲備所需物品。我們擁有非常廣泛的產品系列，我們認為，擁有一個為您服務的數位代理商將會非常強大。

And then there are a couple of things behind the scenes that agentic AI and other types of technology are helping with things like maintaining the accuracy of our catalog, helping us know where there are gaps in our assortment so that we can serve people however they want to be served for whatever is going on in their lives. I'm really excited about how this is all coming together. I think it's going to be a really strong enabler. And I think it will take a lot of time and friction out of the customers' lives as they shop with us.

此外，還有一些幕後工作，智慧人工智慧和其他類型的技術正在幫助我們保持產品目錄的準確性，幫助我們了解產品系列中的不足之處，以便我們能夠根據人們生活中的各種情況，以他們想要的方式為他們提供服務。我對這一切的進展感到非常興奮。我認為它將成為一個非常強大的推動因素。我認為這將大大節省顧客在我們這裡購物的時間，並減少他們的不便。

I would just add to that. So we have all of the data from our customers who shop with us in-store every day. And all of that transactional data is really helpful for us to be able to predict baskets for our customers. One of the things that's useful about having an international segment is that we have markets where we can trial new capabilities. And we've been trialing something called Carrito Listo down in Chile, where we actually create customers' orders for them, send them a WhatsApp prompt to ask them if they're interested in buying that basket.

我還要補充一點。因此，我們擁有每天在我們店內購物的顧客的所有數據。所有這些交易數據對於我們預測客戶的購物籃非常有幫助。擁有國際業務部門的好處之一是，我們可以在不同的市場試用新功能。我們一直在智利試行一種叫做 Carrito Listo 的服務，我們會為顧客創建訂單，然後透過 WhatsApp 向他們發送提示，詢問他們是否有興趣購買該購物籃。

They go into the app, and they can see we've created a basket for them that actually has all the brands that they normally buy in the kind of intervals that they like to buy it. And they have full agency over whether they want to accept that basket, whether they want to add to the basket, whether they want to take from the basket. And what we're seeing is that it's really attractive, and it's become up to about 20% of our e-comm business in Chile already. And so we're excited about that capability. We're bringing it to other markets. But I think we know our customers, we know what they want, and we can anticipate that and make their lives easier.

他們進入應用程式後，可以看到我們已經為他們創建了一個購物籃，裡麵包含了他們通常購買的所有品牌，以及他們喜歡的購買頻率。他們完全可以自主決定是否要接受這個籃子，是否往籃子裡添加東西，或是從籃子裡拿走東西。我們看到，它真的很有吸引力，而且在智利，它已經占到我們電子商務業務的 20% 左右。因此，我們對這項能力感到非常興奮。我們將把它引入其他市場。但我認為我們了解我們的客戶，我們知道他們想要什麼，我們可以預見這一點，並讓他們的生活更輕鬆。

Yeah. And for Sam's Club, I think there's probably just two quick points to make. The first is it looks like a really smart decision that we leverage the Walmart Enterprise capabilities so that Sam's Club gets access to everything you just heard about. And the way you should think about Sam's Club is that the member data that we have is richer than any other form of data we have across the enterprise because we have complete understanding of what the member wants and that allows us to personalize at an even deeper level.

是的。至於山姆會員店，我覺得可能只要簡單提兩點。首先，利用沃爾瑪企業級資源讓山姆會員店獲得你剛才聽到的所有訊息，這看起來是一個非常明智的決定。你應該這樣看待山姆會員店：我們擁有的會員資料比我們在整個企業中擁有的任何其他形式的資料都更豐富，因為我們完全了解會員的需求，這使我們能夠在更深的層次上進行個人化服務。

Simeon, this is John David, on the second part of your question regarding the read on the consumer in Q4. We'd say that overall, the environment feels pretty consistent. There's certainly some pockets of moderation that we're keeping an eye on. But if you look at our guidance for 4Q, it would indicate that we have an expectation that it's going to look pretty similar to the other quarters this year.

西蒙，我是約翰大衛，關於你問題的第二部分，第四季度消費者的閱讀情況。總的來說，環境感覺相當穩定。當然，我們也在密切關註一些較為溫和的方面。但如果你看看我們對第四季的預期，你會發現我們預計第四季的情況將與今年的其他幾季非常相似。

Holiday is off to a pretty good start. Back-to-school tends to be an early indicator for how that goes, Halloween, likewise for Thanksgiving and everything that we've seen so far makes us optimistic and encouraged about customers and members leaning into the seasonal events and holiday shopping period.

假期開局相當不錯。返校季往往是判斷市場走向的早期指標，萬聖節、感恩節也是。到目前為止，我們所看到的一切都讓我們對顧客和會員積極參與季節性活動和假期購物季充滿信心和鼓舞。

There is one thing to note as it pertains to our business. The maximum fair pricing legislation that was enacted and goes into effect in January, will affect our health and wellness business, specifically our pharmacy business. That will influence the comp in January a little bit, but all in, if you look at our revenue guidance, it's very much in line with the first part of the year.

關於我們的業務，有一點要注意。1 月頒布並生效的最高公平定價法將影響我們的健康和保健業務，特別是我們的藥房業務。這將對一月份的業績比較產生一些影響，但總的來說，如果你看一下我們的收入預期，它與今年上半年的情況非常吻合。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

First, Doug, I just want to thank you for all your leadership, not just to Walmart in the last decade, but I would say society. It's been a wild time and you've been great to have there. So thank you. And John, congrats, you'll get sick of us soon enough. So I'll launch into my question that way. I do want to unpack Walmart+ membership, it's that nice growth. It seems like an acceleration. I guess what are the constraints to getting that to grow even faster? Is it logistical? What do we have to do to see that really take off?

首先，道格，我只想感謝你過去十年來展現出的領導力，不僅是對沃爾瑪的領導力，而且我認為也是對整個社會的領導力。這段時間真是精彩紛呈，有你在身邊真是太好了。所以，謝謝你。約翰，恭喜你，你很快就會厭倦我們的。那麼我就以這種方式提出我的問題吧。我想詳細分析一下 Walmart+ 會員服務，它的成長動能非常強勁。看起來像是在加速。我想問，阻礙它更快成長的因素是什麼？這在物流方面行得通嗎？我們需要做些什麼才能讓它真正起飛？

Greg, it's John. Thanks for the question. We're excited about the momentum in Walmart+, and you heard in the comments earlier, John David noted, that this is the best quarter we've had in terms of net addition since we launched the program. There are really a couple of things that are driving that, and I want to congratulate the team for. The first is delivery and delivery speed.

格雷格，我是約翰。謝謝你的提問。我們對 Walmart+ 的發展勢頭感到非常興奮，正如 John David 之前在評論中提到的，這是我們自推出該計劃以來淨新增用戶最多的一個季度。真正促成此事的原因有兩個，我要為此祝賀團隊。首先是配送和配送速度。

You heard this morning also that about 35% of our deliveries that are coming from our stores are sub three hours and our fastest growth channel is sub an hour, and that's holding up and it's growing at a fast pace. So providing this flexibility to our members is really important. The second thing is our NPS levels on total delivery and shipping are the highest we've seen. That's highly correlated to speed and accuracy.

今天早上你們也聽到了，我們門市配送的商品中，約有 35% 的配送時間在三小時內，而我們成長最快的通路是一小時內送達，而且這一比例保持穩定，並且還在快速增長。因此，為我們的成員提供這種靈活性非常重要。第二點是，我們在整體交付和運輸方面的 NPS 水平達到了我們所見過的最高水平。這與速度和準確性高度相關。

These investments we've made over the last few years that we're excited about in terms of supply chain and inventory accuracy, the digital agents that are helping us understand how our assortments can improve, all of that is working to help people be able to find the things that they're looking for, the things that they need, and they can have those delivered whenever they want, whether that's keeping in stock or it's really quick.

過去幾年，我們在供應鏈和庫存準確性方面進行了一些投資，我們對此感到非常興奮。數位代理商幫助我們了解如何改進我們的產品組合，所有這些都是為了幫助人們找到他們正在尋找的東西，他們需要的東西，並且他們可以隨時收到這些東西，無論是保持庫存還是快速送貨。

The second, we're really proud of the launch of the OnePay credit card that's featured prominently on our homepage even this morning, where members can earn 5% back on all their purchases. We've had really good uptake with the program. So I think it's an exciting time when there are customers who are, of course, always looking for a value. We're proud of our price position with 7,400 rollbacks. So that's another way to reinforce that there are great values at Walmart.

其次，我們非常自豪地推出 OnePay 信用卡，今天早上它還醒目地出現在我們的主頁上，會員在所有消費中均可獲得 5% 的返利。該項目的反應非常好。所以我認為這是一個令人興奮的時代，因為客戶當然總是在尋找物有所值的產品。我們為自身的價格優勢感到自豪，已經實現了 7400 次價格回滾。所以，這又印證了沃爾瑪物美價廉的理念。

And then the third is we did add a streaming option for customers to be able to choose. We think that's important as well. But I'd really pull it back to the work and the progress that we've made with delivery, with speed, accuracy and then the launch of the credit card.

第三，我們也增加了串流媒體選項，供客戶選擇。我們也認為這一點很重要。但我還是要強調我們在交貨速度、準確性以及信用卡推出方面所取得的工作和進展。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

Doug, I just wanted to thank you for some really great years here. It's been a lot of fun covering Walmart under your leadership. And John, just wanted to wish you a really big congratulations as well. With regards to our question, you mentioned the level of inflation across the store was about 1.3%. Can you talk about how you've managed higher cost through price increases and what elasticity impacts you've seen? And how should we think about where prices should go in Q4 and early 2026?

道格，我只想感謝你這些年來在這裡的付出。在您的領導下報道沃爾瑪真的非常有趣。約翰，也想向你表達衷心的祝賀。關於我們提出的問題，您提到整個商店的通貨膨脹率約為 1.3%。您能否談談您是如何透過提價來控製成本上漲的，以及您觀察到的成本彈性影響？那麼，我們該如何看待第四季和 2026 年初的價格走勢呢？

Kate, it's John. First, we are seeing inflation in the low 1% range. That's pretty consistent across the business, including food and slightly higher in general merchandise. I would first point to, I think the team has done a really nice job managing inventory, and that's been a consistent trend for a few years. Inventory closed the quarter up 2.6%.

凱特，我是約翰。首先，我們看到通貨膨脹率約1%。這種情況在整個業務領域都相當一致，包括食品，一般商品的價格略高一些。首先我想指出的是，我認為團隊在庫存管理方面做得非常出色，而且這幾年來一直保持著這種良好的勢頭。本季庫存成長2.6%。

So roughly half the rate of what we're growing sales and we feel good about where the inventory is positioned in categories like fashion, where we've seen higher growth rates in the quarter. We're really proud of our fashion business. Our inventory is in good shape. So what that does is it allows flexibility and takes pressure off any end-of-season markdowns. We've been disciplined over the last few quarters of ensuring that at the end of each season, whether it's back-to-school or back-to-college, Halloween that we end clean and we move on to the next season.

因此，銷售額的成長速度大約只有原來的一半，我們對庫存的配置感到滿意，尤其是在時尚等品類，這些品類在本季實現了更高的成長率。我們為我們的時尚事業感到非常自豪。我們的庫存狀況良好。這樣做的好處是，它提供了靈活性，減輕了季末降價的壓力。在過去的幾個季度裡，我們一直嚴格遵守紀律，確保每個季度結束時，無論是返校季、返校季還是萬聖節，都能乾淨利落地結束，然後進入下一個季度。

The third thing, I think the last thing I would say is the team has also done a nice job of managing mix throughout the last couple of quarters. We've been thoughtful about how we adjust our buys in terms of what we think people will buy in seasons. So where things that are for kids, obviously, have run strong, people tend to prioritize their families in times where there could be cost pressure. So all those put together have put us in a good shape to where we can keep our inventory in line, we can maintain margins with low markdowns on the backside.

第三點，也是我想說的最後一點，是球隊在過去幾季中對陣容組合的控制權也做得很好。我們一直在認真思考如何根據人們在不同季節的購買意願來調整我們的採購策略。因此，很明顯，兒童用品的需求一直很旺盛，人們在面臨成本壓力時往往會優先考慮家庭。綜上所述，這些因素使我們處於有利地位，我們可以控制庫存，並透過較低的降價來維持利潤率。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Doug, John, congrats to both of you guys. So I wanted to talk about operating leverage and how you're thinking about the fourth quarter. It does imply an improvement in the operating leverage here. Can you just bridge that -- how much of that is the shift in Big Billion Days versus other drivers? And then related, you guys have done a really good job of managing tariffs. How are tariffs starting to show up in the model? And should we assume that the tariff impact continues to increase, but you are able to offset that. Maybe walk us through how you're doing that?

道格，約翰，恭喜你們兩位。所以我想談談經營槓桿以及您對第四季的看法。這確實意味著經營槓桿有所改善。你能解釋一下嗎——這其中有多少是「Big Billion Days」帶來的轉變，又有多少是其他因素造成的？另外，你們在關稅管理方面做得非常出色。關稅是如何開始在模型中體現出來的？我們是否應該假設關稅影響持續增加，但您能夠抵消這種影響？能不能給我們詳細解說一下你是怎麼做到的？

Sure. This is John, David. I'll take the first part of that question, and maybe a couple of us will address the second part of it. We are really pleased to be able to demonstrate that we had leverage in the business this quarter. I believe that's the first time in two years, given some of the mix changes that have been happening with our shift of e-commerce to -- shift from in-store to e-commerce.

當然。這是約翰，大衛。我來回答這個問題的第一部分，也許我們幾個人會來回答第二部分。我們非常高興能夠證明，本季我們在業務上擁有優勢。我認為這是兩年來的第一次，因為隨著我們從實體店向電商轉型，電商通路發生了一些變化。

There's a number of areas where the team is really performing well. And I talked about the use of AI and technology. But an example I would give you, I'd point to our supply chain. Roughly 50%, in fact, more than 50% of our volume from fulfillment centers is coming from automation. And that translates into lower shipping costs. Our shipping costs have been down consistently for many quarters in the 30% range. This was another quarter where we saw double-digit improvements. And that really helps our e-commerce economics, but also helps the overall SG&A of the company.

團隊在很多方面都表現出色。我還談到了人工智慧和技術的應用。但要舉個例子，我會提到我們的供應鏈。事實上，我們配送中心約 50% 甚至超過 50% 的業務量都來自自動化。這意味著更低的運輸成本。過去幾個季度，我們的運輸成本持續下降，降幅約 30%。本季我們再次實現了兩位數的成長。這不僅對我們的電子商務經濟效益大有裨益，而且對公司的整體銷售、管理及行政費用也有幫助。

I think there's sometimes a bit of a sense of there needs to be a trade-off between value and convenience. And I think that's a false choice at Walmart. We've demonstrated for years that we can provide value through everyday low prices in the items that we sell. We're doing the same thing now with convenience by continuing to lower our cost of delivery, that helps customers have the ability to have the value that they want with the convenience that they expect. And what we're seeing is that customers are willing to give their business to those companies that, one, provide value; two, give the convenience they expect; and three, are executing consistently well.

我認為有時人們會覺得價值和便利性之間需要做出一些權衡。我認為在沃爾瑪，這是一個錯誤的選擇。多年來，我們已經證明，我們可以透過日常低價銷售商品來提供價值。我們現在也在做同樣的事情，那就是透過不斷降低配送成本來提高便利性，這有助於客戶在享受他們所期望的便利的同時，獲得他們想要的價值。我們看到的是，顧客願意把生意交給那些能夠做到以下三點的公司：第一，提供價值；第二，提供他們期望的便利；第三，始終保持良好的業績。

And so we feel good about going into the fourth quarter. Costs are always going to be an issue that we're trying to be more efficient and bring them down. But I think we're in a better place right now than we have been at some point.

因此，我們對進入第四節比賽充滿信心。成本始終是我們需要考慮的問題，我們正在努力提高效率並降低成本。但我認為我們現在的處境比以往任何時候都要好。

Yeah, John David, I think those are really important points. The point you made on value convenience and execution. Hopefully, it's just building trust, the trust that customers can depend on us for whatever it is they're looking for in their lives. In terms of the impact of tariffs, certainly, I think we have seen less impact than what we thought we would have expected early in the year. There has been some relief on some key food categories, which certainly is helping.

是的，約翰大衛，我認為這些都是非常重要的觀點。您提出的關於價值、便利性和執行力的觀點。希望這能建立信任，讓客戶相信無論他們在生活中尋找什麼，都可以信賴我們。就關稅的影響而言，我認為我們看到的實際影響比年初我們預期的要小。一些主要食品類別的價格有所下降，這無疑起到了積極作用。

You also heard earlier the 7,400 rollbacks, about half of those are in food. Really, the only price pressure that we're seeing in food generally right now is in the beef category, which is largely a reflection of the commodity and the cyclical nature of the herd sizes in the U.S.

你們之前也聽說了有 7400 項禁令被撤銷，其中大約一半涉及食物。實際上，目前我們看到食品價格普遍承壓的唯一因素是牛肉，這很大程度上反映了牛肉這種商品的價格以及美國牛群規模的周期性波動。

So commodities do what they tend to do, but the team has done a nice job all across the business at creating great value on particular items like the price of turkeys for Thanksgiving. And we have the ability to sell customers up to 10 people, $4 a person for their meal. We have a VIZIO television that's 50-inch for $128. So really proud of the value that exists all throughout the assortment. And I think we can become and continue to be a great place for customers to find what they need for the holiday season.

所以大宗商品的價格走勢與往常一樣，但整個團隊在為特定商品（例如感恩節火雞的價格）創造巨大價值方面做得非常出色。我們有能力向顧客出售最多 10 人的餐食，每人 4 美元。我們有一台 50 吋的 VIZIO 電視，售價 128 美元。我對整個產品系列所蘊含的價值感到非常自豪。我認為我們可以成為並繼續成為顧客在節日期間尋找所需物品的好去處。

I'm really impressed with how the team has managed through tariffs this year. If you look at it holistically, the job they've done to manage inventory, to manage price gaps to improve our mix with categories like fashion being so strong. That, combined with the business mix shifts in the company have enabled us to get through this year and become even stronger as we've done it. And then I would just also add our appreciation on the relief we're seeing on things not growing in the United States. That's really appreciated. I think our customers will appreciate that, too.

我對團隊今年應對關稅問題的表現印象深刻。從整體來看，他們在庫存管理、價格差距管理方面所做的工作，以及在時尚等品類方面所做的改進，都讓我們受益匪淺。再加上公司業務組合的調整，我們才能順利度過今年，並且在過程中變得更加強大。此外，我也想表達我們對美國作物生長停滯狀況有所緩解的欣慰之情。非常感謝。我想我們的客戶也會對此表示讚賞。

Can I take a little tangent on that, too, because you did mention BBD. And I think it's worth noting that BBD is housed within our Q3 result this year, and our operating income was up 16.9%. So it's quite a change in kind of what we've seen with the impact of BBD in a quarter. We also saw a lot lower losses from e-commerce in international, and probably the best BBD that we've experienced in the history of the company. I was reflecting the other day that we did over $1 billion of sales in the first day. And I think we did something like 700 orders per second during the first hour of the event. So, it's an extraordinary event. And yet despite that, we had lower e-commerce losses, and we had an op income for growth for International adjusted at 16.9%.

我可以稍微離題一下嗎？因為你提到了BBD。值得注意的是，BBD 已計入我們今年的第三季業績中，我們的營業收入成長了 16.9%。所以，這與我們之前在一個季度內看到的BBD的影響相比，確實發生了相當大的變化。我們也看到國際電子商務的損失大幅減少，而且可能是公司歷史上經歷過的最好的BBD（最佳業務量）。前幾天我在想，我們第一天的銷售額就超過了10億美元。我認為在活動的第一個小時內，我們每秒鐘完成了大約 700 個訂單。所以，這是一件非同尋常的事情。儘管如此，我們的電子商務虧損有所減少，國際業務調整後的營業收入成長了 16.9%。

It took Walmart a lot longer to get to $1 billion in a day than it did Flipkart.

沃爾瑪一天內達到 10 億美元銷售額所花費的時間比 Flipkart 長得多。

This is also relevant to Sam's Club too. I do need to take this opportunity to thank our associates, though, for a really strong quarter. And maybe just touch on something John David talked about, which is the headline comp for Sam's Club may look a little off, but we're lapping a lot from last year. We talked about it, two storms and the port strike that impacted us disproportionately. So what I'd ask you to do is look through that. Our two-year stack is consistent with Q1 and Q2 around 11%. So it's consistent good momentum.

這一點也適用於山姆會員店。不過，我還是要藉此機會感謝我們的同事們，感謝他們在本季取得的優異成績。或許可以稍微談談約翰大衛提到的一點，那就是山姆會員店的頭條比較數據可能看起來有點不對勁，但我們比去年進步了很多。我們討論過這件事，兩場風暴和港口罷工對我們造成了不成比例的影響。所以我想請你們仔細看看。我們兩年的堆疊與第一季和第二季基本一致，約為 11%。所以勢頭一直都很好。

I think just to push in, Seth, into your question, we're working really hard to -- every single day to take cost out through using AI, using leverage, taking the benefits we're getting from ads, and we are going on the offense on things like price and on experience. We've seen really incredible growth in e-commerce, too. And the innovations that the team are landing every single day. So leveraging the Walmart app has increased conversion materially. We've changed the value proposition again because we are restless on behalf of the member. We reduced basket minimums for our club members for Curbside Pickup, and we saw a 20%-plus pickup, which is just great.

塞思，我想補充一下你的問題，我們每天都在努力透過使用人工智慧、利用槓桿作用、利用我們從廣告中獲得的收益來降低成本，並且我們在價格和體驗等方面採取了積極主動的策略。我們也看到了電子商務領域令人矚目的成長。還有團隊每天都在推出的創新成果。因此，利用沃爾瑪應用程式顯著提高了轉換率。我們再次改變了價值主張，因為我們始終以會員的利益為先。我們降低了俱樂部會員路邊取貨的最低購物籃金額，取貨量增加了 20% 以上，這真是太棒了。

And the fourth quarter now of -- from a delivery point of view, is the fourth quarter in a row that we've seen triple-digit growth. And I think some of that is how easy it is and how sharp we are on price, but some of it is just great items, too. I would just touch on -- we've got some great GM items coming through Pokemon, LEGO Game Boy, Disney Princess Parade, and the Mahjong set, which I don't know if you will know, but Mahjong is the new pickleball, so please go out and invest in that item, too.

從交付角度來看，第四季是連續第四個季度實現三位數成長。我認為部分原因是我們的產品操作簡便，價格極具競爭力，但部分原因也是因為我們的產品本身非常出色。我只想簡單提一下——我們即將推出一些很棒的GM商品，包括寶可夢、樂高Game Boy、迪士尼公主遊行和麻將套裝。我不知道你是否了解，但麻將現在就像匹克球一樣流行，所以也請大家去買一下吧。

Yes. Just one thing to add to what Chris said because I think it's important to note, I think it's fair to say, and the team could disagree with me here if they feel differently. But I think we're better leveraging the assets of the various segments than at any time in history. Whether you look from a technology perspective, a supply chain perspective, even a people perspective. We -- there are synergies with what we're doing in leveraging some of these platforms and technologies, and that's really starting to translate into improved financial results.

是的。我只想補充克里斯剛才說的一點，因為我覺得這一點很重要，而且我認為這麼說也合情合理，如果團隊成員有不同的看法，他們也可以不同意我的觀點。但我認為，我們現在比歷史上任何時期都更好地利用了各個業務板塊的資源。無論你從技術角度、供應鏈角度，甚至是人的角度來看。我們利用這些平台和技術所做的事情存在協同效應，而這種協同效應確實開始轉化為財務表現的改善。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO資本市場。

Doug and John, I just want to echo the comments from my colleagues and add my congratulations to both of you. I think we've all learned a lot from your leadership, Doug. My question and more observation, I guess, is just how incredibly consistent, so many of the key metrics are really across the board. And I think it's just particularly notable at a time when there are more complaints about the U.S. consumer signs of pockets of weakness.

道格和約翰，我只想附和同事們的評論，並向你們兩位表示祝賀。道格，我認為我們都從你的領導中學到了很多。我的問題，或者說更多的是觀察，是許多關鍵指標在各方面都表現出驚人的一致性。我認為，在當前美國消費者抱怨出現更多疲軟跡象的時候，這一點尤其值得注意。

And so I was wondering if you could just maybe talk a little bit about how much month-to-month volatility you're seeing, if there's any signs of trade down or changes of behavior underneath the hood? And if you can add to that how much flexibility are in your plans to be more aggressive with pricing or other elements of your model, if there is, by chance, any delayed consumer reaction to either the tariffs or the cost of living dynamics, not only in the fourth quarter but into next year?

所以我想問您能否談談您觀察到的月度波動情況，以及是否存在任何交易下滑或潛在行為變化的跡象？此外，如果消費者對關稅或生活成本變化的反應出現任何延遲，不僅是第四季度，甚至到明年，你們在定價或其他商業模式要素方面有多大的靈活性？

Kelly, this is John David. I'll hit on that and maybe start with the last point. I think the team here feels really good about where our relative price gaps are right now and the value that we're providing to our customers and members. We have over 7,000 rollbacks in place in Walmart U.S. John talked about the value of a basket of items for Thanksgiving dinner and how that compares to prior years.

凱莉，這位是約翰大衛。我會談到這一點，或許可以先從最後一點開始。我認為我們團隊對我們目前的相對價格差距以及我們為客戶和會員提供的價值感到非常滿意。我們在美國沃爾瑪實施了超過 7000 項降價措施。約翰談到了感恩節晚餐一籃商品的價值，以及它與往年相比有何不同。

It's -- I think we're feeling really good about this. And we're seeing that customers are moving their business to companies that provide that value with that convenience. In terms of the month-to-month volatility in the business, the quarter was actually quite consistent. When we look across the entire business, there wasn't necessarily 1 month that was an outlier. There are pockets of moderation when we look by income cohort.

我覺得——我們對此感覺非常好。我們看到，客戶正在將業務轉移到那些既能提供這種價值又能提供這種便利的公司。就業務的月度波動性而言，本季實際上相當穩定。從整個業務來看，並不一定存在某個月份是異常值。以收入群體來看，有些地方的政策較為溫和。

And I don't want to sound alarmist in any way here because, again, overall, the business is very consistent, and that's our outlook into the fourth quarter. But when we look by low-income cohort versus middle versus higher income, we have seen some moderation in spending in the low-income cohort, and that's consistent with things you've seen from a macro perspective.

我絕對無意危言聳聽，因為總的來說，業務非常穩定，這也是我們對第四季的展望。但是，當我們按低收入群體、中等收入群體和高收入群體進行比較時，我們發現低收入群體的支出有所放緩，這與你從宏觀角度看到的情況是一致的。

In October, wage growth -- the disparity in wage growth between those cohorts was as large as it's been in almost a decade. And so we're seeing the same things that others are, and we're keeping a watchful eye on it. But again, I think Walmart is better insulated than just about anybody, given the value proposition that we have. If pocketbooks are being stretched and consumers are being choiceful and value seeking, it stands to reason if there's more pressure on the consumer, they're only going to become more so. And so we like the value proposition that we're offering for our customers, and you see that's why we're gaining share.

10 月份，薪資成長——這些群體之間的薪資成長差距達到了近十年來最大的水平。所以我們看到的情況和其他人看到的一樣，我們正在密切關注。但話說回來，考慮到我們所提供的價值主張，我認為沃爾瑪比幾乎任何人都更能抵禦風險。如果人們的錢包越來越緊，消費者越來越挑剔，追求性價比，那麼，如果消費者面臨的壓力越來越大，他們只會變得更加挑剔，這是合乎邏輯的。因此，我們很喜歡我們為客戶提供的價值主張，你看，這就是我們市場份額不斷增長的原因。

And John David, something you said earlier is important that more than one thing can be true at a time. The flexibility that we are offering the breadth of assortment helps us have an appeal to a lot of customers all around the country. And while everything you said is true, it's also true as we saw accelerated games with higher income customers throughout the quarter. And I think you can see that in the categories with categories like apparel that grew over 5% every month of the quarter and continues to be one of our best categories. Other categories like home hardlines are in that mix. So we're seeing a lot of growth in general merchandise that has a wide appeal to a lot of income levels.

約翰大衛，你之前說過的一點很重要，那就是同時可以有不只一件事是真的。我們提供的產品種類繁多，具有很高的靈活性，這有助於我們吸引全國各地的眾多客戶。你說的都對，我們也看到，在整個季度中，高收入客戶的遊戲開發速度加快了。我認為你可以從服裝等類別中看出這一點，這些類別每個季度每個月的成長都超過 5%，並且仍然是我們最好的類別之一。其他類別，例如家居五金產品，也包含在內。因此，我們看到對各個收入階層都有廣泛吸引力的普通商品市場出現了很大的成長。

It is interesting that all income levels are participating in delivery and faster delivery choices. And I think it's just great to see that whatever it is the customer is looking for, we built capabilities over the last few years that can help them experience our great assortment and great value however they choose to.

有趣的是，各個收入階層的人都在參與外送服務，並選擇更快捷的配送方式。我認為最棒的是，無論顧客想要什麼，我們在過去幾年裡都建立了相應的能力，可以幫助他們以他們選擇的任何方式體驗我們豐富的產品種類和超值的價格。

One of the things with our marketplace business, it's really allowing us to provide a much broader assortment than we have historically. And if you look on a category-by-category basis, there are places in our marketplace business like automotive, toys, electronics, apparel, that are all growing north of 40% year-on-year. And so it really shows that customers are coming to us with this broader assortment, and it's allowing us to cater to a broader set of customers than we have historically.

我們的電商平台業務的優勢之一在於，它確實讓我們能夠提供比以往更廣泛的商品種類。如果以類別來看，我們市場業務中的汽車、玩具、電子產品、服裝等行業的年增長率都超過了 40%。因此，這確實表明顧客們帶著更廣泛的商品選擇來找我們，這使我們能夠服務比以往更廣泛的顧客群體。

I think it's really worth pointing out that this is the moment for a business like ours. So Sam's Club, we are trusted for great value. And when we give people and of great value, but with incredible assortment and incredible experiences, people really value that. And when they do have to make choices where the place they're coming to. Really great items that where you drop the price, you do see a response.

我認為值得指出的是，現在正是像我們這樣的企業大展拳腳的時刻。所以，山姆會員店，我們以物美價廉而值得信賴。當我們為人們提供極具價值、種類繁多、體驗非凡的產品和服務時，人們會非常珍惜。當他們必須做出選擇時，他們會選擇去哪裡。一些非常好的商品，當你降低價格時，確實會看到市場反應。

So I'll give you an example. We reduced our incredible very big box of croissant that they are fresh baked in Club by a $1 from $5.98 to $4.98 and the volume doubled is incredible. We had to remove the shelf that we put them on because the volume that we were selling was so -- was so huge. I think people really respond to great items at great prices.

我舉個例子。我們把俱樂部新鮮烘焙的超大盒羊角麵包的價格從 5.98 美元降到了 4.98 美元，而體積卻翻了一番，真是太棒了。我們不得不把放它們的貨架撤掉，因為我們的銷售量太大了。我認為人們真的很喜歡物美價廉的商品。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Best wishes to everyone. How do you respond to those who say, the timing of this leadership succession is a signal of an inflection point where Walmart will usher in another phase of investments that will pressure the company's profitability, either because of the need to support the top line growth or be prepared for the next phase of retail, which is agentic commerce. And this is anywhere near the case, could it delay the potential acceleration in operating income growth over the next few years as alternative revenues gain scale and make up a growing portion of the company's overall profitability?

祝大家一切順利。有人說，這次領導層更迭的時機標誌著沃爾瑪將進入新一輪投資，這將給公司的獲利能力帶來壓力，原因可能是需要支持營收成長，也可能是為了迎接零售業的下一個​​階段——代理商業。對此，您作何回應？如果情況確實如此，那麼隨著其他收入來源規模擴大，並在公司整體獲利能力中佔據越來越大的比例，未來幾年營業收入成長的潛在加速是否會受到影響？

Michael, it's John. I want to say a couple of things. First, I'm really excited to be a 32-year Walmart associate. I'm proud of that. I'm proud of the work that our associates have done for so many years around the country. We have a strong purpose, and I love our core values. As far as the strategy, I've been here at this table with this team for a long time. I'm in my seventh year in the role of Walmart U.S. CEO. I've been a part of developing our strategy on capital for automation, the transformation from having a store business and an e-commerce business to becoming omni.

邁克爾，我是約翰。我想說幾句話。首先，我非常興奮能成為沃爾瑪的員工，至今已有32年了。我為此感到自豪。我為我們遍布全國各地的同事們多年來所做的工作感到自豪。我們擁有遠大的目標，我熱愛我們的核心價值。至於策略方面，我和這個團隊已經在這個談判桌旁待了很久了。我擔任沃爾瑪美國區負責人一職已有七年了。首席執行官。我參與制定了公司在自動化資本方面的策略，實現了從實體店業務和電子商務業務向全通路業務的轉型。

We have a lot of momentum, and I think that strategy is solid. We're looking forward to make improvements to the strategy as we go. And just specifically on capital, we take a really disciplined approach to capital. Over the last few years, we've been really transparent about the things that we're developing. A lot of those investments are going to remodels and stores. We're on about a seven-year cycle. I think that's about right, and we want to maintain that.

我們現在勢頭強勁，我認為這個策略是穩健的。我們期待在實施過程中不斷改進這項策略。具體到資本方面，我們採取了非常嚴謹的資本管理方式。過去幾年，我們對正在開發的專案一直保持著高度透明。這些投資很多都用於房屋改造和店面建設。我們大約處於一個七年的周期中。我認為這樣比較合適，我們也希望能保持這種狀態。

And then second, the capital investments we've made in our supply chain, we're even more optimistic about the returns that those can create, which leads to the final point. When it comes to capital investments and operational investments in the business, will take a disciplined measured approach to those investments and will ensure that they provide the right returns for our shareholders.

其次，對於我們在供應鏈中所進行的資本投資，我們更樂觀地認為這些投資能帶來的回報，也引出了最後一點。在資本投資和業務運營投資方面，我們將採取嚴謹、謹慎的態度進行投資，並確保這些投資能為股東帶來應有的回報。

I'd like to add one thing. Just my perspective as a CFO. I've been in finance for three decades and in a role like this for about half of that. I've never worked on a management team that has more alignment around the financial metrics on how to run the business, focusing on the top line, making sure that those sales are profitable and also focusing on ROI. And so we're going to continue to do that. We recognize that we spent more capital than we have historically, but there is a universal alignment on with this management team that we need to make sure that those investments pay off for investors.

我想補充一點。這只是我作為財務長的個人看法。我從事金融業三十年了，其中大約有一半時間擔任類似的職位。我從未在哪個管理團隊工作過，他們像我們一樣在財務指標方面如此一致地制定業務營運策略，專注於營收，確保銷售獲利，並專注於投資報酬率。所以我們會繼續這樣做。我們承認，我們投入的資金比以往更多，但管理團隊一致認為，我們需要確保這些投資能為投資者帶來回報。

And so the goal that we have or the metrics that we hold ourselves to is we need to make sure that ROI is going up every year. And you've seen that performance been demonstrated here after some of the important investments that we made a decade ago, those were starting to pay dividends. And so I hope I can allay any concerns that there's going to be some dramatic shift in our posture on this.

因此，我們的目標或說我們給自己設定的指標是，我們需要確保投資報酬率逐年上升。你們也看到了，十年前我們進行的一些重要投資已經開始產生回報，這證明了我們在這裡的表現。因此，我希望能夠消除大家對我們在這一問題上的立場會發生重大轉變的任何疑慮。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Congratulations to Doug and best wishes in the next part of your journey and John as well as you take over the reins. A bit of a multipart U.S. grocery question. The low single-digit performance in Walmart U.S. in the quarter, to what extent did the port strike and SNAP impact the trend.

祝賀道格，並祝福他和約翰在接下來的旅程中一切順利，你們將接過重任。這是一個涉及美國食品雜貨業的多方面問題。沃爾瑪美國本季業績僅為個位數，港口罷工和 SNAP 計畫對此趨勢產生了多大影響？

Would you expect this to revert back to mid-single-digit range? Or does disinflation on eggs and perhaps tariff changes inhibit that? And on a related question, it's clear that you've been investing in price, grocery inflation of around 1% versus what's being reported externally, you're driving price gaps. Is that because you felt they were narrowing or you were intentionally widening the gaps in anticipation of some disinflation?

你認為這個數字會回落到個位數中段嗎？或者說，雞蛋價格下跌以及關稅變化是否會抑制這種情況？關於一個相關的問題，很明顯，你們一直在價格方面進行投資，食品雜貨通膨率約為 1%，而外部報道的數據卻與之相反，你們正在製造價格差距。是因為你覺得它們正在縮小，還是因為你預期會出現通貨緊縮，所以故意擴大了差距？

Chris. Let me take part of the question -- or the first part of the question on grocery. In terms of where we are pricing, we're always looking for ways that we can keep prices as low as we can and invest in price. Walmart has provided an everyday low-price value for many, many years and that certainly is relevant now for food pricing. For the holiday season, we're proud of the offer that we have.

克里斯。讓我來回答一部分問題──或者說是關於雜貨店問題的第一部分。在定價方面，我們一直在尋找盡可能降低價格的方法，並增加對價格的投入。沃爾瑪多年來一直提供每日低價商品，這在如今的食品定價中當然具有現實意義。節慶期間，我們很自豪能提供這樣的優惠。

You can feed 10 people for just under $4. I think that's really exciting. Items like turkeys, Butterball turkeys will be $0.97 a pound. That's the lowest price we've had in turkey since 2019. So our strategy has always been -- the philosophy has always been to keep prices as low as we can on a basket of goods over time, and we will continue to do that.

花不到 4 美元就能餵飽 10 個人。我覺得這真是太令人興奮了。像火雞這樣的商品，Butterball牌火雞的價格是每磅0.97美元。這是自 2019 年以來我們在土耳其遇到的最低價格。因此，我們的策略一直是——我們的理念一直是，隨著時間的推移，盡可能降低一籃子商品的價格，我們將繼續這樣做。

And then as far as how the mix is coming together, our merchants, they start every week talking about unit growth. And we focus heavily on how we're growing units. We think about unit share in food, particularly in fresh food, where there are commodity prices that do what commodity prices do over time, we want to ensure that we have a value, but we look at unit share. So our unit share growth has been strong. It was stronger in the quarter than our dollar share. And so over the long term, we'll take the units, and we'll focus on that and then the dollars will tend to work their way out.

至於產品組合的進展情況，我們的商家每週都會討論銷售成長。我們非常重視如何實現業務成長。我們考慮食品的單位份額，特別是新鮮食品的單位份額，因為商品價格會隨著時間的推移而波動，我們希望確保我們擁有價值，但我們關注的是單位份額。因此，我們的市場佔有率成長強勁。本季其表現強於我們的美元份額。因此，從長遠來看，我們會關注單位數量，然後美元自然會隨之而來。

The last thing I'll say, there likely is some egg deflation right ahead of us. That is in our forecast, and we're thinking about that. And then we do have some inflation in the beef category that we think will take a bit longer to work out.

最後我想說的是，雞蛋價格可能即將出現下跌。這在我們的預測範圍內，我們正在考慮這個問題。此外，牛肉價格也出現了一些通膨，我們認為這需要一段時間才能解決。

Robby Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

Doug, congrats, you will be missed. I will miss you personally. And John, congrats. I mean I honestly can't imagine anyone better to follow, Doug. So just congrats to both of you.

道格，恭喜你，我們會想念你的。我會非常想念你。約翰，恭喜你。說實話，我真想不出還有誰比你更適合接替道格的位置。所以，恭喜你們兩位。

My question is on merchandise category mix, you guys mentioned that you expected merchandise category mix to still be a headwind in the gross margin in the fourth quarter. You've got really good commentary on early holiday spending. You've got good performance in apparel and home doing better. I mean just what will it take for merchandise category mix to not be a headwind to gross margin? Like what's the secret sauce?

我的問題是關於商品品類組合的，你們提到預計商品品類組合在第四季仍將對毛利率構成不利影響。你對提前過節消費的評論非常精彩。你在服裝方面表現出色，家居方面則做得更好。我的意思是，究竟需要做出怎樣的調整，商品品類組合才能避免對毛利率造成不利影響？秘訣是什麼？

I think the comment is reflective of the fact that health and wellness has been stronger and our pharmacy business has been stronger, and we think that will continue into the fourth quarter. You did hear John David mentioned some impact we may see in January related to the top line in health and wellness. So the comment is really reflective of that overall category mix. We are very encouraged by the fashion business. The fact it grew over 5% in the quarter, and we see more and more customers choosing Walmart for their source of fashion and the unit growth across basics for kids, men's, women's, the growth was really consistent across the categories, I think, is encouraging.

我認為這一評論反映了健康和保健業務以及我們的藥房業務的強勁增長，我們認為這種情況將持續到第四季度。你確實聽到約翰大衛提到，我們可能會在1月份看到一些與健康和保健相關的收入成長受到影響。所以這則評論確實反映了該類別整體的組合情況。我們對時尚產業的發展感到非常鼓舞。該季度增長超過 5%，我們看到越來越多的顧客選擇沃爾瑪作為購買時尚服飾的管道，而且兒童、男士、女士基本款的銷量增長，各個品類的增長都非常穩定，我認為這令人鼓舞。

And then in an overall business mix, it is also encouraging that e-commerce has shifted from loss to profitability. And so over time, we think the mix -- we will definitely see improvements amongst the -- between the channels.

從整體業務組合來看，電子商務從虧損轉為獲利也是令人鼓舞的。因此，隨著時間的推移，我們認為各個管道之間的整合——我們肯定會看到這些管道之間的整合得到改善。

Robby, if you were to go back and pinpoint when we started seeing merchandise or the merchandise category mix pressure, it really goes back to a couple of years ago when we were seeing inflation in the high single digits. And so I think it's reflective of the macro environment, much more so than anything that's happening at Walmart. As pocket books have been stretched, you're seeing more consumer dollars go to necessities versus discretionary items.

羅比，如果你要追溯到幾年前，找出我們何時開始看到商品或商品類別組合壓力的時候，那確實要追溯到幾年前，當時我們看到通貨膨脹率達到了接近兩位數。所以我認為這更多地反映了宏觀環境，而不是沃爾瑪內部發生的任何事情。由於消費者的錢包越來越緊，他們把更多的錢花在了必需品上，而不是非必需品上。

I think, fortunately, for us, we've done a great job of improving our assortment. And the example I gave earlier with some of the categories that we're selling in our marketplace, you're seeing that we're doing a great job there of growing some of these categories where there has been pressure. John noted, if you just take apparel, apparel grew over 5% each of the three months of the quarter on a unit basis. So that's -- if you go back a year ago, that was an area that we were really pressured with.

我認為，幸運的是，我們在改進產品種類方面做得非常出色。正如我之前舉的例子，在我們市場上銷售的一些類別中，您可以看到，我們在發展這些面臨壓力的類別方面做得非常出色。約翰指出，如果只看服裝，該季度前三個月的服裝銷量均成長超過 5%。所以，如果你回顧一年前，你會發現那是一個讓我們壓力很大的領域。

So Walmart is doing the things that it can to influence this. But I think what's happening here from a merchandise category mix is really more of a macro phenomenon than anything.

所以沃爾瑪正在盡其所能影響這件事。但我認為，從商品類別組合的角度來看，這裡發生的情況其實更多的是一種宏觀現象，而不是其他問題。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Doug and John, big congrats. Would love to hear a little bit about elasticity. Any early signs based on price increases that you've taken, which categories you might be seeing greater elasticity or lower elasticity than you might have thought? And then just a quick one, if you could give an update on marketplace, number of SKUs that you're at right now, where do you expect that to go next year? And how important will marketplace be this holiday season compared to the first three quarters of the year?

道格和約翰，恭喜你們！很想了解彈性方面的知識。根據您目前掌握的價格上漲數據，您是否發現了一些早期跡象？哪些類別的價格彈性可能比您預想的更大或更小？最後再問一個簡短的問題，您能否介紹一下市場方面的情況，目前 SKU 的數量是多少，您預計明年會達到什麼水平？與今年前三個季度相比，今年假期季節的市場活動將有多重要？

Well, I was just going to address elasticities. It really differs by category, but maybe one category that is a little more pronounced for us is electronics, toys and seasonal, where we've seen some higher AURs. And I think of that being in the high single digits and units are kind of in the flattish range. So that's been one where I think you've seen higher price increases overall, where other parts of the basket we've done, we've not had the same pressure from tariffs, and we've been able to mix out the baskets in a way that have minimized the impact on consumers.

我本來打算談談彈性的問題。不同類別的情況確實有所不同，但對我們來說，電子產品、玩具和季節性商品的這一類別可能更為明顯，因為我們在這些類別中看到了較高的平均使用率 (AUR)。我認為這個數字應該在個位數的較高水平，而單位數量則處於較為平穩的範圍內。所以，我認為你會看到整體價格上漲幅度較大，而我們採取的其他措施中，其他商品組合併沒有受到關稅的同等壓力，我們能夠調整商品組合，從而最大限度地減少對消費者的影響。

And on marketplace specifically, it is important that we -- as we've noted, that customers can find a really broad assortment at Walmart, whatever you're looking for. And we've been focused on ensuring that customers can trust us for a broad assortment. So we're still in that $500 million or north of range. It fluctuates month-to-month, quarter-to-quarter. But we're really focused on ensuring that now that we use things like AI to determine where there are gaps in the assortment to ensure that customers can get their entire basket from us.

尤其是在市場方面，正如我們所指出的，重要的是，顧客可以在沃爾瑪找到種類繁多的商品，無論他們在尋找什麼。我們一直致力於確保客戶能夠信賴我們提供的豐富產品。所以，我們仍然在5億美元或更高的範圍內。它每月、每季都會波動。但我們真正關注的是，現在我們使用人工智慧等技術來確定產品組合中的不足之處，以確保客戶能夠從我們這裡買到他們所需的所有商品。

And that could include whether it's an item for a specific event or part of a basket or regimen, we want to make sure that the assortments are complete. So over the next few quarters, we'll really be focused on ensuring that it's the right number of items and the right quality of SKUs that are listed in the assortment.

這可能包括某件物品是用於特定活動還是某個籃子或療程的一部分，我們希望確保產品種類齊全。因此，在接下來的幾個季度裡，我們將真正專注於確保產品系列中列出的商品數量合適，且 SKU 的品質合格。

I think great innovation is so important along with price. And where we see growth in general merchandise, for example, and higher AUR items, it's where we see great innovation too. And I think we just need to keep our foot down on the gas on driving really great innovations with really great items.

我認為，除了價格之外，創新也非常重要。例如，在一般商品和高 AUR 商品領域，我們看到成長，同時也看到了許多創新。我認為我們只需要繼續加強加強，推動真正偉大的創新和真正偉大的產品。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Congrats to Doug and John. So I guess for me, the international side of your business, continued significant strength. It's trending above, I think, the algorithm that you guys laid out earlier this year. Just how do you feel about the sustainability of the top line momentum you're seeing in your key markets there?

恭喜道格和約翰。所以我覺得，貴公司國際業務方面持續保持強勁勢頭。我認為它的趨勢高於你們今年早些時候制定的演算法。您如何看待目前在主要市場中看到的營收成長動能的可持續性？

Thanks for the question. So I think we've just seen really consistent results in international from a top and a bottom line -- or sorry, from a top line perspective. We took a moment in the first half of this year to invest into convenience and speed and into price, and we're seeing that kind of come back in this back half. So we continue to feel really strong about the top line trajectory that we have in international. And it's a mix of being in high-growth markets, like India and China, as well as really truly kind of maturing our omni playbook in other markets like Mexico and Canada and Chile. So really good things to say in international.

謝謝你的提問。所以我認為，從營收和利潤的角度來看，我們在國際市場上都取得了非常穩定的業績——或者抱歉，是從營收的角度來看。今年上半年，我們花了一些時間在便利性、速度和價格方面進行投資，而下半年我們看到這些投入又回來了。因此，我們對公司在國際市場的營收成長動能依然充滿信心。這既得益於我們在印度和中國等高成長市場的佈局，也得益於我們在墨西哥、加拿大和智利等其他市場真正成熟了我們的全通路策略。所以，這些都是國際上非常值得說的話。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Congrats, Doug. Great career. And John, at a hunch when you ran Sam's Club, this would happen. So congrats to you as well. With greater visibility here on tariffs than a few months ago, have you made any changes to assortments for the holidays? And then one follow-up for John David. On the maximum fair pricing change in January, any idea how much that could potentially cap health and wellness sales, not necessarily for 4Q, but also into 2026?

恭喜你，道格。輝煌的職業生涯。約翰，你經營山姆會員店的時候，就憑直覺就知道會發生這種事。所以也恭喜你。鑑於目前關稅情況比幾個月前更加明朗，你們是否對假日期間的商品種類進行了任何調整？然後是給約翰大衛的一個後續問題。鑑於 1 月最高公平價格的變動，您認為這可能會對健康和保健產品的銷售造成多大的限制？這種限制不僅會影響到第四季度，還可能延續到 2026 年。

Chuck, it's John. Thanks for the question. No big changes on assortment for the holiday. I think many customers will follow-through traditions. I think many customers are looking forward to a great holiday. Throughout the summer, we did make some adjustments on the quantities that we decided to purchase and prioritize things like gifts or backpacks, back-to-school things for kids. We, in some cases, even increased those. So it's really more of a shift in the quantities that we bought, but no big change in assortment plans.

查克，我是約翰。謝謝你的提問。節慶期間商品種類沒有太大變化。我認為很多顧客都會延續傳統。我認為很多顧客都期待著度過一個美好的假期。整個夏天，我們對採購數量進行了一些調整，並優先考慮禮物、背包、兒童返校用品等物品。在某些情況下，我們甚至增加了這些數量。所以其實只是採購數量發生了變化，但商品種類計畫並沒有太大變化。

And on maximum fare pricing, I Believe that there's still information coming in on this in terms of which drugs they're applied to. So probably a little premature to give you a number on the impact. But overall, the health and wellness business is still going to continue to grow. It's been the part of our business that has seen the most growth over the last couple of years, and we still expect that.

至於最高票價，我相信目前還沒有關於最高票價適用於哪些藥物的資訊。所以現在就給出影響的具體數字可能還為時過早。但總體而言，健康和保健產業仍將繼續成長。在過去的幾年裡，這是我們業務中成長最快的部分，我們預計這種情況還會持續下去。

At this time, this concludes our question-and-answer session. I'd like to turn the floor back to Doug McMillon for closing comments.

問答環節到此結束。我想把發言權交還給道格·麥克米倫，讓他做總結發言。

Thanks, everybody. I really appreciate the relationships that we developed over the years. I appreciate how closely you follow the company, the pressure -- healthy pressure you put on us, the critical thinking test you've given us and I think the company is better off because of your engagement. And I just want to say thank you. I'll miss you guys.

謝謝大家。我非常珍惜我們多年來建立的友誼。我非常欣賞您對公司的密切關注，以及您給我們施加的良性壓力，還有您給我們進行的批判性思維測試。我認為，因為您的參與，公司變得更好了。我只想說聲謝謝。我會想念你們的。

As it relates to the company, what a great business this is. In any environment, you've seen times when the customer has more money and how Walmart is well positioned and times when people are pressured, they come to us. And now the business is stronger in terms of our ability to make it more convenient to shop with us. I think that's been a big development. We're not just known for price, we're known for more than that now.

就公司而言，這真是一家非常棒的企業。在任何環境下，你都會看到，當顧客財力雄厚時，沃爾瑪的優勢就顯現出來；而當人們面臨經濟壓力時，他們就會來找我們。現在，我們在讓顧客購物更加便利方面，業務實力也更強了。我認為這是一個重大進展。我們不僅以價格著稱，現在我們以更多方面而聞名。

And the runway looks like a long one to me. I have a high degree of confidence in the potential and what this company will deliver with John's leadership and with this leadership team, and I'll be cheering them on and helping in any way that I can. Thank you all.

在我看來，這條跑道看起來很長。我對這家公司在約翰的領導和這支領導團隊的帶領下所取得的成就和潛力充滿信心，我會為他們加油鼓勁，並盡我所能提供幫助。謝謝大家。

Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，今天的會議到此結束。現在您可以斷開線路了，祝您有美好的一天。