沃爾瑪 (WMT) 2022 Q2 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal 2022 Second Quarter Earnings Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加沃爾瑪 2022 財年第二季度財報電話會議。 （操作員說明）請注意此會議正在錄製中。

At this time, I will now turn the conference over to Dan Binder with Investor Relations. Dan, you may begin.

現在，我將把會議交給投資者關係部的 Dan Binder。丹，你可以開始了。

Thank you, Rob. Good morning, and welcome to Walmart's Second Quarter Fiscal 2022 Earnings Call. I'm joined by members of our executive team, including Doug McMillon, Walmart's President and CEO; Brett Biggs, Executive Vice President and Chief Financial Officer; John Furner, President and CEO of Walmart U.S.; Judith McKenna, President and CEO of Walmart International; and Kath McLay, President and CEO of Sam's Club.

謝謝你，羅布。早上好，歡迎參加沃爾瑪 2022 財年第二季度財報電話會議。我們的執行團隊成員也加入了我的行列，其中包括沃爾瑪總裁兼首席執行官 Doug McMillon； Brett Biggs，執行副總裁兼首席財務官；沃爾瑪美國總裁兼首席執行官約翰弗納；沃爾瑪國際總裁兼首席執行官朱迪思·麥肯納（Judith McKenna）；和山姆會員店總裁兼首席執行官凱思·麥克萊 (Kath McLay)。

In a few moments, Doug and Brett will provide you an update on the business and discuss second quarter results. That will be followed by our question-and-answer session.

稍後，Doug 和 Brett 將為您提供業務更新並討論第二季度業績。接下來是我們的問答環節。

Before I turn the call over to Doug, let me remind you that today's call is being recorded and will include 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 accompanying 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.

在我將電話轉給道格之前，讓我提醒您，今天的電話正在錄音中，並將包括前瞻性陳述。這些陳述受到可能導致實際結果與這些陳述產生重大差異的風險和不確定性的影響。這些風險和不確定性包括但不限於我們在提交給美國證券交易委員會的文件中確定的因素。請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，以獲取有關前瞻性聲明以及我們的整個安全港聲明和非 GAAP 對賬的警告聲明。

It is now my pleasure to turn the call over to Doug McMillon.

現在我很高興將電話轉給 Doug McMillon。

Good morning, and thanks for joining us. Results for the second quarter were strong. Excluding divestitures, we saw revenue growth of 7.6% in constant currency, leveraged expenses and grew operating income ahead of sales at 24.1% in constant currency.

早上好，感謝您加入我們。第二季度業績強勁。不包括資產剝離，我們看到收入增長 7.6%（按固定匯率計算）、槓桿費用和營業收入增長超過銷售額，按固定匯率計算為 24.1%。

Recent quarters have demonstrated more than ever that our omnichannel strategy is the right one as we serve customers regardless of how they want to shop. There are occasions when people want to visit a store, times when they want to pick up and times when they want to have it delivered. We're going to keep innovating and executing to get better at all 3 as our diversified omni model positions us well to gain share in high-growth markets around the world.

最近幾個季度比以往任何時候都更能證明我們的全渠道戰略是正確的，因為我們為客戶提供服務，無論他們想如何購物。有時人們想去商店，有時想取貨，有時想送貨。我們將繼續創新和執行以在所有 3 方面都做得更好，因為我們多元化的全方位模型使我們能夠很好地在全球高增長市場中獲得份額。

I want to thank our associates for the work they did to deliver these results. They continue to step up and serve others in an inspiring way. Since the pandemic began, we've been clear that our priority is the safety of our associates and those who shop with us. We think it's important that as many people in the U.S. get vaccinated as soon as possible and vaccines be made widely available around the world.

我要感謝我們的同事為實現這些結果所做的工作。他們繼續以鼓舞人心的方式站出來為他人服務。自大流行開始以來，我們一直很清楚，我們的首要任務是確保我們的員工和與我們一起購物的人的安全。我們認為，盡快讓盡可能多的美國人接種疫苗並在世界各地廣泛提供疫苗非常重要。

As the Delta variant spread and the potential for future variants persists, we made the decision to require our U.S. teams above store and club level to become fully vaccinated by October 4. At the same time, we doubled the cash incentive to get vaccinated for hourly associates in the U.S. to $150. We're grateful to those associates that are already vaccinated.

隨著 Delta 變種的傳播以及未來變種的潛力持續存在，我們決定要求我們的美國團隊在商店和俱樂部級別以上的團隊在 10 月 4 日之前完全接種疫苗。同時，我們將現金獎勵加倍以每小時接種一次在美國的同事到 150 美元。我們感謝那些已經接種疫苗的同事。

I'm confident in the fundamental strength of our business even as we navigate the benefits from economic stimulus in the U.S. for both this year and last year. We've proven our ability to serve customers in challenging environments and across multiple channels, formats and countries. The phrase serving customers has traditionally meant one thing at Walmart, but today, it includes serving marketplace sellers, our advertising partners and those that want to use our fulfillment services or proprietary software.

我對我們業務的基本實力充滿信心，即使我們在今年和去年都從美國的經濟刺激中受益。我們已經證明我們有能力在充滿挑戰的環境中以及跨多個渠道、格式和國家/地區為客戶提供服務。傳統上，服務客戶一詞在沃爾瑪意味著一件事，但今天，它包括服務市場賣家、我們的廣告合作夥伴以及那些想要使用我們的履行服務或專有軟件的人。

Our advertising business in the U.S., Walmart Connect, nearly doubled during the quarter versus last year, with active advertisers up more than 170%. And this isn't confined to the U.S. We're growing ad businesses in Mexico, India, Canada and most recently in Chile. Our fulfillment services for marketplace sellers continues to scale, too. We're on track to hit full year double-digit GMV penetration by year-end.

我們在美國的廣告業務 Walmart Connect 在本季度與去年相比幾乎翻了一番，活躍的廣告客戶增長了 170% 以上。這不僅限於美國。我們正在墨西哥、印度、加拿大以及最近在智利發展廣告業務。我們為市場賣家提供的履行服務也在繼續擴大。我們有望在年底前實現全年兩位數的 GMV 滲透率。

We also announced during the quarter that we'll serve other businesses through certain in-house technologies used for pickup and delivery. Our partnership with Adobe is an example of that. These are a few examples of how we're using our assets to scale new businesses within the company and build new streams of revenue and profit.

我們還在本季度宣布，我們將通過某些用於取貨和交付的內部技術為其他企業提供服務。我們與 Adobe 的合作就是一個例子。這些是我們如何利用我們的資產在公司內擴展新業務並建立新的收入和利潤來源的幾個例子。

Our tech and product teams have made a lot of progress modernizing our technology and way of working. We're starting to see the fruit generated by their efforts as we build innovative solutions that have utility across the enterprise. We're starting to see more examples of where one idea or one tech product can benefit more of our businesses and faster. Cloud-powered checkout comes to mind. This technology enables seamless experiences for customers and associates like mobile Check Out With Me, Scan & Go and self-checkout.

我們的技術和產品團隊在使我們的技術和工作方式現代化方面取得了很大進展。隨著我們構建對整個企業都有用的創新解決方案，我們開始看到他們的努力所產生的成果。我們開始看到更多的例子，說明一種想法或一種技術產品可以更快地使我們的業務受益更多。想到了雲驅動的結帳。該技術為客戶和員工提供無縫體驗，例如移動 Check Out With Me、Scan & Go 和自助結賬。

More than 30 applications across 5 countries are leveraging cloud-powered checkout for retail transactions. Things like building a 360-view of the customer using machine learning is important for our business in the U.S., but it's also important in other markets. That's why we're now leveraging this technology in Mexico and in Central America.

5 個國家/地區的 30 多個應用程序正在利用雲支持的零售交易結賬。使用機器學習構建客戶的 360 度視圖等事情對我們在美國的業務很重要，但在其他市場也很重要。這就是我們現在在墨西哥和中美洲利用這項技術的原因。

The Ask Sam app that you've heard us talk about was originally built for Sam's Club associates. Now the same concept has been adapted for use in supercenters. It helps our associates be more productive and better serve customers. I'm really pleased about the work our tech teams are doing to unlock value across the business.

您聽到我們談論的 Ask Sam 應用程序最初是為 Sam's Club 員工構建的。現在，相同的概念已適用於超級中心。它可以幫助我們的員工提高工作效率並更好地為客戶服務。我對我們的技術團隊為釋放整個業務價值所做的工作感到非常高興。

Now let's move on to segment results. I'll begin with Walmart U.S. The underlying business is strong, even as we navigate the many effects of the pandemic as well as government stimulus this year and last year. Customer behaviors changed during the quarter as people were shopping with us more in stores than online. As that shift occurred, we gained market share in grocery.

現在讓我們繼續細分結果。我將從沃爾瑪美國開始。即使我們在今年和去年應對大流行以及政府刺激措施的許多影響，基礎業務也很強勁。本季度客戶行為發生了變化，因為人們更多地在商店購物而不是在線購物。隨著這種轉變的發生，我們在雜貨店獲得了市場份額。

Even as eCommerce growth slowed as we layered on top of tremendous growth last year, we feel good about our 2-year stacks of comp sales and eCommerce growth. The good news for us is that we can serve them either way. And of course, they get to choose. We also saw nearly triple-digit growth in advertising sales through Walmart Connect and added thousands of new sellers on our eCommerce marketplace during the quarter.

即使電子商務增長放緩，因為我們在去年的巨大增長之上分層，我們對我們兩年的銷售和電子商務增長感到滿意。對我們來說，好消息是我們可以為他們服務。當然，他們可以選擇。通過 Walmart Connect，我們還看到了近三位數的廣告銷售增長，並在本季度在我們的電子商務市場上增加了數千名新賣家。

I like the progress we're making with Walmart Fulfillment Services, too. We saw 150 basis points sequential improvement in GMV measured as a percentage of marketplace GMV.

我也喜歡我們在 Walmart Fulfillment Services 方面取得的進展。我們看到以市場 GMV 百分比衡量的 GMV 連續改善了 150 個基點。

Recall, earlier this year, we announced a step-up in CapEx spending, with heavy emphasis on supply chain in the coming years. This will mean additional capacity and automation from our largest fulfillment centers to our stores. These investments are aimed at increasing assortment to broaden our appeal with customers and get product positioned and picked efficiently to deliver it faster. These investments will increase capacity, help support the growth of Walmart+ and improve productivity.

回想一下，今年早些時候，我們宣布增加資本支出，並在未來幾年重點關注供應鏈。這將意味著從我們最大的履行中心到我們的商店的額外容量和自動化。這些投資旨在增加產品種類以擴大我們對客戶的吸引力，並有效地定位和挑選產品以更快地交付產品。這些投資將增加產能，幫助支持 Walmart+ 的增長並提高生產力。

From a merchandising point of view, we launched new private brands in health care and pet categories. The new insulin product we're offering is a huge win for customers. We call it ReliOn, and it will save customers up to 75% off the cash price of branded insulin products.

從銷售的角度來看，我們在保健品和寵物品類推出了新的自有品牌。我們提供的新胰島素產品對客戶來說是一個巨大的勝利。我們稱之為 ReliOn，它將為客戶節省高達 75% 的品牌胰島素產品現金價格。

Sam's Club in the U.S. continues to impress. 19 years ago, I got the opportunity to become the Chief Merchant at Sam's, and I can confirm there hasn't been a time in at least 19 years when Sam's has had this much momentum. They also have strength in so many key metrics, including our most important membership metrics. We saw that story continue this quarter with membership income growth of 12.2%, the fourth consecutive quarter of double-digit growth. Total membership counts are a record high and overall renewal rates and those for Plus members continue to be strong.

美國的山姆會員店繼續給人留下深刻印象。 19 年前，我有機會成為 Sam's 的首席商人，我可以肯定，至少 19 年來，Sam's 從未有過如此大的發展勢頭。他們在許多關鍵指標上也有實力，包括我們最重要的會員指標。我們看到這個故事在本季度繼續，會員收入增長 12.2%，連續第四個季度實現兩位數增長。會員總數創歷史新高，整體續訂率和 Plus 會員續訂率繼續保持強勁。

Similar to clubs in China and Mexico, members are shopping with us in Club for pickup and delivery. Sam's is an innovation engine for the company, and they're showing us all what's possible with technology products like Scan & Go.

與中國和墨西哥的俱樂部類似，會員在俱樂部與我們一起購物以取貨和送貨。 Sam's 是公司的創新引擎，他們向我們展示了 Scan & Go 等技術產品的無限可能。

For our businesses outside of the U.S., we continue to see strong results in continuing markets through a combination of top line growth and operating discipline. Excluding divestitures, net sales increased nearly 13% in constant currency. eCommerce continues to play a bigger role for us. Net sales penetration for eCommerce was about 19% in Q2, an increase of more than 700 basis points from last year.

對於我們在美國以外的業務，通過收入增長和運營紀律的結合，我們繼續在持續的市場中看到強勁的業績。不包括資產剝離，淨銷售額按固定匯率計算增長近 13%。電子商務繼續為我們發揮更大的作用。第二季度電子商務的淨銷售滲透率約為 19%，比去年增加了 700 多個基點。

We're strengthening our omnichannel approach in Mexico, China and Canada. In Mexico, we launched Walmart Pass, a membership model where customers get unlimited same-day delivery from stores, completed the rollout of Scan & Go to all Sam's Clubs added new sellers to the marketplace and grew our online SKU count by 30%.

我們正在墨西哥、中國和加拿大加強我們的全渠道方法。在墨西哥，我們推出了 Walmart Pass，這是一種會員模式，客戶可以在該模式下無限次從商店獲得當日送達服務，完成向所有山姆會員店推出 Scan & Go，為市場增加了新賣家，並使我們的在線 SKU 數量增加了 30%。

China had a particularly strong quarter, with growth in eCommerce of 75%. During the 618 festival, eCommerce penetration in this market reached 45%. Our business in Canada also had strong eCommerce growth of 41%. We've seen an uptick in Net Promoter Scores there as more customers are shopping with us across channels.

中國有一個特別強勁的季度，電子商務增長了 75%。 618節期間，該市場的電商滲透率達到45%。我們在加拿大的業務也實現了 41% 的強勁電子商務增長。隨著越來越多的客戶跨渠道與我們一起購物，我們看到那裡的淨推薦值有所上升。

Our eCommerce marketplace in India, Flipkart, continues to drive strong growth in GMV, in line with our high expectations. This team has been busy. They introduced Flipkart Camera, our first-of-its-kind technology at scale for the Indian customer that allows users to view products in their physical environment, expanded their grocery business to over 70 cities and launched a new commerce platform called Shopsy to help reach the reseller community.

我們在印度的電子商務市場 Flipkart 繼續推動 GMV 的強勁增長，符合我們的高期望。這個團隊一直很忙。他們為印度客戶推出了我們首創的大規模技術 Flipkart Camera，允許用戶在其物理環境中查看產品，將他們的雜貨業務擴展到 70 多個城市，並推出了一個名為 Shopsy 的新商務平台以幫助覆蓋經銷商社區。

They're also increasing customer stickiness with Flipkart Plus. It's a tiered program based on spend that helps us drive higher repeat rates. Customers in the program transact more frequently and we see lower churn than others. They also recently completed a new funding round, which placed a value on the business of about $38 billion, significantly higher than the valuation when we invested just 3 years ago. There were large votes of confidence from a strong group of investors, and we'll put those dollars to work to deliver growth in key areas such as grocery, fashion and our supply chain.

他們還通過 Flipkart Plus 提高了客戶粘性。這是一個基於支出的分層計劃，可幫助我們提高重複率。該計劃中的客戶交易更頻繁，我們發現客戶流失率低於其他客戶。他們最近還完成了新一輪融資，為該業務帶來了約 380 億美元的估值，遠高於我們 3 年前投資時的估值。一群強大的投資者投下了大量的信任票，我們將把這些資金投入到雜貨、時尚和我們的供應鍊等關鍵領域的增長中。

You should see the common threads and leverage points across our businesses. Increasingly, we think about global businesses and global tech products rather than thinking or working a country at a time. There's more of a digital-first mindset here.

您應該看到我們業務的共同點和槓桿點。我們越來越多地考慮全球業務和全球科技產品，而不是一次考慮或工作一個國家。這裡有更多的數字優先心態。

Before I close today, I'd like to remind everyone of the new ESG report we published last month. I encourage you to invest time with each of the briefs to understand our priority issues along with the progress we're making against our commitments. For example, on emissions, we've reduced absolute scopes 1 and 2 greenhouse gas emissions by more than 17% since 2015. Our original target was 18% by 2025.

在今天結束之前，我想提醒大家我們上個月發布的新 ESG 報告。我鼓勵您花時間閱讀每份簡報，以了解我們的優先事項以及我們在兌現承諾方面取得的進展。例如，在排放方面，自 2015 年以來，我們已將範圍 1 和 2 的絕對溫室氣體排放量減少了 17% 以上。我們最初的目標是到 2025 年減少 18%。

The tremendous progress we've made means we're on track to achieve the updated target we announced of a 35% reduction by the same date. Additionally, our suppliers report having avoided more than 186 million metric tons of CO2 emissions in 2020 for a cumulative total of more than 460 million metric tons avoided since we started Project Gigaton in 2017.

我們取得的巨大進步意味著我們有望實現我們宣布的更新目標，即在同一日期之前減少 35%。此外，我們的供應商報告稱，自 2017 年啟動 Gigaton 項目以來，我們在 2020 年已避免了超過 1.86 億公噸的二氧化碳排放量，累計避免了超過 4.6 億公噸的二氧化碳排放量。

I also want to take a moment to mention an announcement we made on July 27 regarding the Live Better U education program. Walmart will now pay 100% of college tuition and books for associates as part of our commitment to invest nearly $1 billion over 5 years in career training and development. This means that roughly 1.5 million full- and part-time associates in the U.S. can earn a college degree or learn other skills without the burden of debt. This is a fantastic initiative, giving our associates the opportunity to learn and grow.

我還想花一點時間提及我們在 7 月 27 日發布的關於 Live Better U 教育計劃的公告。作為我們在 5 年內投資近 10 億美元用於職業培訓和發展的承諾的一部分，沃爾瑪現在將為員工支付 100% 的大學學費和書本費。這意味著美國大約有 150 萬全職和兼職員工可以在沒有債務負擔的情況下獲得大學學位或學習其他技能。這是一項了不起的舉措，為我們的員工提供了學習和成長的機會。

I'll close by thanking our associates for how they serve others and our leadership team for their vision and ability to lead so much positive change so quickly. They built us into a global leader in omnichannel retailing with a model that is uniquely Walmart. Our team is designing with the customer at the center of our flywheel, which is coming together nicely. It's exciting to imagine how far we can go.

最後，我要感謝我們的員工為他人服務的方式以及我們的領導團隊的遠見和能力，如此迅速地領導如此多的積極變革。他們以沃爾瑪獨有的模式將我們打造為全渠道零售的全球領導者。我們的團隊正在以飛輪為中心與客戶一起設計，這很好地結合在一起。想像我們能走多遠令人興奮。

And now over to Mr. Biggs.

現在交給比格斯先生。

Thanks, Doug. Our strong second quarter and the solid start to the third quarter position us to deliver a great year of financial results while making steady progress against our strategic priorities. Our results continue to demonstrate the power of the omni strategy, providing customers with new products, services and tools. No matter how customers want to shop, we're here for them.

謝謝，道格。我們強勁的第二季度和第三季度的穩健開局使我們能夠在實現戰略重點的同時取得豐碩的財務業績。我們的結果繼續展示了全方位戰略的力量，為客戶提供新產品、服務和工具。無論客戶想如何購物，我們都在這里為他們服務。

In some periods, in-store shopping will lead the way, and in some, eCommerce will lead the way. While we're always striving for more in each part of the flywheel, I'm pleased with the overall growth of the business.

在某些時期，店內購物將引領潮流，而在某些時期，電子商務將引領潮流。雖然我們一直在飛輪的每個部分爭取更多，但我對業務的整體增長感到滿意。

In Walmart U.S., comp sales grew 5.2% and transactions grew more than 6% as customers are returning to the convenience of one-stop, in-store shopping. eCommerce sales grew 6% in Q2 and 103% on a 2-year stack. We continue to build a very sizable eCommerce business around the world. In fact, we're on track to deliver $75 billion in global eCommerce sales this year and on our way to $100 billion in the near term.

在美國沃爾瑪，隨著顧客回歸一站式店內購物的便利，comp 銷售額增長了 5.2%，交易量增長了 6% 以上。電子商務銷售額在第二季度增長了 6%，兩年內增長了 103%。我們將繼續在全球建立一個非常龐大的電子商務業務。事實上，我們有望在今年實現 750 億美元的全球電子商務銷售額，並在短期內達到 1000 億美元。

We're also seeing continued strong U.S. market share gains in grocery, which is a key part of our business. Sam's Club members are increasingly utilizing curbside pickup for online orders and the adoption of Scan & Go technology in Club is at an all-time high. The success of Scan & Go at Sam's is one of the reasons we included this as part of the Walmart+ offering.

我們還看到美國雜貨市場份額持續強勁增長，這是我們業務的關鍵部分。 Sam's Club 會員越來越多地利用路邊取貨進行在線訂單，並且在 Club 中採用 Scan & Go 技術達到了歷史最高水平。山姆的 Scan & Go 的成功是我們將其作為 Walmart+ 產品的一部分的原因之一。

In international, eCommerce penetration is now at nearly 19% of sales, and we're rapidly expanding omni services in key markets such as Mexico. We're also rapidly expanding higher-margin businesses like advertising, data monetization and eCommerce marketplace, which gives us flexibility to invest aggressively for the future while growing profit near term. These businesses are in different places along the maturity curve, but we're scaling them.

在國際上，電子商務滲透率現在接近銷售額的 19%，我們正在墨西哥等主要市場迅速擴展全方位服務。我們還在快速擴展高利潤業務，如廣告、數據貨幣化和電子商務市場，這使我們能夠靈活地為未來積極投資，同時在短期內增加利潤。這些業務在成熟度曲線上處於不同的位置，但我們正在擴展它們。

For example, Walmart Connect U.S. advertising sales nearly doubled in Q2, and we expect the rapid growth to continue. While businesses like our new fintech JV are still in a start-up phase, we know the opportunities are significant, and we'll share more in the coming quarters.

例如，Walmart Connect 美國的廣告銷售額在第二季度幾乎翻了一番，我們預計這種快速增長將持續下去。雖然像我們新的金融科技合資企業這樣的企業仍處於啟動階段，但我們知道機會是巨大的，我們將在未來幾個季度分享更多。

Now let's discuss Q2 results. As a reminder, the previously announced international divestitures significantly affect year-over-year comparisons, so my comments today will focus on the underlying business, excluding the effect of divestitures. In addition, the pandemic continues to create both tailwinds and headwinds for the business. U.S. government stimulus benefited sales this year and last year, but many international markets continue to be negatively affected by COVID and related government operating restrictions. COVID costs remained elevated, but significantly lower than last year.

現在讓我們討論第二季度的結果。提醒一下，之前宣布的國際剝離顯著影響同比比較，所以我今天的評論將集中在基礎業務上，不包括剝離的影響。此外，大流行繼續為企業帶來順風和逆風。美國政府的刺激措施使今年和去年的銷售受益，但許多國際市場繼續受到 COVID 和相關政府運營限制的負面影響。 COVID 成本仍然很高，但明顯低於去年。

Total constant currency revenue growth was strong, up 7.6% to more than $138 billion with strength across all reporting segments. Walmart U.S. comp sales increased more than 5% in Q2 and more than 14% on a 2-year stack basis. International sales growth was strong, up nearly 13% in constant currency, with strength in India, Mexico and China, while Sam's Club comp sales grew more than 10%, excluding fuel and tobacco. Currency benefited sales by about $2.4 billion.

固定貨幣總收入增長強勁，增長 7.6% 至超過 1380 億美元，所有報告部門均表現強勁。沃爾瑪美國公司的銷售額在第二季度增長了 5% 以上，在 2 年的基礎上增長了 14% 以上。國際銷售增長強勁，按固定匯率計算增長近 13%，其中印度、墨西哥和中國表現強勁，而山姆會員店銷售增長超過 10%，不包括燃料和煙草。貨幣使銷售額受益約 24 億美元。

Gross margin rate declined 22 basis points, reflecting category mix shift at Sam's Club and format mix shifts in international, but Walmart U.S. gross margin increased with favorable mix and strong Walmart Connect results. SG&A expenses leveraged 78 basis points, reflecting strong sales, lower COVID costs and a 36 basis point benefit from last year's adjusted items, partially offset by increased wage investments in the U.S.

毛利率下降 22 個基點，反映了山姆會員店的品類組合轉變和國際模式組合的轉變，但沃爾瑪美國的毛利率隨著有利的組合和強勁的 Walmart Connect 結果而增加。 SG&A 費用增加了 78 個基點，反映了強勁的銷售、較低的 COVID 成本以及去年調整項目帶來的 36 個基點的收益，部分被美國工資投資增加所抵消。

Adjusted operating income on a constant currency basis was up 15.1%, leading to strong adjusted EPS of $1.78 with a $0.03 benefit from currency. As anticipated, free cash flow declined about $8 billion due primarily to inventory increases from improved in-stocks and higher CapEx.

按固定匯率計算的調整後營業收入增長 15.1%，調整後每股收益為 1.78 美元，貨幣收益為 0.03 美元。正如預期的那樣，自由現金流下降了約 80 億美元，主要是由於庫存增加和資本支出增加導致庫存增加。

We repurchased $2.4 billion of stock in Q2 and $5.2 billion year-to-date, which is up significantly from last year. This is one of the largest quarters for buybacks over the past 2 years, demonstrating our financial strength and belief in the value of our company.

我們在第二季度回購了 24 億美元的股票，今年迄今回購了 52 億美元，比去年顯著增加。這是過去 2 年回購規模最大的季度之一，展示了我們的財務實力和對公司價值的信念。

Now let's discuss the quarterly results for each segment. Walmart U.S. had another strong quarter. Underlying business trends continue to be solid, including strong grocery market share gains, according to Nielsen, and an acceleration of store traffic. In fact, comp sales increased each month through the quarter and we're off to a good start with the back-to-school season.

現在讓我們討論每個細分市場的季度業績。沃爾瑪美國有另一個強勁的季度。根據尼爾森的說法，潛在的商業趨勢繼續穩固，包括強勁的雜貨市場份額增長，以及商店客流量的加速。事實上，在整個季度中，comp 銷售額每個月都在增加，我們在返校季有了一個良好的開端。

On top of extraordinarily strong growth last year, eCommerce sales were up 6% and have more than doubled over the past 2 years. Strong sales trends were led by grocery, health and wellness and apparel as well as reopening categories such as automotive, travel and party supplies.

除了去年異常強勁的增長之外，電子商務銷售額增長了 6%，並且在過去兩年中翻了一番多。雜貨、健康和保健、服裝以及重新開放的汽車、旅行和派對用品等類別引領了強勁的銷售趨勢。

Grocery sales were up 6%, including the benefit from modest ticket inflation and increased low double digits on a 2-year stack basis. That results in $2.4 billion of growth in food sales year-over-year and about $5.5 billion of growth on a 2-year stack. Strong price positioning, great fresh quality and improved in-stocks are driving results.

雜貨銷售增長 6%，其中包括適度的門票通脹和兩年低兩位數的增長。這導致食品銷售額同比增長 24 億美元，兩年累計增長約 55 億美元。強勁的價格定位、優質的新鮮品質和改善的庫存正在推動業績。

We're excited about the traction we're seeing in strategic growth businesses. Walmart Connect sales roughly doubled in Q2 versus last year as we ramp up new advertisers. The Spark Driver platform continues to grow, supporting last-mile deliveries from stores. Over the past 12 months, we've doubled Spark's coverage to more than 500 cities nationwide, providing access to more than 20 million households.

我們對我們在戰略增長業務中看到的牽引力感到興奮。隨著我們增加新的廣告客戶，Walmart Connect 的銷售額在第二季度與去年相比大致翻了一番。 Spark Driver 平台繼續增長，支持商店的最後一英里交付。在過去的 12 個月裡，我們將 Spark 的覆蓋範圍擴大了一倍，覆蓋了全國 500 多個城市，為超過 2000 萬戶家庭提供了接入服務。

Our eCommerce marketplace is also expanding, and we expect to make hundreds of thousands of additional items available for fulfillment services this year alone. The Walmart business model is evolving, and these newer businesses are contributing to results in a more meaningful way.

我們的電子商務市場也在擴大，我們預計僅今年一年就可以提供數十萬件額外的商品用於履行服務。沃爾瑪的商業模式正在演變，這些新業務正在以更有意義的方式為結果做出貢獻。

Walmart U.S. gross profit rate improved 20 basis points with lower markdowns and strong advertising revenue, partially offset by increased supply chain costs. Margins were also helped by administering COVID vaccines this year and lapping last year's COVID-related closures of Vision and auto care centers. We're continuing to see a bit more cost inflation than normal, but our merchants are working with suppliers and monitoring price gaps to keep prices low while managing margins.

沃爾瑪美國的毛利率提高了 20 個基點，降價幅度降低和廣告收入強勁，部分被供應鏈成本增加所抵消。今年接種 COVID 疫苗以及去年因 COVID 相關而關閉的 Vision 和汽車護理中心也有助於提高利潤率。我們繼續看到比正常情況更多的成本通脹，但我們的商家正在與供應商合作並監控價格差距，以在管理利潤的同時保持低價。

Operating income was strong, up about 12% on an adjusted basis. Inventory increased 20% due to lapping COVID-related inventory effects last year and strong sales growth this year. We continue to monitor industry trends related to transit and port delays. Our merchants continue to take steps to mitigate challenges, including adding extra lead time to orders and chartering vessels specifically for Walmart goods. Out-of-stocks in certain general merchandise categories are running above normal, given strong sales and supply constraints.

營業收入強勁，經調整後增長約 12%。由於去年與 COVID 相關的庫存影響以及今年的強勁銷售增長，庫存增加了 20%。我們將繼續監測與過境和港口延誤相關的行業趨勢。我們的商家繼續採取措施緩解挑戰，包括為訂單增加額外的交貨時間以及專門為沃爾瑪商品租船。鑑於強勁的銷售和供應限制，某些一般商品類別的缺貨情況高於正常水平。

International had a great quarter with strong sales and profit growth. Net sales grew nearly 13% in constant currency, including strength in India, Mexico and China. It's encouraging to see the continued progress of our large and growing eCommerce business in our markets. eCommerce sales grew 86% and penetration accelerated more than 700 basis points to nearly 19% of constant currency sales.

國際有一個偉大的季度，銷售和利潤增長強勁。按固定匯率計算，淨銷售額增長了近 13%，其中包括印度、墨西哥和中國的強勁增長。看到我們龐大且不斷增長的電子商務業務在我們的市場中不斷取得進展，令人鼓舞。電子商務銷售額增長了 86%，滲透率加快了 700 多個基點，達到固定貨幣銷售額的近 19%。

Comp sales in Mexico increased 4.7% as the omnichannel strategy continues to accelerate. We're seeing strong response to the launch of Walmart Connect Media in Mexico with the number of advertisers and campaigns growing rapidly.

隨著全渠道戰略繼續加速，墨西哥的 Comp 銷售額增長了 4.7%。 Walmart Connect Media 在墨西哥的推出引起了強烈反響，廣告商和活動的數量迅速增長。

Flipkart had another good quarter. Sales growth was strong even as they dealt with COVID, and we continue to see improving trends in monthly active customers and users. We were excited to take another step to position the Flipkart Group for future growth with the completion of a $3.6 billion funding round in July that included strong representation from external financial investors valuing the business at nearly $38 billion.

Flipkart 還有一個不錯的季度。即使在應對 COVID 時，銷售增長也很強勁，我們繼續看到每月活躍客戶和用戶的改善趨勢。我們很高興在 7 月份完成了 36 億美元的融資，其中包括外部金融投資者對該業務的估值接近 380 億美元的強大代表，從而為 Flipkart 集團的未來增長定位又邁出了一步。

In Canada, COVID-related government restrictions on the sale of nonessential categories like apparel and general merchandise pressured sales and profitability, but we're optimistic that we'll see a more normalized sales and profit environment in the back half. China comps increased 2.9% and were up 11.6% on a 2-year stack, and eCommerce penetration has now reached more than 25% of sales in China.

在加拿大，與 COVID 相關的政府對服裝和日用品等非必需品類銷售的限制給銷售和盈利能力帶來壓力，但我們樂觀地認為，下半年的銷售和利潤環境將更加正常化。中國的銷售額增長了 2.9%，連續兩年增長了 11.6%，電子商務滲透率現已達到中國銷售額的 25% 以上。

International operating income was strong, increasing about 28%, reflecting sales strength, the benefit from lapping last year's discrete tax item and lower COVID costs. Excluding the discrete item, adjusted operating income increased over 12%.

國際營業收入強勁，增長約 28%，反映了銷售實力、受益於去年的離散稅收項目以及較低的 COVID 成本。剔除離散項目，調整後的營業收入增長超過 12%。

Sam's Club delivered excellent results with strong growth in sales, membership and profit. Comp sales grew 10.6% excluding fuel and tobacco and were up nearly 28% on a 2-year stack basis, including strong eCommerce growth. Membership trends were also strong as we achieved a new high for overall member counts, saw significantly higher renewal rates and delivered record Plus member penetration. Sam's operating income was up 11.5%.

Sam's Club 取得了優異的業績，銷售額、會員資格和利潤均實現了強勁增長。不包括燃料和煙草的 Comp 銷售額增長了 10.6%，並且在兩年的基礎上增長了近 28%，其中包括強勁的電子商務增長。會員趨勢也很強勁，因為我們的會員總數達到了新高，續訂率顯著提高，並且實現了創紀錄的 Plus 會員滲透率。 Sam 的營業收入增長了 11.5%。

Now let's turn to guidance. We're closely monitoring the evolving COVID impacts around the world. Guidance discussed today assumes a continued strong U.S. economy with no new significant government stimulus for the remainder of the year. All of the guidance discussed excludes the impact of international divestitures.

現在讓我們轉向指導。我們正在密切關注全球不斷變化的 COVID 影響。今天討論的指導假設美國經濟持續強勁，今年剩餘時間沒有新的重大政府刺激措施。所討論的所有指南均不包括國際資產剝離的影響。

We now anticipate higher full year sales growth due to the strong first half performance and an expected good back half of the year, with consolidated net sales growth expected to be up 6% to 7% versus prior guidance of a low- to mid-single-digit increase.

我們現在預計由於上半年業績強勁和下半年預期良好，全年銷售增長將更高，綜合淨銷售額增長預計將增長 6% 至 7%，而之前的指導為中低單-位數增加。

Walmart U.S. comp sales are expected to increase 5% to 6%, representing about $20 billion of growth. We anticipate Sam's Club comps to increase 7.5% to 8.5%, excluding fuel and tobacco, and international constant currency sales growth of 7% to 8%.

沃爾瑪美國公司的銷售額預計將增長 5% 至 6%，代表約 200 億美元的增長。我們預計山姆會員店的銷售額將增長 7.5% 至 8.5%，不包括燃料和煙草，國際固定貨幣銷售額增長 7% 至 8%。

We're also raising full year guidance for operating income and EPS. On a constant currency basis, we expect full year consolidated adjusted operating income to increase 11.5% to 14%, which is a material step-up from our prior guidance of high single-digit growth and an even more significant increase from our initial guidance in February.

我們還提高了營業收入和每股收益的全年指引。在固定貨幣基礎上，我們預計全年合併調整後營業收入將增長 11.5% 至 14%，這比我們之前的高個位數增長指引有了實質性的提升，並且比我們最初的指引增長更顯著。二月。

Walmart U.S. adjusted operating income is expected to increase 11% to 13.5%. Full year adjusted EPS is now expected to be in the range of $6.20 to $6.35. This is an increase from prior guidance of low double-digit growth as well as above the initial guidance of flat to up slightly.

沃爾瑪美國調整後的營業收入預計將增長 11% 至 13.5%。現在預計全年調整後每股收益將在 6.20 美元至 6.35 美元之間。這是從先前的低兩位數增長的指導以及高於持平的初始指導略微上升的增長。

The third quarter has started off well as back-to-school shopping is underway and we expect grocery market share gains to continue. We now anticipate Q3 adjusted EPS in the range of $1.30 to $1.40, with Walmart U.S. comp sales, excluding fuel, increasing between 6% and 7%.

第三季度開局良好，開學購物正在進行中，我們預計雜貨市場份額將繼續增長。我們現在預計第三季度調整後的每股收益在 1.30 美元至 1.40 美元之間，沃爾瑪在美國的綜合銷售額（不包括燃料）將增長 6% 至 7%。

Again, I'm very pleased with the second quarter results and feel good about the underlying momentum of the business. Thank you for your time and interest this morning, and we'd be happy to take your questions.

同樣，我對第二季度的業績感到非常滿意，並對業務的潛在發展勢頭感到滿意。感謝您今天早上的時間和興趣，我們很樂意回答您的問題。

(Operator Instructions) And our first question today comes from the line of Bob Drbul of Guggenheim.

（操作員說明）我們今天的第一個問題來自古根海姆的 Bob Drbul。

I guess the question that I have is you guys talked about inflation running through. I was just wondering if you can maybe give us some categories that you're seeing the most pressure, how you're adjusting with price and, sure, what you're seeing competitively with pricing throughout the business. That would be helpful.

我想我的問題是你們談論通貨膨脹貫穿始終。我只是想知道您是否可以向我們提供一些您面臨最大壓力的類別，您如何調整價格，當然，您在整個業務中看到的價格具有競爭力。那會很有幫助。

Hey, Bob, it's John. Just a couple of things. First, I want to say thanks to my team for the quarter they just completed and the work they've done to position the business so well for now and in the future. And a merchant team that's as broad as the team at Walmart, fortunately, they have a lot of levers that they can use all across the business to make sure our value is right for customers. We've seen strength in food and general merchandise and other categories.

嘿，鮑勃，我是約翰。只是幾件事。首先，我要感謝我的團隊剛剛完成的這個季度，以及他們為在現在和未來定位業務所做的工作。和沃爾瑪團隊一樣廣泛的商家團隊，幸運的是，他們有很多槓桿可以在整個業務中使用，以確保我們的價值適合客戶。我們已經看到食品和日用百貨及其他類別的實力。

And as the environment changed, the team, they've just done an amazing job reacting to so many things over the last 18 months and continue to do so. And they've been quite deliberate about ensuring that our value remains strong. I'm happy to report that our price value is as strong as it has been throughout the pandemic and above what it was before the pandemic began.

隨著環境的變化，團隊，他們在過去 18 個月裡對這麼多事情做出了驚人的反應，並且繼續這樣做。他們非常謹慎地確保我們的價值保持強勁。我很高興地報告，我們的價格價值與整個大流行期間一樣強勁，並且高於大流行開始之前的水平。

And so the team's doing things like driving strong businesses in apparel and home and general merchandise in addition to food help them mix out. Inventory management is another key to this. We finished the quarter up about 20% in inventory, which I think we're well positioned going into the rest of the year based on where the inventory is. And we've had strong sell-throughs. The comp sales always help.

因此，該團隊正在做一些事情，例如推動服裝、家居和日用商品領域的強勁業務，以及食品幫助他們進行混合。庫存管理是另一個關鍵。我們在本季度末的庫存增加了約 20%，我認為根據庫存情況，我們在今年餘下的時間里處於有利地位。而且我們的銷售量很大。 comp 銷售總是有幫助的。

So with the cost pressures that we do see across the supply chain, and you heard Brett mentioned that we're doing things like chartering vessels and securing supply so we can ensure that we are ready for the third and fourth quarter. And we've seen some inflation in the low single digits. But the thing I watch that I think is just most important is that we see our unit share in categories like food growing faster than our dollar share to ensure that we can position ourselves well in terms of retail value for the customer and play a role in keeping inflation down for the country.

因此，我們確實在整個供應鏈中看到了成本壓力，你聽說布雷特提到我們正在做諸如租船和確保供應之類的事情，這樣我們就可以確保我們為第三季度和第四季度做好準備。我們已經看到了一些低個位數的通貨膨脹。但我認為最重要的事情是，我們看到我們在食品等類別中的單位份額增長速度快於我們的美元份額，以確保我們能夠在客戶零售價值方面為自己定位並在其中發揮作用為國家降低通貨膨脹。

Our next question is coming from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

I have one for Doug and one for Brett. And, Doug, mine -- for you is 2 parts. First question is if you can give us a sense of the most important strategic imperative that's on your plate. And I was going to throw out a couple, like supply chain, associates and/or alternative profit pools. And I know it may be hard to pinpoint one, but I'm curious where the focus is.

我有一份給道格，一份給布雷特。而且，道格，我的——對你來說是兩部分。第一個問題是，您能否讓我們了解您面臨的最重要的戰略要務。我打算扔掉一些，比如供應鏈、員工和/或替代利潤池。而且我知道可能很難確定一個，但我很好奇重點在哪裡。

And then the second part for you, Doug, is how active of a debate is there about plowing money back into the business because EBIT dollars are growing well above the algo. And I'm curious, why not put more back into the business when the business is overdelivering?

然後，Doug，您的第二部分是關於將資金投入業務的辯論有多活躍，因為 EBIT 美元的增長遠高於算法。我很好奇，當業務超額交付時，為什麼不將更多資金投入業務呢？

Simeon, as it relates to the most important strategic imperative, the thing that came to mind first was speed. I think innovation and speed may be together. We're trying to change the company. And as we've said to everybody for a while now, our purpose and our values are constant, but everything else is open to change. And we're becoming more digital. We're learning how to work differently. And the reason that I would have that at the top of the list is because that's what bears fruit forever.

西蒙，因為它關係到最重要的戰略要務，首先想到的是速度。我認為創新和速度可能並存。我們正在嘗試改變公司。正如我們現在對每個人所說的那樣，我們的目標和價值觀是不變的，但其他一切都可以改變。我們正變得更加數字化。我們正在學習如何以不同的方式工作。我之所以將它排在首位，是因為它會永遠結出碩果。

We've launched new businesses. We've scaled new businesses. A year from now, we're going to be doing the same thing. 5 years from now, we're going to be doing the same thing. And so my focus, working with this team and with Suresh and everybody else, is to try and get into how we're working and increase the speed, innovation and productivity of the company.

我們開展了新業務。我們已經擴展了新業務。一年後，我們將做同樣的事情。 5年後，我們將做同樣的事情。因此，我與這個團隊以及與 Suresh 和其他所有人合作的重點是嘗試了解我們的工作方式，並提高公司的速度、創新和生產力。

As it relates to putting money back in, I think we've been on our front foot for a while, and we'll stay there. And we're not going to give you any additional guidance today as it relates to capital needs or things like that. But as we shared with you back in February, we've got opportunities to play offense. We're confident in what we're doing. We like the assets we've got. I think some people view stores these days as boring, we don't. We love the business that we've got, and we love what we're adding to it. And if we see opportunities to be more aggressive either on the income statement side or the balance sheet, we'll take them, and we'll share it at that time.

因為這涉及到把錢放回去，我想我們已經站了一段時間，我們會留在那裡。我們今天不會給你任何額外的指導，因為它與資本需求或類似的事情有關。但正如我們在二月份與你分享的那樣，我們有機會進攻。我們對我們正在做的事情充滿信心。我們喜歡我們擁有的資產。我認為現在有些人認為商店很無聊，我們不這麼認為。我們熱愛我們擁有的業務，我們熱愛我們正在為它添加的東西。如果我們看到在損益表或資產負債表方面更有進取心的機會，我們會抓住它們，屆時我們會分享。

And I guess a follow-up for Brett, is that thinking about '22 and without giving concrete guidance, you initially set up '21 as this investment year. And now your growth, at least -- sorry, for '22, your fiscal '22 is coming in faster than you expected. So now that, that fiscal growth is coming in better than expected, does it change any algo into next year? Or are you still confident that the business can keep growing algo going forward?

我想 Brett 的後續行動是，考慮到 22 年並且沒有給出具體指導，你最初將 21 年設置為這個投資年。現在你的增長，至少 - 對不起，對於 22 年，你的 22 財年來得比你預期的要快。因此，既然財政增長好於預期，明年是否會改變任何算法？或者您仍然相信業務可以繼續增長算法嗎？

Yes. Thanks, Simeon. We talked about in February that -- at that time when we gave guidance for this year, we did it assuming there was no government stimulus. We've certainly have gotten some of that during the year, and we've benefited from that. We've been straightforward on that front.

是的。謝謝，西蒙。我們在二月份談到——當時我們為今年提供指導時，我們假設沒有政府刺激措施。在這一年裡，我們當然已經得到了一些，我們也從中受益。在這方面我們一直很直截了當。

So as Doug said though, we've been front-footed. We continue to lean in. We're making investments where we need to make investments. There's nothing that we're pulling back on that we feel is important for the long-term value of the company. And as you look at the longer-term growth that we talked about, 4% type growth for the company longer term, I still feel good about that. I feel good about our ability to grow profit greater than sales as we talked to in February. None of that has changed.

所以正如道格所說，我們一直處於領先地位。我們繼續傾斜。我們在需要投資的地方進行投資。我們認為，對於公司的長期價值而言，我們認為沒有什麼是重要的。當你看到我們談到的長期增長時，公司長期增長 4%，我仍然對此感覺良好。正如我們在 2 月份所談及的那樣，我對我們實現利潤增長超過銷售額的能力感到滿意。這一切都沒有改變。

And we -- but we said it the first year or 2, year-to-year growth depends some on what we see on stimulus this year, which we've gotten quite a bit. So year-to-year, Simeon, we'll come out and talk about that. But longer term, I remain very, very optimistic about the company.

我們 - 但我們說第一年或第二年的同比增長在一定程度上取決於我們今年對刺激措施的看法，我們已經得到了相當多的刺激。所以年復一年，西蒙，我們會出來討論這個問題。但從長遠來看，我仍然非常非常看好這家公司。

Our next question comes from the line of Karen Short with Barclays.

我們的下一個問題來自巴克萊銀行的 Karen Short。

Actually, just I guess following up on that. So I think the [knock] that Walmart would get is obviously a bit -- you've been in a perpetual kind of investment cycle. And it does seem that you're in a little bit more of a steady state. So wondering if you could just elaborate a little bit on that with respect to the longer-term outlook of where you think you're at on CapEx and wages beyond fiscal '22. Because again, I think it does seem that the algorithm seems a little bit more sustainable in this -- with the sales versus -- U.S. sales versus U.S. EBIT relationship.

實際上，我只是想跟進。所以我認為沃爾瑪會得到的[敲門聲]顯然有點——你一直處於一個永久的投資週期中。而且看起來你確實處於更穩定的狀態。因此，想知道您是否可以就您認為自己在 22 財年之後的資本支出和工資的長期前景詳細說明這一點。因為再一次，我認為算法似乎在這方面更具可持續性——銷售額與美國銷售額與美國息稅前利潤的關係。

Karen, this is Doug. I'll go first, and then Brett can chime in if he wants to. The business, it's interesting to think about it in terms of investment cycles. The business is always going to make investments and it's going to grow and it's going to grow earnings. And why can't we do those things at the same time? Why can't we invest capital in automation, for example, and increase productivity and have earnings growth to the degree that we should?

凱倫，這是道格。我先去，然後如果他願意，布雷特可以插話。業務，從投資週期的角度來考慮是很有趣的。企業總是會進行投資，並且會增長並且會增加收益。為什麼我們不能同時做這些事情？例如，為什麼我們不能將資本投資於自動化，並提高生產力並讓收益增長到我們應該達到的程度？

We manage the short term and the long term. As everybody knows, we're a company that's particularly focused on the long term, particularly focused on the top line, we'll manage the bottom line. But I kind of would like to push back a little bit on this. Are you in an investment cycle today? Will you be tomorrow? We'll be announcing investments all the time and you guys should expect us to grow the top line and the returns of the company over time as we do that.

我們管理短期和長期。眾所周知，我們是一家特別關注長期的公司，特別關注收入，我們將管理底線。但我有點想推後一點。你今天處於投資週期嗎？你明天會嗎？我們將一直宣布投資，你們應該期望我們隨著時間的推移增加收入和公司的回報。

The business is changing shape. And I think that's the key. We're not just buying and selling merchandise in supercenters at this point. We're changing how the company is comprised. If you look at -- just imagine a bar chart of revenue or a bar chart of profitability, the mix is shifting. And that unlock, as we stick with it, creates a different financial equation than what we would have had years ago.

業務正在發生變化。我認為這是關鍵。目前，我們不僅僅是在超級中心買賣商品。我們正在改變公司的組成方式。如果你看——想像一下收入的條形圖或盈利能力的條形圖，組合正在發生變化。當我們堅持下去時，這種解鎖創造了一個與我們多年前不同的財務等式。

Yes. I was thinking about, Karen, to 5 years ago, almost 6 years ago now when we talked about that we needed to take the opportunity to invest in wages and eCommerce. And we were a little bit behind where we wanted to be in some areas. And now when we invest, it feels very offensive, feels like we're improving our competitive position. It's very broad-based. When you look at the results this quarter, as an example, of Walmart U.S. and Sam's Club and International, very broad-based, strong performance.

是的。凱倫，我在想 5 年前，差不多 6 年前的現在，當我們談到我們需要抓住機會投資工資和電子商務時。我們在某些領域落後了我們想要達到的目標。現在，當我們投資時，感覺非常冒犯，感覺就像我們正在提高我們的競爭地位。它的基礎非常廣泛。例如，當您查看本季度的結果時，沃爾瑪美國和山姆會員店和國際公司的業績非常廣泛，表現強勁。

And to Doug's point, I think we'll continue to be able to do both, grow top line returns, grow bottom line, while we continue to invest in the business. I think all of those are a critical piece of what we're doing.

就道格而言，我認為我們將繼續能夠同時做到這兩點，增加頂線回報，增加底線，同時我們繼續投資於業務。我認為所有這些都是我們正在做的事情的關鍵部分。

Our next question is from the line of Peter Benedict with Baird.

我們的下一個問題來自 Peter Benedict 和 Baird。

Just one follow-up on one of the previous questions. Just, Brett, you mentioned stimulus impact. I don't know if you can maybe build on that a little bit more. I mean we obviously know that there's been a lot out there, but I don't know if you're able to frame that at all.

只是對先前問題之一的跟進。只是，布雷特，你提到了刺激影響。我不知道您是否可以在此基礎上再多一點。我的意思是我們顯然知道那裡有很多，但我不知道你是否能夠完全框架。

And then my other question, just more around supply chain management. Inventory levels looking good and stocks better. How do you feel about kind of as we look forward to the second half holidays? Obviously, the comp guide is good, but just access to product for whether it be Halloween, Christmas, that timing of events you're planning. Just how are you thinking about that as we pick more towards the fourth quarter trend?

然後是我的另一個問題，更多的是關於供應鏈管理。庫存水平看起來不錯，庫存更好。我們期待下半年的假期，您感覺如何？顯然，comp 指南很好，但無論是萬聖節、聖誕節還是您計劃的活動時間，都可以訪問產品。當我們更多地選擇第四季度的趨勢時，您如何看待這一點？

Yes. Peter, it's Brett. I'll start out. I mean we did -- we gave guidance in February that didn't include stimulus. At the time, we didn't know what's going to happen, so it was an easier way to give guidance. We've gotten stimulus.

是的。彼得，是布雷特。我會開始的。我的意思是我們做到了——我們在 2 月份給出了不包括刺激措施的指導。當時，我們不知道會發生什麼，所以這是一種更容易提供指導的方法。我們得到了刺激。

Given what's happened in the last 18 months, it gets pretty challenging to try to pick apart what things benefited what part of the business. We know we've benefited from stimulus. But the underlying business is really strong. John will talk about it in a minute, but what you see in our food business, which sometimes gets overlooked despite the size and the importance of that to our company. Back-to-school is really strong. So I feel good about the underlying business that I see regardless of whether there's stimulus or not.

鑑於過去 18 個月中發生的事情，試圖區分哪些事情有利於業務的哪些部分變得非常具有挑戰性。我們知道我們已經從刺激中受益。但基礎業務確實很強大。約翰稍後會談到它，但是你在我們的食品業務中看到的，儘管它對我們公司的規模和重要性有時會被忽視。返校真的很強大。因此，無論是否有刺激措施，我都對我所看到的基礎業務感覺良好。

Peter, this is John. I'll just pick up where Brett left off. As Brett mentioned in the opening comments, the comps improved sequentially each month of the quarter. And we feel great about that momentum. Our team has worked really hard this year to position the business well going into this, what seems to be a strong back-to-school season early. We're happy with the results in categories like apparel and stationery and others that you would expect in a strong time like this.

彼得，這是約翰。我會從布雷特離開的地方繼續。正如布雷特在開場評論中提到的那樣，本季度每個月的收入都有所改善。我們對這種勢頭感覺很好。今年，我們的團隊非常努力地為業務做好準備，這似乎是一個強勁的開學季。我們對服裝和文具等類別的結果以及您在這樣的強勁時期所期望的其他類別的結果感到滿意。

I mean as far as the supply chain, the team, really, really proud of the work the team has done and thankful that we have such an experienced team who can manage these types of disruptions that we've seen around the global supply chain. So we've chartered vessels, as Brett said. We've secured capacity for the third and fourth quarter and feel good about the inventory positioning or particularly compared to last year with inventory up 20% across the segment.

我的意思是，就供應鏈而言，團隊真的非常為團隊所做的工作感到自豪，並感謝我們擁有這樣一個經驗豐富的團隊，能夠管理我們在全球供應鏈中看到的這些類型的中斷。因此，正如布雷特所說，我們已經租用了船隻。我們已經確保了第三和第四季度的產能，並且對庫存定位感到滿意，尤其是與去年相比，整個部門的庫存增加了 20%。

So I think we're in good shape going into the fourth quarter -- third and fourth quarter. Of course, we'll manage this the entire time and look for strong results as we get into the third quarter.

所以我認為我們在進入第四季度——第三和第四季度時處於良好狀態。當然，我們將在整個過程中進行管理，並在進入第三季度時尋求強勁的結果。

Good to hear from Kath and maybe, Judith, if you want to on supply chain challenges around the world. Sam's faces the same set of issues, whether it's the tailwinds from stimulus or what's happening with supply chain, and you've got some seasonal categories where you can read sales earlier than we would in Walmart U.S.

如果您想了解世界各地的供應鏈挑戰，很高興聽到 Kath 和 Judith 的來信。山姆面臨著同樣的問題，無論是刺激措施帶來的順風還是供應鏈正在發生的事情，而且你有一些季節性類別，你可以比我們在美國沃爾瑪更早地了解銷售情況。

Yes, certainly. We saw strong seasonal sales through Q1, particularly in our GM areas. And that was certainly assisted by stimulus. But what we're seeing in Q2 is that same strength continuing. So whether we're seeing it in back-to-school and Halloween or fall, we're seeing our members highly participating in those categories. And we thought we bought aggressively. We wished we bought even more aggressively, I think there's a lot of upside in that space.

是的，當然了。我們在第一季度看到了強勁的季節性銷售，特別是在我們的通用汽車領域。這當然得到了刺激的幫助。但我們在第二季度看到的是同樣的實力仍在繼續。因此，無論我們是在返校、萬聖節還是秋季看到它，我們都看到我們的成員高度參與這些類別。我們認為我們積極購買。我們希望我們更積極地購買，我認為這個空間有很大的上升空間。

In international, it's very similar trends in some of our markets that John outlined. One of the unique capabilities that Walmart has is its scale and its ability to leverage across that scale. So we have -- we've worked with the U.S. businesses for the Canada business, particularly under our Mexico business, to try to make sure that we keep in-stock for the customer front of mind. We're continuing to see strength in all of the categories that we've got, but we're prioritizing the holiday season coming up. And then in India, we're prioritizing Big Billion Day, which is the Diwali Festival, which is coming up in early November.

在國際上，約翰概述的一些市場的趨勢非常相似。沃爾瑪擁有的獨特能力之一是其規模以及在該規模上利用的能力。所以我們 - 我們已經與美國企業合作，為加拿大業務，特別是在我們的墨西哥業務下，努力確保我們為客戶保留庫存。我們繼續在我們擁有的所有類別中看到實力，但我們正在優先考慮即將到來的假期。然後在印度，我們將優先考慮 Big Billion Day，即 11 月初即將到來的排燈節。

Our next question comes from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

We'd like to focus on omni and e-comm, if we could. I think, Doug, you mentioned in your prepared remarks that the business is becoming more global in orientation versus regional. And I think you also said or stated some really strong penetration levels for e-comm in some of your international markets in places like China on 618 and other events. I'm just wondering if you can talk about your $100 billion e-comm channel goal through that lens of international. How do you think about the international markets influencing maybe the domestic market or vice versa in terms of your investment strategy?

如果可以的話，我們希望專注於全方位和電子商務。我認為，Doug，您在準備好的評論中提到，該業務在定位方面變得更加全球化，而不是區域化。而且我認為您在 618 和其他活動中也說過或陳述了電子商務在您的一些國際市場中的一些非常強大的滲透水平，例如中國。我只是想知道您是否可以通過國際化的視角談論您 1000 億美元的電子商務渠道目標。就您的投資策略而言，您如何看待可能影響國內市場或反之亦然的國際市場？

Yes. Thanks for the question. I'll get Judith to chime in here, too. It's exciting to see what's happened. And it hasn't been forced by us, but the world changed as it became more digital and the business models and the products we need to build, the work we need to do ends up being even more common than it was before it feels like. And so with the shift in the international portfolio that Judith has led, we find ourselves positioned, with the Flipkart investment in particular, towards more of a digital business and more of an e-comm business.

是的。謝謝你的問題。我也會讓 Judith 在這裡插話。看到發生了什麼令人興奮。它並沒有被我們強迫，但是隨著世界變得更加數字化，商業模式和我們需要構建的產品，我們需要做的工作最終變得比以前更加普遍.因此，隨著 Judith 領導的國際投資組合的轉變，我們發現自己定位於更多的數字業務和電子商務業務，特別是對 Flipkart 的投資。

I started learning about e-comm from food from the U.K. many years ago. Then we all saw China explode. Now we're living in a very different environment in India versus what we see in the U.S. And Walmex unit has become more of a digital company and looks more like the U.S. in some ways.

多年前，我開始從英國的食物中了解電子商務。然後我們都看到中國爆炸了。現在，我們生活在印度的環境與我們在美國看到的環境截然不同。Walmex 部門已經變得更像一家數字公司，在某些方面看起來更像美國。

And so it's exciting to see a pure eCommerce percentage for international and for the total company grow. I think the story that gets buried there is that the business overall is becoming more digital in its mindset.

因此，很高興看到國際和整個公司的純電子商務百分比增長。我認為隱藏在那裡的故事是，整個企業的思維方式正變得越來越數字化。

We've definitely seen a transformation in the way the businesses are thinking. India is slightly different because Flipkart, of course, and PhonePe, our payments business there have always been digital-first. And we've learned an awful lot from them. And I'm so encouraged by what I'm seeing out of India. You've got to remember, this is a market where digital penetration was really quite low when we made our original investment. And that has just continued to increase. And I think the circumstances of the pandemic have helped to reinforce that as well. And we were really pleased to see the $38 billion fund raise for India that we did recently. And the quality of the investors that we've got there, I think, is testament to the way that, that business has a future growth trajectory as well.

我們肯定已經看到了企業思維方式的轉變。印度略有不同，因為 Flipkart 當然，還有我們的支付業務 PhonePe 一直是數字優先的。我們從他們身上學到了很多東西。我對我在印度看到的情況感到非常鼓舞。您必須記住，當我們進行初始投資時，這是一個數字滲透率非常低的市場。而且這種情況還在繼續增加。我認為大流行的情況也有助於加強這一點。我們真的很高興看到我們最近為印度籌集了 380 億美元的資金。我認為，我們所擁有的投資者的質量證明了該業務也具有未來的增長軌跡。

But all around the world, where we've seen the real step-up is in omnichannel, very similar again to U.S. trends. Canada, you saw that we reported a 41% growth for the quarter, that business continues to build. But really, Mexico Walmex is the one that's building out an ecosystem and it had been through a digital transformation for the entire business to work in a much more agile way and looking at the way that they're connecting the customer with a digital offering.

但在世界各地，我們看到真正的提升是在全渠道，這與美國的趨勢再次非常相似。加拿大，您看到我們報告了本季度 41% 的增長，該業務繼續發展。但實際上，墨西哥 Walmex 是一個正在構建生態系統的公司，它已經通過數字化轉型讓整個企業以更加靈活的方式工作，並著眼於他們將客戶與數字產品聯繫起來的方式。

So whilst you have got the pure online business, which is marketplace, you've got the omnichannel business. They're also expanding into areas such as telephone and Internet, provision of services for customers, which is absolutely critical because so many people in Mexico don't have access to Internet services. So this is a way of bringing people in to the top of the funnel.

因此，雖然您擁有純在線業務，即市場，但您擁有全渠道業務。他們還擴展到電話和互聯網等領域，為客戶提供服務，這絕對是至關重要的，因為墨西哥有很多人無法使用互聯網服務。所以這是一種將人們帶到漏斗頂部的方法。

So yes, really pleased to see the level of online penetration in the scale of the business that we're building in International.

所以，是的，很高興看到我們在國際上建立的業務規模的在線滲透水平。

The only other thing that came to mind was the difference between input metrics and output metrics. The $75 billion number on its way to $100 billion is an output metric. We're focused on how do you do a better job with all the inputs related to omni. And that's hard work. And building digital products that marry eCommerce with stores takes more work than just building an eCommerce solution, takes more time, takes more complexity, but that's where the secret sauce is. And if we can continue to blur the lines so that customers and members can shop however they want to shop, whenever they want to shop, the output metrics that we sometimes measure of e-comm versus store growth, for example, they'll be what they are.

唯一想到的另一件事是輸入指標和輸出指標之間的差異。從 750 億美元到 1000 億美元的數字是一個產出指標。我們專注於如何更好地處理與全能相關的所有輸入。這是一項艱苦的工作。構建將電子商務與商店相結合的數字產品比僅僅構建電子商務解決方案需要更多的工作，需要更多的時間，需要更多的複雜性，但這就是秘訣所在。如果我們可以繼續模糊界限，讓客戶和會員可以隨心所欲地購物，無論何時他們想購物，我們有時衡量電子商務與商店增長的輸出指標，例如，它們將是它們是什麼。

But this quarter is kind of a good example of the fact that we can be somewhat indifferent. We're trying to build a model where we're completely in different top and bottom line as it relates to how people shop. And so I think we started that and still have a lot to do to deliver on that goal.

但本季度是一個很好的例子，說明我們可以有些無動於衷。我們正在嘗試建立一個模型，讓我們完全處於不同的頂線和底線，因為它與人們的購物方式有關。所以我認為我們已經開始了，但要實現這個目標還有很多工作要做。

Our next question comes from the line of Edward Kelly with Wells Fargo.

我們的下一個問題來自富國銀行的 Edward Kelly。

Two-part question. Gross margin in the U.S., could you just talk about your expectation as we think about the back half of the year. You're up on a 2-year stack basis, about 30 basis points in Q1, that accelerated in Q2. Is that difference really vaccine? And then over the next couple of quarters, how are you thinking about that dynamic given that it does seem like some of the inflationary pressures and product costs probably accelerated?

兩部分的問題。美國的毛利率，您能否談談您對下半年的預期。你在 2 年的基礎上上漲，在第一季度大約 30 個基點，在第二季度加速。這種差異真的是疫苗嗎？然後在接下來的幾個季度中，鑑於某些通脹壓力和產品成本似乎確實可能加速，您如何看待這種動態？

And then the second thing I just want to ask about is Sam's Club. Grocery really seemed to accelerate sequentially unless I did the numbers wrong here. Can you just provide us a little bit more color in terms of what you saw there?

然後我只想問的第二件事是山姆俱樂部。除非我在這裡做錯了數字，否則雜貨店似乎確實在按順序加速。就你在那裡看到的東西而言，你能給我們提供更多的顏色嗎？

Edward, it's John. Let me take the first question and then hand it over to Kath to talk about the momentum at Sam's.

愛德華，是約翰。讓我回答第一個問題，然後交給 Kath 來談談 Sam's 的勢頭。

But as far as the margin rates that we reported in previous quarters, the way we're thinking about this is it's all about positioning value with our customers and then the mix of what we're selling. And let me talk about value for a second first. We're really proud of the price gaps that we're seeing at this time, which are at pre-pandemic levels and beyond. As I said earlier, it's really positive to see that the unit growth in big categories like our food department are higher than the share gains that we see in dollars. So relative value is something we think about a lot.

但就我們在前幾個季度報告的保證金率而言，我們考慮這一切的方式都是為我們的客戶定位價值，然後是我們所銷售產品的組合。讓我先談談價值。我們對目前看到的價格差距感到非常自豪，這些價格差距處於大流行前及以後的水平。正如我之前所說，看到像我們的食品部門這樣的大類別的單位增長高於我們以美元計算的份額增長，這是非常積極的。所以相對價值是我們經常考慮的事情。

As far as then the results that you've seen, it's a function of mix and then a strong performance by our U.S. supply chains. The teams have just done a number of things to ensure that flow is strong, and that would include everything from offshore to onshore properties like our distribution network. And in particular, our food distribution team has done an amazing job keeping products moving.

就您所看到的結果而言，這是混合的函數，然後是我們美國供應鏈的強勁表現。團隊剛剛做了很多事情來確保流量強勁，這將包括從離岸到陸上的所有東西，比如我們的分銷網絡。特別是，我們的食品配送團隊在保持產品流通方面做得非常出色。

And then ending the quarter, I feel really good about our inventory position. Starting with this very strong back-to-school season that we're seeing, which would include our apparel business, our stationery business and other businesses like lunch boxes and backpacks and all the things that you'd expect for kids to return to school have been off to a good start.

然後在本季度結束時，我對我們的庫存狀況感覺非常好。從我們看到的這個非常強勁的返校季開始，這將包括我們的服裝業務、文具業務和其他業務，例如午餐盒和背包，以及您希望孩子們重返學校的所有東西已經有了一個良好的開端。

And then the mix of inventory going into the quarter, we're up about 20% from where we were a year ago. And I think that's a result -- the result of that has been the stronger comps that we're seeing each month of the quarter as the quarter progressed. But I'll turn it over to Kath to talk about the really strong momentum at Sam's.

然後進入本季度的庫存組合，我們比一年前增長了約 20%。我認為這是一個結果——結果是隨著季度的進展，我們在本季度的每個月都看到了更強大的組合。但我會把它交給 Kath 來談談 Sam's 真正強勁的勢頭。

Yes. So thanks for the question. I think we're proud of the comp of 10.6% this quarter, most proud also of the 2-year stack of 27.8. Strength is coming through grocery, you're right, we're seeing that grow in the mid-teens. But I'd also call your attention to the GM side of it as well, too, because we were really proud to see the home and apparel business growing at the rate it's grown over the last few quarters as well. So some real strength coming through across the box.

是的。所以謝謝你的問題。我認為我們為本季度 10.6% 的成績感到自豪，最自豪的也是兩年的 27.8%。力量來自雜貨店，你是對的，我們看到它在十幾歲時增長。但我也會提請您注意通用汽車的一面，因為我們非常自豪地看到家居和服裝業務在過去幾個季度也以同樣的速度增長。所以一些真正的力量穿過盒子。

Next question comes from the line of Robby Ohmes with Bank of America Securities.

下一個問題來自美國銀行證券公司的 Robby Ohmes。

I had just a follow-up actually on the U.S. eCommerce business. It decelerated to, I guess, 6% against really tough comparisons. But maybe can we get some more color on sort of the -- how pickup versus delivery and Spark and maybe versus ship-to-home kind of played out? And what the expectations might be for -- built in for eCommerce for the back half and how we should think about it? And then maybe also to that is if there is this shift moving back to in-store, can you remind us if that's supporting or will be supporting gross margins for the U.S. business in the back half as well?

實際上，我只是對美國電子商務業務進行了跟進。我猜它減速到 6% 與非常艱難的比較。但也許我們可以在某種程度上獲得更多色彩 - 取貨與交付和 Spark 以及可能與送貨到家之間如何發揮作用？預期可能是什麼 - 為後半部分的電子商務內置以及我們應該如何考慮它？然後也許還有這種轉變，如果這種轉變回到店內，你能提醒我們這是否支持或將支持美國後半部業務的毛利率？

Yes. Looking at the business, first thing that I would just remind everyone that we've been talking about for a while, that we're positioning this business to serve the customer however the customer wishes to be served, and that would include pickup, delivery to home and shopping in store.

是的。看看業務，首先我要提醒大家的是，我們已經討論了一段時間，我們將這項業務定位為為客戶提供服務，無論客戶希望得到什麼服務，這將包括取貨、送貨回家和在商店購物。

And so late in the first quarter, we definitely saw a traffic shift back into store from eCommerce and pickup. And that continued early in the quarter. And just as a reminder, as you said, we were up against strong comparisons particularly early in the quarter. And so that resulted in the total business running about 103% for the 2-year stack. So we doubled the business over the last few years, and we feel great about that.

在第一季度末，我們肯定看到流量從電子商務和取貨轉移回商店。這種情況在本季度初繼續。正如你所說，作為一個提醒，我們在本季度初特別是遇到了強烈的比較。因此，這導致 2 年堆棧的總業務運行率約為 103%。所以我們在過去幾年裡把業務翻了一番，我們對此感覺很好。

We also feel great about the capacity that we've put down last year. Our pickup business was quite strained early in the pandemic as well as inventory availability. And over the last 18 months, the team have done a great job building more capacity into pickup and also finding new ways that they can ship customers. So when a customer orders from walmart.com, at times, we fill from fulfillment centers, other times it's from stores and sometimes it's a combination of the 2, wherever the inventory is. And we try to keep the customer promise in mind ensure that we're fulfilling in the best way possible.

我們也對去年降低的容量感到非常滿意。在大流行初期，我們的皮卡業務以及庫存可用性都非常緊張。在過去的 18 個月中，該團隊在提高取貨能力方面做得非常出色，並且還找到了運送客戶的新方式。因此，當客戶從 walmart.com 下訂單時，我們有時會從履行中心發貨，有時會從商店發貨，有時會結合兩者，無論庫存在哪裡。我們努力牢記客戶承諾，確保我們以最好的方式履行職責。

So the mix of the business definitely shifted in the quarter. I think what we're seeing early in the third quarter, as I said, again, a strong back-to-school season, which would include apparel and brands that we've launched online. We've launched about 1,000 brands in the last year on online and feel very great about the potential those have.

因此，該季度的業務組合肯定發生了變化。正如我所說，我認為我們在第三季度初看到的是一個強勁的返校季，其中包括我們在網上推出的服裝和品牌。去年，我們在網上推出了大約 1,000 個品牌，並且對這些品牌的潛力感到非常滿意。

So we'll be positioned and ready, depending on where the customer shifts. Certainly, we're monitoring changes geographically around the country as it relates to the pandemic and the Delta variant, which are some of the things that caused the changes that happened last year in the first and second quarter.

因此，我們將根據客戶轉移的位置進行定位和準備。當然，我們正在監測全國各地的地理變化，因為它與大流行和 Delta 變體有關，這是導致去年第一季度和第二季度發生變化的一些原因。

Our next question comes from the line of Kate McShane with Goldman Science.

我們的下一個問題來自高盛科學的 Kate McShane。

I was curious with regards to Walmart Connect, just with regards to the advertisers you're signing up, is it really across the board in terms of your vendor base? Or is it mostly in grocery? And is there a way to quantify how much this contributed to the margin?

我對 Walmart Connect 感到好奇，就您註冊的廣告商而言，就您的供應商基礎而言，它真的是全面的嗎？還是主要在雜貨店？有沒有辦法量化這對利潤率的貢獻有多大？

Well, let me talk about just general mix and business. Doug mentioned earlier that we're focused on changing the way of working all across the business. Really proud of the work that our product team and our tech teams have done in the last few quarters to ensure that we are ready for the customer however they wish to be served. And over time, what we've seen and what we'll continue to see is a really positive change in mix to the overall structure of the way we think about the business, our input metrics, our output metrics and our P&L. And those mix improvements are coming from things like advertising, our marketplace, fulfillment services. Rental incomes are stronger in the physical environment, our membership income. And then as we said earlier, doing things like having software licenses and using software-as-a-service to others.

好吧，讓我談談一般的組合和業務。 Doug 早些時候提到，我們專注於改變整個企業的工作方式。真的為我們的產品團隊和技術團隊在過去幾個季度所做的工作感到自豪，以確保我們為客戶做好準備，無論他們希望得到什麼服務。隨著時間的推移，我們已經看到以及我們將繼續看到的是，我們對業務的整體結構、輸入指標、輸出指標和損益表的整體結構發生了非常積極的變化。這些組合改進來自廣告、我們的市場、履行服務等。租金收入在物理環境中更強，我們的會員收入。然後正如我們之前所說，做一些事情，比如擁有軟件許可證和使用軟件即服務給他人。

So all of those are strong. And we did say that advertising just about doubled for the quarter, we're up 95%. And then our active advertisers was up even more than that. So there is strength amongst the advertisers across the board and an expansion of our marketplace and fulfillment services will only enable future growth of the advertising business.

所以所有這些都很強大。我們確實說過本季度的廣告幾乎翻了一番，增長了 95%。然後我們的活躍廣告客戶數量甚至更多。因此，所有廣告商的實力都很強，我們的市場和履行服務的擴展只會促進廣告業務的未來增長。

Our next question is from the line of Rupesh Parikh with Oppenheimer.

我們的下一個問題來自奧本海默的 Rupesh Parikh。

I wanted to dig deeper into the drivers of the grocery acceleration you saw during the quarter. I was curious if you can comment more on some of the internal factors supporting that acceleration. And then also some of the external factors, whether it's travel tax credit or COVID cases spiking.

我想深入挖掘您在本季度看到的雜貨加速的驅動因素。我很好奇您是否可以對支持這種加速的一些內部因素發表更多評論。然後還有一些外部因素，無論是旅行稅收抵免還是 COVID 病例激增。

Yes. Grocery was strong throughout the quarter. And as Brett mentioned earlier, certainly, there have been some benefits of stimulus and other programs that would have helped. I think -- what I think is most encouraging that I'm seeing inside the business is the capacity and abilities that have been built in the quarter by the supply chain network here at Walmart, along with our supply base and our suppliers. I'd like to say thank you to them as well because without them we wouldn't be able to do the things that we're doing in food right now.

是的。雜貨店在整個季度都很強勁。正如布雷特之前提到的，當然，刺激計劃和其他計劃會帶來一些好處，這會有所幫助。我認為 - 我認為我在企業內部看到的最令人鼓舞的是沃爾瑪的供應鍊網絡以及我們的供應基地和供應商在本季度建立的能力和能力。我也想對他們說聲謝謝，因為沒有他們，我們將無法做我們現在在食品領域所做的事情。

But the business, they're running record volumes through our supply chain network each and every week. We've seen extremely high volumes in stores. We've seen growth with our pickup business and with our e-comm business in food. So all across the board, we're just excited about some of the progress and some of the product improvements that we've seen in categories like produce and meat. And the momentum is very helpful.

但是業務，他們每週都通過我們的供應鍊網絡運行創紀錄的數量。我們在商店中看到了極高的銷量。我們的皮卡業務和食品電子商務業務實現了增長。所以總的來說，我們只是對我們在農產品和肉類等類別中看到的一些進展和一些產品改進感到興奮。勢頭非常有幫助。

So the share numbers are also positive. And I've said this probably 3 times, but it's important, and I'll just say it again, we are very encouraged that units are growing faster than dollar share in grocery.

所以股票數量也是積極的。我可能已經說過 3 次了，但這很重要，我再說一遍，我們非常鼓舞的是，單位的增長速度超過了雜貨市場的美元份額。

There's a lot of tonnage going through. And I'd just underline fresh. John mentioned produce and meat. The team, back before the pandemic started, had a rollout of something we call Produce 2.0, which improved the presentation of fresh produce but also capacity. So it was really well timed given what happened during the pandemic. And as I go into stores, produce is standing tall and has throughout, from an in-stock point of view, it's been one of the bright spots in terms of us being able to get product and display it well.

有很多噸位經過。我只想強調新鮮。約翰提到農產品和肉類。早在大流行開始之前，該團隊就推出了我們稱之為 Produce 2.0 的產品，該產品不僅改善了新鮮農產品的展示，而且提高了產能。因此，考慮到大流行期間發生的事情，它的時機非常好。當我走進商店時，產品一直很高，從庫存的角度來看，它一直是我們能夠獲得產品並很好地展示它的亮點之一。

And then Sam's Fresh performance has been really strong, too. It's one thing to stay in stock on corn flakes, it's another to merchandise fresh, and the teams have done a nice job during this period.

然後 Sam's Fresh 的表現也非常強勁。保持玉米片的庫存是一回事，新鮮的商品是另一回事，而球隊在此期間做得很好。

Yes. And I think we've started remodeling half of our fleet in what we call bold and blue, and it really makes the merchandise stand tall. And so I think taking away some of the clutter in the clubs and making the merchandise the hero has enabled our fresh sales to kind of continue to grow as well.

是的。而且我認為我們已經開始用我們所說的粗體和藍色改造一半的機隊，這確實使商品顯得高大上。因此，我認為消除俱樂部中的一些雜亂並讓商品成為英雄，使我們的新銷售額也繼續增長。

The next question comes from the line of Michael Lasser with UBS.

下一個問題來自瑞銀的 Michael Lasser。

On this subject of market share, it's done a sharp reversal from the last year. How much would you attribute to your initiatives, whether it's fresh presentation, pricing or impact versus just the macro where the consumer might have got extra money from the child tax credit or the stimulus check went to the store to buy general merchandise and while he or she was there, stocked up on groceries.

在市場份額這一主題上，它與去年相比發生了急劇逆轉。您將多少歸因於您的舉措，無論是新的展示、定價還是影響，而不是消費者可能從兒童稅收抵免或刺激支票去商店購買普通商品的宏觀經濟，而他或她在那裡，囤積了雜貨。

My follow-up is on Walmart Connect. Really good advertising businesses in the eCommerce space represents 5% to 10% of GMV. Is it fair to think that you're still in the nascent stages, maybe 1% to 2%? And where can your penetration go? And are you seeing that it's incremental to your relationship with your vendors? Or is it coming at the expense of other forms of payment that might be making to you?

我的後續行動是在 Walmart Connect 上。電子商務領域真正優秀的廣告業務佔 GMV 的 5% 到 10%。認為您仍處於初期階段是否公平，可能是 1% 到 2%？你的滲透能去哪裡？您是否看到它是您與供應商關係的增量？還是以犧牲可能對您進行的其他付款方式為代價？

Michael, let me talk about food first. I think everything you said would be on the list of things that are helping, and that would be better pricing, better availability in stores, quality of product, supply chain, again, my hats off to them for all the work that they've done in the last 18 months. But in particular, the last quarter, they have just performed very well.

邁克爾，讓我先談談食物。我認為你所說的一切都會在有幫助的事情清單上，那就是更好的定價、更好的商店可用性、產品質量、供應鏈，再次感謝他們所做的所有工作在過去 18 個月內完成。但特別是上個季度，他們剛剛表現得非常好。

Also just a reminder that last year, we had shorter operating hours in stores across the country. In many cases, some of our entrances and exits had been closed. Some of our peripheral services like optical and the auto care centers were closed to free up staffing to run the core pieces of the business. So I think in general, the entire business is positioned better than it was a year ago. Certainly, we'll react geographically and ensure that associate safety and customer safety are prioritized throughout this wave of the pandemic, but our team is well equipped to make the best decisions to be able to do that.

也提醒一下，去年，我們在全國各地的商店營業時間都縮短了。在許多情況下，我們的一些出入口已經關閉。我們關閉了一些外圍服務，如光學和汽車護理中心，以騰出人員來運營核心業務。所以我認為總的來說，整個業務的定位比一年前要好。當然，我們會在地理上做出反應，並確保在這一波大流行中優先考慮員工安全和客戶安全，但我們的團隊有能力做出最佳決策來做到這一點。

As far as the Connect business, it's growing. We certainly would say that we're in a good position for growth now, but continued growth in the future, being able to double in the most recent quarter is exciting. And then the strength of the eCommerce business, including the marketplace, is what enables that growth over the long term.

就 Connect 業務而言，它正在增長。我們當然會說我們現在處於良好的增長位置，但未來的持續增長，能夠在最近一個季度翻一番是令人興奮的。然後是電子商務業務的實力，包括市場，是長期增長的原因。

We rebranded the business from Walmart Media Group to Walmart Connect last year, and that was just to make sure that it was very clear that this opportunity is going to help us connect buyers, sellers, suppliers and customers altogether in a way that's accretive to the customer experience. And as long as we do that, I will remain very, very bullish on the growth potential in this business.

去年，我們將業務從 Walmart Media Group 更名為 Walmart Connect，這只是為了確保很清楚這個機會將幫助我們以一種增加客戶體驗。只要我們這樣做，我就會非常非常看好這項業務的增長潛力。

The next question is coming from the line of Oliver Chen with Cowen.

下一個問題來自 Oliver Chen 和 Cowen 的對話。

Doug, as you think about Walmart as an ecosystem, what's ahead for healthcare? You've had a lot of innovation with the ReliOn products as well as urgent care centers. Would love your thoughts on relevance to the customer in the context of that in the pharmacy as well as Walmart+ and what stage you are in there as you test, read and react and refine that membership program.

道格，當您將沃爾瑪視為一個生態系統時，醫療保健的前景如何？您在 ReliOn 產品和緊急護理中心方面進行了很多創新。希望您在藥房和沃爾瑪+ 的背景下對與客戶的相關性的想法，以及您在測試、閱讀、反應和完善會員計劃時所處的階段。

We'd also love your view, John, on micro fulfillment centers and what's ahead for the degree of automation that you'll see in the future and the capabilities that you want to build as you continue to innovate in curbside and delivery.

John，我們也很喜歡您對微型履行中心的看法，以及您在未來將看到的自動化程度以及隨著您繼續在路邊和交付方面進行創新而想要構建的能力。

Oliver, the way that things get stitched together is important and being a large seller of food is helpful as it relates to the role that, that data and the relationship we can ultimately build with the customer relate to health care. And so it's exciting in the U.S., and I hope, ultimately, around the world to play a role in health care that helps people get high-quality care at a really good value in an accessible way, enabling them to take more control over their own health and their situation.

奧利弗，將事物拼接在一起的方式很重要，成為食品大賣家很有幫助，因為它關係到我們最終可以與客戶建立的數據和關係與醫療保健相關的角色。所以這在美國是令人興奮的，我希望最終，在世界各地都能在醫療保健領域發揮作用，幫助人們以一種可訪問的方式獲得物超所值的高質量醫療服務，使他們能夠更好地控制自己的生活。自己的健康狀況和情況。

And John will comment more on this in just a second, but the work we did to build some clinics has been helpful, and I think we'll have more clinics in the future. But the clinics aren't the thing on its own. It's how we stitch this whole thing together from telehealth, in the role that health care plays in the home, on mobile devices, how you triage a customer when they start to interact with you to direct them to the place to get the right care at the right time. And sometimes that will include a trip to the store in the clinic. Sometimes it will be a telehealth experience that they have in their home or somewhere else.

約翰將在一秒鐘內對此發表更多評論，但我們為建立一些診所所做的工作很有幫助，我認為未來我們會開設更多診所。但診所本身並不是一回事。這就是我們如何將遠程醫療、醫療保健在家庭中發揮的作用、在移動設備上、當客戶開始與您互動時如何對他們進行分類以將他們引導到獲得正確護理的地方的方式。正確的時間。有時這將包括去診所的商店旅行。有時這將是他們在家中或其他地方的遠程醫療體驗。

And so we're putting building blocks in place. It feels, John, like we've got a lot of ingredients on the table, including the addition of Dr. Cheryl Pegus, who's now leading that business. The strategy is increasingly clear to us. The pieces are on the table. We're going to need some time to execute it because health care is so local. And we've learned a lot about that in the last couple of years with these clinics. And so I continue to be really excited about the role we can play and I'm pleased with the steps we're taking forward.

因此，我們正在將構建塊放置到位。感覺，約翰，我們已經準備好了很多材料，包括現在領導該業務的 Cheryl Pegus 博士的加入。我們對戰略越來越清楚。碎片在桌子上。我們將需要一些時間來執行它，因為醫療保健是如此本地化。在過去的幾年裡，我們從這些診所學到了很多。所以我繼續對我們可以扮演的角色感到非常興奮，我對我們正在採取的步驟感到高興。

I feel exactly the same way. I think the combination of a digital relationship in addition to being local between Walmart and Sam's and our pharmacy network in over 5,000 communities is a big piece of the answer. And that could include having your entire session online, it could include what you buy in terms of your food and how you consume, it could include going to clinic. It also includes the pharmacists that we have across the network who have just done such an amazing job this year helping the country with vaccinations. And it's great to see them practicing at the top end of their license and they've made such a difference.

我的感覺完全一樣。我認為，除了沃爾瑪和山姆之間的本地化關係以及我們在 5,000 多個社區的藥房網絡之外，數字關係的結合是答案的重要組成部分。這可能包括讓您的整個會話在線，它可能包括您購買的食物和消費方式，它可能包括去診所。它還包括我們在整個網絡中擁有的藥劑師，他們今年剛剛完成瞭如此出色的工作，幫助該國進行疫苗接種。很高興看到他們在執照的最高端練習並且他們已經做出瞭如此大的改變。

So I'm really excited about what's coming in health care. I think we can make a big difference for our customers.

所以我對醫療保健領域的發展感到非常興奮。我認為我們可以為我們的客戶帶來很大的改變。

Walmart+ can play a role in how food and health care come together. There's just so much opportunity. You can imagine what happens with data there, with all the appropriate privacy and protections in place. I think the future of Walmart+ just is kind of like this continuous burn for us where we add things to it, it becomes even more unique to Walmart. Of course, delivery is a big part of it, but there will be other components, too.

沃爾瑪+可以在食品和醫療保健如何結合方面發揮作用。有這麼多的機會。您可以想像在所有適當的隱私和保護措施到位的情況下，那裡的數據會發生什麼。我認為 Walmart+ 的未來對我們來說有點像這種持續燃燒，我們在其中添加東西，它對 Walmart 來說變得更加獨特。當然，交付是其中很大一部分，但也會有其他組成部分。

That's right. That's right. And so much of health is really determined by social determinants of health, which a large part of that is what you consume. And being able to have access at your home to fresh foods as part of the program is really important.

這是正確的。這是正確的。如此多的健康實際上是由健康的社會決定因素決定的，其中很大一部分是你所消費的。作為該計劃的一部分，能夠在家中獲得新鮮食品非常重要。

Oliver, your second question on market fulfillment centers, another area that I'm really excited about. And the big headline, I think, that is important is that we are learning very quickly how to use our supply chain assets, including local assets, upstream assets, distribution assets very dynamically to be able to move product and assemble orders in a way that is most efficient to meet the customer promise.

奧利弗，你關於市場履行中心的第二個問題，我真的很興奮的另一個領域。我認為，重要的大標題是，我們正在快速學習如何非常動態地使用我們的供應鏈資產，包括本地資產、上游資產、分銷資產，以便能夠以如下方式移動產品和組裝訂單最有效地滿足客戶的承諾。

And so these market fulfillment centers will help us not only with local capacity but they'll help us keep orders consolidated all the way to the point that they move into our last mile network, which is the Spark network that we mentioned earlier. And the team led by Tom Ward are just doing a fantastic job building capacity, capability.

因此，這些市場履行中心不僅可以幫助我們提高本地產能，還可以幫助我們保持訂單整合，直到它們進入我們的最後一英里網絡，也就是我們之前提到的 Spark 網絡。由 Tom Ward 領導的團隊在能力建設方面做得非常出色。

Just the other day, I ordered something on walmart.com at 10 in the morning. At 11:45, it was sitting on the front porch and had been delivered. So stories and the ways that they're learning to delight customers ahead of expectations is really unique, and it is an advantage of having so many locations locally around the country. And the ability to scale this, I'm excited about. The automation is going to help. And next time that we're able to host you here, we should be able to show you a facility here locally that will be quite interesting.

就在前幾天，我早上 10 點在 walmart.com 上訂購了一些東西。 11點45分，它坐在前廊，已經送到了。因此，他們正在學習的故事以及他們正在學習以超出預期取悅客戶的方式確實是獨一無二的，這是在全國各地擁有如此多地點的優勢。並且能夠擴展這一點，我很興奮。自動化將有所幫助。下次我們能夠在這裡接待您時，我們應該能夠向您展示當地的設施，這將非常有趣。

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

謝謝你。此時，我們已經到了問答環節的尾聲。我將把電話轉給 Doug McMillon 做閉幕詞。

I want to thank you again for your interest in the company. And I want to thank this leadership team, and of course, our associates. This team is building for the mid to long term, and they're doing a great job of managing and performing in the short term, navigating a pandemic, keeping the stores in stock, serving customers and members while we change the business to be more digital. As I mentioned earlier, to get faster, more innovative, more productive as we build it, and it's actually a lot of fun. It's challenging. This continues to be a challenging year, and our folks on the frontline are doing a great job, but I just want to express my gratitude. Thank you all.

我要再次感謝您對公司的關注。我要感謝這個領導團隊，當然還有我們的同事。這個團隊正在為中長期而建，他們在短期內的管理和執行、應對大流行、保持商店庫存、為客戶和會員提供服務方面做得很好，同時我們將業務轉變為更多數字的。正如我之前提到的，為了在我們構建它時變得更快、更具創新性、更高效，這實際上很有趣。這很有挑戰性。今年仍然是充滿挑戰的一年，我們在前線的人們做得很好，但我只想表達我的感激之情。謝謝你們。

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

謝謝你。今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。