沃爾瑪 (WMT) 2022 Q1 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal 2022 First Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加沃爾瑪 2022 財年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Dan Binder with Investor Relations.

我現在想將會議轉交給您的主持人，投資者關係部的 Dan Binder。

Thank you, Rob. Good morning, and welcome to Walmart's First Quarter Fiscal 2022 Earnings Call. I'm joined by a few members of our executive team, including Doug McMillon, Walmart's President and CEO; Brett Biggs, Executive Vice President and Chief Financial Officer; and John Furner, President and CEO of Walmart U.S. In a few moments, Doug and Brett will provide you with an update on the business and discuss first quarter results. That will be followed by our question-and-answer session.

謝謝你，羅布。早上好，歡迎參加沃爾瑪 2022 財年第一季度財報電話會議。我們執行團隊的一些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；以及沃爾瑪美國總裁兼首席執行官約翰弗納。稍後，道格和布雷特將為您提供業務更新並討論第一季度業績。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 today's call. Our results for the first quarter were strong. We're pleased with our sales momentum and adjusted EPS growth of 43% versus last year. We had strong performance in all 3 segments.

早上好，感謝您加入今天的電話會議。我們第一季度的業績很強勁。我們對我們的銷售勢頭和調整後的每股收益比去年增長 43% 感到滿意。我們在所有 3 個領域都有強勁的表現。

As the pandemic continues, it's impacting the countries where we operate in different ways, so our teams are adapting to overcome the challenges and deliver the strong results we're sharing today. We continue to be grateful to all of our associates for their dedication to serving others.

隨著大流行的繼續，它以不同的方式影響著我們開展業務的國家，因此我們的團隊正在適應以克服挑戰並提供我們今天分享的強大成果。我們繼續感謝所有員工為他人服務的奉獻精神。

2021 brings its own unique challenges and uncertainty. But overall, my optimism is higher than it was at the beginning of the year for several reasons. In the U.S., economic stimulus is clearly having an impact, but we also see encouraging signs that our customers want to get out and shop. Our execution is improving despite the hurdles presented by the pandemic.

2021 年帶來了獨特的挑戰和不確定性。但總的來說，出於幾個原因，我的樂觀情緒高於年初。在美國，經濟刺激措施顯然正在產生影響，但我們也看到了令人鼓舞的跡象，表明我們的客戶想要出去購物。儘管大流行帶來了障礙，但我們的執行力正在提高。

The second half will likely have more uncertainty than a normal year, but we like our position. Our stores are getting stronger and our eCommerce capabilities are expanding as we continue to grow. Customers will decide how and when they want to shop, and they will find us ready, whether they want to shop in store, pick up an order or have it delivered.

下半年可能會比正常年份有更多的不確定性，但我們喜歡我們的立場。隨著我們的不斷發展，我們的商店越來越強大，我們的電子商務能力也在擴大。客戶將決定他們想要購物的方式和時間，他們會發現我們已經準備好了，無論他們是想在商店購物、取貨還是送貨上門。

Key elements of our strategy are coming together nicely. We saw an acceleration of traffic in our stores, gained market share in grocery, improved in-stock levels and grew eCommerce sales globally by 43% in constant currency, excluding recent divestitures. Global eCommerce penetration now represents over 12% of total company sales, an increase of 340 basis points over last year.

我們戰略的關鍵要素很好地結合在一起。我們看到我們商店的客流量加速增長，在雜貨市場獲得了市場份額，提高了庫存水平，並且以固定匯率計算，全球電子商務銷售額增長了 43%，不包括最近的資產剝離。全球電子商務滲透率現在占公司總銷售額的 12% 以上，比去年增加了 340 個基點。

Looking ahead, we'll navigate the supply chain challenges and inflationary pressures, whether that's in cost of goods or wages. We'll monitor our price gaps and adjust as appropriate with both customers and shareholders in mind.

展望未來，我們將應對供應鏈挑戰和通脹壓力，無論是商品成本還是工資。我們將監控我們的價格差距，並在考慮到客戶和股東的情況下進行適當調整。

As it relates to COVID-19, the past several weeks have been more challenging in some countries. India, Canada, Chile and South Africa are priorities at the moment. Supporting our associates is our primary focus, but we're also investing our resources to support the countries as we find opportunities to do so. In India, we're donating oxygen concentrators, PPE and financial support.

由於與 COVID-19 相關，過去幾週在某些國家/地區更具挑戰性。印度、加拿大、智利和南非是目前的優先事項。支持我們的員工是我們的主要關注點，但我們也在投入資源來支持這些國家，因為我們找到了這樣做的機會。在印度，我們捐贈了製氧機、個人防護裝備和財政支持。

When it comes to helping people get vaccinated, we're engaged in multiple countries. In the U.S., we've administered millions of doses. We're taking steps to encourage our associates and everyone to become vaccinated. Given CDC guidance, our U.S. associates that have been vaccinated can now work without a mask if they choose to, and we've added a cash incentive as one more step to encourage vaccinations. All of our Walmart and Sam's Club pharmacies in the U.S. are administering vaccines, and we can provide them without an appointment. We've also collaborated with national and local organizations to support more than 200 community events across the country so far.

在幫助人們接種疫苗方面，我們參與了多個國家的工作。在美國，我們已經註射了數百萬劑。我們正在採取措施鼓勵我們的員工和每個人都接種疫苗。鑑於 CDC 的指導，我們已接種疫苗的美國員工現在可以選擇不戴口罩工作，我們還增加了現金獎勵作為鼓勵接種疫苗的又一步驟。我們在美國的所有 Walmart 和 Sam's Club 藥店都在接種疫苗，我們無需預約即可提供疫苗。迄今為止，我們還與國家和地方組織合作，支持全國 200 多個社區活動。

In India, we're facilitating vaccinations for our associates and their households and our Flipkart and PhonePe contractors, more than 200,000 people. Across the countries where we operate, we'll keep looking for more places to make a difference. This pandemic won't be over until it's over for everyone.

在印度，我們正在為我們的員工及其家庭以及我們的 Flipkart 和 PhonePe 承包商（超過 200,000 人）提供疫苗接種服務。在我們開展業務的國家/地區，我們將繼續尋找更多的地方來發揮作用。在所有人都結束之前，這場流行病不會結束。

In addition to combating the pandemic, we also announced a new commitment to U.S. manufacturing during the quarter. Over the next 10 years, we've set a goal to purchase an additional $350 billion on items made, grown or assembled in the U.S. We estimate this commitment will create more than 750,000 new American jobs and avoid 100 million metric tons of CO2 emissions.

除了抗擊疫情，我們還在本季度宣布了對美國製造業的新承諾。在接下來的 10 年中，我們設定了一個目標，即額外購買 3500 億美元的在美國製造、種植或組裝的商品。我們估計，這一承諾將為美國創造超過 750,000 個新的就業機會，並避免 1 億公噸的二氧化碳排放。

We also want to make it easier for manufacturing in the U.S. to flourish. That's why we're launching an initiative called American Lighthouses. We'll bring together partners from the supplier community, academia and government, among other groups, to identify and overcome top-down barriers to U.S. production.

我們還希望讓美國的製造業更容易蓬勃發展。這就是為什麼我們要發起一項名為“美國燈塔”的倡議。我們將匯集來自供應商社區、學術界和政府以及其他團體的合作夥伴，以確定並克服美國生產的自上而下的障礙。

We also have other exciting news to share as we continue to invest in the technologies of tomorrow. In collaboration with ENGIE North America, a power generator and services company, we're adding more than 500 megawatts to the U.S. renewable grid through 3 separate wind projects. Together, these projects are expected to supply renewable energy to hundreds of stores, clubs and distribution facilities annually. That's enough renewable energy to power over 240,000 average American homes for a year. That's on top of the 4 gigawatts of renewable energy currently supplied by our projects globally. This is one more example of the important work we're doing to become a regenerative company.

隨著我們繼續投資於未來的技術，我們還有其他令人振奮的消息要分享。通過與發電和服務公司 ENGIE North America 的合作，我們通過 3 個獨立的風能項目為美國可再生能源電網增加了 500 多兆瓦。這些項目預計每年將為數百家商店、俱樂部和配送設施提供可再生能源。這足夠可再生能源為超過 240,000 戶美國普通家庭供電一年。這是我們目前全球項目提供的 4 吉瓦可再生能源的基礎。這是我們為成為一家再生公司所做的重要工作的又一個例子。

Now let's talk more about our results for the quarter. Walmart U.S. had another strong quarter. The team delivered for our customers as they shopped in our stores and online, and additional government stimulus payments created a tailwind. Our comp sales of 6%, including 37% growth in eCommerce, were strong. Strength was broad-based across categories, including apparel, home, hardlines and seasonal.

現在讓我們更多地談談我們本季度的業績。沃爾瑪美國有另一個強勁的季度。該團隊在我們的客戶在我們的商店和網上購物時為他們提供服務，並且額外的政府刺激支付創造了順風。我們的銷售額增長了 6%，其中電子商務增長了 37%，表現強勁。各個類別的實力廣泛，包括服裝、家居、強硬派和季節性。

I've recently visited stores, clubs and supply chain facilities in New Jersey, Delaware, DC, Ohio, New Mexico, Texas, Illinois, California and Florida. I continue to be grateful for the job our associates are doing, and I'm impressed by their spirit. They're operating safely in a pandemic, improving our in-stock and standards, working hard to fulfill pickup and delivery orders and vaccinating millions. Doing all those things at once isn't easy, and we've had our challenges, but our associates continue to step up and they're strengthening our position as they do it.

我最近參觀了新澤西、特拉華、華盛頓、俄亥俄、新墨西哥、德克薩斯、伊利諾伊、加利福尼亞和佛羅里達的商店、俱樂部和供應鏈設施。我繼續感謝我們的同事所做的工作，他們的精神給我留下了深刻的印象。他們在大流行中安全運營，提高了我們的庫存和標準，努力完成取貨和交付訂單，並為數百萬人接種了疫苗。一次性完成所有這些事情並不容易，我們也遇到了挑戰，但我們的員工繼續加緊努力，他們正在加強我們的地位。

In the U.S., our first-party retail business is strong, but we're also making good progress in other important parts of our business. Marketplace GMV, fulfillment services and advertising income with Walmart Connect are all strong.

在美國，我們的第一方零售業務很強勁，但我們在其他重要業務方面也取得了不錯的進展。 Walmart Connect 的市場 GMV、履行服務和廣告收入都很強勁。

The flywheel we showed you in February is being built. Each component is positioning us to serve the customer better while diversifying the model. As we previously shared, the top of the flywheel starts with being the best, first place people shop. Store remodels, investments in pickup and delivery capacity and sales of Walmart+ fall into this category of activities. We need more capacity to get ahead of demand, and we remain convinced these investments are smart ones. This is one of the keys to selling more Walmart+ memberships, which is an important piece of our strategy over time.

我們在二月份向您展示的飛輪正在製造中。每個組件都在使我們定位為更好地為客戶服務，同時使模型多樣化。正如我們之前分享的那樣，飛輪的頂部始於成為最好的、最先購物的人。 Walmart+ 的門店改造、取貨和配送能力投資以及銷售都屬於此類活動。我們需要更多的產能來滿足需求，我們仍然堅信這些投資是明智的。這是銷售更多 Walmart+ 會員資格的關鍵之一，隨著時間的推移，這是我們戰略的重要組成部分。

In addition to work at the top of the flywheel, we'll continuously add brands, assortment and capabilities to our eCommerce general merchandise business with first-party inventory and marketplace expansion. We'll invest in our general merchandise business and grow in higher-margin categories. The announced acquisition of Zeekit is a great example. This startup combines fashion and technology through a dynamic virtual fitting room and underscores the desire to grow our apparel business aggressively.

除了在飛輪的頂端工作外，我們還將通過第一方庫存和市場擴張不斷為我們的電子商務日用品業務增加品牌、分類和能力。我們將投資於我們的日用百貨業務，並在利潤率更高的類別中增長。宣布收購 Zeekit 就是一個很好的例子。這家初創公司通過一個動態的虛擬試衣間將時尚和技術結合起來，並強調了我們積極發展我們的服裝業務的願望。

We continue our work to build a larger health and wellness business and help customers and associates have a better experience when it comes to their health care. Our acquisition of MeMD is a big step in that direction. Adding a telehealth capability was important. Just as we're doing with core retail, we're building an omnichannel health and wellness business.

我們繼續努力建立更大的健康和保健業務，並幫助客戶和員工在醫療保健方面獲得更好的體驗。我們對 MeMD 的收購是朝著這個方向邁出的一大步。添加遠程醫療功能很重要。正如我們在核心零售方面所做的那樣，我們正在建立一個全渠道的健康和保健業務。

At Sam's Club, the momentum continues. Our items are improving, membership and sales comps are strong, and the team keeps adding and scaling capabilities like curbside. We're seeing strength in categories associated with social gatherings as well as an increase in business member activity. Categories like restaurant supplies are coming back. We saw tremendous growth in membership income for the quarter, and overall membership counts are at an all-time high. Like our stores business, government stimulus helped our results, but I'm confident the underlying business is strong and moving in the right direction for our members.

在山姆會員店，這種勢頭仍在繼續。我們的項目正在改進，會員資格和銷售組合很強大，團隊不斷增加和擴展路邊等功能。我們看到與社交聚會相關的類別的實力以及商業會員活動的增加。餐廳用品等類別正在回歸。我們看到本季度會員收入大幅增長，整體會員人數創歷史新高。與我們的商店業務一樣，政府的刺激措施幫助了我們的業績，但我相信基礎業務很強勁，並且朝著我們會員的正確方向發展。

Our international team has been busy transitioning the portfolio to higher-growth markets, and it's working. As you'll recall, we recently divested our businesses in the U.K., Japan and Argentina. And as a result, net sales for the quarter declined about 11% year-on-year. On a like-for-like basis, when we remove the recently divested markets, net sales increased 5.1%. These are good results and demonstrate the segment's ability to deliver growth for the enterprise.

我們的國際團隊一直在忙於將投資組合轉移到更高增長的市場，並且正在發揮作用。您還記得，我們最近剝離了我們在英國、日本和阿根廷的業務。結果，該季度的淨銷售額同比下降了約 11%。在類似的基礎上，當我們去除最近剝離的市場時，淨銷售額增長了 5.1%。這些都是很好的結果，證明了該部門為企業帶來增長的能力。

In India, for the first quarter, Flipkart and PhonePe continued to experience strong growth as annualized total payment value run rate at PhonePe grew by more than 150% versus last year. At Flipkart, monthly active customers and users are key metrics, and we're performing well.

在印度，第一季度，Flipkart 和 PhonePe 繼續經歷強勁增長，因為 PhonePe 的年化總支付價值運行率比去年增長了 150% 以上。在 Flipkart，每月活躍客戶和用戶是關鍵指標，我們表現良好。

Our recent announcement of our intent to acquire Cleartrip, a leading online travel company, underscores our commitment to transform the customer experience through digital commerce.

我們最近宣布有意收購領先的在線旅遊公司 Cleartrip，強調了我們通過數字商務改變客戶體驗的承諾。

Our growing base of customers means we need to continue to add new capabilities, including areas such as logistics and data storage. The recently announced partnership with Adani Group will help us do just that.

我們不斷增長的客戶群意味著我們需要繼續增加新的能力，包括物流和數據存儲等領域。最近宣布的與阿達尼集團的合作夥伴關係將幫助我們做到這一點。

Walmex continues to be strong, and the flywheel is coming to life. Our assets in this market uniquely position us to serve customers in new ways, and they're responding. In Mexico, sales in eCommerce increased 166%, and our same-day delivery service is now available from 680 locations.

Walmex 繼續保持強大，飛輪正在煥發生機。我們在這個市場上的資產使我們能夠以新的方式為客戶提供獨特的服務，他們正在做出回應。在墨西哥，電子商務的銷售額增長了 166%，我們的當日送達服務現已在 680 個地點提供。

Similar to the U.S., we're expanding our business to include more than just traditional retail. A few areas of note include the advertising business, which saw an increase of more than 100% in new advertisers; and our new mobile phone services network that provides voice, data and home broadband, bringing access and value to our customers. We doubled the number of users of these services during the quarter as customers enjoy the convenience of adding data to their plan right at the checkout.

與美國類似，我們正在擴展我們的業務，不僅僅包括傳統零售。一些值得注意的領域包括廣告業務，新廣告客戶增長超過 100%；以及我們新的移動電話服務網絡，提供語音、數據和家庭寬帶，為我們的客戶帶來接入和價值。我們在本季度將這些服務的用戶數量翻了一番，因為客戶可以在結賬時享受在他們的計劃中添加數據的便利。

In China, our eCommerce business in Sam's Club continued to resonate with customers and members. Helped by a strong Chinese New Year, the club business delivered strong sales across all categories, leading to double-digit comp sales growth. We grew overall eCommerce sales 60% on top of impressive growth last year.

在中國，我們在山姆會員店的電子商務業務繼續引起客戶和會員的共鳴。在強勁的農曆新年的幫助下，俱樂部業務在所有類別中都實現了強勁的銷售，實現了兩位數的銷售額增長。在去年令人印象深刻的增長基礎上，我們的整體電子商務銷售額增長了 60%。

Results from our business in Canada were good even as lockdown measures intensified as the quarter progressed. We started with strong sales in stores and eCommerce, but COVID-19-related restrictions on sales of certain merchandise categories towards the end of the quarter pressured our performance. The underlying business is strong, and we're confident in our omnichannel model for this market.

我們在加拿大的業務取得了良好的業績，儘管隨著季度的推進封鎖措施得到加強。我們從商店和電子商務的強勁銷售開始，但在本季度末與 COVID-19 相關的某些商品類別的銷售限制給我們的業績帶來了壓力。基礎業務強勁，我們對該市場的全渠道模式充滿信心。

I'll close today by thanking everyone for a strong quarter. It all starts with our associates and their focus on serving our customers and members. We're being aggressive in dialing up innovation and speed. We're moving fast to learn new skills and to sharpen our edge on existing ones. And we'll move even faster as we invest in key areas to accelerate growth into the future.

我將在今天結束時感謝大家的強勁季度。這一切都始於我們的員工以及他們專注於為我們的客戶和會員服務。我們正在積極提升創新和速度。我們正在快速學習新技能並在現有技能上磨礪我們的優勢。隨著我們對關鍵領域的投資以加速未來的增長，我們將採取更快的行動。

Thank you for your interest in our company. Now I'll turn it over to Brett.

感謝您對我們公司的關注。現在我將把它交給布雷特。

Thanks, Doug. We're pleased with strong first quarter results and the continued momentum in the business, with both strong sales and profit growth. While stimulus spending benefited results, it's exciting to see the continued progress in our underlying business as we execute on the fundamentals and progress with our omni strategy. Newer businesses within our ecosystem, like advertising and fulfillment services, are growing rapidly, helping margins and allowing us to continue to invest in other strategic priorities.

謝謝，道格。我們對強勁的第一季度業績和業務的持續發展勢頭感到滿意，銷售額和利潤均增長強勁。雖然刺激支出有利於結果，但令人興奮的是，隨著我們執行基本面並通過我們的全方位戰略取得進展，我們的基礎業務持續取得進展。我們生態系統中的新業務，如廣告和履行服務，正在迅速增長，有助於提高利潤率，並使我們能夠繼續投資於其他戰略重點。

Our unique assets, value proposition and financial strength put us in a great competitive position to win, keeping the customer at the center of all we do. As we expected, we're growing grocery market share again in the U.S. compared to last year, according to Nielsen. Value and assortment will continue to resonate with customers as does the convenience we provide with our omni shopping options.

我們獨特的資產、價值主張和財務實力使我們處於贏得競爭的巨大優勢，將客戶置於我們所做的一切的中心。根據尼爾森的說法，正如我們預期的那樣，與去年相比，我們在美國的雜貨市場份額再次增長。價值和種類將繼續引起客戶的共鳴，我們通過全方位購物選擇提供的便利也是如此。

Now let's discuss Q1 results. As we've mentioned previously, the divestitures in the U.K., Japan and Argentina significantly affect year-over-year comparisons. We outlined the anticipated effect of divestitures on key financial metrics when we provided guidance in February, so my comments today will focus on the underlying business, excluding the effect of divestitures.

現在讓我們討論第一季度的結果。正如我們之前提到的，英國、日本和阿根廷的資產剝離顯著影響了同比比較。我們在 2 月份提供指導時概述了剝離對關鍵財務指標的預期影響，因此我今天的評論將集中在基礎業務上，不包括剝離的影響。

Total constant currency revenue growth was strong, up 5.8% to more than $132 billion, with underlying business trends continuing to improve, while stimulus spending benefited U.S. sales even versus last year's consumer stock-up phase and initial stimulus. Walmart U.S. comp sales were stronger than expected, up 6% in the quarter and up 16% on a 2-year stack. Sam's Club grew comp sales nearly 11%, excluding fuel and tobacco. And international sales growth was strong, increasing more than 5% in constant currency, with strength in India, Canada and China. Globally, eCommerce sales growth remains robust at more than 40%.

固定匯率總收入增長強勁，增長 5.8% 至超過 1,320 億美元，基本業務趨勢繼續改善，而刺激支出使美國銷售受益，即使與去年的消費者備貨階段和初始刺激相比也是如此。沃爾瑪美國公司的銷售額強於預期，本季度增長 6%，兩年累計增長 16%。山姆會員店的銷售增長近 11%，不包括燃料和煙草。國際銷售增長強勁，按固定匯率計算增長超過 5%，其中印度、加拿大和中國表現強勁。在全球範圍內，電子商務銷售增長仍然強勁，超過 40%。

Gross profit margin increased 96 basis points, led by Walmart U.S., reflecting mix shifts due in part to stimulus spending, lower markdowns and lapping last year's COVID-related stock-up, which was more focused on food and consumables. As expected, SG&A expenses were pressured by increased wage and technology investments in the U.S., partially offset by lower COVID-related costs, resulting in 21 basis points of deleverage. Overall, though, I feel good about expense focus across the company.

在美國沃爾瑪的帶動下，毛利率增長了 96 個基點，部分原因是刺激性支出、降價幅度降低以及去年與 COVID 相關的庫存增加（後者更側重於食品和消耗品）導致的組合變化。正如預期的那樣，SG&A 費用受到美國工資和技術投資增加的壓力，部分被 COVID 相關成本降低所抵消，導致去槓桿化 21 個基點。不過，總的來說，我對整個公司的費用關注感到滿意。

Operating income on a constant currency basis was up over 28%, and adjusted EPS of $1.69 was 43% higher than last year's Q1 adjusted EPS. The divested businesses contributed $0.07 of EPS due to partial period ownership in the quarter. GAAP EPS was $0.97, which includes net losses on our equity investments as well as the incremental loss in international divestitures. Operating cash flow declined about $4 billion due primarily to inventory increases versus last year, when in-stock levels were much lower due to stock-up shopping.

按固定貨幣計算的營業收入增長超過 28%，調整後每股收益為 1.69 美元，比去年第一季度調整後每股收益高出 43%。由於本季度的部分期間所有權，被剝離的業務貢獻了 0.07 美元的每股收益。 GAAP每股收益為0.97美元，其中包括我們股權投資的淨虧損以及國際資產剝離的增量損失。營運現金流下降約 40 億美元，主要是由於與去年相比庫存增加，當時庫存水平因囤貨而低得多。

We stepped up buybacks during the quarter with $2.8 billion of share repurchase. We continue to feel great about the value of the company.

我們在本季度加大了回購力度，回購了 28 億美元的股票。我們繼續對公司的價值感到滿意。

Now let's discuss the quarterly results for each segment. Walmart U.S. had another strong quarter, aided by stimulus spending and underlying improvements in the grocery business as well as strength in reopening categories, such as travel, celebration and personal care. We're particularly encouraged by the improving trends in store transactions, which turned solidly positive in April for the first time in a year. We also saw strong market share gains in grocery, according to Nielsen, and continued strength in eCommerce.

現在讓我們討論每個細分市場的季度業績。得益於刺激性支出和雜貨業務的潛在改善，以及旅遊、慶祝活動和個人護理等重新開放類別的實力，沃爾瑪美國公司又迎來了一個強勁的季度。商店交易的改善趨勢尤其令我們感到鼓舞，該趨勢在 4 月份一年來首次轉為穩定積極。根據尼爾森的說法，我們還看到了雜貨市場的強勁市場份額增長，以及電子商務的持續強勢。

Comp sales, excluding fuel, increased 6%, resulting in a strong 2-year stack comp of 16%. Sales strength is broad-based across channels with eCommerce sales growth of 37%. The omni strategy continues to resonate as customers utilize all the shopping options we offer and we continue to expand pickup and delivery capacity from stores.

不包括燃料的 Comp 銷售額增長了 6%，導致 16% 的強勁 2 年堆棧comp。跨渠道的銷售實力廣泛，電子商務銷售增長 37%。隨著客戶利用我們提供的所有購物選擇並且我們繼續擴大商店的取貨和送貨能力，全方位戰略繼續引起共鳴。

Customer trip consolidation led to nearly 10% increase in average basket size with 3% fewer transactions. Strong sales trends were led by apparel, home and lawn and garden. Grocery sales declined against the uniquely tough comparison, but comps were up low double digits on a 2-year stack basis, including mid-teens growth in food categories helped by strong price positioning, improving in-stocks and expanded store hours relative to last year.

客戶旅行整合導致平均購物籃大小增加近 10%，交易量減少 3%。服裝、家居、草坪和花園引領了強勁的銷售趨勢。與獨特的艱難比較相比，雜貨銷售下降，但在兩年的基礎上，銷售額增長了兩位數，其中包括食品類別的中期增長，這得益於強勁的價格定位、庫存改善和與去年相比擴大的商店營業時間.

We're pleased with the progress of strategic growth initiatives, such as Walmart Connect advertising, eCommerce marketplace and Walmart fulfillment services. Advertising revenue was robust with triple-digit growth for the quarter. Gross profit rate was strong, up more than 140 basis points, reflecting favorable mix shift to higher-margin general merchandise categories and lower markdowns. Margins were also helped by lapping last year's COVID-related closures of vision centers and auto care centers.

我們對戰略增長計劃的進展感到高興，例如 Walmart Connect 廣告、電子商務市場和沃爾瑪履行服務。廣告收入強勁，本季度實現三位數增長。毛利率強勁，增長超過 140 個基點，反映出有利的組合轉向利潤率更高的一般商品類別和較低的降價幅度。去年與 COVID 相關的視覺中心和汽車護理中心的關閉也有助於提高利潤率。

SG&A expenses deleveraged 49 basis points as increased associate wage investments and increased technology spend were partially offset by an approximate $400 million reduction in COVID-related costs versus last year. Operating income was very strong, up nearly 27%.

SG&A 費用去槓桿化 49 個基點，因為增加的員工工資投資和增加的技術支出被與去年相比減少約 4 億美元的 COVID 相關成本部分抵消。營業收入非常強勁，增長了近 27%。

Inventory increased 16%, reflecting strong sales growth and lapping last year's COVID-related effects on inventory. We continue to monitor industry challenges related to transit and port delays, and our merchants have taken steps to mitigate the challenges, including adding extra lead time to orders. The fundamentals of the U.S. business continue to improve, and we're confident we have the strategy, structure and people in place to serve customers and reach our goals this year and beyond.

庫存增加了 16%，反映了強勁的銷售增長以及去年與 COVID 相關的對庫存的影響。我們將繼續監控與運輸和港口延誤相關的行業挑戰，我們的商家已採取措施緩解挑戰，包括為訂單增加額外的交貨時間。美國業務的基本面不斷改善，我們相信我們擁有為客戶服務並在今年及以後實現目標的戰略、結構和人員。

International delivered strong Q1 results with net sales growth of 5.1% in constant currency, including strength in India, Canada and China, despite many markets being negatively affected toward the end of the quarter by a resurgence of COVID. The benefit of strategic portfolio realignment to focus on higher-growth markets is becoming more evident in top line growth. eCommerce sales increased approximately 64%, and penetration grew more than 570 basis points to about 16% of sales. Currency benefited sales by approximately $0.7 billion.

儘管許多市場在本季度末因新冠疫情的死灰復燃而受到負面影響，但按固定匯率計算，國際第一季度業績強勁，淨銷售額增長 5.1%，其中包括印度、加拿大和中國的強勁表現。戰略投資組合調整以專注於高增長市場的好處在收入增長中變得越來越明顯。電子商務銷售額增長約 64%，滲透率增長超過 570 個基點，約佔銷售額的 16%。貨幣使銷售額受益約 7 億美元。

Comp sales in Mexico declined slightly against a tough comparison, but were up low double digits on a 2-year stack basis as the omni-channel strategy continues to accelerate. The Mexico business has made good progress expanding alternative revenue and profit streams within the ecosystem, including doubling the number of digital advertisers, and continued to see strong growth in mobile services.

與艱難的比較相比，墨西哥的 Comp 銷售額略有下降，但隨著全渠道戰略的繼續加速，在 2 年的堆棧基礎上增長了兩位數的低位。墨西哥業務在擴大生態系統內的替代收入和利潤流方面取得了良好進展，包括將數字廣告客戶數量翻了一番，並繼續看到移動服務的強勁增長。

Canada comps increased 3.4% with more than 115% growth in eCommerce sales despite headwinds later in the quarter from COVID-related government restrictions on the sales of nonessential categories, like apparel and general merchandise.

儘管在本季度晚些時候，由於與 COVID 相關的政府對服裝和日用品等非必需品類別的銷售限制，加拿大公司的銷售額增長了 3.4%，電子商務銷售額增長了 115% 以上。

China comps increased 1.3% and were up 13% on a 2-year stack. Strong Chinese New Year sales, continued strength of Sam's Clubs and eCommerce growth of 60% all contributed to the result.

中國企業股價上漲 1.3%，連續 2 年上漲 13%。強勁的農曆新年銷售、山姆會員店的持續強勢和 60% 的電子商務增長都促成了這一結果。

Flipkart continues to perform well, driving strong and sustainable eCommerce GMV growth and strong trends in monthly active customers and users even as the teams deal with the challenges [of resurging] COVID cases in India.

Flipkart 繼續表現良好，推動了強勁且可持續的電子商務 GMV 增長以及每月活躍客戶和用戶的強勁趨勢，即使團隊正在應對印度 COVID 病例[重新出現]的挑戰。

International operating income was strong, up more than 21%, as better sales mix and fewer markdowns in certain markets benefited margins in addition to continued focus on expenses.

國際營業收入強勁，增長超過 21%，原因是更好的銷售組合和某些市場的降價幅度減少，除了繼續關注支出外，還使利潤率受益。

The momentum at Sam's Club continued in the first quarter with comp sales growth of 10.6%, excluding fuel and tobacco, due in part to stimulus spending. On a 2-year stack basis, comps were up nearly 27%. Comps benefited from both increased ticket and transactions. Strength was broad-based across categories, with home and apparel leading the way. eCommerce sales were strong, increasing 47%, led by strength in curbside pickup at the club.

山姆會員店的勢頭在第一季度繼續保持增長 10.6%，不包括燃料和煙草，部分原因是刺激支出。在 2 年堆棧的基礎上，comps 增長了近 27%。 Comps 受益於門票和交易量的增加。各個類別的實力基礎廣泛，其中家居和服裝處於領先地位。電子商務銷售強勁，增長了 47%，這主要得益於俱樂部路邊取貨的強勁勢頭。

We're pleased with the continued strong membership trends as membership income grew about 13%. We achieved a new high for overall membership counts during the quarter and saw higher renewal rates, including strong first year renewals and rising Plus penetration.

隨著會員收入增長約 13%，我們對持續強勁的會員趨勢感到高興。我們在本季度的整體會員數量創下新高，續訂率更高，包括強勁的第一年續訂和不斷提高的 Plus 滲透率。

Operating income increased more than 16% in Q1. But excluding the negative impact of fuel, profit increased 33%.

第一季度營業收入增長超過 16%。但剔除燃料的負面影響，利潤增長了 33%。

Now let's turn to guidance. Our typical practice is to not update guidance until the second quarter release, but we're in an unusual period where Q1 stimulus led to meaningful sales and profit tailwinds that weren't contemplated when we provided guidance in February. The guidance discussed here assumes that COVID conditions continue to improve and there won't be significant additional government stimulus packages for the remainder of the year.

現在讓我們轉向指導。我們的典型做法是在第二季度發布之前不更新指導，但我們正處於一個不尋常的時期，第一季度的刺激措施帶來了有意義的銷售和利潤順風，這是我們在 2 月份提供指導時沒有考慮到的。此處討論的指導假設 COVID 狀況繼續改善，並且在今年剩餘時間內不會有大量額外的政府刺激計劃。

We now anticipate higher full year enterprise sales growth than originally projected, primarily due to the strong Q1 performance in our initial forecast for Q2. Excluding the impact of divestitures, consolidated net sales growth is now expected to be up low- to mid-single digits versus our original guidance low single-digit increase.

我們現在預計全年企業銷售增長將高於最初的預期，這主要是由於我們對第二季度的初步預測中第一季度的強勁表現。排除資產剝離的影響，現在預計合併後的淨銷售額增長將達到中低個位數，而我們最初的指導是低個位數增長。

We're also raising full year guidance for operating income and EPS to reflect the strong performance in Q1 and our expectation for a potentially better second quarter than previously expected. On a constant currency basis and excluding the impact of divestitures, we now expect full year consolidated operating income to increase by high single digits for the year and EPS to increase by low double digits, which is an increase from our prior guidance of both being flat to up slightly. Walmart U.S. operating income is now expected to increase high single digits versus our original guidance of a slight increase.

我們還提高了營業收入和每股收益的全年指引，以反映第一季度的強勁表現以及我們對第二季度可能比之前預期更好的預期。在固定貨幣基礎上，不包括資產剝離的影響，我們現在預計全年合併營業收入將增長高個位數，每股收益將增長低兩位數，這比我們之前的預期都持平有所增加小幅上漲。沃爾瑪美國的營業收入現在預計將增長高個位數，而我們最初的指導是小幅增長。

The second quarter started off a bit better than originally anticipated as stimulus spending continues to benefit certain general merchandise categories, and we expect grocery market share gains to continue. We now anticipate Q2 EPS, excluding divestitures, will be up low single digits, and it assumes a low single-digit Walmart U.S. comp sales increase, excluding fuel.

第二季度的開局比最初預期的要好一些，因為刺激支出繼續使某些日用商品類別受益，我們預計雜貨市場份額將繼續增長。我們現在預計，不包括資產剝離在內的第二季度每股收益將增長低個位數，並且假設沃爾瑪美國公司的銷售額將出現低個位數增長，不包括燃料。

The COVID pandemic continues to create both tailwinds and headwinds for our business. While Q1 was aided by stimulus spending primarily in the U.S., certain international markets continue to be negatively affected by the resurgence in COVID cases and related government restrictions on operations, particularly in India and Canada. Given continued uncertainty, we're maintaining our original guidance for the back half of the year, and we'll update you as we gain clarity on key external variables related to the health crisis and their potential impact on our business and the global economy.

COVID 大流行繼續為我們的業務帶來順風和逆風。雖然第一季度主要受到美國的刺激性支出的幫助，但某些國際市場繼續受到 COVID 病例的死灰復燃和相關政府對運營的限制的負面影響，尤其是在印度和加拿大。鑑於持續存在的不確定性，我們將維持我們對下半年的原始指導，並在我們清楚與健康危機相關的關鍵外部變量及其對我們的業務和全球經濟的潛在影響時，我們將向您提供最新信息。

Again, I'm very pleased with the first quarter results and feel good about the underlying strength of the business.

同樣，我對第一季度的業績感到非常滿意，並對業務的潛在實力感到滿意。

Thank you for your time and interest this morning, and we'd be happy to take your questions.

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) Our first question is from the line of Karen Short with Barclays.

（操作員說明）我們的第一個問題來自 Barclays 的 Karen Short。

I wanted to focus on grocery because you've obviously mentioned that a couple of times this -- in this conference call and the presentation. But I guess what I'm wondering is, what is your approach to pricing given the price gaps that we're seeing with conventional? And that, combined with the fact that we're seeing unprecedented cost inflation?

我想把重點放在雜貨上，因為你顯然已經多次提到這一點——在這次電話會議和演示中。但我想我想知道的是，鑑於我們看到的傳統價格差距，您的定價方法是什麼？再加上我們看到了前所未有的成本膨脹這一事實？

And I guess maybe asking it a little differently. With respect to your broader goals for 2021, how important is recapturing share in grocery?

我想也許問的有點不同。關於 2021 年更廣泛的目標，重新奪回食品雜貨市場的份額有多重要？

This is John Furner, thanks for the question. First, let me just start by saying a big thank you to our associates and our team around the country who helped us deliver the quarter. And on the heels of such an interesting year last year, they've done a great job improving conditions, both in store and online, and we're really proud of their performance in food. I'm glad to start with that question.

我是 John Furner，感謝您的提問。首先，讓我首先非常感謝我們的員工和全國各地的團隊，他們幫助我們完成了這個季度。在去年如此有趣的一年之後，他們在改善商店和在線條件方面做得很好，我們為他們在食品方面的表現感到非常自豪。我很高興從這個問題開始。

Over the quarter, we've seen a lot of progress in food with our inventory, considering we started the quarter with a very large ice storm that affected supply chains; and then, as we noted late in the quarter, performance that resulted in market share gains in food. There's a view of this that we showed back in February, which is our flywheel, and the top of the flywheel is our food and consumable business and our supercenter business, which is really important to the customer journey.

在本季度，我們的庫存在食品方面取得了很大進展，考慮到我們在本季度開始時遭遇了影響供應鏈的非常大的冰風暴；然後，正如我們在本季度末指出的那樣，業績導致食品市場份額增加。我們在 2 月份展示了這一點，這是我們的飛輪，飛輪的頂部是我們的食品和消費品業務以及我們的超級中心業務，這對客戶旅程非常重要。

And over the last 12 months -- specifically on your question on price, over the last 12 months, we saw our price gaps improve versus the market, and our merchants are working hard to ensure that, that will continue. These market share gains that we saw in the latter part of the quarter are very encouraging, and it's great to see that we're positioned well when customers need to shift. When customers shifted last year to shopping online, we were able to perform at that time. And then we've seen some shift back in the store in the quarter and the performance that's represented in the first quarter is a reflection of that.

在過去的 12 個月裡——特別是關於你關於價格的問題，在過去的 12 個月裡，我們看到我們的價格差距與市場相比有所改善，我們的商家正在努力確保這種情況會持續下去。我們在本季度後期看到的這些市場份額增長非常令人鼓舞，很高興看到我們在客戶需要轉變時處於有利地位。當客戶去年轉向在線購物時，我們當時能夠表現出色。然後我們看到本季度商店的一些轉變，第一季度的表現反映了這一點。

So we feel good about the price gaps. These are the things that you always work on, considering how many levers merchants have and everything going on in the market. But we feel good about our position in the market, and we'll continue to focus on share gains the rest of the year.

因此，我們對價格差距感到滿意。考慮到商家有多少槓桿以及市場上發生的一切，這些都是你一直在做的事情。但我們對自己在市場上的地位感覺良好，我們將在今年餘下時間繼續關注股票收益。

The next question is from the line of Paul Trussell with Deutsche Bank.

下一個問題來自德意志銀行的 Paul Trussell。

Strong results. Just wanted to dig a little bit more on your updated guidance for the year. Maybe if you can give a little bit of color as it relates to the improvement in your 2Q expectations.

強勁的結果。只是想進一步了解您今年更新的指南。也許您可以提供一點顏色，因為它與您對 2Q 預期的改善有關。

And then just provide a little bit more context on how you're thinking about first half versus second half of the year.

然後就你如何看待上半年和下半年提供更多背景信息。

Paul, this is Brett. Good to hear from you. Yes, I mean, we -- as we got through the first quarter and we started understanding how strong the underlying business is. As John said, it started out a little challenging with the weather we had in February. But we saw the business strengthening as we went through the quarter.

保羅，這是布雷特。很高興聽到你的消息。是的，我的意思是，當我們度過第一季度時，我們開始了解基礎業務的強大程度。正如約翰所說，我們在二月份的天氣開始有點挑戰。但隨著我們整個季度的發展，我們看到了業務的加強。

And certainly, some of that is going to be stimulus, that we readily admit that. But you're seeing customers get back out again because it feels like things are opening back up, particularly in certain parts of the country. So we felt like it was the right time to go ahead and update guidance, different than we typically do, given the strong performance. And then what we've seen in the early parts of the second quarter, we felt that we should go ahead and update guidance as we did.

當然，其中一些將是刺激，我們欣然承認這一點。但是您會看到客戶再次退出，因為感覺事情正在重新開放，特別是在該國的某些地區。因此，鑑於強勁的表現，我們認為現在是繼續更新指導的正確時機，這與我們通常所做的不同。然後我們在第二季度初看到的情況是，我們認為我們應該像我們一樣繼續更新指導。

We haven't said anything really about the back half. We -- as I said in my comments, still a lot of uncertainties that are out there with headwinds, with tailwinds, and they will play themselves out over the next several months. But I think all of us feel more confident than we did in February and felt like updating guidance was the right thing to do at this point.

我們還沒有真正談論過後半部分。我們 - 正如我在評論中所說，仍然存在很多不確定性，有逆風，有順風，它們將在未來幾個月內發揮作用。但我認為我們所有人都比 2 月份更有信心，並且覺得在這一點上更新指導是正確的做法。

Paul, this is Doug. I would just add that when we imagine back-to-school, Halloween, Thanksgiving, Christmas and what families are going to want to do, we get really excited about the potential of that and are buying in a consistent way with how we're imagining it.

保羅，這是道格。我只想補充一點，當我們想像開學、萬聖節、感恩節、聖誕節以及家庭想要做的事情時，我們對它的潛力感到非常興奮，並以與我們的生活方式一致的方式購買想像它。

And just a really quick follow-up. Just on the margins, just digging a little bit more in 1Q. Brett, could you talk a little bit more about what was the impact of the strategic wage and technology investments that you made?

只是一個非常快速的跟進。只是在邊緣，只是在第一季度挖掘更多。布雷特，你能多談談你所做的戰略性工資和技術投資的影響嗎？

Yes. I mean, I'll talk -- I'll start with gross margin. I mean, gross margins, obviously, were up significantly in the U.S., about 140 basis points. You had really strong general merchandise sales this year, but you're comparing that against the quarter last year that was very heavily influenced by food and consumables. So you get that dynamic on gross margin.

是的。我的意思是，我會談談 - 我將從毛利率開始。我的意思是，美國的毛利率明顯上升了大約 140 個基點。今年你的一般商品銷售非常強勁，但你將其與去年受食品和消耗品影響很大的季度進行比較。因此，您可以在毛利率上獲得動態。

Certainly, the wage investments had an impact. I won't get into the specifics of that. It did cause us -- primarily cause us deleverage in the first quarter, but we knew that was coming. We're glad we did that, and certainly ahead of the environment you're seeing right now, wage increases, tech investment increases as well. But it's offset by some other things from -- that we're leveraging across the company, Paul.

當然，工資投資產生了影響。我不會深入討論其中的細節。它確實導致了我們——主要是導致我們在第一季度去槓桿化，但我們知道這即將到來。我們很高興我們做到了這一點，而且肯定在你現在看到的環境之前，工資增長，技術投資也增加了。但它被其他一些東西抵消了——我們在整個公司都在利用，保羅。

I still feel good about the overall expense discipline and focus that I see across the company. And as we said, when we get through this year with the increased wage investments going forward, I still feel good about our ability to leverage, long term.

我仍然對我在整個公司看到的整體費用紀律和重點感覺良好。正如我們所說，當我們通過增加工資投資度過今年時，我仍然對我們的長期槓桿能力感到滿意。

Our next question is 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。

So I have maybe 2-part question, but I'll make it one question. First, you referred, Doug and Brett, in the transcript, a lot of mentions of alternative profit streams or profit pools. Can you talk about your visibility around the business? And if these pools are giving you more confidence in sort of how you're managing the business, it gives you more, I guess, wherewithal to invest back into it?

所以我可能有兩部分的問題，但我會提出一個問題。首先，Doug 和 Brett，您在記錄中提到了很多替代利潤流或利潤池。您能談談您在業務中的知名度嗎？如果這些資金池讓你對如何管理業務更有信心，我猜它會給你更多的資金來投資它？

And then the second part of the question is, Doug, you mentioned the flywheel and you're investing in capacity ahead of growth. Any update on when there could be an inflection? Or is it rolling? Or does it start at some point in the next fiscal year, where you're at a good place and maybe push a little bit harder on Walmart+?

然後問題的第二部分是，道格，你提到了飛輪，你在增長之前投資了產能。關於何時可能出現拐點的任何更新？還是在滾動？還是從下一個財政年度的某個時間點開始，那時你處於一個好位置，可能會更加努力地推動 Walmart+？

Yes. Simeon, this is Doug. I'll go first. As it relates to alternative profit pools, John can chime in here as well, but I'm excited about marketplace. I'm excited about what's happening with fulfillment services. Walmart Connect performance was good, we do have strong visibility into that. And you're starting to see it happen in Mexico, too.

是的。西蒙，這是道格。我先走。由於它與替代利潤池有關，約翰也可以在這裡加入，但我對市場感到興奮。我對履行服務正在發生的事情感到興奮。 Walmart Connect 的表現很好，我們對此確實有很強的知名度。你也開始看到它在墨西哥發生。

And as we've said to you before, this is -- this strategy makes sense for us everywhere in our key markets. So the P&L is starting to change its shape, as we described in February, even more than a year ago, and that does give us some room.

正如我們之前對您說過的那樣，這是 - 這種策略對我們在關鍵市場的任何地方都有意義。因此，正如我們在 2 月份所描述的，甚至一年多以前，損益表開始改變其形狀，這確實給了我們一些空間。

Simeon, this is John, and I'll just add on and say that we are excited about the 3 areas mentioned: Marketplace; WFS, Walmart Fulfillment Services; and Connect, like said earlier.

Simeon，我是 John，我將補充說我們對提到的 3 個領域感到興奮： 市場； WFS，沃爾瑪履行服務；和連接，如前所述。

Really optimistic about the results with Walmart Connect with triple-digit growth. That platform is something that we've been working on for a while. And as we talked to you a few months ago, it helps connect buyers, sellers and suppliers in a way that's unique to Walmart. And optimistic about what we see there.

對 Walmart Connect 實現三位數增長的結果非常樂觀。這個平台是我們一直在努力的東西。正如我們幾個月前與您交談的那樣，它有助於以沃爾瑪獨有的方式連接買家、賣家和供應商。並對我們在那裡看到的情況感到樂觀。

On fulfillment services, it's great to see the team expanding capacity. We know we have seller demand. My team and I have spent a number of hours listening to sellers, talking to sellers and figuring out all the tools that we need to add. So this is important for their businesses as well.

在履行服務方面，很高興看到團隊擴大產能。我們知道我們有賣方需求。我和我的團隊花了幾個小時傾聽賣家的聲音，與賣家交談並找出我們需要添加的所有工具。因此，這對他們的業務也很重要。

And then as we said in the quarter, we had 37% growth in eCommerce on top of a big number last year. We've basically doubled the business the last couple of years.

然後正如我們在本季度所說，我們在去年的大數字之上增長了 37% 的電子商務。在過去的幾年裡，我們的業務基本上翻了一番。

So excited about all 3 of those. And they're clearly businesses that will help us with our flywheel going forward.

對這三個都很興奮。他們顯然是可以幫助我們飛輪向前發展的企業。

As it relates to capacity getting ahead of growth, it's starting to happen. The plan that we had for the year is being executed. And as you're in stores, you can see the stress that some of our stores are under in terms of the volume going through for pickup and delivery orders.

由於它與產能領先於增長有關，它已經開始發生。我們今年的計劃正在執行中。當您在商店中時，您會看到我們的一些商店在取貨和送貨訂單的數量方面承受的壓力。

And in some stores, we're expanding space, capital is going towards that. In some stores, we'll be putting in automation to really press the top end of this thing where we know we're going to have that kind of demand. And the team is executing against that, and we continue, Simeon, to be excited about it.

在一些商店，我們正在擴大空間，資本正朝著這個方向發展。在一些商店中，我們將投入自動化來真正推動這件事的高端，我們知道我們將有這種需求。團隊正在反對這一點，我們繼續，Simeon，對此感到興奮。

And we'll go as fast as we can go this year and do it well and I think we'll learn a lot from it. And we're very confident that, that capacity is going to be needed.

今年我們會盡可能快地把它做好，我想我們會從中學到很多東西。我們非常有信心，需要這種能力。

Our next question is from the line of Bob Drbul with Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

Just a couple of questions, I mean, largely around gross margin and pricing and inflation. Just wondered if you can talk a little bit about what you're seeing on the inflationary side, different categories. And so you did mention balancing between customers and shareholders. Just sort of how you're approaching that.

我的意思是，只有幾個問題，主要是關於毛利率、定價和通貨膨脹。只是想知道你是否可以談談你在通脹方面看到的不同類別。所以你確實提到了客戶和股東之間的平衡。只是你如何接近那個。

And sort of tying it together, when you look at the consumer focused more on value versus convenience, just wondered if you could maybe give us a few examples on where you think you're making progress around that value offering in this environment.

把它們聯繫在一起，當你看到消費者更多地關注價值而不是便利時，只是想知道你是否可以給我們舉幾個例子，說明你認為在這種環境下你在提供價值方面取得了哪些進展。

Thanks for the question. This is John again. First, as we said, we're really pleased with the performance in food, and the team has just done a great job getting the entire supply chain back in stock, including stores. You've got changes in the stores where we're shifting more of our stocking to overnight so we can free up more capacity during the day for things like picking, as Doug said, and do that in a way that's conducive to customer shopping. So excited to make those changes.

謝謝你的問題。這又是約翰。首先，正如我們所說，我們對食品方面的表現感到非常滿意，而且團隊剛剛出色地完成了整個供應鏈的庫存恢復工作，包括商店。正如 Doug 所說，我們將更多的庫存轉移到隔夜存儲的商店中發生了變化，這樣我們就可以在白天騰出更多的容量來處理諸如揀貨之類的事情，並以有利於客戶購物的方式進行。很高興做出這些改變。

As far as price gaps, we've always had a principle here that everyday low price is important. In the quarter, we had about 30% more rollbacks in stores than what we would have had a year ago. Some other things that are important are the mix, not only the mix in the entire box, but the mix within food. Pleased with the share gains that happened in meat and produce and bakery. So even within the food categories, the mix has been favorable to categories that tend to have better margins, which is enabling us to maintain price positions that we -- that we've been running.

就價格差距而言，我們一直有一個原則，即每天的低價很重要。在本季度，與一年前相比，我們在商店的回滾次數增加了約 30%。其他一些重要的東西是混合，不僅是整個盒子裡的混合，還有食物中的混合。對肉類、農產品和麵包店的份額增長感到高興。因此，即使在食品類別中，這種組合也有利於利潤率更高的類別，這使我們能夠維持我們一直在運行的價格定位。

And our gap expanded last year versus the market. We're pleased with the gap. We're proud of the gap. And we'll continue to use all the levers we can to maintain those kinds of price gaps. The merchants at Walmart this year are even more prepared than years in the past to be able to manage that because of the channels they mix. Our merchants across the business can manage the channels from stores to eCommerce first-party, eCommerce third-party.

去年我們與市場的差距擴大了。我們對差距感到滿意。我們為差距感到自豪。我們將繼續使用我們可以使用的所有槓桿來維持這些價格差距。今年沃爾瑪的商家比過去幾年更加準備好，因為他們混合的渠道能夠管理這一點。我們整個業務的商家可以管理從商店到電子商務第一方、電子商務第三方的渠道。

And then finally, with the additional revenue and profit streams we mentioned with Walmart Connect, marketplace and fulfillment services, that will just help us going forward with mix to make sure that we have the right gap for customers.

最後，借助我們提到的 Walmart Connect、市場和履行服務的額外收入和利潤流，這將有助於我們推進混合業務，以確保我們為客戶提供正確的差距。

I do agree with you that value is -- it could be more important than convenience last year, but value has been an important pillar of ours for a very long time.

我同意你的觀點，價值是——去年它可能比便利更重要，但長期以來，價值一直是我們的重要支柱。

This mentality that John described related to rollbacks is important to underline. It applies in international, it applies in Sam's Club as well.

John 描述的與回滾相關的這種心態很重要。它適用於國際，它也適用於山姆會員店。

Bob, I'm reminded of a conversation in the early '90s. As an assistant buyer in food, my supervisor walked into the room with a few of us and said, "We're short on our profit number for the month. I need you all to find price reductions that you can put in place quickly, bring them to me by the end of the day." And I thought I misheard him. How do you lower prices and increase profit?

鮑勃，我想起了 90 年代初的一次談話。作為食品的助理採購員，我的主管和我們幾個人走進房間說，“我們這個月的利潤數字很短，我需要你們找到可以快速實施的降價，在一天結束之前把它們帶給我。”我以為我聽錯了。您如何降低價格並增加利潤？

And that's the beauty of retail and of mix and these supercenters. And now with eCommerce and marketplace and fulfillment services and Walmart Connect, we've got all these levers to be able to find places to go upstream, do things differently than other people are doing it. So to have 30% more rollbacks in place right now in Walmart U.S., for example, positions us really well.

這就是零售和混合以及這些超級中心的美妙之處。現在有了電子商務、市場和履行服務以及 Walmart Connect，我們擁有所有這些槓桿，能夠找到上游的地方，以不同於其他人的方式做事。因此，例如，現在在美國沃爾瑪有 30% 的回滾，我們的定位非常好。

Our next question is coming from the line of Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

I know that in-stocks was an area that you mentioned during 2020 that was hard to manage given the strong demand. Just wondered, currently, are there any areas within your inventory of categories that are light or you're still working to build back?

我知道庫存是您在 2020 年提到的一個領域，鑑於強勁的需求，該領域很難管理。只是想知道，目前，您的類別清單中是否有任何領域是輕量級的，或者您仍在努力重建？

Thanks for the question. Certainly, 2020 was a challenge when it comes to inventory flow, with all the phases we went through, from the stock-up phase to people moving into their home and then demand and supply chain challenges all across that were related to pandemic.

謝謝你的問題。當然，在庫存流動方面，2020 年是一個挑戰，我們經歷了所有階段，從庫存階段到人們搬家，然後是與大流行有關的需求和供應鏈挑戰。

Early in the quarter, I felt like we were making pretty good progress, and then we had this ice storm where we had just a record number of locations closed for a few days which put some stress on the supply chain. And then as we got later into the quarter, certainly, we see improvements in our food and consumable business compared to what they would have been a year ago.

在本季度初，我覺得我們取得了相當不錯的進展，然後我們遇到了這場冰風暴，我們剛剛關閉了創紀錄數量的地點幾天，這給供應鏈帶來了一些壓力。然後，隨著我們進入本季度晚些時候，我們當然看到我們的食品和消費品業務與一年前相比有所改善。

In general, general merchandise has been a bit mixed. It's better in many cases, but there are some pockets where we continue to chase demand, things like adult bicycles, some of our categories in consumer electronics. We're monitoring things like delays at the ports and other factors in the supply chain. And we'll watch all those things closely to continue to react. But definitely some pockets in general merchandise that we're still chasing even as we speak today.

總的來說，一般商品有點混雜。在很多情況下情況會更好，但有些地方我們會繼續追逐需求，比如成人自行車，我們在消費電子產品中的一些類別。我們正在監控港口的延誤和供應鏈中的其他因素。我們將密切關注所有這些事情以繼續做出反應。但是，即使在我們今天講話時，我們仍然在追逐一些普通商品的口袋。

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。

I just had a question on U.S. eCommerce, maybe for John. Just obviously, the pickup activity continues to scale. But just curious on the home delivery front, maybe what you're pushing on there, just any updates. And also your micro or market fulfillment center tests, just curious kind of how you're approaching that. And just your thoughts on kind of the home delivery side of fulfillment of eCommerce.

我剛剛有一個關於美國電子商務的問題，也許是約翰。很明顯，皮卡活動繼續擴大。但只是對送貨上門感到好奇，也許你在那裡推動什麼，只是任何更新。還有你的微觀或市場履行中心測試，只是好奇你是如何接近的。以及您對電子商務實現的送貨上門方面的想法。

Sure. Sure, Peter. Thanks for the question. In general, we have been working on capacity improvements and capacity growth when it comes to online pickup and delivery from stores. And that's something that we have been tackling for some time now. It accelerated last year, and we managed things, what we call things like slot utilization or available slots, and we have more slots available for picking, for scheduled orders than we've ever had.

當然。當然，彼得。謝謝你的問題。總體而言，我們一直致力於提升門店的在線取貨和配送能力。這是我們一段時間以來一直在解決的問題。去年它加速了，我們管理了一些事情，我們稱之為插槽利用率或可用插槽，我們有更多的插槽可供挑選，預定訂單比以往任何時候都多。

We also have more capacity to ship from store, which leads to, I think, the second part of your question, which is the in-home or the delivery at home. And I'd say a couple of things there.

我們也有更多的從商店發貨的能力，我認為這導致了您問題的第二部分，即在家送貨還是送貨上門。我會在那裡說幾件事。

And number one, we are expanding our -- what we call our Walmart in-home services, which we just picked up another market, and that's where we deliver food and other items from stores all the way into the home, including in the refrigerator. We have our market fulfillment centers that you asked about. We have several that are in construction. We expect to be launching those either late Q2 or early Q3. So we'll be able to talk about that more once those launch.

第一，我們正在擴展我們所謂的沃爾瑪家庭服務，我們剛剛佔領了另一個市場，這就是我們將食品和其他物品從商店一直送到家中的地方，包括冰箱裡.我們有您詢問的市場履行中心。我們有幾個正在建設中。我們預計將在第二季度末或第三季度初推出這些產品。因此，一旦發布，我們將能夠更多地討論這個問題。

And then finally, we are excited about our last mile business. We've been operating our first delivery vans that are Walmart-branded in a market here in Arkansas, and we're learning a lot as we go forward.

最後，我們對我們的最後一英里業務感到興奮。我們一直在阿肯色州的一個市場上運營我們的第一輛沃爾瑪品牌的送貨車，我們在前進的過程中學到了很多東西。

But we see lots of opportunities to serve customers, whether it's in store, it's at their home, or it's at the curb and they want to do pickup. We want to be extremely flexible and be able to serve customers any way they want.

但是我們看到了很多為客戶服務的機會，無論是在商店裡，在他們家，還是在路邊，他們都想提貨。我們希望非常靈活，能夠以任何他們想要的方式為客戶服務。

Last year, there was such a shift of people that were wanting to have deliveries shifted at home from shopping in store. I think what we'll see more this year is a balance between the at-home deliveries, shopping in-store and pickup as people get back out. But as Brett alluded to earlier, that's assuming that conditions of the pandemic continue to improve. And we'll be ready should there be change in either direction.

去年，人們發生了這樣的轉變，他們希望在家中送貨，而不是在商店購物。我認為今年我們會看到更多的是在家送貨、店內購物和人們離開時取貨之間的平衡。但正如布雷特早些時候提到的那樣，這是假設大流行的情況繼續改善。如果任何一個方向發生變化，我們都會做好準備。

Our next question is coming from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

Can you quantify 2 of the comments that you made in the script?

您能否量化您在腳本中所做的 2 條評論？

One was from Brett, who noted that the guidance increase was mostly due to stimulus-related spending. So how do you parse out the 1Q results and what you're expecting in 2Q, of the impact from the stimulus?

其中一位來自布雷特，他指出，指引的增加主要是由於與刺激相關的支出。那麼，您如何分析第一季度的結果以及您對第二季度的預期以及刺激措施的影響？

And two, Doug noted that Walmart+ is an important driver over time. So can you give us a sense for where that program stands today and how it should unfold from here?

第二，Doug 指出，隨著時間的推移，Walmart+ 是一個重要的推動力。那麼，您能否讓我們了解該計劃今天所處的位置以及它應該如何從這裡展開？

Michael, it's Brett. Yes, I mean a couple of things I mentioned in various ways in the script, is the underlying business feels good and we're more optimistic about that part of it. Certainly, stimulus benefited our results in the first quarter. But you can also get a sense of how we increased the second quarter. You know what the original guidance was and how we increased the guidance for that quarter. So that should give you a little bit of sense of how we're thinking about stimulus versus the underlying business.

邁克爾，我是布雷特。是的，我的意思是我在劇本中以各種方式提到的幾件事，即基礎業務感覺良好，我們對此部分更加樂觀。當然，刺激措施使我們在第一季度的業績受益。但您也可以了解我們是如何增加第二季度的。您知道最初的指導是什麼，以及我們如何增加該季度的指導。因此，這應該讓您對我們如何看待刺激與基礎業務有所了解。

I can tell you, though, it is challenging to pick out exactly the impact of stimulus because of the types of categories that you see benefited by stimulus are also categories you see benefited by the economy opening up, particularly on the general merchandise side. So it makes it a little more challenging to pick through that.

不過，我可以告訴你，要準確找出刺激措施的影響是一項挑戰，因為你認為受益於刺激措施的類別也是受益於經濟開放的類別，尤其是在一般商品方面。因此，選擇它變得更具挑戰性。

Michael, on membership inside Walmart, this is a new program for us. The #1 driver of selling memberships is the grocery, supercenter, pickup and delivery. And as we said before, capacity is our issue there. And as we said in February, our focus is on the quality of that experience, not the quantity. We want some time to work on NPS. We want to build capacity. We are marketing the program, and long term, it will be important to us.

邁克爾，關於沃爾瑪的會員資格，這對我們來說是一個新計劃。銷售會員的第一大驅動力是雜貨店、超市、取貨和送貨。正如我們之前所說，容量是我們的問題。正如我們在二月份所說，我們關注的是體驗的質量，而不是數量。我們需要一些時間來研究 NPS。我們要建設能力。我們正在營銷該計劃，從長遠來看，這對我們很重要。

But we've gotten so many other things going on. With stores improving in traffic and eCommerce growing and marketplace and all that kind of stuff, we just -- we don't think that Walmart+ should be the primary focus at the moment for us with all these other opportunities.

但是我們還有很多其他事情要做。隨著商店的流量和電子商務的增長以及市場的發展以及所有類似的東西，我們只是 - 我們認為沃爾瑪+不應該成為我們目前的主要關注點，擁有所有這些其他機會。

So we'll keep growing it. At some point, I'm sure we'll share some more information with you guys about it. I know there's a request for that because of streaming services and how much people are talking about subscriptions and memberships these days.

所以我們會繼續發展它。在某個時候，我相信我們會與你們分享更多關於它的信息。我知道有這樣的要求是因為流媒體服務以及這些天有多少人在談論訂閱和會員資格。

So that's -- John, I don't know if you want to add anything, but that's how I feel about it right now.

那就是-- 約翰，我不知道你是否想添加任何內容，但這就是我現在的感受。

Yes. I completely agree. And the big thing that we're doing is creating capacity to be able to serve more and we have begun work on market fulfillment centers where we can use locations as hubs for other stores and spokes. We've got a lot of really encouraging supply chain work going on that would help us use the right algorithms to be able to pull inventory from all across the network and be able to serve people.

是的。我完全同意。我們正在做的最重要的事情是創造能夠提供更多服務的能力，我們已經開始在市場履行中心開展工作，我們可以將位置用作其他商店和輻條的樞紐。我們正在進行許多非常令人鼓舞的供應鏈工作，這將幫助我們使用正確的算法來從整個網絡中提取庫存並為人們服務。

So encouraging, just in the last few months, to see that not only the capacity has gone up, but eCommerce results have been strong, delivery from stores has been strong, delivery from fulfillment centers has been strong. So these capabilities we're putting in place will be a great foundation for this program as we move forward.

令人鼓舞的是，就在過去的幾個月裡，不僅產能增加了，電子商務業績也很強勁，商店的交付很強勁，履行中心的交付也很強勁。因此，隨著我們向前推進，我們正在實施的這些功能將成為該計劃的重要基礎。

I think the digital relationship with customers is important, and that takes various forms. We've seen with the app downloads, for example, and app popularity; and what happened last year in particular with pickup and delivery, a really large expansion in the number of digital relationships, which helps us with data and helps us be a retailer of the future. Overall, we feel good about what's happening in those areas.

我認為與客戶的數字關係很重要，而且形式多樣。例如，我們已經看到了應用程序的下載量和應用程序的流行度；以及去年發生的事情，尤其是取貨和交付，數字關係數量的大幅擴張，這有助於我們處理數據並幫助我們成為未來的零售商。總的來說，我們對這些領域正在發生的事情感覺良好。

Yes, those relationships, I believe, will continue to grow because of things like the improvements in technology. We're working on improving the app and its core experience. Acquisitions like Zeekit and MeMD are also other ways that customers will be able to connect with Walmart effectively, and we'll be able to help them with more and more in their life and take friction out, make things simple for them.

是的，我相信，由於技術的進步，這些關係會繼續發展。我們正在努力改進應用程序及其核心體驗。像 Zeekit 和 MeMD 這樣的收購也是客戶能夠與沃爾瑪有效聯繫的其他方式，我們將能夠幫助他們在生活中獲得越來越多的幫助，消除摩擦，讓事情變得簡單。

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

我們的下一個問題來自 Jefferies 的 Steph Wissink。

We had a question on general merchandise improvements. You've talked a lot about food, but I'd like to give you some time to talk about general merchandise. You've brought in new talent there. You've made some strategic tuck-in acquisitions and some strategic partnerships as well. So help us think about what we should be looking for in terms of progress on general merchandise.

我們有一個關於一般商品改進的問題。你已經談了很多關於食物的話題，但我想給你一些時間來談談一般商品。你在那裡引進了新的人才。您還進行了一些戰略性收購和一些戰略合作夥伴關係。因此，請幫助我們考慮在一般商品方面我們應該尋找什麼。

And maybe if you could tie that back to some of your initiatives around marketplace as well, what you're learning from your digital growth that might be driving some of your in-store decisions around general merchandise.

如果您也可以將其與您圍繞市場的一些舉措聯繫起來，那麼您從數字增長中學到的東西可能會推動您圍繞一般商品做出的一些店內決策。

Sure. Let me take that one. This is John again. We're really excited about the performance in general merchandise in the quarter. As you mentioned, we did make a number of changes with talent over the last year. Or the biggest change was last July when we pulled all of the channels together.

當然。讓我拿那個。這又是約翰。我們對本季度一般商品的表現感到非常興奮。正如你所提到的，我們在過去一年中確實對人才進行了一些改變。或者最大的變化是去年 7 月，我們將所有渠道整合在一起。

And traditionally, we had teams of people we called category specialists that were online, and then we had buyers that were in-store. And we're referring to them all as merchants because the merchants now have the customer relationship across all channels. And the team has spent a lot of time thinking through and working on the right programs to determine what in our assortment goes in store, what's 1P and then what's 3P.

傳統上，我們有一組在線上稱為品類專家的團隊，然後我們有在店內的買家。我們將他們都稱為商家，因為商家現在擁有所有渠道的客戶關係。團隊花了很多時間思考和製定正確的計劃，以確定我們的產品種類中有什麼，什麼是 1P，什麼是 3P。

And I'll give you an example. Just last week, I was in Minneapolis visiting one of our suppliers, Nordic Ware, who makes cookware here in the United States. And we went through the number of items that they have in stores, what's doing well, what's going to improve? And then their entire catalog is available in the marketplace. And so our merchants were able to manage the assortment across channels, and that gives them more levers to be able to serve the customer in a way that's frictionless and very clear.

我會給你一個例子。就在上週，我在明尼阿波利斯拜訪了我們的供應商之一 Nordic Ware，他在美國生產炊具。我們查看了他們在商店中的商品數量，哪些做得好，哪些會改進？然後他們的整個目錄在市場上可用。因此，我們的商家能夠跨渠道管理分類，這為他們提供了更多的槓桿，能夠以一種無摩擦且非常清晰的方式為客戶服務。

But in the quarter, we definitely saw some changes with the way customers shop, partly due to stimulus, but also just behavior changes. Brett talked about it earlier, categories like personal care improving, travel is starting to really kick back in.

但在本季度，我們確實看到了客戶購物方式的一些變化，部分原因是刺激因素，但也只是行為變化。布雷特早些時候談到了這一點，個人護理等類別的改善，旅行開始真正開始發揮作用。

And when you look at all the categories that are selling at Walmart, you can tell a lot about what's going with customers across the country. So we definitely saw behaviors that are starting to reflect more opening up and getting back out and going to see people. Our health and wellness business has been extremely helpful in administering millions of vaccines in the quarter. And then with some of the changes, even in the last week, we expect that some of these changes with the customer could continue, but we'll continue to watch that as the year moves on.

當您查看沃爾瑪銷售的所有類別時，您可以了解很多關於全國客戶的情況。因此，我們確實看到了開始反映更多開放和退出並去見人的行為。我們的健康和保健業務在本季度管理數百萬種疫苗方面非常有幫助。然後隨著一些變化，即使在上週，我們預計與客戶的這些變化可能會繼續，但隨著時間的推移，我們將繼續觀察。

Our next question is from the line of Edward Yruma with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Edward Yruma。

Obviously, some very positive commentary on store traffic. I know you noticed -- or you noted that April saw an inflection. When you see that store traffic begin to really improve, are you seeing any other changes within the eComm business, either pickup or delivery?

顯然，對商店流量的一些非常積極的評論。我知道你注意到了——或者你注意到四月出現了變化。當您看到商店流量開始真正改善時，您是否看到電子商務業務中的任何其他變化，無論是取貨還是送貨？

And then as a follow-up. As that traffic improves, are you seeing any favorable mix shifts?

然後作為後續行動。隨著流量的改善，您是否看到任何有利的組合轉變？

For the traffic in store, the count of traffic, as we said, definitely changed in April, probably late March a bit. That's when we started to cycle some of the really big stock-up trips and what was happening last year, where fewer trips and big consolidation, it did put a lot of strain and stress on inventory and things like paper goods and food and consumables.

對於店內的客流量，正如我們所說，客流量在 4 月份肯定發生了變化，可能在 3 月下旬有點變化。那時我們開始循環一些真正的大庫存旅行以及去年發生的事情，減少旅行和大整合，這確實給庫存以及紙製品、食品和消耗品等物品帶來了很大的壓力和壓力。

So this year would not -- as that shift began to occur and we saw the sheer numbers begin to reflect gains in the food categories, I think it was a combination of people getting back out in comparison to last year, but also some normalization in terms of frequency of food that's purchased.

所以今年不會 - 隨著這種轉變開始發生，我們看到純粹的數字開始反映食品類別的增長，我認為這是人們與去年相比退出的組合，但也有一些正常化購買食物的頻率。

Specifically, within channels, strong growth between all 3. As we said in the U.S., the total comp was 6%, including eCommerce growth of 37%. And then eCommerce growth is a mix of what's being shipped to people's homes from fulfillment centers or stores and inclusive of pickup.

具體來說，在渠道內，這三者之間的增長強勁。正如我們在美國所說，總收入為 6%，其中電子商務增長了 37%。然後電子商務的增長是從履行中心或商店運送到人們家中的東西的組合，包括取貨。

Finally, I'd just say that we continue to expand capacity in all channels. We're excited about the expansion of slots available for shopping in stores. We're excited about the amount of capacity we have in stores to ship to people's home. And then we're continuing to work and invest in the supply chain to have more capacity going forward for pure first-party eCommerce.

最後，我只想說，我們將繼續擴大所有渠道的容量。我們對可用於商店購物的插槽的擴展感到興奮。我們對商店中可以運送到人們家中的容量感到興奮。然後我們將繼續在供應鏈上工作和投資，以便為純第一方電子商務提供更多容量。

Our next question is from the line of Michael Baker with D.A. Davidson.

我們的下一個問題來自邁克爾貝克與 D.A.戴維森。

Just 2 follow-ups, if I could. One, the 100 basis points or so gross margin improvement, can you sort of parse that out? And then how much is coming just from the mix from general merchandise, and how much is being supported by the strength in the alternative businesses? And if not an exact quantification, maybe directionally.

如果可以的話，只有 2 次跟進。一，毛利率提高了 100 個基點左右，你能解釋一下嗎？那麼，有多少來自普通商品的組合，又有多少是由替代業務的實力支持的？如果不是一個精確的量化，也許是定向的。

And then the second question, just to follow up on the comp guidance. So first quarter was better than expected, second quarter guidance is up. Yet the full year comp, if I'm understanding it correctly, didn't change. So should we read into something -- is that a decline in the back half? Or just too early to change it? Or -- low single digits is a pretty wide range, I suppose. It could be anywhere between 1% and 3% or 4%. So what do we read into that, not changing the full year guidance?

然後是第二個問題，只是為了跟進比賽指南。因此，第一季度好於預期，第二季度指引上升。然而，如果我理解正確的話，全年的比賽並沒有改變。所以我們應該讀到一些東西——這是後半部分的下降嗎？還是太早改變它？或者——我想，低個位數的範圍很廣。它可能在 1% 到 3% 或 4% 之間。那麼，在不改變全年指導的情況下，我們對此有何解讀？

This is Brett, I appreciate the question. Yes, I think on the -- I'll start with the second one on comp guidance. What you said about low single digits being a fairly wide range, that is the case, it is a wide range. And it's -- when you look at the big numbers of Walmart U.S., it ends up at in a really wide range. So I wouldn't read anything into that. We feel great about the first quarter, and the second quarter started out pretty well, as we've said.

這是布雷特，我很欣賞這個問題。是的，我認為——我將從第二個關於補償指南的內容開始。你所說的低個位數是一個相當廣泛的範圍，就是這樣，它是一個廣泛的範圍。而且它 - 當你看到沃爾瑪美國的大量數據時，它最終的範圍非常廣泛。所以我不會讀到任何東西。正如我們所說，我們對第一季度感覺很好，第二季度開局很好。

On gross margin, I'll say -- start. John, you can come in. The biggest change, of course, was the general merchandise sales strength that we're seeing this year versus the consumable strength that we saw last year in the first quarter. And also when you start seeing strength in general merchandise, which we've had really over the last several quarters, you see fewer markdowns. There's a lot of add-on benefits that come from that for gross margin.

關於毛利率，我會說——開始。約翰，你可以進來。當然，最大的變化是我們今年看到的一般商品銷售實力與去年第一季度看到的消費品實力相比。而且，當您開始看到過去幾個季度我們真正擁有的一般商品的實力時，您會看到降價幅度減少。毛利率有很多附加好處。

Yes. Let me just add a bit on to the margin question. Certainly, there was strength in general merchandise in the quarter. We talked about the strength in food. And food was more balanced this year than what we would have seen last year. Last year, we were really heavy in dry grocery and stock-up items as the pandemic began. So the strength and share gains that we saw in the first quarter in food, most specifically meat, produce, bakery and grocery, but leading in the fresh areas, is certainly helpful.

是的。讓我稍微補充一下邊距問題。當然，本季度一般商品表現強勁。我們談到了食物的力量。今年的食物比我們去年看到的更加均衡。去年，隨著大流行的開始，我們在乾貨雜貨和庫存物品上真的很忙。因此，我們在第一季度看到的食品，尤其是肉類、農產品、麵包店和雜貨店的實力和份額增長，但在生鮮領域處於領先地位，無疑是有幫助的。

The third point I think I'd make is inventory positioning at the end of the quarter. Our inventory level is up, which is a good thing. Last year, we had big stock-outs in grocery and in general merchandise, so I feel much better about our inventory position. Brett -- as Brett mentioned, our inventory is clean, and we've been really disciplined about ensuring that we're clearing up end-of-season and seasonal. So we feel great there.

我認為我要提出的第三點是本季度末的庫存定位。我們的庫存水平上升了，這是一件好事。去年，我們在雜貨店和一般商品中出現大量缺貨，所以我對我們的庫存狀況感覺好多了。布雷特——正如布雷特所說，我們的庫存很乾淨，而且我們在確保我們清理季末和季節性方面非常自律。所以我們在那裡感覺很好。

And then the last thing I would say is the drivers of eCommerce contributed to profit rates have been strong. Having merchants in the position of having all channels in their remit, given the category and what the customer wants, is helping with the drivers of eCommerce, which would include things like contributed profit rates, Walmart Connect, et cetera.

然後我要說的最後一件事是電子商務的驅動因素對利潤率的貢獻一直很強勁。考慮到類別和客戶的需求，讓商家能夠在其職權範圍內擁有所有渠道，這有助於推動電子商務的發展，其中包括貢獻的利潤率、沃爾瑪連接等。

Our next question is from the line of Kelly Bania with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Kelly Bania。

Also wanted to touch a little bit on general merchandise. So with -- in the U.S., so with low 20% growth. Just curious if you think you gained market share there. We were thinking maybe 26% market growth, which is kind of rough estimate. But just curious how you're thinking about that, how you measure that. And also how your efforts with Walmart fulfillment services and third party are maybe contributing to your general merchandise growth.

還想稍微接觸一下一般商品。因此，在美國，增長率只有 20%。只是好奇你是否認為你在那裡獲得了市場份額。我們當時認為市場可能會增長 26%，這是粗略的估計。但只是好奇你是怎麼想的，你是怎麼衡量的。以及您在沃爾瑪履行服務和第三方方面所做的努力可能如何促進您的一般商品增長。

This is John. Let me take your first question first. The share performance in general merchandise, we think, is about flat to last year. And we manage it a month in arrear, so our data is for February and March. So we feel good about the performance on through the first 2/3 of the quarter.

這是約翰。我先回答你的第一個問題。我們認為，一般商品的股票表現與去年基本持平。我們管理它拖欠一個月，所以我們的數據是 2 月和 3 月的。因此，我們對本季度前 2/3 的表現感覺良好。

Certainly saw, as you said, strength across general merchandise, in the 20% range. So I think we're positioned well. Feel good about where the share is versus a year ago. Particularly excited about performances in categories like home and apparel in the quarter and the positioning we have going into the second quarter.

當然，正如你所說，一般商品的實力在 20% 範圍內。所以我認為我們的定位很好。對份額與一年前相比感覺良好。對本季度家居和服裝等類別的表現以及我們進入第二季度的定位感到特別興奮。

Certainly, some tightness in the supply chain, as we mentioned earlier, in select categories where we've had high demand and stresses in the supply chain. But we're watching that carefully and feel good about the improvements in in-stock all across the business, including the fulfillment centers and stores.

當然，正如我們之前提到的，在我們在供應鏈中有高需求和壓力的特定類別中，供應鏈有些緊張。但我們正在仔細觀察這一點，並對整個企業的庫存改善感到滿意，包括履行中心和商店。

But again, I think we're most encouraged by the demand and seeing things like travel and other things open up. And being able to be ready for customers is important as we move forward.

但同樣，我認為我們最受鼓舞的是需求和看到旅行和其他事情的開放。在我們前進的過程中，能夠為客戶做好準備非常重要。

And then the second part of your question on fulfillment services. We've got a number of capacity improvements that are coming online this year. So we're excited about the impact those will have, not only on the top line and for the customer, but also for our sellers. Our sellers are looking for more services and ability to ship, and it's a great way to enable small businesses for growth. So as the year goes on, we'll see more and more capacity come online for our fulfillment service business.

然後是關於履行服務的問題的第二部分。我們有一些容量改進，今年將上線。因此，我們對這些將產生的影響感到興奮，不僅對頂線和客戶，而且對我們的賣家。我們的賣家正在尋找更多的服務和運輸能力，這是促進小型企業發展的好方法。因此，隨著時間的推移，我們將看到越來越多的容量用於我們的履行服務業務。

Our next question is from the line of Scot Ciccarelli with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Scot Ciccarelli。

My question is on the U.S. EBIT increase that you saw. I'm wondering, how much of that increase was attributable to what I would assume is a structurally more profitable eCommerce operation, given the growth and scale you were able to garner last year?

我的問題是關於你看到的美國息稅前利潤增長。我想知道，鑑於您去年能夠獲得的增長和規模，我認為這種增長有多少是由於我認為結構上更有利可圖的電子商務業務？

And related to that, any updated color regarding the profitability run rate of eCommerce today?

與此相關的是，關於今天電子商務的盈利運行率有什麼更新的顏色嗎？

Scot, this is John. Specifically on your question on eComm, we feel good about the drivers of the eComm profitability, which is contributed profit rates, and that would be gross margins less the cost of shipping. We also feel good about the alternative revenue streams that are included in eCommerce, which are things like the marketplace, fulfillment services. Like I said earlier, we're expanding capacity, we know we have seller demand. And we're really proud of the triple-digit growth in Walmart Connect. So all of those added together are helpful in the eCommerce P&L.

斯科特，這是約翰。特別是關於您關於電子商務的問題，我們對電子商務盈利能力的驅動因素感到滿意，即貢獻的利潤率，即毛利率減去運輸成本。我們也對電子商務中包含的替代收入流感到滿意，例如市場、履行服務。就像我之前說的，我們正在擴大產能，我們知道我們有賣家需求。我們為 Walmart Connect 的三位數增長感到非常自豪。因此，所有這些加在一起對電子商務損益表都有幫助。

On the breakout, we actually are not breaking out the difference in stores and eComm because it has just become so blurred as we transition to an omni business. We have our merchants that are overseeing all channels by category. Stores are acting as stores, they act as pickup centers, and in some cases, fulfillment centers. We have fulfillment centers acting as fulfillment centers which go direct to home. And at times, they ship to a store, so they got -- the inventory can be consolidated with an order and then put into our last mile network. So it's just not possible for us to break those out given how blurred the lines have come.

在突破時，我們實際上並沒有打破商店和電子商務之間的差異，因為隨著我們向全方位業務的過渡，它變得如此模糊。我們的商家按類別監督所有渠道。商店充當商店，充當取貨中心，在某些情況下充當履行中心。我們有履行中心作為直接到家的履行中心。有時，他們運送到商店，所以他們得到了——庫存可以與訂單合併，然後放入我們的最後一英里網絡。因此，鑑於界限已經變得如此模糊，我們不可能打破這些界限。

But overall, I'd say the team are doing -- they're just doing a great job with the contributed profit rates and the mix within -- not only the mix within the business like general merchandise versus other things, but within categories, they're doing a great job improving contributed profit rates.

但總的來說，我會說團隊正在做——他們只是在貢獻的利潤率和內部組合方面做得很好——不僅是業務內部的組合，如一般商品與其他事物的組合，而且在類別內，他們在提高貢獻利潤率方面做得很好。

Our next question is from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

More of a macro question for me. When you look at the data and see how the consumer is allocated, these most recent stimulus checks, I'm curious how they compare and contrast to what you saw in April and late December of this past year. Are they still spending the same amount? Or are we seeing more allocated to savings, and therefore, there's some pent-up demand that could get spent in the coming months?

對我來說更多的是一個宏觀問題。當您查看數據並查看消費者是如何分配的，這些最新的刺激檢查時，我很好奇它們與您在去年 4 月和 12 月下旬看到的情況進行比較和對比。他們仍然花費相同的金額嗎？還是我們看到更多的儲蓄被分配，因此未來幾個月可能會有一些被壓抑的需求？

Chuck, this is Brett. Yes, I think we're seeing a little bit of both. I mean, you're seeing customers definitely get out and spend again. Spending rates are good. Income rates are good. But savings rates are actually still almost at an all-time high, which would lead you to believe that there is going to be some pent-up demand as we get to the back half of the year.

查克，這是布雷特。是的，我認為我們兩者都有。我的意思是，你會看到客戶肯定會出去再次消費。消費率不錯。收入水平不錯。但實際上儲蓄率仍然幾乎處於歷史最高水平，這會讓你相信，隨著我們進入下半年，將會有一些被壓抑的需求。

So in a lot of ways, the consumer balance sheet, unless you're in certain industries that were really impacted by COVID, the consumer balance sheet is about as strong as it's been. Now a lot of that's due to the stimulus, the money that's gone into the economy that way. But in either case, it would indicate there's some demand coming.

因此，在很多方面，消費者資產負債表，除非你所在的行業確實受到 COVID 的影響，否則消費者資產負債表與以往一樣強勁。現在，這在很大程度上是由於刺激措施，以這種方式進入經濟的資金。但無論哪種情況，都表明會有一些需求。

Our next question comes from the line of Robby Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

Doug, you mentioned the omnichannel health and wellness business. Can you remind us what that could ultimately look like?

道格，你提到了全渠道健康和保健業務。你能提醒我們最終會是什麼樣子嗎？

And maybe even what the current, like pharmacy, recovery, how that's playing out. I know you guys have been involved with vaccines and everything. Anything going on that's going to accelerate the omnichannel health care dream for you guys?

甚至可能是目前的情況，例如藥房，復甦，這是如何進行的。我知道你們已經參與了疫苗和所有事情。有什麼事情會加速你們實現全渠道醫療保健的夢想嗎？

Yes. Robby, I'll jump in first, and then John can add. I think the pharmacy business has performed really well, considering everything our pharmacists have been doing. It's been an incredible challenge to do everything that they've done since the pandemic started, including all of these vaccinations that they're doing. We did have to shut down our vision centers for a while. Optical though is back open, and that's helped a lot.

是的。羅比，我會先加入，然後約翰可以添加。考慮到我們藥劑師所做的一切，我認為藥房業務的表現非常好。自大流行開始以來，他們所做的一切，包括他們正在做的所有這些疫苗接種，都是一個令人難以置信的挑戰。我們確實不得不關閉我們的視覺中心一段時間。光學雖然重新開放，但幫助很大。

The ultimate destination does look like an omnichannel destination, where we'd leverage those historical businesses together with new health care services and the digital front-end that John mentioned earlier and I mentioned in my remarks with MeMD.

最終目的地確實看起來像一個全渠道目的地，我們將利用這些歷史業務以及新的醫療保健服務和約翰之前提到的數字前端，我在與 MeMD 的講話中提到。

You can imagine a future where we'll be able to reach customers on their devices, in their homes, to help them think about their health care in terms of what they eat, how much they move and then what types of health care services they need and where they get them. And so I think you can see us building together those capabilities that would help people have access to care, more of an outcomes-based health care system, great value, accessibility and serve a lot of people that need to be served and also end up with a really good business that fits together well with a large food retailer.

您可以想像一個未來，我們將能夠在他們的設備上接觸客戶，在他們的家中，幫助他們考慮他們的醫療保健，包括他們吃什麼、他們移動了多少以及他們有哪些類型的醫療保健服務需要以及他們從哪裡得到它們。因此，我認為您可以看到我們共同建立那些能夠幫助人們獲得護理的能力，更多的是基於結果的醫療保健系統，巨大的價值，可及性並為許多需要服務的人提供服務，最終與一家非常適合與大型食品零售商合作的非常好的業務。

And so we've just been working through that strategy, executing the pieces. And if you look back at the CareZone acquisition, this latest acquisition of MeMD, you can see us adding some capabilities in addition to those that we're building on our own.

所以我們一直在研究這個策略，執行各個部分。如果您回顧一下對 CareZone 的收購，這是對 MeMD 的最新收購，您會看到我們在自己構建的功能之外添加了一些功能。

Yes, and I would just add -- go ahead.

是的，我只想補充——繼續。

I was just going to ask, is this something that, longer term, fits in with Walmart+ Plus as well?

我只是想問，從長遠來看，這是否也適合 Walmart+ Plus？

We'll get back to you on that, Robby.

羅比，我們會回复你的。

Robby, this is John. I just want to reiterate excitement for the idea of an omnichannel health care solution for customers and Walmart together. Our pharmacists and our pharmacies have performed very well in the last year, given all the challenges they've faced. They've opened up curbside delivery, delivery to home. We've got central fill pharmacies now helping assist with cost and efficiency on the service suite that they offer.

羅比，這是約翰。我只想重申對為客戶和沃爾瑪共同提供全渠道醫療保健解決方案的想法感到興奮。考慮到他們所面臨的所有挑戰，我們的藥劑師和藥房在去年表現非常出色。他們已經開放了路邊送貨，送貨到家。我們現在有中央填充藥房，幫助他們提供服務套件的成本和效率。

It's of course different by state, but the way our teams jumped in and found ways to help get the country vaccinated has been nothing short of amazing. I was in a store here locally last night, and just seeing a number of people be able to walk up and get their vaccine is very encouraging.

這當然因州而異，但我們的團隊介入並找到方法幫助該國接種疫苗的方式令人驚嘆。昨晚我在當地的一家商店裡，看到許多人能夠走上前去接種疫苗，這非常令人鼓舞。

And then as Doug said, the market changed last year. We had opened a number of clinics and we continue to open clinics. We're excited about the prospect that clinics bring. And then a large part of health care shifted to digital last year and the entire industry embraced that. So this acquisition of MeMD to enable relationships with customers on their device, in their home, and be able to execute service care with our pharmacies and clinics on the backside of that, is a really exciting prospect, and it's a big part of our flywheel going forward.

然後正如道格所說，市場在去年發生了變化。我們已經開設了許多診所，並且我們繼續開設診所。我們對診所帶來的前景感到興奮。去年，很大一部分醫療保健轉向數字化，整個行業都接受了這一點。因此，此次收購 MeMD 以在他們的設備上與客戶建立關係，在他們的家中，並能夠在我們的藥房和診所的背面執行服務護理，這是一個非常令人興奮的前景，它是我們飛輪的重要組成部分往前走。

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

謝謝你。此時，我們的問答環節已經結束。我將請 Doug 發言結束髮言。

Just want to close by saying thank you to all of you for following the company so closely. Hopefully, you can see that in addition to the U.S. tailwind, that we've got strength building in the company.

只想對大家如此密切地關注公司表示感謝。希望您可以看到，除了美國的順風順風之外，我們還在公司中建立了實力。

As I mentioned, I was in a lot of stores during this last quarter and standards are improving, in-stock's improving against the challenges that obviously the pandemic brought. We've also got great momentum and strength in Sam's Club. International had a really good quarter, one of the best quarters, Brett, we've had in a while in International. And the portfolio work that Judith and the team have been doing there is working.

正如我所提到的，我在上個季度去過很多商店，標準正在提高，庫存正在改善，以應對大流行顯然帶來的挑戰。我們在山姆會員店也有很好的勢頭和實力。國際有一個非常好的季度，最好的季度之一，布雷特，我們在國際有一段時間了。朱迪思和團隊一直在那裡所做的投資組合工作正在發揮作用。

And the situation with the virus in India is tragic, and we'll support not only our own folks, but the country as much as we can to try and get through that. And I'm sure there will be other hotspot cities and countries that we'll deal with in the coming weeks because this pandemic is not over.

印度的病毒情況很悲慘，我們不僅會支持我們自己的人，也會盡可能地支持這個國家，努力度過難關。而且我相信在接下來的幾週內我們將處理其他熱點城市和國家，因為這種流行病還沒有結束。

But pandemic aside, economic stimulus aside, our focus is on the input metrics, the underlying fundamentals, the capabilities that we're adding. And we see ourselves making real progress against those.

但除了大流行，經濟刺激之外，我們的重點是投入指標、基本面和我們正在增加的能力。我們看到自己在對抗這些方面取得了真正的進展。

The company has changed a lot, and there's more change coming. And I'm grateful to the team and excited about the future. Thank you all.

公司已經發生了很大的變化，而且還會有更多的變化。我很感激這個團隊，並對未來感到興奮。謝謝你們。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。