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.

您好。歡迎參加沃爾瑪2022財年第一季財報電話會議。 （操作說明）提醒您，本次會議正在錄音。

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

現在我將把會議交給主持人，投資者關係部的丹賓德。

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.

謝謝羅伯。早安，歡迎參加沃爾瑪2022財年第一季財報電話會議。今天與我一同出席的還有我們高階主管團隊的幾位成員，包括沃爾瑪總裁兼執行長道格·麥克米倫、執行副總裁兼財務長布雷特·比格斯以及沃爾瑪美國總裁兼執行長約翰·弗納。稍後，道格和布雷特將為大家介紹公司業務的最新情況並討論第一季業績。之後我們將進行問答環節。

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.

在將電話轉交給道格之前，請允許我提醒各位，今天的電話會議正在錄音，並且會包含前瞻性陳述。這些陳述受風險和不確定性因素的影響，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性因素包括但不限於我們在提交給美國證券交易委員會（SEC）的文件中列明的因素。請造訪stock.walmart.com查看我們的新聞稿和隨附的幻燈片演示文稿，以了解有關前瞻性陳述的警示性聲明，以及我們完整的「安全港聲明」和非GAAP財務指標調整表。

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

現在我很高興將電話交給道格麥克米倫。

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.

早安，感謝各位參加今天的電話會議。我們第一季的業績表現強勁。我們對銷售動能和調整後每股盈餘年增43%感到滿意。我們三大業務板塊都取得了優異的業績。

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.

隨著疫情持續蔓延，它對我們營運所在的各國的影響各不相同，因此我們的團隊正在積極調整以應對挑戰，並取得了今天我們所分享的優異成績。我們衷心感謝所有員工為服務他人所做的奉獻。

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年帶來了其獨特的挑戰和不確定性。但總體而言，由於以下幾個原因，我的樂觀情緒比年初時更高。在美國，經濟刺激措施顯然正在發揮作用，而且我們也看到令人鼓舞的跡象，表明我們的顧客渴望出門購物。儘管疫情帶來了諸多障礙，但我們的執行力正不斷提升。

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.

下半年可能會比往年更具不確定性，但我們對目前的情況感到滿意。隨著業務的持續成長，我們的實體店實力不斷增強，電商能力也不斷提升。顧客可以自主選擇購物方式和時間，無論他們選擇到店購物、到店自提或送貨上門，我們都能滿足他們的需求。

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.

我們策略的關鍵要素正穩步推進。門市客流量加速成長，食品雜貨市佔率提升，庫存水準提高，全球電子商務銷售額（以固定匯率計算，不計近期剝離業務）成長43%。目前，全球電子商務滲透率已超過該公司總銷售額的12%，較去年成長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膨壓力，無論是商品成本還是薪資上漲。我們將密切關注價格差距，並根據客戶和股東的利益做出適當調整。

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.

就新冠肺炎疫情而言，過去幾週一些國家的情況更加嚴峻。目前，印度、加拿大、智利和南非是我們的重點關注對象。支持我們的員工是我們的首要任務，但我們也盡一切可能投入資源，為這些國家提供支援。在印度，我們正在捐贈制氧機、個人防護裝備和資金。

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，我們已在多個國家開展工作。在美國，我們已接種了數百萬劑疫苗。我們正在採取措施鼓勵員工和所有人接種疫苗。根據美國疾病管制與預防中心 (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，我們也增加了現金獎勵，以進一步鼓勵接種疫苗。我們在美國的所有沃爾瑪和山姆會員店藥局都提供疫苗接種服務，無需預約。此外，我們還與國家和地方組織合作，迄今為止已在全國範圍內支持了 200 多場社區活動。

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人以及Flipkart和PhonePe的承包商提供疫苗接種服務，人數超過20萬人。在我們營運的各個國家，我們將繼續尋找更多可以發揮作用的地方。只有當疫情對所有人徹底結束後，這場疫情才算真正結束。

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.

除了應對疫情，我們還在本季宣布了對美國製造業的新承諾。未來十年，我們計劃額外採購價值3500億美元的美國製造、種植或組裝的產品。我們預計，這項承諾將創造超過75萬個新的美國就業機會，並減少1億噸二氧化碳排放。

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.

我們也希望促進美國製造業的蓬勃發展。為此，我們啟動了一項名為「美國燈塔計畫」的倡議。我們將聯合供應商、學術界、政府等各方合作夥伴，共同找出並克服阻礙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.

我們還有其他令人振奮的消息要與大家分享，我們將繼續投資於面向未來的科技。我們與電力生產和服務公司ENGIE北美公司合作，透過三個獨立的風電項目，為美國再生能源電網新增超過500兆瓦的電力。這些項目預計每年可為數百家商店、俱樂部和配送中心提供再生能源。這足以滿足超過24萬戶美國家庭一年的用電需求。此外，我們目前在全球的計畫已累積供應4吉瓦的再生能源。這再次體現了我們為成為永續發展型企業所做的重要努力。

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.

現在我們來詳細談談本季的業績。沃爾瑪美國公司又迎來了一個強勁的季度。無論是在實體店還是線上，我們的團隊都為顧客提供了優質的購物體驗，而政府的額外刺激性補貼也帶來了利好。同店銷售額成長了6%，其中電商業務成長了37%，表現十分亮眼。服裝、家居用品、五金製品和季節性商品等各個品類均實現了成長。

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.

最近我走訪了位於新澤西州、德拉瓦州、華盛頓特區、俄亥俄州、新墨西哥州、德克薩斯州、伊利諾伊州、加利福尼亞州和佛羅裡達州的門市、俱樂部和供應鏈設施。我始終對員工的辛勤付出深表感激，他們的精神也令我印象深刻。在疫情期間，他們依然安全運營，不斷提升庫存水準和服務標準，努力完成自提和配送訂單，並為數百萬人接種疫苗。同時做好所有這些工作並非易事，我們也面臨著許多挑戰，但我們的員工始終挺身而出，不斷鞏固和提升我們的地位。

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，我們的自有零售業務表現強勁，同時在其他重要業務領域也取得了良好進展。沃爾瑪電商平台商品交易總額、物流配送服務以及透過沃爾瑪互聯平台獲得的廣告收入均表現強勁。

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.

我們在二月展示的飛輪正在逐步建造。每個組成部分都旨在讓我們更好地服務客戶，同時實現模式多元化。正如我們之前分享的，飛輪的頂端是成為人們首選的購物場所。門店改造、提貨和配送能力的投資以及Walmart+的銷售都屬於此範疇。我們需要更大的產能來滿足不斷增長的需求，我們仍然堅信這些投資是明智之舉。這是銷售更多Walmart+會員的關鍵之一，也是我們長期策略的重要組成部分。

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.

除了在核心業務領域持續投入，我們還將透過自有庫存和市場拓展，持續為我們的電商綜合商品業務增加品牌、品類和功能。我們將加大對綜合商品業務的投入，並在高利潤類別中成長。先前宣布收購 Zeekit 就是一個很好的例子。這家新創公司透過動態虛擬試衣間將時尚與科技結合，也體現了我們積極拓展服裝業務的決心。

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.

我們持續致力於建立更大的健康與保健業務，幫助客戶和員工獲得更優質的醫療保健體驗。收購 MeMD 是朝這個方向邁出的重要一步。新增遠距醫療功能至關重要。正如我們在核心零售業務方面所做的那樣，我們正在建立一個全通路的健康與保健業務。

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.

山姆會員商店的發展勢頭依然強勁。我們的商品品質不斷提升，會員數量和銷售額都表現穩健，團隊也不斷拓展和完善諸如路邊取貨等服務。與社交聚會相關的品類表現突出，企業會員的活躍度也有所提升。餐飲用品等品類也正在復甦。本季會員收入實現了顯著增長，會員總數也創歷史新高。與實體店業務一樣，政府刺激政策也對我們的業績起到了推動作用，但我相信，我們業務的根本優勢在於其穩健的運營模式，並正朝著有利於會員的方向穩步發展。

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致力於將業務組合轉向高成長市場，並且進展順利。您可能還記得，我們​​近期剝離了在英國、日本和阿根廷的業務。因此，本季淨銷售額年減約11%。但如果剔除近期剝離的市場，淨銷售額則成長了5.1%。這些都是不錯的業績，也證明了該業務板塊能為公司帶來成長。

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 Flipkart 和 PhonePe 持續保持強勁成長，其中 PhonePe 的年化總支付額年增超過 150%。對於 Flipkart 而言，每月活躍用戶數是關鍵指標，我們在這方面表現出色。

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線上旅遊公司 Cleartrip，這凸顯了我們致力於透過數位商務改變客戶體驗的決心。

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.

不斷成長的客戶群意味著我們需要持續拓展新的能力，包括物流和資料儲存等領域。近期宣布與阿達尼集團建立合作關係，將有助於我們實現這一目標。

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.

沃爾瑪墨西哥業務持續強勁成長，飛輪效應正在顯現。我們在該市場的獨特優勢使我們能夠以全新的方式服務客戶，而客戶也給予了正面的回饋。在墨西哥，電子商務銷售額成長了166%，我們的當日送達服務現已覆蓋680個地點。

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，我們正在拓展業務，不再侷限於傳統零售。值得一提的是，廣告業務新增廣告客戶數量成長超過100%；此外，我們全新的行動電話服務網路提供語音、數據和家庭寬頻服務，為客戶帶來便利的存取和加值服務。本季度，這些服務的用戶數量翻了一番，客戶可以在結帳時直接添加數據流量，享受便利的服務體驗。

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，山姆會員商店的電商業務持續受到顧客和會員的青睞。由於強勁的春節銷售勢頭，山姆會員商店所有品類均實現強勁銷售，同店銷售額實現兩位數增長。在去年令人矚目的成長基礎上，我們今年的電商整體銷售額成長了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.

儘管隨著季度推進，封鎖措施不斷加強，但我們在加拿大的業務表現依然良好。開局階段，實體店和電商銷售強勁，但季度末因新冠疫情相關的某些商品類別銷售限制，對我們的業績造成了一定壓力。公司基本面穩健，我們對在該市場的全通路模式充滿信心。

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.

今天最後，我要感謝大家，感謝大家為本季所取得的優異成績。這一切都離不開我們全體員工的辛勤付出，以及他們對服務客戶和會員的專注。我們正積極提升創新能力和發展速度。我們正快速學習新技能，並不斷精進現有技能。未來，我們將增加對關鍵領域的投資，加速成長，發展速度也將進一步加快。

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。現在我把麥克風交給布雷特。

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。我們對第一季強勁的業績以及業務的持續成長動能感到滿意，銷售額和利潤均實現了顯著成長。雖然刺激性支出對業績有所好處，但更令人振奮的是，隨著我們基本面的穩步推進和全通路策略的實施，我們核心業務也取得了持續進展。我們生態系統中的新興業務，例如廣告和物流服務，正在快速成長，這有助於提高利潤率，並使我們能夠繼續投資於其他策略重點領域。

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、價值主張和雄厚的財務實力使我們擁有強大的競爭優勢，並將客戶放在我們一切工作的核心位置。正如我們預期的那樣，根據尼爾森的數據，與去年相比，我們在美國食品雜貨市場的份額再次增長。物美價廉的產品和豐富的商品種類將繼續受到顧客的青睞，而我們提供的全通路購物選擇所帶來的便利性也同樣如此。

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.

現在讓我們來討論第一季業績。正如我們之前提到的，在英國、日本和阿根廷的資產剝離會對年比業績產生顯著影響。我們在2月份發布業績指引時已經概述了資產剝離對關鍵財務指標的預期影響，因此我今天的演講將重點放在不考慮資產剝離影響的基礎業務上。

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%.

以固定匯率計算，沃爾瑪總營收成長強勁，成長5.8%至超過1,320億美元，基本業務趨勢持續改善。儘管去年消費者囤貨潮和初期刺激措施的影響尚未顯現，但刺激性支出仍提振了美國市場的銷售。沃爾瑪美國同店銷售額超出預期，本季成長6%，兩年累計成長16%。山姆會員店同店銷售額成長近11%（不計燃油及菸草）。國際銷售額成長強勁，以固定匯率計算成長超過5%，其中印度、加拿大和中國市場表現突出。全球範圍內，電子商務銷售額成長依然強勁，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.

毛利率成長96個基點，主要得益於沃爾瑪美國業務的強勁表現，這反映了產品組合的變化，部分原因是刺激性支出、折扣減少以及去年因新冠疫情而進行的囤貨潮（當時主要集中在食品和日用消費品上）。如預期，美國地區工資和技術投資的增加推高了銷售、管理及行政費用，但部分被新冠疫情相關成本的降低所抵消，最終導致槓桿率下降21個基點。不過，整體而言，我對公司整體的費用控制感到滿意。

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.

以固定匯率計算，營業收入成長超過28%，調整後每股盈餘為1.69美元，較去年同期成長43%。由於本季部分持有已剝離業務，這些業務貢獻了0.07美元的每股盈餘。 GAAP每股收益為0.97美元，其中包括股權投資的淨虧損以及國際剝離業務的新增虧損。經營現金流減少約40億美元，主要原因是庫存較去年同期增加，去年同期由於囤貨潮，庫存水位遠低於今年。

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.

本季我們加大了股票回購力度，回購金額達28億美元。我們依然非常看好公司的價值。

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.

現在我們來討論一下各業務板塊的季度業績。沃爾瑪美國公司本季業績依然強勁，這得益於刺激性支出、食品雜貨業務的穩健增長以及旅遊、慶典和個人護理等重新開業品類的強勁表現。我們尤其欣喜地看到門市交易量呈現改善趨勢，4月實現了近一年來的首次強勁成長。根據尼爾森的數據，我們在食品雜貨領域的市場份額也實現了顯著提升，電子商務業務也持續保持強勁勢頭。

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.

不計燃油銷售額，同店銷售額成長6%，兩年累計同店銷售額成長16%，表現強勁。各通路銷售均呈現成長態勢，其中電商銷售額成長37%。全通路策略持續奏效，顧客充分利用我們提供的所有購物方式，同時我們也不斷提升門市自提和配送能力。

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.

顧客出行整合使得平均客單價成長近10%，而交易筆數減少了3%。服飾、家居用品和園藝用品的銷售表現強勁。由於去年同期基數較高，食品雜貨銷售額有所下降，但以兩年累計計算，同店銷售額仍實現了兩位數的低增長，其中食品類商品的增長幅度達到15%左右，這得益於其強勁的價格定位、庫存改善以及較去年延長的營業時間。

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.

我們對沃爾瑪互聯廣告、電商平台和沃爾瑪物流服務等策略性成長措施的進展感到滿意。本季廣告收入表現強勁，實現了三位數成長。毛利率表現良好，成長超過140個基點，反映出產品組合向高利潤率的百貨類商品類別轉變，以及降價幅度降低。此外，由於去年受新冠疫情影響，視力中心和汽車保養中心關閉造成的損失已基本消除，利潤率也因此提升。

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%.

由於員工薪資投入和技術支出增加，部分被與新冠疫情相關的成本較去年同期減少約4億美元所抵消，導致銷售、管理及行政費用（SG&A）槓桿率下降49個基點。營業收入表現強勁，成長近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.

庫存成長16%，反映出強勁的銷售成長，並已基本消除去年新冠疫情對庫存的影響。我們持續關注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應對這些挑戰，包括延長訂單交貨週期。美國業務的基本面持續改善，我們有信心，我們擁有完善的策略、架構和人員，能夠更好地服務客戶，並實現我們今年及未來的目標。

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.

國際業務第一季業績強勁，以固定匯率計算淨銷售額成長5.1%，其中印度、加拿大及中國市場表現優異。儘管許多市場在季度末受到新冠疫情反彈的負面影響，但國際業務仍保持成長動能。策略性地調整產品組合，專注於高成長市場，其優勢正日益體現在營收成長。電子商務銷售額成長約64%，滲透率提升超過570個基點，達到約16%。匯率因素使銷售額增加約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.

受高基數影響，墨西哥同店銷售額略有下降，但以兩年累計計算，仍實現了兩位數的低成長，這得益於全通路策略的持續加速推進。墨西哥業務在拓展生態系統內的其他收入和利潤來源方面取得了良好進展，包括數位廣告客戶數量翻番，行動服務也持續保持強勁成長。

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.

儘管本季後期受到與新冠疫情相關的政府對服裝和一般商品等非必需品銷售的限制，加拿大同店銷售額仍增長了 3.4%，電子商務銷售額增長超過 115%。

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.

中國同店銷售額成長1.3%，兩年累計成長13%。強勁的春節銷售、山姆會員店的持續穩健成長以及電商業務60%的成長均對此業績做出了貢獻。

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.

即使團隊正在應對印度新冠病例激增帶來的挑戰，Flipkart 仍然保持著良好的業績，推動了電子商務 GMV 的強勁且可持續增長，每月活躍客戶和用戶數量也呈現強勁增長趨勢。

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.

國際營業收入表現強勁，成長超過 21%，這得益於銷售組合的改善以及某些市場降價幅度的減少，從而提高了利潤率，此外，公司還持續關注費用控制。

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.

山姆會員商店第一季延續了強勁的成長勢頭，同店銷售額成長10.6%（不計燃油和菸草），部分原因是受刺激性支出的影響。以兩年累計計算，同店銷售額成長近27%。同店銷售額的成長得益於客單價和交易量的成長。各品類均表現強勁，其中家居及服飾類領跑。電商銷售額成長強勁，達47%，主要得益於門市自提服務的蓬勃發展。

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.

我們很高興看到會員人數持續保持強勁成長勢頭，會員收入成長了約13%。本季會員總數創下新高，續費率也顯著提高，包括首年續費率強勁成長和Plus會員滲透率上升。

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

第一季營業收入成長超過 16%。但若剔除燃料成本的負面影響，獲利成長 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.

現在我們來談談業績指引。通常情況下，我們會在第二季財報發布前更新業績指引，但目前情況特殊，第一季的刺激措施帶來了顯著的銷售和利潤增長，這是我們在二月份發布業績指引時沒有預料到的。本文所討論的業績指引基於以下假設：新冠疫情持續好轉，且今年剩餘時間內不會出台更多大規模的政府刺激計劃。

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成長將高於原先的預期，這主要是由於第一季強勁的業績表現提升了我們對第二季的最初預測。剔除資產剝離的影響後，合併淨銷售額成長預計將達到個位數低至中位數，而我們最初的預期為個位數低成長。

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.

鑑於第一季強勁的業績表現以及我們對第二季業績可能優於先前預期的預期，我們上調了全年營業收入和每股收益預期。以固定匯率計算，並剔除資產剝離的影響，我們現在預計全年合併營業收入將實現高個位數增長，每股收益將實現低兩位數增長，高於此前我們預期的持平或略有增長。沃爾瑪美國業務的營業收入目前預計將實現高個位數成長，高於我們先前預期的略有成長。

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.

第二季開局略優於預期，刺激性支出持續惠及部分百貨類別，我們預期食品雜貨市佔率將持續成長。目前我們預計，不計剝離業務的影響，第二季度每股收益將實現個位數低段增長，這一預期基於沃爾瑪美國同店銷售額（不計燃油）也將實現個位數低段增長的假設。

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.

新冠疫情持續對我們的業務產生利好和挑戰。雖然第一季主要得益於美國的刺激性支出，但部分國際市場，尤其是印度和加拿大，仍受到新冠病例反彈以及相關政府營運限制的負面影響。鑑於持續存在的不確定性，我們維持對下半年的原有業績預期，並將隨著疫情相關關鍵外部因素及其對我們業務和全球經濟潛在影響的明朗化而及時更新資訊。

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

再次重申，我對第一季的業績非常滿意，並且對公司的潛在實力感到樂觀。

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

感謝您今天上午抽出時間並對我們感興趣，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巴克萊銀行的 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?

我想重點談談食品雜貨，因為您在這次電話會議和演示中都多次提到過。我想問的是，鑑於目前傳統通路和新興通路的價格差距，以及前所未有的成本上漲，您的定價策略是什麼？

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

或許我可以換個方式問。就您2021年的整體目標而言，重新奪回食品雜貨市場份額有多重要？

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.

我是約翰‧弗納，感謝您的提問。首先，我要衷心感謝我們遍布全國的同事和團隊，感謝他們幫助我們完成了本季的業績。在經歷了去年如此特殊的一年之後，他們出色地改善了門市和線上的營運狀況，我們為他們在食品部門的卓越表現感到無比自豪。很高興能從這個問題開始。

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.

本季度，考慮到季度初我們遭遇了影響供應鏈的特大冰暴，食品庫存方面取得了顯著進展；正如我們在季度末所指出的，食品業務的出色表現也帶來了市場份額的增長。我們在二月展示過一個飛輪模型，飛輪的頂端是我們的食品和日用消費品業務以及大型超市業務，這對客戶體驗至關重要。

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.

過去12個月——特別是關於您提到的價格問題——我們看到，過去12個月裡，我們與市場的價格差距有所縮小，我們的銷售團隊也在努力確保這一優勢能夠持續下去。本季後半段的市佔率成長令人鼓舞，我們很高興看到，當顧客需要轉變購物方式時，我們能夠做好充分準備。去年，當顧客轉向線上購物時，我們當時表現出色。而本季度，我們看到部分顧客又回到了實體店，第一季的業績也反映了這一點。

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.

所以我們對價格差距感到滿意。考慮到商家擁有的眾多槓桿以及市場瞬息萬變的情況，這些都是我們一直在努力的方向。但我們對自身的市場地位充滿信心，並將繼續專注於在今年餘下的時間裡提升市場份額。

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保羅‧特魯塞爾。

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.

業績表現強勁。我想更深入了解您更新後的年度業績指引。您能否詳細說明一下，為什麼第二季的預期會有所提升？

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

然後請再詳細說明您對今年上半年和下半年的看法。

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，我是布雷特。很高興收到你的消息。是的，我的意思是，隨著第一季的結束，我們開始意識到公司業務的強勁實力。正如約翰所說，二月的天氣確實帶來了一些挑戰。但隨著季度的推進，我們看到業務不斷增強。

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，其中一部分成長來自刺激措施，這一點我們毫不諱言。但隨著市場逐漸恢復開放，尤其是在部分地區，我們看到顧客開始重新出門。鑑於強勁的業績表現，我們認為現在是時候更新業績指引了，這與我們通常的做法有所不同。此外，第二季初的業績也促使我們更新了業績指引。

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.

我們還沒有真正談到下半年的情況。正如我之前所說，目前仍有許多不確定因素，既有順風也有逆風，這些因素將在未來幾個月逐漸明朗。但我認為我們所有人都比二月更有信心，也覺得現在更新業績指引是正確的做法。

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，我是道格。我只想補充一點，當我們想像返校季、萬聖節、感恩節、聖誕節以及家庭想要做的事情時，我們會對這些活動的潛力感到非常興奮，並且我們的購買方式也會與我們的想像保持一致。

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?

還有一個後續問題。就第一季的一些細節而言，Brett，你能再詳細談談你們在薪資和技術方面的策略性投資產生了哪些影響嗎？

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。我會談談毛利率。首先說說毛利率。很明顯，美國的毛利率大幅成長，大約增加了140個基點。今年一般商品銷售額確實非常強勁，但要和去年同期相比，去年同期很大程度上受到食品和日用消費品銷售的影響。所以，毛利率會受到這種因素的影響。

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，薪資方面的投入確實產生了影響。我不會贅述具體細節。它確實導致我們——主要是導致我們在第一季去槓桿化，但我們早就預料到了。我們很高興採取了這項措施，而且肯定是在當前這種薪資上漲、技術投資增加的環境下做出的。但保羅，我們公司正在利用的其他一些因素抵消了這種影響。

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.

我對公司整體的成本控制和專注度仍然感到滿意。正如我們所說，隨著今年薪資投入的增加，我對我們長期利用槓桿效應的能力仍然充滿信心。

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?

我的問題可能包含兩個部分，但我把它合併成一個問題。首先，Doug 和 Brett，你們在文字記錄中多次提到其他利潤來源或利潤池。你們能談談你們對公司業務的了解程度嗎？如果這些利潤池讓你們對公司管理更有信心，那麼我想，這是否也讓你們有更多資源再投資呢？

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+?

問題的第二部分是，Doug，你提到了飛輪效應，也提到了你在成長之前就投資產能。關於何時會出現拐點，有什麼最新消息嗎？或者說成長已經步入正軌了？還是說要等到下一個財年的某個時候，等到你們發展勢頭良好，可能會加大對Walmart+的投入？

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，我是道格。我先來。關於其他利潤池，約翰也可以補充一些內容，但我對市場平台很感興趣。我對物流服務的發展感到興奮。沃爾瑪互聯的表現不錯，我們對此非常了解。而且，在墨西哥也開始出現類似的趨勢。

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.

正如我們之前所說，這項策略對我們在所有主要市場都適用。因此，損益表的格局正在發生變化，正如我們在二月所描述的那樣，甚至比一年前的變化還要大，這確實為我們帶來了一些迴旋餘地。

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，我補充一點，我們對之前提到的三個領域感到非常興奮：Marketplace；WFS，沃爾瑪物流服務；以及Connect，就像之前提到的那樣。

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.

我們對沃爾瑪互聯平台（Walmart Connect）的成果非常樂觀，預計成長將達到三位數。我們一直在努力開發這個平台。正如幾個月前我們與您討論的那樣，它以沃爾瑪獨有的方式連接買家、賣家和供應商。我們對該平台的發展前景充滿信心。

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.

在物流服務方面，很高興看到團隊正在擴大產能。我們知道賣家有這方面的需求。我和我的團隊花了大量時間傾聽賣家的意見，與他們溝通交流，並確定我們需要添加的所有工具。這對他們的業務也至關重要。

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.

正如我們在本季度報告中所說，我們的電子商務業務在去年強勁成長的基礎上，又實現了37%的成長。過去幾年，我們的業務規模基本上翻了一番。

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

我對這三家公司都感到非常興奮。它們顯然都是能夠幫助我們實現未來發展飛輪效應的企業。

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.

產能成長超過成長速度的情況已經開始出現。我們今年的計劃正在逐步執行。您在門市也能感受到，由於自提和送貨訂單量龐大，部分門市面臨著不小的壓力。

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.

在一些門市，我們正在擴建空間，並為此投入了資金。在其他門市，我們將引入自動化系統，以真正滿足高端市場的需求，因為我們知道那裡的需求會很大。團隊正在朝著這個方向努力，西蒙，我們對此感到非常興奮。

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.

今年我們會盡全力做到最好，我相信我們會從中學到很多。我們非常有信心，這種產能是必要的。

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

我們的下一個問題來自鮑勃·德布爾與古根漢的淵源。

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.

我有幾個問題，主要圍繞毛利率、定價和通貨膨脹。我想請您談談您觀察到的不同類別的通貨膨脹。您剛才提到了平衡客戶和股東利益的問題，我想了解您是如何應對的。

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.

最後，考慮到消費者越來越注重價值而非便利性，我想知道您能否舉出幾個例子，說明在這種環境下，您認為您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.

感謝您的提問。我是約翰。首先，正如我們之前所說，我們對食品業務的表現非常滿意，團隊出色地完成了整個供應鏈（包括門市）的庫存恢復工作。門市方面也做了一些調整，我們將更多庫存工作轉移到夜間進行，這樣白天就能騰出更多產能用於揀貨等工作，正如道格所說，而且這些調整也有利於顧客購物。我們很高興能夠做出這些改變。

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，我們一直秉持著「天天低價」的原則。本季度，我們門市的降價幅度比去年同期增加了約30%。其他一些重要因素包括產品組合，不僅包括整體產品組合，也包括食品類別內部的產品組合。我們對肉類、農產品和烘焙食品的市佔率成長感到滿意。因此，即使在食品類別內部，產品組合也更有利於那些利潤率較高的品類，這使我們能夠維持目前的價格策略。

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，我們與市場之間的價格差距進一步擴大。我們對這一差距感到滿意，也為此感到自豪。我們將繼續利用一切可能的手段來維持這樣的價格差距。由於通路多元化，沃爾瑪的商家今年比往年更有準備應對這項挑戰。我們遍佈整個業務的商家能夠有效管理從實體店到電商第一方和電商第三方等各種管道。

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，正如我們之前提到的，沃爾瑪互聯、市場和配送服務帶來的額外收入和利潤來源，將有助於我們進一步優化產品組合，確保我們能夠滿足客戶的需求。

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——去年它可能比便利性更重要，但價值長期以來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.

約翰所描述的這種與回滾相關的思考方式非常重要，值得強調。它適用於國際市場，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，我想起九十年代初的一次談話。當時我在食品部當助理採購員，我的主管帶著我們幾個走進房間，說：「我們這個月的利潤目標還沒完成。我需要你們所有人盡快找到可以實施的降價方案，並在今天結束前提交給我。」我當時以為自己聽錯了。怎麼才能既降價又提高利潤呢？

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.

這就是零售業、多角化經營以及大型超市的魅力所在。如今，借助電子商務、市場平台、物流服務和沃爾瑪互聯（Walmart Connect），我們擁有了所有這些資源，可以找到上游發展的空間，以不同於其他競爭對手的方式開展業務。例如，目前沃爾瑪美國門市的折扣力度增加了30%，這讓我們處於非常有利的地位。

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

下一個問題來自高盛的凱特·麥克沙恩。

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?

我知道您在2020年曾提到，由於需求強勁，庫存管理是一個難以控制的領域。我想問一下，目前您的庫存中是否存在庫存不足或仍在努力恢復的品類？

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.

謝謝你的提問。當然，2020 年在庫存週轉方面確實充滿挑戰，我們經歷了從囤貨階段到人們搬進新家，再到疫情帶來的各種需求和供應鏈挑戰。

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.

本季度初，我覺得我們進展相當不錯，但隨後遭遇了冰暴，導致創紀錄數量的門市關閉數日，給供應鏈帶來了一些壓力。不過，隨著季度的推進，與去年同期相比，我們的食品和日用品業務確實有所改善。

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.

整體而言，百貨商品市場表現喜憂參半。很多方面都有所改善，但仍有一些領域需要我們持續努力追趕需求，例如成人自行車和部分消費性電子產品類別。我們正在密切關注港口延誤以及供應鏈中的其他因素。我們會密切注意所有這些情況，並及時做出反應。但可以肯定的是，即使在今天，我們仍在努力追趕百貨商品市場中的某些領域。

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

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德的論述。

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.

我有個關於美國電商的問題，可能想問John。很明顯，自提業務持續成長。但我對送貨上門方面比較好奇，你們在這方面有什麼進展，有什麼最新情況嗎？還有，你們的微型或市場配送中心測試，我很好奇你們是如何進行的。以及你們對電商配送中送貨上門環節的看法。

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.

當然可以，彼得。謝謝你的提問。總的來說，我們一直在努力提升線上門市自提和配送的產能。這方面我們已經著手一段時間了。去年，這項工作進展迅速，我們有效管理了諸如揀貨位利用率或可用揀貨位等指標，現在我們可用於揀貨的揀貨位比以往任何時候都多，可以滿足更多已安排訂單的需求。

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.

我們現在也有更多從門市出貨的產能，這引出了你問題的第二部分，也就是送貨上門或送貨到家的問題。關於這一點，我想說幾點。

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.

首先，我們正在拓展沃爾瑪送貨上門服務，這項服務我們剛剛新增了一個市場。這項服務可以將食品和其他商品從門市直接送到顧客家中，包括放入冰箱冷藏。您提到的市場配送中心也正在建設中，預計將在第二季末或第三季初投入使用。屆時我們將詳細介紹。

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，我們對最後一公里配送業務感到非常興奮。我們已經在阿肯色州的市場上運營了第一批沃爾瑪品牌的送貨車，並且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.

但我們看到了許多服務顧客的機會，無論是在店內、家中，或是路邊自提。我們希望盡可能靈活，能夠以顧客想要的任何方式為他們提供服務。

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，人們的購物習慣發生了巨大轉變，從到店購物轉向送貨上門。我認為今年隨著人們逐漸恢復外出，我們會看到送貨上門、到店購物和自提三種購物方式更加平衡。但正如布雷特先前提到的，這一切都建立在疫情持續改善的前提下。如果情況有任何變化，我們都會做好準備。

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

下一個問題來自瑞銀集團的麥可·拉塞爾。

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

你能量化一下你在腳本中提出的兩個觀點嗎？

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?

其中一位是布雷特，他指出業績指引上調主要是因為刺激計畫相關的支出。那麼，您如何分析第一季的業績以及您對第二季業績的預期，特別是刺激方案的影響？

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?

其次，Doug 指出 Walmart+ 是重要的長期發展驅動因素。那麼，您能否簡單介紹一下該專案目前的進展以及未來的發展方向？

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，我在稿子裡以各種方式提到幾點，那就是公司基本面感覺良好，我們對這部分更加樂觀。當然，刺激政策對我們第一季的業績有所好處。但你也可以了解我們是如何提升第二季業績預期的。你知道我們最初的業績預期是多少，以及我們是如何提高第二季業績預期的。所以，這應該能讓你對我們如何看待刺激政策和公司基本面之間的關係有所了解。

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，要準確評估刺激政策的影響並非易事，因為受益於刺激政策的產業類別，也正是受益於經濟開放的產業類別，尤其是在一般商品領域。因此，要釐清這些因素就變得更加困難。

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，關於沃爾瑪的會員制，這對我們來說是一個全新的項目。會員銷售的首要驅動力是超市、大型購物中心、自提和送貨服務。正如我們之前所說，產能是我們目前面臨的問題。而且正如我們在二月所說，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提升淨推薦值（NPS）。我們希望提升產能。我們正在推廣這個項目，從長遠來看，它對我們至關重要。

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.

但我們還有很多其他事情要做。隨著實體店客流量的提升、電子商務的成長以及市場平台的拓展等等，我們認為——鑑於目前還有這麼多其他的機會，Walmart+不應該是我們的主要關注點。

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壯大。我相信在某個時候，我們會和大家分享更多相關資訊。我知道大家對這方面很感興趣，因為現在串流服務很火，訂閱和會員制也越來越受關注。

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

所以——約翰，我不知道你是否還有什麼要補充的，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提升服務能力，以便服務更多客戶。我們已經開始建造市場配送中心，將這些中心作為其他門市和分公司的樞紐。我們正在進行許多卓有成效的供應鏈工作，這些工作將幫助我們運用合適的演算法，從整個網路中調配庫存，從而更好地服務客戶。

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，在過去的幾個月裡，不僅產能有所提升，而且電子商務業績也十分強勁，門市配送和物流中心配送都表現出色。因此，我們正在建立的這些能力將為我們未來的專案發展奠定堅實的基礎。

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.

我認為與客戶建立數位化關係至關重要，而且這種關係可以採取多種形式。例如，我們已經看到應用程式的下載量和受歡迎程度；尤其是去年，自提和送貨服務的發展更是顯著提升了數位化關係的數量，這有助於我們收集數據，並助力我們成為面向未來的零售商。總而言之，我們對這些領域的發展前景感到樂觀。

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，隨著科技進步等因素的出現，這些關係將會持續發展。我們正在努力改進應用程式及其核心體驗。收購 Zeekit 和 MeMD 等公司也是顧客與沃爾瑪有效溝通的途徑之一，我們將能夠幫助他們解決生活中越來越多的問題，減少摩擦，讓一切變得更簡單。

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.

我們收到一個關於一般商品改進的問題。您談了很多關於食品方面的內容，但我想給您一些時間談談一般商品。您引進了新的人才，也進行了一些策略性的收購和合作。所以，請您幫我們思考一下，在一般商品方面，我們該關注哪些方面的進展？

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.

或許你也可以把這些與你在市場方面的一些舉措聯繫起來，例如你從數位成長中學到的東西，這些經驗可能會影響你在實體店中關於一般商品的一些決策。

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。讓我來回答這個問題。我是約翰。我們對本季一般商品業務的業績感到非常興奮。正如您所提到的，過去一年我們在人才方面進行了一些調整。其中最大的變化發生在去年七月，當時我們整合了所有管道。

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，我們有專門負責線上業務的品類專家團隊，也有負責線下門市的採購團隊。現在我們把他們都統稱為“銷售人員”，因為銷售人員現在負責所有管道的客戶關係。團隊投入了大量時間思考和製定合適的方案，以確定哪些產品適合在門市銷售，哪些屬於第一方產品（1P），哪些屬於第三方產品（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.

我舉個例子。就在上週，我去明尼阿波利斯拜訪了我們的供應商之一——美國本土廚具製造商 Nordic Ware。我們一起查看了他們門市的商品種類，哪些賣得好，哪些需要改進。他們的全部產品目錄都可以在電商平台上找到。如此一來，我們的銷售人員就能跨通路管理產品組合，進而擁有更多資源，以更便利、更清晰的方式服務客戶。

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.

但本季度，我們確實看到顧客的購物方式發生了一些變化，部分原因是政府的刺激政策，但也與顧客行為的改變有關。布雷特之前也提到過，個人護理等類別的銷售情況有所改善，旅遊業也開始真正復甦。

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.

當你觀察沃爾瑪所有銷售類別時，就能大致了解全國各地消費者的消費趨勢。我們確實觀察到，隨著人們逐漸恢復正常生活、外出社交，消費行為開始出現改變。我們的健康和保健業務在本季為數百萬人接種疫苗做出了巨大貢獻。儘管如此，我們預計消費者的一些變化，即使在上週，也可能持續下去，但我們會隨著時間的推移繼續密切關注。

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

我們的下一個問題來自 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，您對門市客流量的評價非常正面。我知道您已經注意到——或者說您注意到——四月出現了一個轉折點。當您看到門市客流量開始真正改善時，您是否觀察到電商業務（無論是自提還是送貨上門）方面有其他變化？

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

其次，隨著流量的改善，您是否觀察到任何有利的流量組合變化？

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.

至於店內客流量，正如我們之前所說，4月份客流量確實發生了變化，可能從3月底就開始有所變化。那時我們開始輪流進行一些大型的補貨採購，而去年由於採購次數減少和大規模的集中採購，導致庫存以及紙製品、食品和日用品等商品的供應出現了很大的壓力。

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，我們看到食品類別的銷量開始大幅增長，我認為這既是因為人們比去年更多地外出，也是因為食品購買頻率趨於正常化。

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.

具體而言，在各個通路中，三大通路均實現了強勁成長。正如我們在美國所提到的，整體同店銷售額成長了6%，其中電子商務成長了37%。而電子商務成長包含了從配送中心或門市出貨到消費者家中的商品，以及顧客到店自提的商品。

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，我想說的是，我們持續擴大所有通路的產能。我們很高興看到實體店購物名額的增加，也很高興看到門市的配送能力提升，能夠更好地滿足顧客的送貨上門需求。同時，我們也不斷努力，增加對供應鏈的投入，以便未來能更好地開展自有電商業務。

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·貝克和D.A.戴維森的對話。

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，我還有兩個後續問題。第一，關於毛利率提升約100個基點，您能詳細解釋一下嗎？其中有多少是來自一般商品業務的提升，又有多少是得益於其他業務的強勁成長？如果無法給出精確的量化數據，能否大致說明方向？

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?

第二個問題，是關於同業拆借預期的後續討論。第一季業績好於預期，第二季預期也調漲了。但如果我理解沒錯的話，全年同業拆借預期並沒有改變。那我們該如何解讀呢？這是否意味著下半年業績會下滑？還是現在調整預期還為時過早？或者——個位數的波動範圍確實很大，可能在1%到3%甚至4%之間。那麼，全年業績預期沒有改變，我們該如何解讀呢？

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.

我是Brett，感謝您的提問。是的，關於──我先回答第二個問題，關於同店銷售預期。您提到個位數低位的漲幅範圍相當大，確實如此，範圍確實很大。而且——如果您看一下沃爾瑪美國公司的大數據，您會發現最終的漲幅範圍也相當大。所以我認為不必對此過度解讀。我們對第一季的業績非常滿意，正如我們之前所說，第二季的開局也相當不錯。

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，我先說一下。約翰，你可以接著說。當然，最大的變化是我們今年看到的百貨商品銷售強勁，而去年第一季則是消費品銷售強勁。此外，當百貨商品銷售開始走強時（過去幾季我們確實看到了這一點），降價促銷就會減少。這為毛利率帶來了許多額外的好處。

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。關於利潤率的問題，我再補充一點。本季一般商品銷售確實表現強勁。我們之前也討論過食品銷售的強勁勢頭。而且今年的食品銷售結構比去年更均衡。去年，疫情初期，我們的乾貨和囤貨商品銷售量非常高。因此，第一季食品銷售的強勁表現和市場份額的成長，尤其是在肉類、農產品、烘焙食品和雜貨方面，以及生鮮食品領域的領先地位，無疑對我們大有裨益。

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.

我想說的第三點是季度末的庫存狀況。我們的庫存水準上升，這是件好事。去年，我們的食品雜貨和日用百貨都出現了大面積缺貨，所以我對目前的庫存狀況感到非常滿意。正如布雷特所提到的，我們的庫存很乾淨，我們一直嚴格把控，確保及時清理季末和季節性庫存。因此，我們在這方面很有信心。

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.

最後我想說的是，電子商務對利潤率的貢獻一直很強勁。商家能夠掌控所有管道，並根據品類和顧客需求進行銷售，有助於提升電子商務的各項指標，例如利潤率、沃爾瑪互聯等。

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.

我還想稍微談談一般商品業務。在美國，該業務成長率約為20%。我很好奇您是否認為您在該業務領域獲得了市場份額。我們先前估計的市佔率成長率可能在26%左右，這只是一個粗略的估計。我很想知道您是如何看待這個問題的，又是如何衡量這一成長的。另外，您與沃爾瑪物流服務和第三方合作的舉措，是否對一般商品業務的成長有所貢獻？

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.

我是約翰。我先回答你的第一個問題。我們認為，一般商品板塊的股價表現與去年同期基本持平。由於我們的數據落後一個月，所以我們統計的是二月和三月的數據。因此，我們對本季前三分之二的業績感到滿意。

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.

正如您所說，一般商品業務確實表現強勁，佔比約20%。所以我認為我們目前處於有利地位。我對目前的市佔率與去年同期相比感到滿意。尤其令我興奮的是，本季家居和服裝等品類的表現，以及我們進入第二季的市場定位。

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，某些品類的供應鏈確實存在一些緊張情況，這些品類的需求量很大，供應鏈也面臨壓力。但我們正在密切關注，並且對包括配送中心和門市在內的整個業務的庫存狀況改善感到滿意。

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.

但話說回來，最讓我們感到鼓舞的還是市場需求，以及旅遊業和其他領域的逐步開放。隨著我們不斷向前發展，做好迎接客戶的準備至關重要。

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.

關於您問題的第二部分，也就是物流服務。我們今年將推出一系列產能提升項目。我們非常期待這些項目帶來的影響，不僅能提升營收和客戶體驗，還能惠及我們的賣家。我們的賣家需要更多服務和出貨能力，而物流服務正是協助小型企業發展的絕佳途徑。隨著時間的推移，我們將看到越來越多的物流服務產能投入使用。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 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?

我的問題是關於您看到的美國息稅前利潤增長。我想知道，考慮到您去年取得的成長和規模，我假設電商業務的結構性獲利能力更強，那麼這其中有多少成長可以歸因於電商業務的提升？

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

另外，關於目前電子商務的獲利能力運作率，是否有任何最新的資訊？

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.

史考特，我是約翰。關於你提到的電商問題，我們對電商獲利能力的驅動因素——貢獻利潤率（即毛利率減去運費）——感到樂觀。我們也對電商中包含的其他收入來源感到滿意，例如市場平台和物流服務。正如我之前所說，我們正在擴大產能，我們知道賣家需求旺盛。而且，我們非常自豪地看到沃爾瑪互聯（Walmart Connect）實現了三位數的成長。所有這些因素加在一起，都對電商的損益表產生了正面影響。

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.

關於細分，我們實際上並沒有單獨區分實體店和電商，因為隨著我們向全通路業務轉型，兩者之間的界線已經變得非常模糊。我們的商家負責以品類管理所有通路。實體店既是實體店，也是提貨中心，在某些情況下，它們還是配送中心。我們的配送中心則直接負責送貨上門。有時，他們會將商品運送到門市，這樣庫存就可以與訂單合併，然後進入我們的最後一公里配送網。鑑於界線如此模糊，我們無法將這些細分情況單獨列出。

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，我認為團隊做得非常出色——他們在貢獻利潤率和產品組合方面都做得非常出色——不僅是業務內部的產品組合，例如一般商品與其他商品的組合，而且在各個品類內部，他們在提高貢獻利潤率方面也做得非常出色。

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 的對話。

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，這更多的是一個宏觀問題。當你查看數據並了解消費者的資金分配情況時，我很好奇最近的這些刺激支票與去年4月和12月底的情況相比有何異同。他們的支出是否仍維持在相同水準？或者我們看到更多資金被分配到儲蓄中，因此，一些被壓抑的需求可能會在未來幾個月內釋放出來？

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，我是布雷特。是的，我認為兩種情況都有所體現。我的意思是，消費者確實開始外出消費了。消費率和收入率都很高。但儲蓄率實際上仍然接近歷史最高水平，這讓人相信，隨著下半年到來，市場將會出現一些被壓抑的需求。

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，從許多方面來看，除非你身處受新冠疫情嚴重衝擊的特定產業，否則消費者的資產負債表都處於前所未有的強勁狀態。這很大程度上要歸功於刺激政策，也就是透過這種方式註入經濟的資金。但無論如何，這都顯示未來會有一定的需求。

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羅比·奧姆斯。

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

道格，你提到了全通路健康和保健業務。你能給我們回顧一下它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?

或許還可以談談當前的局勢，例如藥局、復健等方面，進展如何。我知道你們一直參與疫苗研發等等。有沒有什麼進展能夠加速你們實現全通路醫療保健的願景？

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，我先說，然後約翰可以補充。考慮到我們藥劑師所做的一切，我認為藥局業務的表現非常出色。自從疫情爆發以來，他們所做的一切都極具挑戰性，包括他們一直在進行的疫苗接種工作。我們確實不得不關閉了一段時間的視力中心。不過，配鏡中心已經重新開放，這幫了我們很大的忙。

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.

最終目標看起來確實像是一個全通路目的地，我們將把這些歷史業務與新的醫療保健服務以及約翰之前提到的、我在與 MeMD 的談話中提到的數位前端結合起來。

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，未來我們將能夠透過客戶的設備，走進他們的家，幫助他們思考自身的健康問題，包括飲食、運動量，以及他們需要哪些類型的醫療保健服務，在哪裡可以獲得這些服務。因此，我認為我們可以共同建構這些能力，幫助人們獲得更便利、更注重結果的醫療保健體系，提供高性價比、高便利性的服務，惠及更多需要幫助的人群，最終打造一個與大型食品零售商完美契合的優質商業模式。

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.

因此，我們一直貫徹執行這項策略，落實各個環節。回顧我們對 CareZone 的收購，以及最近對 MeMD 的收購，你會發現，除了我們自身正在建立的能力之外，我們還增加了一些其他能力。

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

是的，我還要補充一點——請繼續。

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

我正想問，從長遠來看，這是否也符合 Walmart+ Plus 的理念？

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

羅比，我們會盡快回覆你。

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，我是約翰。我只想再次強調，我們非常興奮能與沃爾瑪攜手，為顧客打造全通路醫療保健解決方案。考慮到過去一年我們藥劑師和藥局面臨的種種挑戰，他們的表現非常出色。他們已經開通了路邊取貨和送貨上門服務。現在，我們還有中央配藥中心，可以幫助他們降低成本，提高服務效率。

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.

當然，各州的情況不盡相同，但我們團隊迅速行動起來，想辦法幫助全國民眾接種疫苗，這種精神令人驚嘆。昨晚我去了一家當地的疫苗接種點，看到很多人能夠直接去接種疫苗，這真的非常鼓舞人心。

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.

正如道格所說，市場去年發生了變化。我們開設了多家診所，並且也持續開設新的診所。我們對診所帶來的前景感到非常興奮。去年，醫療保健產業很大程度上轉向了數位化，整個產業都接受了這個趨勢。因此，收購MeMD能夠讓我們透過客戶的設備，在家中與他們建立聯繫，並在此基礎上，透過我們的藥房和診所提供服務，這確實是一個令人振奮的前景，也是我們未來發展的重要推動力。

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。問答環節到此結束。現在我把發言權交還給道格，請他做總結發言。

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.

最後，我要感謝大家一直以來對公司的密切關注。希望大家能夠看到，除了美國市場的利多因素外，公司內部也不斷增強實力。

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.

正如我之前提到的，上個季度我走訪了很多門市，發現各項標準都在提升，庫存狀況也在改善，這無疑克服了疫情帶來的挑戰。山姆會員店也發展勢頭強勁。國際業務在上個季度表現非常出色，布雷特，這是我們國際業務近年來最好的季度之一。茱蒂絲和她的團隊在國際業務方面所做的投資組合管理工作也卓有成效。

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.

印度的疫情情況十分嚴峻，我們不僅會盡力支持本國人民，也會盡力幫助整個國家渡過難關。我相信，未來幾週我們還會遇到其他疫情熱點城市和國家，因為這場疫情遠遠沒有結束。

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.

但拋開疫情和經濟刺激措施不談，我們的重點在於投入指標、基本面以及我們正在提升的能力。而且我們看到，我們在這些方面正取得實際進展。

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，而且未來還會有更多變化。我非常感謝團隊，也對未來充滿期待。謝謝大家。

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。您可以斷開線路了。感謝您的參與。