沃爾瑪 (WMT) 2027 Q2 法說會逐字稿

Greetings. Welcome to Walmart's second quarter fiscal '27 earnings call. (Operator Instructions) I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations.

各位好。歡迎參加沃爾瑪 2027 財年第二季財報電話會議。（接線員指示）現在我把會議交給投資人關係資深副總裁 Steph Wissink。

Thank you, Steph. You may begin.

謝謝你，Steph。你可以開始了。

Welcome, everyone. Joining me today from our home office in Bentonville are CEO, John Furner; and CFO, John David Rainey. We'll begin with highlights of the previous quarter and our outlook for the year. Then we'll open the line for your questions.

歡迎各位。今天與我一同在本頓維爾總部出席的有執行長 John Furner，以及財務長 John David Rainey。我們將先回顧上一季重點與今年展望。接著開放提問。

During the question-and-answer portion, we've invited Seth Dallaire, our Chief Growth Officer as well as segment leadership to join. Dave Guggina from Walmart US; Chris Nicholas from Walmart International; and Latriece Watkins from Sam's Club US. So we can address as many of your questions as possible, 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.

在問答環節，我們也邀請了成長長 Seth Dallaire 以及各事業部門主管一同加入。包括沃爾瑪美國的 Dave Guggina、沃爾瑪國際的 Chris Nicholas，以及山姆會員店美國的 Latriece Watkins。為了盡可能回答更多問題，請每位僅提一個問題。如需更多關於本季業績的細節（含各事業部門重點），請參閱我們網站上的財報新聞稿與補充簡報。

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.

今天的電話會議將被錄音，管理層可能會發表前瞻性陳述。這些陳述存在風險與不確定性，可能導致實際結果與陳述有重大差異。這些風險與不確定性包括但不限於我們向美國證券交易委員會（SEC）提交文件中所列因素。請查閱我們的新聞稿與投影片簡報，其中包含關於前瞻性陳述的警示說明，以及我們在 stock.walmart.com 網站上的完整安全港聲明與非 GAAP 調節表。

That concludes my introduction. John, over to you.

以上為我的開場介紹。John，交給你。

Good morning, and thanks for joining us. I want to start by thanking our associates around the world. Their commitment to serving customers and members every day is what drives our business, and the results we delivered this quarter reflect their hard work. This is a good quarter for Walmart and shows once again that our strategy is proving out. We've been investing against it for years, and I'm even more bullish today as we see the pieces increasingly powering each other.

早安，感謝各位加入。我想先感謝全球的同仁。他們每天致力於服務顧客與會員的承諾，是推動我們業務的動力，而我們本季交出的成果也反映了他們的辛勤付出。這對沃爾瑪而言是個不錯的季度，也再次顯示我們的策略正在奏效。我們多年來持續投入，如今看到各個環節愈來愈能相互帶動，我比以往更有信心。

A strong retail foundation alongside faster-growing businesses like Marketplace, advertising, and membership. The math isn't simply one plus one equals two. The value comes from how these businesses work together with each one, strengthening the others and expanding what the company can do as a whole. And as these businesses scale, they become a more meaningful part of our mix and they're changing the shape of our business.

在穩固的零售基礎之上，還有成長更快的業務，例如第三方平台（Marketplace）、廣告與會員。這不是單純的一加一等於二。價值來自於這些業務如何彼此協同：每一項都能強化其他項，並擴大公司整體的能力邊界。隨著這些業務規模擴大，它們在我們的組合中占比更具意義，也正在改變我們業務的樣貌。

We're accelerating growth and improving the overall economics of the company. The model is working, and we're confident in its power to drive durable long-term growth in shareholder value. The underlying business continued to perform well in the quarter and was largely in line with our expectations, which assumed a slight moderation in sales growth from the first quarter.

我們正在加速成長並改善公司的整體經濟效益。這個模式正在運作，我們也有信心它能推動股東價值長期且可持續的成長。本季核心業務持續表現良好，整體大致符合我們的預期；我們的預期假設銷售成長率相較第一季會略為放緩。

Overall, we continue to gain market share. We grew units and transactions and membership fee revenue was at an all-time high on growth of 17%.

整體而言，我們持續提升市占率。我們的銷售件數與交易筆數皆成長，會員費收入在 17% 成長帶動下創下歷史新高。

We delivered another quarter of strong e-commerce growth up 23% globally, including the tenth consecutive quarter of growth over 20% for Walmart US and we also expanded the reach of platform businesses like Walmart+ and Marketplace, the markets outside the United States, demonstrating how we're leveraging these for growth.

我們再度交出強勁的電商成長，全球年增 23%；其中沃爾瑪美國已連續第十季維持 20% 以上成長。我們也擴大了 Walmart+ 與 Marketplace 等平台型業務在美國以外市場的觸及，展現我們如何運用這些平台推動成長。

And as we build and scale these capabilities across markets and begin to operate globally on the platforms we've built during the last few years of transformation, we're seeing the same dynamic. These businesses work together, deepen our relationship with customers and members, and create additional opportunities for growth and stronger economics.

隨著我們在各市場建置並擴大這些能力，並開始在過去幾年轉型所打造的平台上進行全球化營運，我們看到了相同的動能。這些業務彼此協作，加深我們與顧客及會員的關係，並創造更多成長機會與更佳的經濟效益。

Our core retail business had another strong quarter with sales growth at the top end of our guidance, up 5% in constant currency. Comp sales for Walmart US were 2.6% led by transactions and Sam's Club US delivered comps of 4.4%. International was up 7.9%, led by China and India.

我們的核心零售業務本季再度表現強勁，銷售成長達到指引區間上緣，以固定匯率計年增 5%。沃爾瑪美國同店銷售成長 2.6%，主要由交易筆數帶動；山姆會員店美國同店銷售成長 4.4%。國際業務年增 7.9%，由中國與印度領軍。

For Walmart US, I feel good about how the underlying business is performing. The team delivered strong sales growth in categories like toys, pantry and fresh, and we continue to see growth from higher income households. Changes in regulation around Maximum Fare Pricing for certain drugs negatively impacted comp sales by 125 basis points.

就沃爾瑪美國而言，我對核心業務表現感到滿意。團隊在玩具、食品雜貨（pantry）與生鮮等品類交出強勁的銷售成長，我們也持續看到來自高收入家庭的成長。針對部分藥品的最高售價（Maximum Fare Pricing）相關法規變動，對同店銷售造成負面影響 125 個基點。

John David will share more about the makeup of the US comp and talk to the additional color we provided in today's earnings presentation.

John David 將進一步分享美國同店銷售的構成，並說明我們在今日財報簡報中提供的更多補充資訊。

Turning to profits. Adjusted operating income grew 17.4% in constant currency. This includes the benefit from the receipt of tariff refunds in the quarter. And as we suggested on the last call, our intent was to deploy much of that back into price and that's what we're doing. Importantly, our underlying profit growth was where we thought it would be, excluding this benefit. Because of our strong top and bottom line growth, we're raising our guidance for the year.

接著談獲利。以固定匯率計，調整後營業利益成長 17.4%。其中包含本季收到關稅退稅所帶來的利益。正如我們在上次電話會議所提到的，我們的意圖是將其中大部分回投到價格上，而我們也正在這麼做。重要的是，若排除此項利益，我們的核心獲利成長符合我們原先的預期。由於營收與獲利雙雙強勁成長，我們上調全年指引。

Now let me take a moment to talk about specific drivers of our growth. First, everything we do starts with serving customers and members as an omnichannel retailer. Core to that is delivering value and maintaining price leadership. As we said coming out of Q1, customers tell us they're still filling some pressure, but it's clear customers are looking for value and convenience and they want things fast, and that's where Walmart shines. Having the best prices across a basket of goods helps us continue to build trust with our customers and members by helping them save money at a time when many households are carefully managing their budgets.

接下來我想花點時間談談幾個具體的成長驅動因素。首先，我們所有作為都始於以全通路零售商的角色服務顧客與會員。其核心在於提供價值並維持價格領先。正如我們在第一季後所說，顧客告訴我們他們仍感受到一些壓力，但很明顯顧客正在尋求價值與便利，並希望更快拿到商品，而這正是沃爾瑪的強項。在一籃子商品上提供最優價格，有助於我們在許多家庭謹慎管理預算之際，透過幫助他們省錢來持續建立顧客與會員的信任。

The Walmart US team delivered more than 11,000 rollbacks during the quarter, up from 7,200 rollbacks at the end of the first quarter, demonstrating our commitment to price investment. We're investing heavily in price because customers need us to and because we believe it drives market share gains over time. Our price gaps to conventional grocers here in the US are strong, and they continue to widen. The share gains received from this channel have persisted alongside the drug in dollar formats.

沃爾瑪美國團隊本季推出超過 11,000 項降價（rollback），高於第一季末的 7,200 項，展現我們對價格投資的承諾。我們大力投資價格，因為顧客需要我們這麼做，也因為我們相信這能隨時間推動市占率提升。在美國，我們相對於傳統雜貨商的價差優勢強勁，且持續擴大。我們從此通路獲得的市占提升，在藥局與一元店等業態並存的情況下仍持續。

A second area I'd like to highlight is our ongoing strength in e-commerce. The sustained growth we've seen in e-commerce across the company over multiple years points to more than a digital success story. It's evidence that customers and members increasingly choose Walmart because they know we combine low prices across a broad assortment with speed and convenience. The mix of e-commerce for Walmart International is now 30% with strong growth again this quarter in China, India, and Canada. Growth in Q2 was 19%.

第二個我想強調的領域，是我們電商的持續強勢。公司多年來在電商的持續成長，顯示這不僅僅是一個數位成功故事。這證明顧客與會員愈來愈選擇沃爾瑪，因為他們知道我們能在廣泛的商品選擇上提供低價，同時兼具速度與便利。沃爾瑪國際的電商占比目前已達 30%，本季在中國、印度與加拿大再度強勁成長。第二季成長為 19%。

Sam's Club US grew e-commerce 26% with delivery from club up triple digits following the launch of our one-hour delivery back in April. Walmart US delivered growth of 24%, Marketplace grew 52%, and advertising was up 38%. We believe a factor in this growth is our ability to deliver with speed.

山姆會員店美國電商成長 26%；自我們在 4 月推出一小時送達後，門店出貨配送（delivery from club）成長達三位數。沃爾瑪美國成長 24%，Marketplace 成長 52%，廣告成長 38%。我們相信，推動此成長的一個因素是我們具備快速配送的能力。

Customers and members around the world are getting super-fast deliveries of baskets that include pharmacy, fresh, frozen, fashion and general merchandise, often in under 30 minutes. Fast delivery in the US grew 48% for the quarter. Speed matters and we have a significant competitive advantage. Our physical footprint fulfillment infrastructure and local delivery capabilities allow us to move closer to customers while maintaining an attractive cost structure.

全球的顧客與會員正享受超快速配送的購物籃，內容包含藥局、生鮮、冷凍、服飾與一般商品，且往往在 30 分鐘內送達。本季美國的快速配送成長 48%。速度很重要，而我們擁有顯著的競爭優勢。我們的實體據點、履約基礎設施與在地配送能力，使我們能在維持具吸引力的成本結構下，更貼近顧客。

We've now expanded sub 30-minute delivery into 38 markets here in the US, giving millions of additional customers access to faster fulfillment.

我們現已將 30 分鐘內送達服務擴展至美國 38 個市場，讓數以百萬計的新增顧客能享有更快速的履約服務。

And speed isn't simply a fulfillment metric. It's an acquisition strategy. Customers who use fast delivery shop with us more frequently, they deepen engagement with us, and they're more likely to become Walmart+ members. The advances we're making in speed of delivery create another reason for customers to choose Walmart for more shopping occasions.

而速度不僅僅是一項履約指標。它是一項獲客策略。使用快速配送的顧客更常與我們購物，與我們的互動更深入，且更有可能成為 Walmart+ 會員。我們在配送速度上的進展，為顧客在更多購物情境中選擇 Walmart 增添了另一個理由。

That's an important shift in how we think about growth. And as we become faster, we're not simply taking share within traditional retail categories. We're expanding the number of occasions where Walmart can serve customers like food delivery.

這是我們看待成長方式上的一個重要轉變。而隨著我們變得更快，我們不只是從傳統零售品類中取得市占。我們正在擴大 Walmart 能服務顧客的情境數量，例如外送餐食。

In the past, customers may have thought about Walmart primarily for groceries and general merchandise. Today, we're expanding beyond that. Meal Solutions, prepared food partnerships like the one we announced with Subway, and faster fulfillment allow us to participate in a much broader share of everyday food spending. This is an exciting opportunity, and we're just getting started.

過去，顧客可能主要把 Walmart 視為購買雜貨與一般商品的地方。如今，我們正擴展到更廣的範疇。餐食解決方案（Meal Solutions）、我們宣布與 Subway 的即食食品合作夥伴關係，以及更快速的履約能力，使我們得以參與更大比例的日常食品支出。這是一個令人振奮的機會，而我們才剛開始。

The third area I'd like to highlight is our platform strategy. We're building capabilities that are increasingly scalable across markets, Marketplace, Fulfillment Services, membership, advertising, and other commerce solutions are strengthening our business and they're improving the economics of the company. This quarter, we expanded our US Marketplace platform capabilities into both Mexico and Canada, and we launched Walmart+ in Canada.

我想強調的第三個領域是我們的平台策略。我們正在打造可在各市場間日益擴展的能力；Marketplace、履約服務、會員、廣告及其他商務解決方案正在強化我們的業務，並改善公司的經濟效益。本季，我們將美國 Marketplace 平台能力擴展至墨西哥與加拿大，並在加拿大推出 Walmart+。

Membership was also a highlight with double-digit growth for Walmart+ and strong growth for Sam's Club in the US, China, and Mexico. We also gave a boost to our advertising business with the acquisition of Vibe. We believe Vibe expands our ability to help advertisers of all sizes reach customers through self-service tools while measuring results against real shopping behavior.

會員業務同樣是亮點，Walmart+ 維持雙位數成長，而 Sam's Club 在美國、中國與墨西哥也有強勁成長。我們也透過收購 Vibe 來推動廣告業務。我們相信 Vibe 能擴大我們協助各種規模廣告主透過自助式工具觸及顧客的能力，同時以真實購物行為衡量成效。

Combined with Walmart Connect and VIZIO, this further strengthens our platform and creates value for customers, sellers, suppliers, and advertisers. These are important milestones because they demonstrate the value we're creating across the company. Rather than building entirely new capabilities market by market, we're increasingly able to build once, improve continuously and scale globally. That makes us faster and more efficient and allows customers in more markets to benefit from innovations developed anywhere across Walmart.

結合 Walmart Connect 與 VIZIO，這進一步強化我們的平台，並為顧客、賣家、供應商與廣告主創造價值。這些都是重要里程碑，因為它們展現了我們在全公司所創造的價值。我們不再需要逐一市場打造全新能力，而是愈來愈能做到一次建置、持續改進並全球擴展。這讓我們更快、更有效率，也讓更多市場的顧客能受惠於 Walmart 各地所開發的創新。

The fourth area is our supply chain. We've invested in automation, technology, fulfillment capacity and our physical network, and these investments are showing up in customer experience. They're allowing us to move inventory more efficiently, deliver faster, help with in-stock levels, and support the growth of both our first-party and Marketplace businesses. They also strengthened the economics of our omnichannel model. And as we improve density and utilization across our network, speed and profitability reinforce one another. And you can see how these advantages build on each other.

第四個領域是我們的供應鏈。我們投資於自動化、科技、履約產能與實體網路，而這些投資正反映在顧客體驗上。它們讓我們能更有效率地移動庫存、更快配送、改善到貨率，並支援自營與 Marketplace 業務的成長。它們也強化了我們全通路模式的經濟效益。而當我們提升網路密度與使用率時，速度與獲利能力會相互強化。你也能看到這些優勢如何彼此疊加。

When we invest in our supply chain, it helps us get more products to our customers and members faster. When they get items faster, they shop with us more frequently, both online and in our stores. And as frequency increases, our suppliers and sellers want to be closer to the point of purchase, it's reinforcing.

當我們投資供應鏈時，就能更快把更多商品送到顧客與會員手中。當他們更快收到商品，就會更頻繁地在我們這裡購物，不論線上或門市。而隨著購買頻率提高，我們的供應商與賣家也希望更貼近購買點，形成正向循環。

Finally, let me talk about how AI is helping make Walmart faster, more convenient, and personalized. We continue to take a people-led tech-powered approach. We're using AI to make our work easier and help our associates grow and be at their very best. We believe AI will improve nearly every part of our business by making shopping better and our associates work easier.

最後，我想談談 AI 如何幫助 Walmart 變得更快、更便利且更個人化。我們持續採取以人為本、科技賦能的方法。我們運用 AI 讓工作更輕鬆，並協助我們的同仁成長、發揮最佳表現。我們相信 AI 將透過改善購物體驗並讓同仁工作更容易，進而提升我們業務的幾乎每個環節。

Sparky is a great example. The number of customers using Sparky is up 70% from last year, and the customers and members who use Sparky for shopping spend 40% more per order than others who don't. Someone recently shared with me that they asked Sparky for a weekly meal plan of healthy foods with high protein options.

Sparky 就是一個很好的例子。使用 Sparky 的顧客數較去年增加 70%，而使用 Sparky 購物的顧客與會員，其每筆訂單的消費金額比未使用者高出 40%。最近有人跟我分享，他們請 Sparky 規劃一份每週健康餐計畫，並包含高蛋白選項。

Within a few seconds, Sparky shared recipes, and meal kits with the ability to add all the ingredients they needed their basket with one click. Sparky recognized the ingredients they had recently purchased, both online and store, so they didn't buy something they already had.

幾秒鐘內，Sparky 就分享了食譜與餐食套組，並可一鍵把所需食材全部加入購物籃。Sparky 也能辨識他們近期在線上與門市購買過的食材，因此不會重複購買家中已有的東西。

It's building trust. When you step back, what encourages me the most is how these areas are increasingly connected. With the deepest pockets who are willing to, as opposed to maybe an entrepreneur who just wants to go out there and be opportunistic.

這正在建立信任。退一步看，最讓我感到鼓舞的是這些領域正變得愈來愈緊密相連。擁有最深口袋、願意投入的人，與其說是可能只是想趁機行動的創業者，不如說更能長期推進。

I'll close my comments where I began and that's by thanking our associates. The progress we're making is possible because of the way they serve customers and members each and every day. The way they embrace new technology and the way they continue to find better ways to operate.

我將以一開始的話作結，也就是感謝我們的同仁。我們能取得的進展，來自他們日復一日服務顧客與會員的方式。也來自他們擁抱新科技，以及持續尋找更佳營運方式的努力。

I'm excited about the momentum we have, confident in the strategy we're executing and even more optimistic about the opportunities ahead.

我對我們目前的動能感到振奮，對正在執行的策略充滿信心，並對未來的機會更加樂觀。

With that, I'll turn it over to John David to walk through the quarter in more detail. John David.

接下來，我把時間交給 John David，請他更詳細地說明本季表現。John David。

I'll echo John's sentiments. We're pleased with the way our business is performing, especially during the more recent operating environment that's been marked by some near-term macro crosswinds. Our business model is only getting stronger and more durable. And this gives us confidence to raise our sales and operating income growth guidance for the year. With the tariff refunds, there are some idiosyncrasies to this quarter's results.

我也呼應 John 的看法。我們對業務表現感到滿意，尤其是在近期營運環境受到一些短期宏觀逆風影響的情況下。我們的商業模式只會變得更強健、更具韌性。這也讓我們有信心上調今年的銷售額與營業利益成長指引。由於關稅退稅，本季的結果存在一些特殊因素。

So I'll provide a deeper view of the impacts and discuss how we're thinking about these factors looking into the second half of the year.

因此，我將更深入說明其影響，並討論我們在展望下半年時如何看待這些因素。

First, I'll start with the financial and operational highlights. Enterprise net sales growth in constant currency of 5% was at the top end of our guidance of 4% to 5%, driven by growth in e-commerce, Sam's Club in China. This quarter demonstrates the benefits of our diversified portfolio of businesses across channels, formats, and markets.

首先，我先從財務與營運亮點談起。以固定匯率計，企業淨銷售額成長 5%，位於我們 4% 至 5% 指引區間的上緣，主要由電商成長以及中國 Sam's Club 的成長所帶動。本季展現了我們在不同通路、業態與市場的多元化業務組合所帶來的效益。

Global e-commerce net sales grew 23%, continuing the strong momentum of the last several years. Sam's US and our International segment were both accretive to enterprise sales growth. Sam's comps were driven by a 7% increase in transactions with solid growth in unit volumes.

全球電商淨銷售額成長 23%，延續過去數年的強勁動能。Sam's 美國與我們的國際事業部門皆對企業銷售成長有正向貢獻。Sam's 的同店銷售（comps）主要由交易筆數增加 7% 所驅動，且單位銷量穩健成長。

International constant currency sales increased nearly 8% and led by 9.7% growth in China. Walmart US net sales increased 3.5%, including a comp sales increase ex fuel of 2.6%, slightly below our initial expectation due to lower health and wellness sales that were impacted by a larger headwind from maximum fair pricing. I'll talk more about this in a minute.

國際事業以固定匯率計的銷售額增加近 8%，其中以中國 9.7% 的成長領先。Walmart 美國淨銷售額增加 3.5%，其中剔除燃油後的同店銷售成長 2.6%；由於健康與保健（health and wellness）銷售較低，且受到最高公平定價（maximum fair pricing）帶來較大逆風影響，略低於我們最初的預期。我稍後會再多談這點。

Enterprise adjusted operating income on a constant currency basis increased over 17%, and adjusted EPS increased over 19%. This performance reflects the net benefit from the tariff refunds we received, partially offset by price investments in the quarter as well as improved incremental margins in our digital business with strength in high-margin commerce solutions.

以固定匯率計，企業調整後營業利益成長超過 17%，調整後每股盈餘（EPS）成長超過 19%。這項表現反映了我們收到的關稅退稅所帶來的淨效益，部分被本季的價格投資所抵銷；同時，我們的數位業務增量毛利率改善，且高毛利的商務解決方案表現強勁。

Operating income growth included a net benefit of approximately 750 basis points related to tariff refunds received in Q2. Setting aside this benefit, underlying operating income growth was at the top end of our 7% to 10% guidance. Our outlook reflects the continued prioritization of the remaining tariff refunds in the customer experience and price investments in the second half. For this reason, I encourage you to consider Q2 and Q3 performance together to assess the underlying growth of the business.

營業利益成長包含約 750 個基點、與第二季收到的關稅退稅相關的淨效益。若不計此項效益，基礎營業利益成長位於我們 7% 至 10% 指引區間的上緣。我們的展望反映出：在下半年，我們仍將持續優先把剩餘的關稅退稅投入於顧客體驗與價格投資。因此，我建議將第二季與第三季的表現合併觀察，以評估業務的基礎成長。

I want to take a moment to further emphasize the positive progress we're making in our e-commerce businesses. Digital is driving our growth; customer spend and market share gains across all operating segments. As we deploy these digital capabilities outside the US, it allows us to move with speed from an operational perspective. From a financial perspective, this allows us to grow at a lower marginal cost.

我想花點時間進一步強調我們在電商業務上所取得的正向進展。數位化正驅動我們的成長；在所有營運部門中，客戶支出與市占率皆有所提升。當我們將這些數位能力部署到美國以外市場時，從營運角度來看，這讓我們能夠更快速地推進。從財務角度來看，這讓我們能以較低的邊際成本實現成長。

Walmart US e-commerce grew 24% in Q2, with over 40% sales growth in store-fulfilled deliveries, 20% growth in average weekly customers, and over 50% growth in Marketplace sales. e-commerce growth was also strong at Sam's Club US, up 26% and our International segment up 19%, led by China, India, and Canada. Sustained e-commerce momentum enables the growth of Commerce Solutions businesses, advertising, Marketplace, data ventures, and membership.

沃爾瑪美國電商在第二季成長24%，其中門市履約配送銷售成長逾40%、每週平均顧客數成長20%，以及Marketplace銷售成長逾50%。Sam's Club美國的電商成長同樣強勁，上升26%；國際事業部成長19%，主要由中國、印度與加拿大帶動。電商動能的持續，推動了商務解決方案（Commerce Solutions）業務、廣告、Marketplace、數據事業以及會員制的成長。

I'll start with global advertising, which increased 38% and driven by another strong quarter from Walmart Connect in the US and Flipkart ads. Walmart US advertising, including VIZIO, also increased 38%, led by strength in Walmart Connect which was up 43%. The momentum in Marketplace and Fulfillment Services continued this quarter, with US net sales up 52%.

我先從全球廣告談起，該業務成長38%，主要由美國Walmart Connect與Flipkart廣告再度交出強勁季度表現所帶動。沃爾瑪美國廣告（包含VIZIO）亦成長38%，其中Walmart Connect表現強勁，成長43%。本季Marketplace與履約服務（Fulfillment Services）的動能延續，美國淨銷售成長52%。

Nearly 50% of the Marketplace business flowed through Walmart Fulfillment Services in Q2, an increase of nearly 400 basis points versus last year. We're benefiting from a broader Marketplace assortment that includes more of the key brands that customers want.

第二季，Marketplace業務中近50%透過Walmart Fulfillment Services完成，較去年提升近400個基點。我們受惠於更廣泛的Marketplace商品組合，其中包含更多顧客想要的關鍵品牌。

Walmart Data Ventures continues to drive meaningful growth. Users value the platform's enhanced decision intelligence capabilities, which uncovered shared growth opportunities across Walmart's formats and markets. We announced today that we're extending the Scintilla platform to Sam's Club US next year, addressing one of the top requests from our suppliers. Rounding out our profit mix drivers, membership income grew nearly 17% globally.

Walmart Data Ventures持續帶動顯著成長。使用者重視該平台強化的決策智慧能力，這些能力揭示了沃爾瑪各種業態與市場之間的共同成長機會。我們今天宣布，明年將把Scintilla平台延伸至Sam's Club美國，以回應供應商最主要的需求之一。作為我們獲利組合驅動因素的補充，全球會員收入成長近17%。

Sam's Club US membership increased nearly 6%. This was driven by steady growth in member counts and plus penetration. Sam's Club China hit new record highs in member counts, and we saw strong relative performance in our Sam's format in Mexico.

Sam's Club美國會員數增加近6%。這主要由會員人數穩定成長以及Plus會員滲透率提升所帶動。Sam's Club中國會員數創下新高，我們也看到墨西哥Sam's業態的相對表現強勁。

We're especially pleased with the continued strong double-digit growth in our US Walmart+ program, resulting in the best first half of membership growth in its history. We are building what we believe can be the most essential membership program for consumers and excited for what's ahead. The thing that people sometimes overlook when reflecting on our membership program is the incrementality that we see on GMV. Our members spend approximately 4 times more than non-members.

我們特別高興看到美國Walmart+計畫持續維持強勁的兩位數成長，帶來該計畫史上最佳的上半年會員成長表現。我們正在打造我們相信能成為消費者最不可或缺的會員計畫，並對未來發展感到振奮。人們在回顧我們的會員計畫時，有時會忽略的一點，是我們在GMV上的增量效益。我們的會員消費金額約為非會員的4倍。

Turning to incremental margins. The profitability of our e-commerce business continues to improve. Our Walmart US e-commerce business achieved double-digit incremental margins for the first half of the year. This was driven by continued strong ad and membership revenue, further densification of our delivery network, growth in fee-based fast deliveries, which represented an all-time high of 37% of store-fulfilled deliveries in the quarter.

接著談增量毛利率。我們電商業務的獲利能力持續改善。沃爾瑪美國電商業務在上半年達成兩位數的增量毛利率。這主要由廣告與會員收入持續強勁、配送網路進一步提高密度、以及收費型快速配送的成長所帶動；本季收費型快速配送占門市履約配送的比例創歷史新高，達37%。

And lastly, the benefits of automation. 3,100 of our US stores are now served with some level of automated freight, and we're processing over 50% of our e-commerce fulfillment volume through automated facilities.

最後是自動化帶來的效益。目前我們在美國有3,100家門市已在某種程度上採用自動化貨運服務，且我們透過自動化設施處理超過50%的電商履約量。

Now I want to address a few areas in a little more detail. The first is the Walmart US comp. To help understand the composition of our US comp sales by merchandise category, we provided an additional disclosure in our supplemental slide deck, which is slide 14.

接下來我想就幾個領域再更詳細說明。第一個是沃爾瑪美國的同店銷售（comp）。為了協助理解我們美國同店銷售按商品類別的構成，我們在補充簡報中新增了一項揭露，即第14頁。

The chart on that slide shows Walmart US comps, excluding the health and wellness category. Over the last 2.5 years, sales in our core categories have been extremely consistent, largely in the 3% to 4% range on a quarterly basis.

該頁圖表顯示的是排除健康與保健（health and wellness）類別後的沃爾瑪美國同店銷售。過去2.5年，我們核心品類的銷售表現極為一致，按季度大多落在3%到4%的區間。

For outlier periods, such as last quarter, when looking at a two-year average growth falls right into the middle of a similar 3% to 4% range. We expect core comps in a similar range in the second half. However, when looking at the Walmart US total comps, including health and wellness during each of FY25 and FY26, we realized 100 basis points of a tailwind from sales of GLP-1 branded drugs.

對於偏離常態的期間（例如上季），若以兩年平均來看，成長率仍落在相近的3%到4%區間中段。我們預期下半年核心同店銷售也將維持在類似區間。然而，若觀察包含健康與保健在內的沃爾瑪美國整體同店銷售，在FY25與FY26各年度中，我們因GLP-1品牌藥品銷售而獲得100個基點的順風。

In FY27, the benefit from GLP-1 is expected to be roughly half that amount, as script count growth is more than offset by price mix headwinds. New in FY27, we cited a 100 basis points headwind to total comp sales from deflation and brand to generic transfers under the first year of Maximum Fair Price regulation. In Q2, this negative impact was closer to 125 basis points, and we've updated our estimate for FY27 impact to be similar at 125 basis points.

在FY27，GLP-1帶來的效益預期約為上述的一半，因為處方量（script count）成長被價格組合的不利因素所抵銷。FY27新增的一點是：在「最高公平價格」（Maximum Fair Price）規範的第一年，我們提到通縮以及品牌藥轉為學名藥（brand to generic transfers）將對整體同店銷售帶來100個基點的逆風。在第二季，這項負面影響更接近125個基點，我們也將FY27影響的估計更新為同樣約125個基點。

Putting all this together, sales of core merchandise categories have been consistent. But at the total US comp level, we've had nearly a 200 basis point net swing in comp sales growth from the trailing two-year pace to this year, entirely tied to our health and wellness category. It's important to note that this unfavorable impact is to the top line only. We're pleased with the underlying performance and the profit contribution of our health and wellness business.

綜合以上，核心商品品類的銷售一直相當一致。但在美國整體同店銷售層面，從過去兩年的趨勢到今年，我們的同店銷售成長出現了近200個基點的淨變動，且完全與健康與保健類別相關。需要強調的是，這項不利影響僅反映在營收端（top line）。我們對健康與保健業務的基本面表現及其獲利貢獻感到滿意。

Next, I want to discuss in-store comps. They were down low single digits in Q2, consistent with the trend that began in late Q4 last year. This headwind is primarily driven by the negative impact from the health and wellness business, where the vast majority of the sales occur in store. The role of our stores has evolved as our model has changed. e-commerce sales now represent over 23% of our mix in Walmart US, which is double the level from just five years ago. The more omni we become, the more important our stores become not less important, more important.

接著我想談門市同店銷售。第二季門市同店銷售下滑低個位數，與去年第四季末開始的趨勢一致。這項逆風主要來自健康與保健業務的負面影響，因為該業務絕大多數銷售發生在門市。隨著我們的模式改變，門市的角色也在演進。電商銷售目前占沃爾瑪美國組合的23%以上，是五年前水準的兩倍。我們越是走向全通路（omni），門市就越重要——不是更不重要，而是更重要。

Between in-store shopping and digital fulfillment, we have more unit volumes transacted through our stores than ever before as they are the last mile fulfillment nodes for 80% of our e-commerce orders and 100% of our fast deliveries. As e-commerce profit margins continue to improve, we're becoming increasingly agnostic about channel dynamics, while enabling customers to shop on their terms.

在門市購物與數位履約之間，由於門市是80%電商訂單與100%快速配送的最後一哩履約節點，我們透過門市完成的交易件數比以往任何時候都更多。隨著電商利潤率持續改善，我們對通路動態的依賴性（channel dynamics）愈來愈中性，同時讓顧客能以他們偏好的方式購物。

Next, I want to discuss the tariff refunds in a little more detail. As we shared with you in May, we were eligible for approximately $2.9 billion of tariff refunds, amounting to about 0.5% of annual US net sales. To date, we've received substantially all of these tariff refunds. As John mentioned, we've taken a disciplined approach to investing these funds back into customer experience and price leadership, prioritizing investment in grocery and general merchandise categories.

接下來我想更詳細說明關稅退稅（tariff refunds）。如同我們在5月與各位分享的，我們符合資格可取得約29億美元的關稅退稅，約相當於美國年度淨銷售的0.5%。截至目前，我們已收到幾乎全部的關稅退稅。如John所提到的，我們以嚴謹的方式將這些資金再投資於顧客體驗與價格領導地位，並優先投資於雜貨與一般商品品類。

Looking forward, our Q3 guidance reflects the continued impact of pricing actions taken in Q2 alongside continued prioritization of tariff refunds in the price investment. We would encourage you to look at our operating income growth for Q2 and Q3 together to assess the underlying performance of the business.

展望未來，我們第三季指引反映了第二季採取的定價措施所帶來的持續影響，同時也持續優先將關稅退稅用於價格投資。我們建議各位將第二季與第三季的營業利益成長合併觀察，以評估業務的基本面表現。

Now I'll turn to SG&A. We leveraged wages in Q2 as we continue to improve productivity through increased usage of tech tools by associates and stores and streamlined inventory flow enabled by supply chain automation. More than offsetting these benefits were higher depreciation related to CapEx and increased self-insurance cost.

接下來談SG&A（銷售、一般及行政費用）。第二季我們在薪資方面實現槓桿效益，因為我們持續透過員工與門市更廣泛使用科技工具、以及供應鏈自動化所帶來的庫存流轉精簡來提升生產力。但這些效益被更高的折舊（與資本支出CapEx相關）以及自保成本上升所抵銷，且抵銷幅度超過上述效益。

Inventory at quarter end increased 6% in constant currency, slightly higher than total enterprise sales growth. The increase reflects cost inflation as well as higher inventory to support strategic initiatives in the US, including the optimization of inventory across fulfillment notes.

季末庫存以固定匯率計增加6%，略高於整體企業銷售成長。此增幅反映了成本通膨，以及為支持美國的策略性計畫而提高的庫存水位，包括在各履約節點間進行庫存最佳化。

Turning to guidance. We have increased confidence in the long-term value drivers of our business. Our business is strong. e-commerce and related businesses offer compelling growth, and we are consistently generating strong incremental margins. We're raising our fiscal year sales guidance to 4% to 5% from 3.5% to 4.5% previously.

接著談展望。我們對本業長期價值驅動因素的信心提高。我們的業務表現強勁。電商及相關業務提供具吸引力的成長機會，我們也持續創造強勁的增量利潤率。我們將本財年銷售指引由先前的3.5%至4.5%上調至4%至5%。

There are four assumptions worth highlighting. The first is this upward revision reflects the pass-through of first half performance, but also assumes slightly better second half sales versus our prior guide as price investments drive accelerated and sustained share gains. Price investments are an immediate benefit to customers but build value over time for the business.

有四項假設值得強調。第一，此次上修反映上半年表現的延續，同時也假設在價格投資帶動加速且可持續的市占提升下，下半年銷售將較先前指引略佳。價格投資能立即讓顧客受益，但也會隨時間為企業累積價值。

Second, we're incorporating a larger headwind from Maximum Fare Pricing within the Walmart US business. Based on year-to-date experience, we now estimate the full year headwind to Walmart US comp sales will be closer to 125 basis points.

第二，我們在Walmart美國業務中納入了來自最高處方定價（Maximum Fare Pricing, MFP）更大的逆風。根據年初至今的經驗，我們現在估計全年對Walmart美國同店銷售的逆風將更接近125個基點。

Next, we expect Sam's Club US and international to be growth accretive to the enterprise in both Q3 and Q4. Walmart US sales growth is expected to improve in Q3 as the investment in customer value translates into stronger sales.

接下來，我們預期Sam's Club美國與國際業務在第三季與第四季都將對整體企業成長具正向貢獻。隨著對顧客價值的投資轉化為更強勁的銷售，預期Walmart美國在第三季的銷售成長將改善。

And lastly, the timing of Flipkart's big billion days will impact the cadence of Q3 and Q4 sales growth. This year, we expect a Q3 headwind of over 100 basis points sales growth as we lap last year's event. We expect that Q4 sales growth will benefit by a similar amount for this year's event. Overall, for the enterprise, we expect sales growth in Q3 to be between 3% and 3.75%.

最後，Flipkart「Big Billion Days」活動的時點將影響第三季與第四季銷售成長的節奏。今年，由於與去年活動形成比較基期，我們預期第三季銷售成長將面臨超過100個基點的逆風。我們預期第四季銷售成長將因今年活動而獲得相近幅度的助益。整體而言，就企業層面，我們預期第三季銷售成長介於3%至3.75%。

Regarding operating income, we're raising our full year guidance to 7% to 8.5% versus 6% to 8% previously. We expect the financial impact from the tariff refund receipts and reinvestment will be largely contained within the current fiscal year with the objective of driving sustained customer benefits and share gains in the second half and into future years.

關於營業利益，我們將全年指引由先前的6%至8%上調至7%至8.5%。我們預期關稅退稅入帳及再投資的財務影響將大致集中在本財年內，目標是在下半年及未來年度持續帶動顧客受益與市占提升。

Our guidance assumes that fuel costs persist at current rates. We now expect more than $2 billion of incremental fuel-related costs this year, above and beyond our original guidance assumptions. We also expect cost related to the acquisition and integration of Vibe to be an approximate 20 basis points headwind to OI growth.

我們的指引假設燃料成本維持在目前水準。我們現在預期今年燃料相關的增量成本將超過20億美元，且高於我們原先指引假設。我們也預期收購與整合Vibe的相關成本，將對營業利益（OI）成長造成約20個基點的逆風。

Inclusive of planned investment of tariff refunds, Q3 operating income growth on a constant currency basis is expected to grow 2% to 4%. Notably, a large portion of the refunds were invested at the end of Q2. So the full quarter impact of these investments is more pronounced in Q3. When looking at Q2 and Q3 reported operating income together, growth would average approximately 10% per quarter. We're raising our full year EPS guidance to $2.80 to $2.87 from $2.75 to $2.85 previously.

包含已規劃的關稅退稅再投資在內，第三季以固定匯率計的營業利益成長預期為2%至4%。值得注意的是，大部分退稅是在第二季末投入。因此，這些投資的完整季度影響在第三季更為明顯。若將第二季與第三季的已報告營業利益合併觀察，平均每季成長約為10%。我們將全年每股盈餘（EPS）指引由先前的2.75至2.85美元上調至2.80至2.87美元。

For Q3, we expect EPS of $0.62 to $0.64. I want to be really clear on this point. We're at the midpoint of our year, and we're raising our full year guidance to reflect confidence in our ability to sustain growth and share gains. Importantly, we're raising in the face of more than $2 billion of incremental costs tied to higher fuel prices and arguably a softer consumer environment than in February when we introduced our initial outlook. As such, we feel it's prudent to remain cautious by only raising the guide modestly.

就第三季而言，我們預期EPS為0.62至0.64美元。我想把這點說得非常清楚。我們已走到年度中點，並上調全年指引，以反映我們對維持成長與市占提升能力的信心。重要的是，即便面臨超過20億美元、與燃料價格上升相關的增量成本，以及相較於我們在2月提出初始展望時可能更疲弱的消費環境，我們仍選擇上調。因此，我們認為審慎起見，僅小幅上調指引是較為合宜的。

We now expect slightly higher CapEx for the year at approximately 4% of annual net sales. Even with this increase, we expect to generate double-digit growth in free cash flow this year.

我們現在預期今年資本支出（CapEx）將略高，約為年度淨銷售額的4%。即便如此增加，我們仍預期今年自由現金流將實現雙位數成長。

In closing, our teams continue to focus on what we do best. Serving customers and members with everyday great value, exceptional convenience and speed, all while pushing our business model forward, diversifying our profit mix and leading in agentic experiences.

最後，我們的團隊將持續專注於我們最擅長的事。以每日卓越的價值、出色的便利性與速度服務顧客與會員，同時推動我們的商業模式向前、分散獲利組合，並在代理式（agentic）體驗方面領先。

We're now happy to take your questions.

我們現在很樂意回答各位的提問。

(Operator Instructions) Kate McShane, Goldman Sachs.

(接線員指示) 高盛（Goldman Sachs）的Kate McShane。

We wanted to focus our question this morning on the tariff refunds and price investment. With your most recent incremental pricing investments, I know you mentioned you're expecting a slightly better second half as a result. But have you already started to see an acceleration in units? And just given the price investment is such a focus in the market, can you talk about vendor support versus how much Walmart is investing? And how do you sustain these lower prices and lock this investment in 2027?

我們今天早上的問題想聚焦在關稅退稅與價格投資。就你們最近新增的定價投資而言，我知道你們提到因此預期下半年會略好一些。但你們是否已經開始看到銷量（units）加速？另外，鑑於價格投資是市場高度關注的焦點，你們能否談談供應商支持相較於Walmart自身投入的比例？以及你們如何維持這些較低價格，並將這項投資鎖定延續到2027年？

Thanks for the question. This is John. Let me just start by saying I'm really pleased with the quarter for Walmart. This is a good quarter, 5% in sales and strong operating income growth.

謝謝你的提問。我是John。我先說，我對Walmart本季表現非常滿意。這是一個很好的季度，銷售成長5%，營業利益成長也很強勁。

We've been investing, as you know, in the last few years in the strategy to drive a very powerful omni business, and we're proud of the progress I've been a part of building the strategy for a year, and it's great to see it come together. We want to be really flexible for customers, whether they shop at the counter or at the curb or delivery to their home. Customers are looking for value, and our team is executing that well. We had a good quarter in Walmart US, International and Sam's Club.

如各位所知，過去幾年我們一直在投資一項策略，以打造非常強大的全通路（omni）業務；我們對進展感到自豪。我參與打造這項策略已一年，很高興看到它逐步整合到位。我們希望對顧客保持高度彈性，不論他們是在櫃檯購物、路邊取貨，或是配送到府。顧客在尋求價值，而我們的團隊執行得很好。Walmart美國、國際以及Sam's Club本季都有不錯的表現。

And the result of that is we have seen share gains. And we're pleased with share gains across the business. There was an impact in pharmacies. We talked about from MFP. Putting that aside, the third -- or the second quarter, excuse me, for Walmart US is the best second quarter we've had in the last three years. So we're proud of the performance.

因此我們看到了市占提升。我們對全業務的市占提升感到滿意。藥局業務受到一些影響。我們談到那是來自MFP的影響。先不談這點，Walmart美國的第二季——抱歉，是第二季——是我們過去三年來最好的第二季。因此我們對表現感到自豪。

And as all these pieces come together, whether it's Marketplace, advertising, our membership businesses, it's important to recognize that these businesses work together, they're reinforcing and they further develop our ability to serve customers with value.

而當這些要素逐步到位時，無論是Marketplace、廣告、或我們的會員業務，都必須認知到這些業務彼此協同、相互強化，並進一步提升我們以價值服務顧客的能力。

So on price specifically, as John David mentioned, we invested in price in the second quarter. We talked about at the end of the first quarter that customers are feeling some pressure. So we're proud of our investments. We're very thoughtful about those investments, the categories they went in, the timing of those investments. and we'll manage them across the two quarters.

就價格而言，如John David提到的，我們在第二季進行了價格投資。我們在第一季末曾提到，顧客正感受到一些壓力。因此我們對這些投資感到自豪。我們對這些投資非常審慎，包括投入的品類、投入的時點，並會在兩個季度間加以管理。

Our merchants have a lot of experience, delivering value, mixing out. They're doing this in a way that, as I said, resulted in share gains. We're really pleased with the share gains that we saw in the food categories, and those type of share gains tend to be durable over time.

我們的採購團隊在提供價值、調整品類組合方面有豐富經驗。他們以我所說的方式執行，並帶來市占提升。我們對食品品類所看到的市占提升感到非常滿意，而這類市占提升往往能隨時間維持其持久性。

So specifically, as we look forward, if you take the two quarters, you put those together, we're pleased with our forecast in terms of sales. We're pleased with the forecast in terms of operating income growth. You heard John David mentioned what those two are. And our purpose and mission is always to save people money and live better, and that's what we'll continue to focus on. And we'll do everything we can to keep prices as low as we can for customers throughout the rest of the year.

因此，具體來說，展望未來，如果把這兩個季度合在一起看，我們對銷售方面的預測感到滿意。我們對營業利益成長方面的預測也感到滿意。你也聽到 John David 提到那兩項是什麼。而我們的宗旨與使命始終是幫人們省錢、生活得更好，這也是我們將持續聚焦的方向。而在今年剩餘時間裡，我們會盡一切所能，為顧客把價格維持在盡可能低的水準。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

So I guess I have two parts. The first is the lower-income consumer has faced pressures for the better part of several years. Is there anything different even about this environment with gas prices that you think has accumulated to weigh on them further? And then it's related to the prior question, and I think some of John David's prepared remarks, the elasticity function to some of these price investments and rollbacks I know you mentioned you see it immediate. Can you give us some context?

我想我有兩個部分的問題。第一，低收入消費者在過去好幾年大部分時間都面臨壓力。在目前這個環境下，尤其是油價，你覺得是否有任何不同之處，讓壓力進一步累積、對他們造成更大的負擔？第二個問題與前一題相關，也呼應我認為 John David 事先準備的發言：對於你們提到的一些價格投資與降價（rollback），其需求彈性（elasticity）功能——我知道你提到你們看到的是立即反應。你能否提供一些背景脈絡？

And then is there traditionally a little bit of a lag where you start to see a more, I guess, more impactful response over the next, call it, six months?

另外，傳統上是否會有一點滯後，也就是你會在接下來大約六個月內開始看到更——我想說——更顯著的反應？

Simeon, this is John David. Thanks for your question. We, no doubt, and it sort of states the obvious, have seen some incremental pressure on the consumer relative to the beginning of the year with higher fuel prices. As you go through month by month in the last quarter, you can tell when fuel prices increase and got above $4, and perhaps there's a psychological impact to that, that there are choices that consumers are making. So June was a little more obvious as we look at the quarter in terms of customers making trade-offs.

Simeon，我是 John David。謝謝你的提問。毫無疑問，而且這也算是不言自明，與年初相比，隨著燃油價格上升，我們確實看到消費者承受了一些額外壓力。在上一季逐月觀察時，你可以看出當油價上升並突破 4 美元時——也許還有心理層面的影響——消費者會做出一些選擇。因此，就本季來看，6 月在顧客做取捨方面更為明顯。

And it's why we have leaned so heavily into lower prices. You're right, there is elasticity on these items that we roll out. We talked about 11,000 rollbacks. We're really proud of that. and how we're trying to be there for our customers and members during this period of time.

這也是為什麼我們如此大力投入更低的價格。你說得對，對於我們推出的這些品項確實存在需求彈性。我們談到 11,000 項降價（rollback）。我們對此非常自豪，也是在這段期間努力陪伴我們的顧客與會員。

But I think very importantly, in your question, there is a lag to this. There is a bit of a cumulative benefit that comes when you lower prices. And so you don't necessarily expect to have that offsetting benefit to the lower prices in the immediate period.

但我認為在你的問題中非常重要的一點是，這件事存在滯後效應。當你降價時，會有一些累積性的效益逐步顯現。因此，你不一定會期待在短期內立刻看到足以抵銷降價影響的回補效益。

And so as you know, being very familiar with our business, we're not managing our business for one quarter. We're managing our business on a multiyear basis to play to win. We feel confident in our strategy and what we're doing here. And importantly, the market share gains that we've seen in these recent periods, they're durable. We're seeing that we're keeping those market share gains.

因此，如你所知，你對我們的業務非常熟悉，我們並不是以單一季度來經營公司。我們是以多年期的角度來經營，目標是要贏。我們對自身策略以及目前所做的事情充滿信心。而且很重要的是，我們在最近這些期間看到的市占率提升是具持久性的。我們看到我們正在維持住這些市占率增幅。

And that's why I think we've been perhaps as bold as we have to continue to go after that.

這也是為什麼我認為我們可能會像現在這樣更為大膽，持續去爭取那些機會。

And Simeon, with the rollbacks and the other investments, we exited the first quarter, as we mentioned earlier, at about 7,000 rollbacks. It's normally about 5%. At the end of the quarter, we had 11. And when you take rollbacks in consumable categories like food, you tend to see first a unit increase and we saw transactions and units grow in the quarter. And then that does create a temporary deflationary effect.

另外，Simeon，關於降價（rollback）與其他投資，我們在第一季結束時——如先前提到——大約有 7,000 項降價。通常大約是 5%。在本季末，我們有 11,000 項。當你在食品等消耗品類別做降價時，通常會先看到銷量（units）增加；而我們在本季確實看到交易筆數與銷量成長。接著，這會帶來一個暫時性的通縮效果。

But as the units grow over time, particularly in food, then the share gains come through. And we were really pleased with the recent share report in food, it's one of the strongest reports we've had in some time. So we're pleased with those. But again, we'll handle this thoughtfully. Our hope and intention always is that rollbacks can become permanent price increases wherever possible.

但隨著銷量隨時間成長，特別是在食品方面，市占率提升就會逐步反映出來。我們對近期食品的市占報告非常滿意，這是我們一段時間以來最強的報告之一。所以我們對這些結果感到滿意。但同樣地，我們會審慎地處理。我們一貫的希望與意圖是：在可能的情況下，降價（rollback）能夠成為永久性的價格下調。

We have the line of sight to those. And for any that we see that we aren't getting a return, and we'll manage them carefully. We want to be thoughtful about how we invest all of our funds and all the funds available. Ultimately, we're trying to reinforce the everyday low price model and save customers money.

我們對此有清楚的可視性（line of sight）。而對於任何我們看到沒有獲得回報的項目，我們會謹慎管理。我們希望在如何運用所有資金、以及所有可用資金方面都能審慎周全。最終，我們是在強化「天天低價」模式，並為顧客省錢。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I'd love to follow up on where you're seeing tariff rates going forward. Are the effective rates under the new sections coming in at higher or lower than IEEPA? And then my follow-up is on the baseline into '27. Should we think about operating income still growing up to 2x sales as we see the traffic results from the price investment?

我想追問一下你們對未來關稅稅率走勢的觀察。在新的條款（sections）之下，有效稅率相較於 IEEPA 是更高還是更低？另外，我的追問是關於到 2027 年的基準（baseline）。當我們看到價格投資帶來的來客數（traffic）結果時，我們是否仍應該把營業利益成長視為可達到銷售成長的 2 倍？

The assumption that we have with respect to tariff rates is basically at the level that we're experiencing today stands true for where fuel prices are as well. So if there's some improvement in fuel prices, I think that's a benefit to our forecast.

我們對關稅稅率的假設，基本上是以目前所經歷的水準為準；對燃油價格也是同樣的假設。因此，如果燃油價格有所改善，我認為那會對我們的預測帶來正面助益。

On operating income for 2027 and the outer years, look, we have a lot of confidence in our ability to continue to grow the bottom line at a much faster rate than we had the top line. But I don't want to miss the top line growth to do you have what is roughly $0.75 trillion of a revenue base and be able to grow at 4%, 5%, 6% a year, that's meaningful growth. What's notably different, though, is how profitable that growth is.

至於 2027 年以及更長期的營業利益，坦白說，我們非常有信心能夠讓盈餘（bottom line）的成長速度持續明顯快於營收（top line）。但我也不想忽略營收成長：你們有大約 0.75 兆美元的營收基礎，若能以每年 4%、5%、6% 成長，那是很有意義的成長。不過，顯著不同之處在於這些成長的獲利性有多高。

And so let's step back for a second and just think about the US comp. US comp is at 2.5%. I think the right way to think about that is really more 3.5% when you adjust for health and wellness. But just take at face value at 2.5% US comp. We grew operating income 10% ex tariffs. That's 4x the level of revenue growth. We haven't done that level of profit growth relative to the US comp in two decades. Our business is fundamentally changing.

所以我們先退一步，想一下美國同店（US comp）。美國同店是 2.5%。我認為更恰當的看法是：若把健康與保健（health and wellness）因素調整進去，其實更接近 3.5%。但就先以 2.5% 的美國同店來看。我們在扣除關稅影響後，營業利益成長了 10%。那是營收成長的 4 倍。我們已經有二十年沒有做到相對於美國同店如此幅度的獲利成長。我們的業務正在發生根本性的改變。

If you look at the profit drivers of our business, almost half of the growth came from areas like membership, advertising Marketplace. And we expect this to continue. In fact, I think there's line of sight to seeing improvement in incremental margins as we go forward. Right now, we're generating roughly double-digit, low double-digit incremental margins, but the growth drivers of our business are as intact as they ever have been.

如果你看我們業務的獲利驅動因素，幾乎一半的成長來自會員、廣告、市集（Marketplace）等領域。而我們預期這將會持續。事實上，我認為往後在增量毛利率（incremental margins）方面有清楚的改善可視性（line of sight）。目前我們大約產生雙位數、偏低雙位數的增量毛利率，但我們業務的成長驅動因素依然像以往任何時候一樣穩固。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

I want to ask about the health and wellness category, and I appreciate all the detail you shared this morning. It's really been an outsized contributor to growth over the last few years and still seems to have a bright outlook. I was hoping you could speak to that multiyear outlook and maybe how to think about the impact of fair pricing, particularly as we look out over a couple of years here?

我想問健康與保健（health and wellness）品類，我也很感謝你們今天早上分享的所有細節。過去幾年它一直是成長的超額貢獻者，而且看起來前景仍然相當亮眼。我希望你們能談談這個多年期展望，以及在未來幾年（特別是往後兩年）我們應該如何看待公平定價（fair pricing）的影響？

And Brad, as we mentioned, there definitely has been an impact in prior years. It was a tailwind, and it was a headwind in the quarter. That's on slide 14 in the supplemental materials, so we need to provide the transparency we can. But we do not want to at all signal that we are unpleased with the health and business. Lower prices help over the long term.

而且 Brad，正如我們提到的，過去幾年確實已經產生影響。它曾是順風，而在本季則成了逆風。這在補充資料的第 14 頁，所以我們需要盡可能提供透明度。但我們完全不希望傳達出我們對健康與業務狀況不滿意的訊號。較低的價格在長期來看是有幫助的。

We have a legacy of lowering prices in pharmacy back to the $4 generics, which has been exciting. But I'm going to have Dave talk about the business overall. We're really energetic about not only the underlying performance of health and wellness, but health customers, pharmacy customers, they spend more. And I think there's some really important detail that Dave is going to add.

我們在藥局降低價格方面有長期傳承，回溯到 4 美元學名藥，這一直令人振奮。不過我會請 Dave 來談談整體業務。我們不僅對健康與保健的基本面表現充滿活力，也看到健康客戶、藥局客戶的消費更高。我想 Dave 會補充一些非常重要的細節。

Absolutely, John. We feel very good about the underlying momentum in a health and wellness business. Prescription volumes continue to grow. We're gaining market share and customers are responding strongly to the convenience that we're building around pharmacy. I do want to highlight health and wellness, this customer cohort is incredibly important for us.

完全同意，John。我們對健康與保健業務的內在動能感到非常樂觀。處方量持續成長。我們正在提升市占率，客戶也對我們圍繞藥局所打造的便利性有強烈回應。我確實想強調健康與保健，這個客群對我們極其重要。

When someone becomes a health and wellness customer, they spend on average, 3 times more than the average Walmart customer. And when they begin using pharmacy delivery in addition to being a health and wellness customer, that almost doubles yet again.

當某人成為健康與保健客戶時，他們的平均消費是一般 Walmart 客戶的 3 倍。而當他們在成為健康與保健客戶的同時，也開始使用藥局配送服務時，這個數字幾乎又再翻倍。

So we have a very unique opportunity to connect our pharmacy expertise, our digital capabilities and our local fulfillment network to make healthcare more convenient and accessible while deepening our relationship with these customers.

因此，我們有一個非常獨特的機會，把我們的藥局專業、數位能力以及在地履約網路連結起來，讓醫療照護更便利、更可近，同時加深我們與這些客戶的關係。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

You articulated a lot of confidence that the Walmart US comp is going to accelerate as the lagged impact from these price investments start to gain traction. So A, have you already started to see that? And B, if that does not happen, what are you thinking about in terms of incremental price investments from here in order to drive the top line as you move not only into the back half, but also into 2027, especially as the benefit of all these tax refund state.

你們對 Walmart 美國同店銷售（comp）將會加速表達了很高的信心，因為這些價格投資的遞延影響開始發揮作用。所以 A，你們是否已經開始看到這種情況？以及 B，如果沒有發生，你們接下來在增量價格投資方面會怎麼想，以便在進入下半年、甚至到 2027 年時推動營收成長，特別是在所有這些退稅效益逐步消退之際。

Michael, first, Everyday Low Price is a philosophy that builds trust with customers, and we're proud to offer a value on a basket of goods that's predictable. It's consistent over time. So when we have the opportunity to lower prices, of course, that is always going to be our bias to do that, but we always need to balance our price investments relative to what we're seeing in the market and with the commitments we made on our forecast, including operating income over time. So we'll continue to work through those.

Michael，首先，「天天低價」（Everyday Low Price）是一種能與顧客建立信任的理念，我們也以能在一籃子商品上提供可預期的價值為榮。而且它會隨時間保持一致。因此，當我們有機會降價時，當然，我們一向傾向於這麼做；但我們也必須在價格投資與我們在市場上看到的情況，以及我們在預測中所做的承諾（包括隨時間推進的營業利益）之間取得平衡。所以我們會持續推進並處理這些事項。

I do think it's also important to step back and just think about the business model in total. John David mentioned the growth in things like membership, advertising, data, Fulfillment Services, we built a much more durable and resilient model that gives us optionality over time. We're proud of our price gaps. Of course, we'll defend those. We're proud of the rollback count we have.

我也認為退一步、從整體商業模式來思考很重要。John David 提到會員、廣告、數據、履約服務等領域的成長；我們建立了一個更耐久、更具韌性的模式，讓我們隨時間擁有更多選擇性。我們以我們的價差優勢為榮。當然，我們會捍衛這些優勢。我們也以目前的降價（rollback）數量為榮。

The rollback count, as we mentioned, started really late July. July was a stronger month in the month of June. We're pleased with the way back to school and back to college have started. So we'll monitor over time, and we have a great merchant team that will, of course, mix out categories. And we'll look at these investments carefully one at a time, ultimately, want to do -- what we want to do is like what Dave said in pharmacy.

如我們所提到的，降價（rollback）數量是在 7 月下旬才真正開始。7 月比 6 月更強。我們對返校與返校園季的開局感到滿意。因此我們會隨時間持續觀察，而我們有一支很強的採購團隊，當然也會在品類之間做組合調整。我們會逐項審慎評估這些投資；最終，我們想做的——就像 Dave 在藥局所說的那樣。

We want to have a business that you can depend on whether you're shopping at the counter, you're shopping at the curb, you're shopping at home, and we want to provide the most flexibility we can for our customers.

我們希望打造一個你可以依賴的業務，不論你是在櫃檯購物、在路邊取貨購物，或是在家購物；我們也希望為顧客提供我們所能提供的最大彈性。

Chris Nardone, Bank of America.

Chris Nardone，美國銀行（Bank of America）。

Can you refresh us on the messaging around incremental margins coming out of your digital business given the momentum we're seeing there. And then as we think ahead to next year, how should we think about your plan to lap these rollbacks and price investments you are making today and still make sure you're driving consistent traffic to your stores?

鑑於我們看到你們數位業務的動能，能否再幫我們更新一下，關於數位業務所帶來的增量毛利（incremental margins）的說法與訊息？另外，展望明年，我們應該如何看待你們在「對比基期」上跨越（lap）目前正在進行的這些降價與價格投資，同時仍能確保持續帶動門市穩定客流的計畫？

Chris, I'll take that. Let me start with the second part of your question. Lapping 19% EPS growth next year will be a challenge. So again, like we're managing our business on an annual, if not a multiyear basis, but I feel really good about what's in store for the next year and the years to come. But on the incremental margins, which as I noted, kind of in my previous answer, I think that's a big part of the story for us.

Chris，我來回答。我先從你問題的第二部分開始。明年要在 19% 的 EPS 成長基期上再度超越（lap）會是一項挑戰。所以再次強調，我們管理業務是以年度、甚至多年度為基礎；但我對明年以及未來幾年的布局感到非常有信心。至於增量毛利，如我在前一個回答中提到的，我認為那是我們故事中很重要的一部分。

We just -- we continue to see these growth areas of our business that are driving more benefit to the bottom line. We've not really committed to any certain number around the incremental margins in our business. But if you look back over the last, call it, six quarters or so, generally, US e-commerce incremental margins have been in that high single-digit to low double-digit range. A couple of quarters ago, I was asked a question about the opportunity for that to improve.

我們只是——持續看到這些成長領域正在為淨利端帶來更多貢獻。我們並沒有就業務的增量毛利承諾任何特定數字。但如果你回看過去大約六個季度，一般而言，美國電商的增量毛利大致落在高個位數到低雙位數的區間。幾個季度前，有人問過我這個數字是否有改善的機會。

And over time, I think, I was maybe a little bit more guarded at that point. But -- when we see things like our advertising business, that continues to grow at a 40% clip on a much higher base that actually gives us confidence in the ability to maybe see incremental margins even go higher. And so like what do you have to believe to have incremental margins go higher? Well, advertising growth would need to outpace our e-commerce growth, and that's actually what we've been seeing and not by a small margin, by a large margin on a larger base.

隨著時間推進，我想我當時可能稍微更保守一些。但是——當我們看到像是廣告業務持續以 40% 的速度成長，而且是在更高的基期之上，這其實讓我們更有信心，增量毛利甚至可能進一步提高。那麼，要讓增量毛利提高，你需要相信什麼？你需要相信廣告成長會超過電商成長，而這正是我們一直看到的，而且不是小幅超越，而是在更大基期上大幅超越。

And with the acquisition of Vibe, this gives us a new addressable market that we didn't have before in these small- and medium-sized merchants. And so we're very excited about the opportunity there. Advertising though, is just one aspect of what we're doing.

再加上收購 Vibe，這讓我們在中小型商家這個領域，獲得了過去沒有的新可服務市場。因此我們對那裡的機會感到非常興奮。不過，廣告只是我們所做事情的一個面向。

I don't want to solely point to that as the only opportunity that we have here is we continue to add businesses that complement the diversified portfolio of offerings that we have today that generate these higher margins, it's very attractive to us. The key benefit of digital growth is being able to grow at a very low marginal cost.

我不想把廣告當作我們在這裡唯一的機會；我們持續新增能補強我們目前多元化產品組合的業務，並帶來這些較高的毛利，這對我們非常有吸引力。數位成長的關鍵好處，是能以非常低的邊際成本來擴張。

John has talked a lot since he's come on about this platform approach that we're taking. We're doing all the same things that we're doing in the US and our other markets around the world. Mexico is a really good example.

John 自上任以來談了很多我們正在採取的「平台化」方法。我們在美國所做的所有事情，也同樣在全球其他市場推進。墨西哥就是一個很好的例子。

We look at Mexico today, and it's the same playbook that we implemented in the US five years ago. And we're super excited about some of the early progress that we're seeing there. So we think we have a tremendous opportunity to continue to change and see our margins drift up over time.

我們看今天的墨西哥，採用的正是我們五年前在美國落地的同一套打法。我們對那裡目前看到的一些早期進展感到非常興奮。因此我們認為，我們有非常巨大的機會持續推動變革，並在時間推移下看到毛利率逐步上行。

Last thing I'll say on this. Obviously, I have some passion around this point. But it's not just that our incremental margins are growing. They're growing at twice the rate of the overall margin of the business. And I think that shows sort of how the earnings complexion of our business and the durability of that growth that we have will play into the future.

最後我想補充一點。顯然，我對這個觀點很有熱情。但不只是我們的增量毛利在成長。它的成長速度是整體業務毛利的兩倍。我認為這顯示了我們獲利結構的變化，以及我們所擁有的成長韌性，將如何在未來發揮作用。

So very excited about it.

對此感到非常興奮。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通。

So if you look at the category performance relative to 1Q and the Walmart US business, grocery continue to grow that mid strong mid-single digits, well above the market, and it was gen merch has actually slowed. So could you help us think about how much of that slowdown in gen merch was stimulus-related versus gas prices affecting that lower-end consumer?

所以如果你看相較於第一季以及沃爾瑪美國業務的品類表現，雜貨持續以強勁的中段個位數成長，遠高於市場，而一般商品實際上已經放緩。所以你能否幫我們思考，一般商品放緩有多少是與刺激措施相關， versus 汽油價格影響到較低端消費者？

And then if you look back over the past few years, you've seen a consumer that has shown up around events. And to what extent have you seen that the impact of back-to-school start to drive some lift in that gen merch business even considering where gas prices sit today?

另外，如果你回顧過去幾年，你會看到消費者會在一些事件期間出現。在汽油價格仍處於今天這個水準的情況下，你們在多大程度上看到返校季開始帶動一般商品業務有所提振？

Chris, why don't I start and then maybe hand it over to Dave for a little more color. I think no doubt; the first quarter benefited from the stimulus payments related to tax refunds. And we acknowledge that on the last call. It's tough to determine how much you ascribe to what's going on in your business versus the overall macro environment, but I think we definitely benefited some from that. And then as we go into the second quarter, we saw gas prices peak at higher prices than what we saw in the first quarter.

Chris，我先開始回答，然後也許再交給 Dave 補充一些細節。我想毫無疑問，第一季受惠於與退稅相關的刺激金發放。我們在上次電話會議也承認了這點。很難判斷你要把多少歸因於自身業務的狀況、多少歸因於整體宏觀環境，但我認為我們確實從中受益了一些。接著進入第二季，我們看到汽油價格攀升到比第一季更高的峰值。

I think all of that impacts the results. But again, when you look at the core business and the fact that our value proposition, I think, is as strong as ever. We feel really good about how we're performing and what the outlook is.

我認為這些都會影響結果。但再說一次，當你看核心業務，以及我們的價值主張，我認為比以往任何時候都更強。我們對自身表現以及前景感到非常有信心。

Back to school, back to college. Back-to-school for much of the country is about a week later this year. So it's probably a little early to conclude anything on that. But I will say that back to college has gone exceedingly well. Like we're really pleased with what we're seeing there.

返校、返校園。今年對於美國大部分地區而言，返校季大約晚了一週。所以現在下結論可能還太早。但我要說的是，返校園（back to college）的表現非常好。我們對目前看到的情況非常滿意。

You asked about general merchandise categories like we have right now, like one of the brands that we're selling, private brand items, Wonder Nation for kids. It's the largest kids fashion brand in the U.S. today. So like we love our offering. We certainly recognize that the share gains that we're getting, notably from higher income consumers are in part because of the assortment that we have.

你問到目前我們的一般商品品類，例如我們正在銷售的一個品牌、我們的自有品牌商品 Wonder Nation（兒童）。它目前是美國最大的兒童時尚品牌。所以我們很喜歡我們的商品組合。我們也確實認知到，我們獲得的市占提升，特別是來自較高收入消費者的部分，某種程度上是因為我們的商品組合。

And that was part of the reason that our inventory went up. The fact that we've got more elevated brands, more expensive merchandise that appeal to a broader cohort of customers is affecting our business and our results. Dave?

而這也是我們庫存上升的部分原因。我們擁有更多較高端的品牌、價格更高且能吸引更廣泛客群的商品，正在影響我們的業務與業績表現。Dave？

Yes, John David, what I would add is we're very pleased with the team's progress in general merchandise. We are seeing strength in style. We're seeing strength in trend. We're seeing strength in fashion and toys. In fashion, I'm really excited about some of our private brands, Scoop, Free Assembly.

是的，John David，我要補充的是，我們對團隊在一般商品方面的進展非常滿意。我們看到款式（style）的強勁表現。我們看到趨勢（trend）的強勁表現。我們看到服飾與玩具的強勁表現。在服飾方面，我對我們的一些自有品牌非常興奮，例如 Scoop、Free Assembly。

We're seeing triple-digit comps in those areas. When it comes to back to college, Decor outperformed across the back-to-college home business. Areas to call out would be candles, throws, rugs, and lamps. Those all posted double-digit and triple-digit comps. And then when it comes to back-to-school, as John David mentioned, this is where we shine.

我們在這些領域看到三位數的同店成長。談到返校園，家居裝飾（Decor）在返校園的家居業務中表現優於其他品類。值得一提的領域包括蠟燭、毯子、地毯與燈具。這些都繳出雙位數與三位數的同店成長。至於返校季，如 John David 所提到的，這正是我們的強項。

Walmart sells roughly 50% of total industry school supplies from a unit standpoint over the season, and we're very pleased with where we are at this point in the year.

以整個季節的銷量（以件數計）來看，沃爾瑪約占全產業學校用品總量的 50%，我們對今年此時此刻的進展非常滿意。

Customers are responding to just absolutely fantastic investments in price. We have a list of 14 key items that are priced less than what we saw in 2019. A great example is our Pen+Gear crayons for $0.25 or our Pen+Gear number two pencils for $0.92. And those prices are resonating with customers, and we're seeing it in traffic, ticket and unit volume all growing.

顧客對我們在價格上的極佳投資反應非常正面。我們有一份 14 項關鍵商品清單，其定價低於 2019 年的水準。一個很好的例子是我們 Pen+Gear 蠟筆售價 0.25 美元，或是 Pen+Gear 2 號鉛筆售價 0.92 美元。這些價格引起顧客共鳴，我們也在來客數、客單價與銷量（件數）全面成長中看到了反映。

Krisztina Katai, Deutsche Bank.

Krisztina Katai，德意志銀行。

So I also wanted to focus on the price investments from a return perspective, right? You noted 50% sequential increase in rollbacks, I believe, 11,000 items, which might be a new record for Walmart. So I wanted to ask if you could speak to the performance of the incremental rollbacks, the metrics on the payback period that determine whether an investment becomes permanent. And maybe just frame up for us just if you can, just how much of the current rollback portfolio is meeting those return thresholds?

所以我也想從報酬的角度聚焦在價格投資上，對吧？你提到降價（rollbacks）較前一季增加 50%，我記得是 11,000 項商品，這可能是沃爾瑪的新紀錄。所以我想請你談談新增降價的表現、以及用來判斷一項投資是否會成為永久措施的回收期等指標。另外也請你協助我們框架一下：目前這個降價組合中，有多少比例達到那些報酬門檻？

Krisztina, throughout the year, we have stated that our intention would be to invest in price where possible and any refunds that we had, we would prioritize price investments. And that's what we did in the quarter. Categories like as an example, like the meat department. Prices have been higher, and we know that customers have needed relief. So we invested in ground beef and other areas that were really important to the customer.

Krisztina，我們全年都表示，我們的意圖是在可能的情況下投資價格，而任何我們拿到的退款（refunds），都會優先用於價格投資。而這正是我們在本季所做的。例如像肉品部門這類品類。價格一直偏高，我們知道顧客需要一些緩解。因此我們在絞牛肉以及其他對顧客非常重要的領域進行了投資。

We'll watch those over the course of the time of rollback because the start date has an end date. We'll watch the unit movement. We'll understand the effect on the category. Importantly, the result is we're seeing share gains and share gains are ultimately the way we would judge how we're doing relative to the other businesses that are out in the market.

我們會在降價期間持續觀察，因為開始日期會有結束日期。我們會觀察銷量（件數）變化。我們會了解對該品類的影響。重要的是，我們看到市占提升，而市占提升最終是我們用來衡量相較於市場上其他業者表現如何的方式。

In terms of the quantity, I don't know if it is the highest ever, but it is a high number. It's the highest I can remember, at least in recent times. And it is a reflection of the work that the merchants have done. It's a reflection of where we're in the market. And it's a reflection of the funds that we had available to be able to invest in price.

就數量而言，我不確定是否是史上最高，但確實是很高的數字。至少在我記憶中，近年來是最高的。這反映了採購團隊所做的工作。也反映了我們在市場中的位置。同時也反映了我們手上可用、能夠投入價格投資的資金。

The timing of those were late in July, and they will continue into the second quarter. And that's why, as John David mentioned earlier, you should think of the second and third quarter together in terms of both sales and operating growth and we'll measure it appropriately.

這些措施的時點是在 7 月下旬，並且會延續到第二季。因此，如同 John David 先前提到的，在銷售與營運成長方面，你應該把第二季與第三季一起看，我們也會以適當方式衡量。

We're not investing just for the sake of doing it. We're doing this because we think it has a lasting durable impact on the way customers perceive us. And what we're trying to do ultimately with Everyday Low Price and rollbacks is drive trust. It's probably a bit too early to call how many of these will be permanent. We'll manage that, and we'll work with our suppliers to determine or that's possible.

我們不是為了做而做。我們這麼做是因為我們認為這會對顧客如何看待我們產生長期且持久的影響。而我們最終想透過「天天低價」（Everyday Low Price）與降價（rollbacks）所達成的，是建立信任。現在要判斷其中有多少會成為永久措施，可能還太早。我們會加以管理，並與供應商合作來判斷是否可行，或在何種條件下可行。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just a couple of questions around, I think, inventory. Are there pockets of concern on your inventory levels at all? And you mentioned inflation impacting the inventory. Can you just also address like your inflationary expectations for the remainder of the year throughout the business?

我有幾個問題，主要是關於我認為的庫存。你們的庫存水位是否有任何需要擔憂的區塊？你也提到通膨影響庫存。你能否也談談你們對今年剩餘期間、整體業務的通膨預期？

Bob, generally, we've seen a pretty low inflationary environment throughout the year. We're between 1% and 2% in total. The rollbacks, we think, can help over this quarter and the last few months. So generally not any big concerns right now on inflation. Fuel costs are probably the one thing that, of course, we're watching because of the magnitude of it. And hopefully, those can come down over time.

Bob，整體而言，我們今年看到的通膨環境相當溫和。總體大約在 1% 到 2% 之間。我們認為降價措施能在本季以及過去幾個月提供一些幫助。所以目前整體來說，對通膨沒有太大的擔憂。燃料成本可能是我們唯一特別關注的項目，當然是因為其幅度很大。也希望隨著時間推移，這些成本能夠下降。

On inventory, it's something we watch really carefully. I've been in the company over 33 years, I've been a merchant and operator. and it can drive so many things from sales to markdowns, cash flow, as you know. When you step back and look at the categories, and I'm going to talk about Walmart US just for a second, because that's the majority of our inventory, the merchandise areas are in good shape.

關於庫存，我們確實非常密切地關注。我在公司已超過33年，我做過採購與營運。正如你所知，庫存會影響很多事情，從銷售到降價促銷（markdowns）、再到現金流。當你退一步看各個品類——我先只談一下沃爾瑪美國，因為那是我們庫存的大宗——各個商品部門的狀況都很健康。

We're up anywhere from 1 to 4. We have some investments in forward deployment. Fuel costs are a bit higher, so that's inflated, and we have some manufacturing in the inventory.

我們的增幅大約在1到4之間。我們在前置部署（forward deployment）方面做了一些投資。燃料成本略高，所以有些被抬升，另外庫存中也包含一些製造相關的項目。

But when you look at the categories, most are between 1 and 4. The only thing that's at that high end is consumables, which is fast moving. So as we sit here today, I don't have any big concerns about inventory. If anything, there were a couple of categories, I think, in June and July, where we were a bit light on inventory. We'll manage that, and we'll react appropriately based on what we're seeing from customers.

但如果看各個品類，大多都在1到4之間。唯一在高端的是民生消耗品（consumables），因為周轉很快。所以就目前而言，我對庫存沒有什麼重大疑慮。如果真要說，有幾個品類我認為在6月和7月時庫存稍微偏輕。我們會管理好，並根據我們從顧客端看到的情況做出適當反應。

Kelly Bania, BMO.

Kelly Bania，BMO。

Wanted to just circle back on the topic of tariff refunds. And curious just how you are communicating this to your customers and membership base. to ensure you're generating the ROI that you expect from these investments. And are you seeing others across the retail spectrum also reinvest those? Or do you expect them to also follow suit?

想再回到關稅退稅（tariff refunds）這個主題。也想了解你們是如何向顧客與會員基礎溝通這件事，以確保這些投資能產生你們預期的投資報酬率（ROI）。另外，你們是否看到零售業其他公司也在把這些退稅再投入？或者你們預期他們也會跟進？

And if you can also include just the thought process about kind of allocating those investments between grocery and general merchandise presumably generated on the general merchandise side, but it sounds like some going into the grocery side of the store. So just more details on the tariff refunds.

如果可以的話，也請談談你們在配置這些投資時的思考：這些退稅推測主要來自一般商品端，但聽起來也有一部分投入到店內的生鮮雜貨端。所以想請你們提供更多關於關稅退稅的細節。

Kelly, we've invested across the business in the store today, store being the site and the physical store, you'll see a combination of rollbacks across food, general merchandise, consumables, fashion. There were some seasonal rollbacks. There are other items where there are ongoing replenishable items. So we always try to invest in a mix. We're not trying to take the investment and heavily weight it to a certain category.

Kelly，我們今天是在整個業務、整個門店端做投資；門店指的是站點與實體門市。你會看到食品、一般商品、民生消耗品、服飾等各類都有降價回饋（rollbacks）的組合。其中也有一些季節性的降價回饋。另外也有一些是可持續補貨的常備商品。所以我們一向會嘗試投資在一個組合上。我們並不是要把投資大幅偏重在某一個品類。

We know customers are looking for a variety of things across the basket. At a time like back-to-college and back-to-school, as you heard from Dave earlier, we think about decor and outfitting a dorm, then there's the school supplies, the school lunches. And so you'll see it throughout the store.

我們知道顧客在整個購物籃中會尋找各式各樣的商品。在像返校、返校季（back-to-college and back-to-school）這樣的時點，正如你先前聽Dave提到的，我們會想到宿舍佈置與用品配置，接著是文具用品、學校午餐等。因此你會在整個門店各處都看到。

The signing in the store, we feel great about the stores are doing a really good job signing it. And then on our home page, you'll see at the top left, the first -- one of the first titles right there in the top is rollback some more. It's always present. So we'll continue to communicate value any way that we can. We're proud of the reductions and it's helpful for customers as we get into the back half.

至於店內的標示（signing），我們覺得很棒，門店在標示呈現上做得非常好。另外在我們的首頁，你會在左上方看到，最前面——其中一個最醒目的標題就是「rollback some more」。它一直都在。所以我們會持續用各種方式傳達價值。我們為這些降價感到自豪，且在進入下半年之際，這對顧客很有幫助。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Just on the price investments, could you talk about how that's framing your comp assumptions from a traffic versus ticket perspective in the second half, sorry, if I missed that earlier. Also curious on the OpEx growth in the US is up 7%. Were there any timing shifts that impacted that? Are the liability claims coming in a bit above what you thought? Just curious how we should think about that line item and how it will grow in the second half of the year?

關於價格投資，你能否談談這如何影響你們對下半年同店（comp）假設的框架：從客流（traffic）與客單（ticket）的角度來看？抱歉如果我先前漏聽了。另外也想問，美國的營業費用（OpEx）成長7%。是否有任何時點（timing）上的移轉影響了這個數字？自負理賠（liability claims）是否比你們原先預期略高？想了解我們應該如何看待這個費用項目，以及它在下半年會如何成長？

Sure. Let me take the first part on the composition of the comp. It was positive to see -- it was great to see in the quarter that we grew in transactions. That's true at Walmart. That's true at Sam's Club.

好的。我先回答同店構成（comp composition）的第一部分。本季看到交易筆數成長是正面的——也確實很令人振奮。這在沃爾瑪是如此。在山姆會員店（Sam's Club）也是如此。

It's true in international. So we see customer traffic growing around the world. We also had positive unit growth. In both of those combined, that's really the two things we talked about on a weekly basis. We start every Monday around the world in markets with something we call our trade meeting, and we talk about customer sentiment and how many customers we were able to serve, how many new customers we met, the units that we grow. So we look at both of those.

在國際市場也同樣如此。所以我們看到全球各地的顧客客流都在成長。我們的銷售件數（unit）也呈現正成長。這兩者加在一起，就是我們每週都在討論的兩件事。我們全球各市場每週一都會以所謂的「trade meeting」開始，討論顧客情緒、我們服務了多少顧客、接觸了多少新顧客，以及我們成長的件數。所以我們會同時看這兩項。

When you make investments in categories like we did across all the SBUs, you tend to see faster sales in categories like general merchandise in terms of dollars in food and consumables. You take the prices down, the prices then are lower than they were.

當你像我們這樣在所有事業單位（SBUs）跨品類做投資時，通常會看到一般商品在銷售額（dollars）上的反應更快，相較於食品與民生消耗品。你把價格調降後，價格就比之前更低。

You see units grow and then over a few weeks or a few months, that's when you start to see the more lasting impact in food and consumables. Your shoppers don't necessarily buy more food because they see lower prices. But over time, what we're trying to do with rollbacks and low prices is build trust with customers.

你會看到件數成長，然後在幾週或幾個月後，才會開始看到在食品與民生消耗品上更持久的影響。消費者不一定因為看到更低的價格就買更多食物。但長期來看，我們透過降價回饋（rollbacks）與低價策略想做的是建立顧客的信任。

We want customers to know they can trust us for a low price on a basket of goods over time, deliver the way they want, whether it's at the curb, it's at the counter or it's at their home.

我們希望顧客知道，長期而言，他們可以信任我們在一籃子商品上提供低價，並以他們想要的方式交付——不論是在路邊取貨（curb）、在櫃檯取貨（counter），或是送到家（home）。

Yes. Paul, on SG&A, let me address that in a couple of parts. One of the bigger drivers was depreciation. Depreciation is related to the CapEx that we've had that's really been around supply chain automation and addressing speed. And look, we are really pleased with the results that we're seeing.

是的。Paul，關於SG&A，我分幾個部分來說明。其中一個較大的驅動因素是折舊。折舊與我們的資本支出（CapEx）相關，而這些支出主要用在供應鏈自動化與提升速度。而且我們對目前看到的成果非常滿意。

Just in the current quarter, the number of units that we delivered in less than 30 minutes doubled from a year ago. 70% of all of our e-commerce orders are delivered same day or better. That doesn't come without the investments that we've made. So like we're really pleased there.

僅在本季，我們在30分鐘內送達的件數較去年同期翻倍。70%的電商訂單能在當天或更快送達。這些成果離不開我們所做的投資。所以我們對此非常滿意。

We did have some pressure on what we're calling some of the self-insurance items and the two categories that I would put in there are claims as you asked about, but also group health. And if you take the first half of the year, about two-thirds of the increase is from group health. And what's happening there, is our attrition has gone down quite appreciably in some cases. And by the way, this is a really good thing for our business. We want more seasoned, tenured associates serving our customers and members.

我們確實在一些我們稱為自我保險（self-insurance）項目上承受了壓力；其中兩個類別包括你提到的理賠（claims），以及團體健康保險（group health）。如果看上半年，約三分之二的增幅來自團體健康保險。原因是我們的離職率（attrition）在某些情況下顯著下降。順帶一提，這對我們的業務是非常好的事情。我們希望有更多資深、任期更長的員工來服務顧客與會員。

But with attrition going down, the number of enrollees in that plan has increased. So given the size company we've seen a little bit of pressure there.

但隨著離職率下降，該計畫的投保人數增加了。因此以我們公司的規模來看，我們在這方面看到了一些壓力。

The last thing I'll say is, from any quarter to one to the next, sometimes you lean in a little bit more to investments in the business. And while I did not call that out in my prepared remarks, I think this quarter falls into that category where we felt like it was prudent to make some of those investments that hopefully benefit the back half of the year.

最後我想說的是，從一季到下一季，有時你會更積極地加大對業務的投資。雖然我在事先準備的發言中沒有特別點出，但我認為本季就屬於這種情況：我們覺得審慎起見，做出其中一些投資是合宜的，希望能讓下半年受益。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

I wanted to follow up on the Walmart US brick-and-mortar comps. And I appreciate the comment that you were saying there's a bit of a pharmacy headwind in there. Also wondering if you're seeing any impact from higher gas prices and people may be driving less to stores and maybe the greater adoption of pharmacy delivery. Just trying to parse out how much of that is maybe some transitory impact versus a more structural shift in the channel.

我想跟進一下沃爾瑪美國實體門市的同店銷售表現（comps）。也感謝你提到其中有一些來自藥局業務的逆風。另外也想了解，你們是否看到較高的油價帶來任何影響，例如人們可能較少開車到店，或是藥局配送的採用率提高。我只是想釐清其中有多少可能是短期影響，與更偏結構性的通路轉移相比各占多少。

So let me start with the first part on the stores. And I want to be really clear. Stores are an asset. They certainly have an impact on handing back the quarter because of pharmacy, which weighs heavily on the store comp. The majority of the business is in store.

我先從門市的第一部分開始。我想說得非常清楚。門市是一項資產。由於藥局因素，確實會對本季表現造成影響，因為藥局對門市同店銷售的拖累很大。我們的大部分業務仍在門市內完成。

But we're really pleased also with the delivery of the business. But when you step back and you think about stores and their role in the omni business, they are an asset because they position inventory, they position associates within 10 miles of 95% of the country. So the things you've heard this morning about fast delivery, accuracy, flexibility, shopping in any way you want, they wouldn't come to life without our stores.

但我們也對配送業務的表現感到非常滿意。不過當你退一步思考門市及其在全通路業務中的角色時，門市是一項資產，因為它們能夠配置庫存，也能在全美95%人口所在區域的10英里範圍內配置員工。因此，你今天早上聽到的快速配送、準確性、彈性、以任何你想要的方式購物等，若沒有我們的門市，這些都無法真正落地。

Now historically, if you go back a few years, we had a store channel, we had an e-com channel, they were independent. They were vertical. So you could look at where you sold the cost of each, we can measure profitability of each. But as we blended those together, what we're trying to do is say, think of us in terms of the top line, the bottom line, we'll manage the middle and we'll be flexible for customers any way we can. And then the way that these get categorized, it's really where you decide to pay.

過去如果回溯幾年前，我們有門市通路，也有電商通路，兩者彼此獨立。它們是垂直分開的。因此你可以看各自的銷售與成本，我們也能衡量各自的獲利能力。但當我們把兩者融合在一起後，我們想做的是：從營收端與獲利端來看待我們，我們會管理中間的運作，並以任何可能的方式為顧客提供彈性。而這些交易最後如何被歸類，實際上取決於你選擇在哪裡付款。

If you pay on your phone for pickup, it's an e-commerce order, and it's not a store order, but the store does the work, the store fulfills it. A fast delivery under 30 minutes, what you're actually doing is you're paying on your phone and you're having someone go shop for you and bring it to you. The store is fulfilling that inventory.

如果你用手機付款選擇到店取貨，那會被算作一筆電商訂單，而不是門市訂單，但實際工作是由門市完成、由門市履約。30分鐘內的快速配送，本質上是你在手機上付款，然後由某人替你採買並送到你手上。門市在履行那部分庫存。

So just again, stepping back and thinking about stores, there is more volume going through stores today than there ever has been, and it's growing. As a former store manager a couple of decades ago, I'm just in awe of all the things that the stores are doing to serve customers. They have so many things going on. They're executing, they're flexible, and it is a really important part of the overall business.

所以再退一步看門市：今天經由門市流轉的量比以往任何時候都更大，而且還在成長。作為二十多年前的前門市經理，我對門市為服務顧客所做的一切感到驚嘆。他們同時在做非常多事情。他們執行力強、彈性高，而這是整體業務中非常重要的一部分。

We'll watch all the channels. We'll make sure the store experience is great. We're investing in new stores, we're investing in remodels and are investing to ensure that the stores are omni enabled so that they can be support and provide whatever we need for the e-commerce business.

我們會關注所有通路。我們會確保門市體驗很棒。我們投資新店、投資改裝，也投資確保門市具備全通路能力，讓它們能支援並提供電商業務所需的一切。

Seth Sigman, Barclays.

Barclays 的 Seth Sigman。

I wanted to follow up on the Walmart US comp. So when we look at the average ticket, it does seem like it's running a little bit below inflation now and that's been happening for the last couple of quarters. I realize a lot can contribute to ticket, but how is the composition of the basket changing? Are you seeing trade down? Are you seeing any big category mix shift? Are you seeing a shift to maybe smaller ticket items? Anything transitory? How would you sort of frame that?

我想跟進一下沃爾瑪美國的同店表現。當我們看平均客單價（average ticket）時，現在看起來似乎略低於通膨，而且這種情況已經持續了最近幾個季度。我知道影響客單的因素很多，但購物籃的組成正在如何改變？你們是否看到消費降級（trade down）？是否看到某些大品類的組合出現明顯轉移？是否看到轉向較小客單商品？有任何短期因素嗎？你會如何框架性地解讀這件事？

We continue to see broad-based share gains across many categories. Our strategy is working, and therefore, we're gaining share. In grocery, sales increased mid-single digits with strong unit volume growth and continued market share gains, as I noted. Areas that I'd call out in that business. One, we use some of the investments, refunds that we got to invest into the grilling basket this summer, which fed 8 people for under $40 with 13 of those items priced 16% below last year.

我們持續在多個品類看到廣泛的市占提升。我們的策略正在奏效，因此我們正在提升市占。在雜貨方面，銷售成長達到中個位數，單位銷量（unit volume）成長強勁，且如我所提，市占持續提升。在這項業務中，我想特別點出幾個面向。第一，我們把部分投資、以及我們拿到的退款（refunds）用來在今年夏天加碼燒烤購物籃（grilling basket），8人份不到40美元，其中13項商品的價格比去年低16%。

We're also offering incredible quality for great value with our Better Goods brand, which is now a $1 billion brand for us.

我們也透過 Better Goods 品牌提供極佳品質與高性價比，該品牌現在對我們而言已是年銷售額10億美元的品牌。

And then to go back-to-school. We're bringing food into that play as well, including a new back-to-school lunch basket with 10 high-protein lunches for under $2. So that's just an example of a space where we're gaining traffic. We're gaining ticket size and units are going up, and those investments are driving that momentum.

再談到返校季（back-to-school）。我們也把食品納入其中，包括推出新的返校午餐購物籃（back-to-school lunch basket），提供10份高蛋白午餐，每份不到2美元。這只是我們帶動客流的一個例子。我們的客單金額在提升、銷量也在上升，而這些投資正在推動這股動能。

At this time, we've reached the end of our question-and-answer session. I'll turn the floor back to management for closing remarks.

此刻，我們的問答環節已到尾聲。我將把時間交回管理層作結語。

Yes. First, again, I want to thank our associates for the work they did in the quarter and the things they do for our customers every day, and I want to thank you for taking the time and interest in the company. And I'll just close where I started. This is a good quarter for Walmart. Sales were over 5%, operating income up 17.4% without the benefit of the refunds.

好的。首先，我要再次感謝我們的同仁在本季度所做的工作，以及他們每天為顧客所做的一切；也感謝各位撥冗並關注本公司。我就以我一開始的話作結。這對沃爾瑪而言是個不錯的季度。銷售成長超過5%，在未受退款（refunds）助益的情況下，營業利益成長17.4%。

It was another strong quarter. I feel great about the way we're positioned. We've been investing in a strategy that delivers an omni business model across markets. I'm really excited about the extension of platforms into the international businesses. There's a lot of progress the teams are moving with speed.

這又是一個強勁的季度。我對我們目前的布局感到非常有信心。我們一直在投資一項策略，以在各市場交付全通路商業模式。我對平台延伸至國際業務感到非常振奮。各團隊正以很快的速度推進許多進展。

And when you just step back and look at the business that we have and the business we're building, it's very durable. It's reliable. There are a lot of things that we can do, we couldn't do in years past. Another strong quarter in e-commerce, another strong quarter in Marketplace, advertising. We're seeing more and more people choose Walmart+, and it's exciting to see Walmart+ launch in Canada.

當你退一步看我們現有的業務，以及我們正在打造的業務，它非常耐久。它很可靠。有很多事情是我們在過去幾年做不到的，而現在可以做到。電商又是一個強勁季度，Marketplace 與廣告也同樣表現強勁。我們看到越來越多人選擇 Walmart+，而看到 Walmart+ 在加拿大上線也令人振奮。

So over time, I am more optimistic than I have been about the business model, and I look forward to continue to see all the pieces come together as we move forward. Thanks again for your time and interest in Walmart.

因此，隨著時間推進，我對這個商業模式的樂觀程度比以往任何時候都更高；我也期待在我們向前推進時，持續看到所有拼圖逐步到位。再次感謝各位撥冗與對沃爾瑪的關注。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。