沃爾瑪 (WMT) 2021 Q3 法說會逐字稿

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(Operator Instructions) As a reminder, this conference is being recorded. I will now turn the conference over to your host, Dan Binder with Investor Relations.

（操作員說明）作為提醒，本次會議正在錄製中。我現在將把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 Third Quarter Fiscal 2021 Earnings Call. I'm joined by several members of our executive team, including Doug McMillon, Walmart's President and CEO; Brett Biggs, Executive Vice President and Chief Financial Officer; John Furner, President and CEO of Walmart U.S.; and Judith McKenna, President and CEO of Walmart International. In a few moments, Doug and Brett will provide you an update on the business and discuss third 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 2021 財年第三季度財報電話會議。我們執行團隊的幾位成員也加入了我的行列，其中包括沃爾瑪總裁兼首席執行官 Doug McMillon； Brett Biggs，執行副總裁兼首席財務官；沃爾瑪美國總裁兼首席執行官約翰弗納；以及沃爾瑪國際總裁兼首席執行官朱迪思·麥肯納（Judith McKenna）。稍後，Doug 和 Brett 將為您提供業務更新並討論第三季度業績。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 as well as risks and uncertainties resulting from the ongoing COVID-19 pandemic. 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. In addition, we have posted our fiscal year 2022 earnings release dates on our IR website, 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 SEC 的文件中確定的因素，以及持續的 COVID-19 大流行帶來的風險和不確定性。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。此外，我們已在我們的投資者關係網站 stock.walmart.com 上發布了 2022 財年收益發布日期。

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。

Thanks, Dan. Good morning, everyone. We're happy to visit with you about another strong quarter. As this challenging moment in history continues, we've seen the best in our associates. They keep showing up and stepping up. They're adapting and becoming what we must become to thrive in the next generation of retail. Our leaders are learning and applying new skills at a new pace. We're grateful for and proud of how they're bringing our purpose and values to life.

謝謝，丹。大家，早安。我們很高興與您一起訪問另一個強勁的季度。隨著歷史上這一具有挑戰性的時刻的繼續，我們看到了我們員工中最好的一面。他們不斷出現並加強。他們正在適應並成為我們在下一代零售業中蓬勃發展的必要條件。我們的領導者正在以新的速度學習和應用新技能。我們感謝並為他們如何將我們的目標和價值觀變為現實而感到自豪。

With the outbreak of COVID-19, the retail world clicked to a fast forward, and our ability to adapt quickly has been crucial. Changes in customer behavior have accelerated the shift to eCommerce and digital. We were well positioned to catch and ride these waves given our previous work and investments. Our eCommerce and omnichannel penetration continue to rise, accelerating trends by 2 to 3 years in some cases. We're convinced that most of the behavior change will persist beyond the pandemic and that our combination of strong stores and emerging digital capabilities will be a winning formula. Customers will want to be served in a variety of ways, and we're positioned to save them money, provide the variety of product choices they're looking for and deliver the experience they choose in the moment.

隨著 COVID-19 的爆發，零售世界迅速前進，我們快速適應的能力至關重要。客戶行為的變化加速了向電子商務和數字化的轉變。鑑於我們之前的工作和投資，我們已經做好了捕捉和駕馭這些浪潮的準備。我們的電子商務和全渠道滲透率繼續上升，在某些情況下將趨勢加速了 2 到 3 年。我們相信，大多數行為變化將在大流行之後持續存在，我們強大的商店和新興數字能力的結合將是一個成功的公式。客戶將希望以多種方式獲得服務，我們的定位是為他們省錢，提供他們正在尋找的各種產品選擇，並提供他們當下選擇的體驗。

Now let me cover some quarterly highlights. Despite an unusual and softer back-to-school season and less benefit from government stimulus spending versus the first half of the year, revenue for the third quarter increased 6.1% in constant currency and adjusted EPS for the quarter was $1.34, an increase of 15.5% versus last year.

現在讓我介紹一些季度亮點。儘管開學季異常溫和，政府刺激支出的收益較上半年減少，但第三季度收入按固定匯率計算增長 6.1%，調整後每股收益為 1.34 美元，增長 15.5 % 與去年相比。

Walmart U.S. had another strong quarter. Comp sales increased 6.4%, and we significantly reduced operating losses in eCommerce. Consistent with the second quarter, we saw customers consolidate shopping trips with larger baskets and fewer transactions. Comp sales accelerated from the beginning of the quarter helped by food, consumables and health and wellness.

沃爾瑪美國有另一個強勁的季度。 Comp 銷售額增長了 6.4%，我們顯著減少了電子商務的運營虧損。與第二季度一致，我們看到客戶通過更大的購物籃和更少的交易來整合購物之旅。在食品、消耗品以及健康和保健的幫助下，Comp 銷售從本季度初開始加速。

eCommerce grew 79%. Growth was strong in pickup and delivery as well as direct-to-home, with the highest growth coming from marketplace. We also launched Walmart+, and we're excited to have that important piece of the puzzle in place. We launched it with an initial set of benefits that we know are important to our customers. Over time, we'll evaluate the program against our broader set of assets with the aim of improving the value proposition and deepening our relationship with customers, including earning a greater share of wallet.

電子商務增長了 79%。取貨和送貨以及直接到家的增長強勁，其中最高的增長來自市場。我們還推出了 Walmart+，我們很高興能夠解決這一難題。我們推出了一系列我們知道對客戶很重要的初始優勢。隨著時間的推移，我們將根據我們更廣泛的資產組合評估該計劃，目的是改善價值主張並加深我們與客戶的關係，包括獲得更大的錢包份額。

Our merchant and replenishment teams are working hard to ensure we have products available for our customers. In-stock levels have improved from Q2, but we're still below where we want to be. The team is being flexible when it comes to meeting demand. For example, we've turned on nearly 2,500 stores to fulfill online orders. We can quickly flex this number as the holiday season progresses to help relieve pressure on our eCommerce fulfillment centers, if necessary.

我們的商家和補貨團隊正在努力確保我們為客戶提供可用的產品。庫存水平比第二季度有所改善，但仍低於我們想要的水平。在滿足需求方面，該團隊非常靈活。例如，我們已經啟用了近 2,500 家商店來完成在線訂單。如有必要，我們可以隨著假期的進行迅速調整這個數字，以幫助減輕我們電子商務履行中心的壓力。

This holiday season will obviously be unique. While many family gatherings may be smaller, we do believe families want to decorate, celebrate and enjoy food and gifts. They want a sense of normalcy, and our traditions help bring some joy and comfort to this difficult year. With the importance of social distancing in mind, we planned several holiday shopping events this year so customers can enjoy special items and pricing over a longer period of time and shop in the way that's best for them.

這個假期顯然是獨一無二的。雖然許多家庭聚會可能規模較小，但我們確實相信家庭想要裝飾、慶祝和享受食物和禮物。他們想要一種正常的感覺，而我們的傳統有助於為這個艱難的一年帶來一些歡樂和安慰。考慮到社交距離的重要性，我們今年計劃了幾場假日購物活動，以便客戶可以在更長的時間內享受特殊商品和定價，並以最適合他們的方式購物。

At Sam's Club, strong comp sales of 15.3% minus fuel and tobacco included a good balance of increased ticket and transactions. Great items drive the club business and our merchandising offer is compelling. Our strength in fresh food and the uniqueness of Member's Mark continue to make it special to be a member.

在山姆會員店，扣除燃料和煙草的 15.3% 的強勁comp 銷售額包括增加的門票和交易量的良好平衡。偉大的項目推動了俱樂部的業務，我們的商品促銷活動引人注目。我們在新鮮食品方面的實力和會員標誌的獨特性繼續使成為會員變得特別。

Membership income is vital for Sam's, and we're encouraged by our performance. New member sign-ups were strong. Overall renewal rates increased nicely. And renewal rates for Plus Members increased more than 350 basis points. Consistent with the growing popularity of a contactless shopping experience, Scan & Go penetration is up more than 600 basis points, and curbside delivery has been well received by members and is growing well above our overall comp sales.

會員收入對 Sam's 至關重要，我們對我們的表現感到鼓舞。新會員註冊量很大。整體續訂率增加得很好。 Plus 會員的續訂率提高了 350 多個基點。隨著非接觸式購物體驗的日益普及，Scan & Go 的滲透率上升了 600 多個基點，路邊送貨受到會員的好評，並且增長遠高於我們的整體銷售。

Outside the U.S., we had another solid quarter performance-wise. And we announced additional portfolio actions to increase our focus on priority markets. Overall, net sales increased 5% in constant currency, and comp sales were positive in 8 of 10 markets.

在美國以外，我們在業績方面又取得了穩健的季度表現。我們宣布了額外的投資組合行動，以增加我們對優先市場的關注。總體而言，按固定匯率計算，淨銷售額增長了 5%，10 個市場中有 8 個市場的複合銷售額為正。

In India, Flipkart and PhonePe had strong results for the quarter. The number of monthly active customers for these platforms is at an all-time high. At Walmex, we continue to see good results as comp sales once again outpaced the overall market. eCommerce is also accelerating with growth of more than 200% for the second consecutive quarter. Customers are increasingly looking for omnichannel solutions, and we're providing it for them.

在印度，Flipkart 和 PhonePe 在本季度取得了強勁的業績。這些平台的每月活躍客戶數量創歷史新高。在 Walmex，我們繼續看到良好的業績，因為複合銷售額再次超過了整體市場。電子商務也在加速增長，連續第二個季度增長超過 200%。客戶越來越多地尋找全渠道解決方案，而我們正在為他們提供。

In Mexico, we completed the rollout of same-day delivery to all Sam's Club locations. And in Central America, we opened our first store with omnichannel capabilities.

在墨西哥，我們完成了向所有山姆會員店推出當日送達服務。在中美洲，我們開設了第一家具有全渠道功能的商店。

In Canada, we saw broad-based strength across categories, especially in food and consumables. We see strong growth in eCommerce in this market, too, with sales growth of 177%. We're focused on providing more digital solutions for customers to make shopping easier. With a national rollout, mobile check-in customers can now use their phone to check in when picking up their online grocery order.

在加拿大，我們看到了各個類別的廣泛優勢，尤其是在食品和消費品方面。我們看到這個市場的電子商務也有強勁的增長，銷售額增長了 177%。我們專注於為客戶提供更多數字解決方案，讓購物更輕鬆。隨著全國范圍的推廣，移動登記客戶現在可以在領取在線雜貨訂單時使用手機登記。

We continue a series of actions to increase our focus on priority markets. We've recently announced the sale of our businesses in the U.K., Argentina and Japan. These teams have been an important part of Walmart, and we'll miss them. They'll continue to innovate and grow under the new ownership structures, positioning them for future success.

我們繼續採取一系列行動來增加對優先市場的關注。我們最近宣佈出售我們在英國、阿根廷和日本的業務。這些團隊一直是沃爾瑪的重要組成部分，我們會想念他們。他們將在新的所有權結構下繼續創新和成長，為未來的成功做好準備。

We're committed to our stated priorities, and you can see it with these actions, along with others in the U.S., including Jet and VUDU. We know where to invest, and we'll be aggressive where we should be while taking action in other areas.

我們致力於我們聲明的優先事項，您可以通過這些行動以及美國的其他公司（包括 Jet 和 VUDU）看到這一點。我們知道在哪裡投資，我們會在應該在的地方積極進取，同時在其他領域採取行動。

Before closing, I'd like to touch on a few additional points. The recent rise in COVID cases throughout the country reminds us we must remain vigilant. As we've done since the beginning of the outbreak, we'll continue being disciplined about the safety protocols throughout our stores, clubs, distribution and fulfillment centers. We're reinforcing our messaging to customers, members and associates regarding wearing face coverings, social distancing and other safety measures.

在結束之前，我想談幾點補充。最近全國各地新冠病毒病例的增加提醒我們必須保持警惕。正如我們自疫情爆發以來所做的那樣，我們將繼續在我們的商店、俱樂部、配送和履行中心遵守安全規程。我們正在加強向客戶、會員和員工傳達有關戴面罩、保持社交距離和其他安全措施的信息。

While the health and safety of our customers, members and associates is our first priority, we realize the increasing cases will put more pressure on small businesses that have been heavily impacted by the pandemic. As various governments around the country tighten up to help keep people healthy, it will be imperative that elected officials in Washington work together to deliver the help so many small businesses need to get through this next phase of the pandemic.

雖然我們的客戶、會員和員工的健康和安全是我們的首要任務，但我們意識到，不斷增加的病例將給受到大流行嚴重影響的小企業帶來更大的壓力。隨著全國各國政府加強措施以幫助人們保持健康，華盛頓的民選官員必須共同努力，為如此多的小企業提供度過下一階段大流行所需的幫助。

Leading on social and environmental issues has become part of our core business for over 15 years now. And so despite COVID-19, that work has naturally continued. ESG work is part of who we are. Across the company, creating economic opportunity for associates through jobs and advancement is something we're proud of. We were pleased to adjust our store structure and increase wages for around 165,000 associates in Walmart U.S. and more than 20,000 received increases in Sam's Club U.S. We're also pleased to have hired over 0.5 million new associates during the course of this year globally, as so many of them need to work.

15 多年來，領導社會和環境問題已成為我們核心業務的一部分。因此，儘管出現了 COVID-19，但這項工作自然仍在繼續。 ESG 工作是我們的一部分。在整個公司，通過工作和晉升為員工創造經濟機會是我們引以為豪的事情。我們很高興調整我們的商店結構並為美國沃爾瑪約 165,000 名員工增加工資，並在美國山姆會員店增加 20,000 多名員工。我們也很高興在今年全球範圍內僱傭了超過 50 萬名新員工，因為他們中的許多人需要工作。

A few other recent examples include the work we're doing to increase racial equity and address climate change. We created shared value networks made up of Walmart associates, who are looking at ways we can make a difference in education, financial, health care and criminal justice systems. They're finding natural overlaps between our core business and opportunities to advance racial equity. For example, we launched a new race and inclusion curriculum, and we've seen hundreds of thousands of associates access it since August. We also have a new requirement for U.S.-based officers to complete racial equity training. And to drive further transparency on the progress we're making, we launched a first-ever midyear diversity report.

最近的其他一些例子包括我們為增加種族平等和應對氣候變化所做的工作。我們創建了由沃爾瑪員工組成的共享價值網絡，他們正在尋找我們可以在教育、金融、醫療保健和刑事司法系統方面發揮作用的方法。他們在我們的核心業務和促進種族平等的機會之間找到了自然的重疊。例如，我們推出了一項新的種族和包容性課程，自 8 月以來，我們已經看到數十萬員工訪問它。我們還對美國官員完成種族平等培訓提出了新要求。為了進一步提高我們所取得進展的透明度，我們發布了首份年中多元化報告。

As for our environment, we've set a goal of becoming a regenerative company. We want to do more than slow down the damage to our planet. We want to reverse that process and actually add back and strengthen nature. We're working to restore, renew and replenish our planet, and we encourage others, including our suppliers, to do the same. We've set a date of 2040 to target 0 emissions without relying on carbon offsets and our own operations and fleet. This build on our leadership as being the first retailer with a science-based target for emissions reduction. Please take a few minutes to learn more about what we're doing by referencing our ESG report on our corporate website and accessing the virtual Milestone Meeting we recently hosted, which you'll also find there.

至於我們的環境，我們設定了成為可再生公司的目標。我們要做的不僅僅是減緩對我們星球的破壞。我們希望扭轉這一過程，並真正補充並加強自然。我們正在努力恢復、更新和補充我們的星球，我們鼓勵其他人，包括我們的供應商，也這樣做。我們設定了 2040 年的日期，目標是在不依賴碳補償以及我們自己的運營和車隊的情況下實現零排放。這建立在我們作為第一家以科學為基礎的減排目標零售商的領導地位之上。請花幾分鐘時間通過參考我們公司網站上的 ESG 報告並訪問我們最近舉辦的虛擬里程碑會議來了解更多關於我們正在做的事情，您也可以在那裡找到該會議。

Last, I want to wrap up by saying congratulations to President-elect Biden. We look forward to working with the administration and both houses of Congress to move the country forward and solve issues on behalf of our associates, customers and other stakeholders.

最後，我想對當選總統拜登表示祝賀。我們期待與政府和國會兩院合作，推動國家向前發展，並代表我們的員工、客戶和其他利益相關者解決問題。

We thank you all for your interest in our company. Happy holidays.

我們感謝大家對我們公司的關注。節日快樂。

Thanks, Doug, and good morning, everyone. Our third quarter results were strong and highlight the continued progress in our omnichannel strategy. We continued delivering solid results while positioning the business to win long term. We also continue to allocate capital toward the most compelling long-term opportunities, demonstrated by continued investments in supply chain, eCommerce, technology and store innovation, while reshaping our global market portfolio.

謝謝，道格，大家早上好。我們的第三季度業績強勁，突顯了我們全渠道戰略的持續進展。我們繼續取得穩健的業績，同時將業務定位為贏得長期。我們還將繼續將資金分配給最引人注目的長期機會，這體現在對供應鏈、電子商務、技術和商店創新的持續投資，同時重塑我們的全球市場組合。

Despite the challenges of this unique time, associates around the world continue to do an outstanding job responding to the customers' need for greater shopping flexibility by accelerating omni initiatives. We're creating and launching new products and services, such as Walmart+, helping us develop deeper relationships with customers. In fact, we've doubled the number of U.S. store associates supporting digital and omni initiatives this year. We believe we have the customer-focused strategy to win long term.

儘管在這個獨特的時代面臨挑戰，但世界各地的員工通過加速全能計劃繼續出色地響應客戶對更大購物靈活性的需求。我們正在創造和推出新產品和服務，例如 Walmart+，幫助我們與客戶建立更深層次的關係。事實上，今年我們支持數字化和全方位計劃的美國門店員工數量翻了一番。我們相信我們有以客戶為中心的戰略來贏得長期的勝利。

Now let's discuss Q3 results. Total constant currency revenue growth was strong, up 6.1% to more than $135 billion. Walmart U.S. comp sales increased more than 6%. International net sales grew 5% in constant currency. And Sam's Club grew comp sales more than 15%, excluding fuel and tobacco. The health crisis continued to shape shopping behaviors with trip consolidation, larger baskets and growing eCommerce penetration.

現在讓我們討論第三季度的結果。固定貨幣總收入增長強勁，增長 6.1%，超過 1350 億美元。沃爾瑪美國公司的銷售額增長了 6% 以上。按固定匯率計算，國際淨銷售額增長 5%。山姆會員店的銷售增長超過 15%，不包括燃料和煙草。健康危機通過旅行整合、更大的購物籃和不斷增長的電子商務滲透率繼續影響購物行為。

Gross profit margin was strong in each segment and increased 50 basis points in total aided by strategic sourcing initiatives and fewer markdowns, while eCommerce margins also improved. SG&A leverage of 18 basis points in Q3 was aided by lapping last year's noncash impairment charge of approximately $300 million or 23 basis points, but was negatively impacted by nearly $600 million or 44 basis points of COVID-related costs. We continue to see operating efficiency improvements around the company.

每個細分市場的毛利率都很強勁，在戰略採購計劃和更少的降價促銷的幫助下，總利潤率增加了 50 個基點，而電子商務的利潤率也有所提高。去年第三季度的 SG&A 槓桿率為 18 個基點，這得益於去年約 3 億美元或 23 個基點的非現金減值費用，但受到了近 6 億美元或 44 個基點的 COVID 相關成本的負面影響。我們繼續看到公司周圍的運營效率提高。

Adjusted operating income on a constant currency basis was up more than 16%. And adjusted EPS of $1.34 was a 15.5% increase versus last year's Q3 adjusted EPS. GAAP EPS was $1.80, which includes an unrealized gain on our investment in JD.com, partially offset by a $0.34 loss on the sale of Argentina due primarily to foreign currency losses.

按固定匯率計算的調整後營業收入增長超過 16%。調整後的每股收益為 1.34 美元，與去年第三季度調整後的每股收益相比增長了 15.5%。 GAAP 每股收益為 1.80 美元，其中包括我們對京東的投資未實現收益，部分被主要由於外匯損失導致的阿根廷出售損失 0.34 美元所抵消。

Operating cash flows year-to-date has been exceptional and was up approximately $8.3 billion versus last year to nearly $23 billion. Free cash flow was $9.7 billion higher due to increased sales, continued operating discipline and lower CapEx, some of which is timing. Inventory increased about 60 basis points in Q3 due primarily to timing of holiday events. We resumed share repurchases in Q3 with more than $450 million repurchased during the quarter.

年初至今的經營現金流非常出色，與去年相比增加了約 83 億美元，達到近 230 億美元。由於銷售額增加、持續的經營紀律和較低的資本支出，自由現金流增加了 97 億美元，其中一些是時機問題。第三季度庫存增加了約 60 個基點，主要是由於假期活動的時間安排。我們在第三季度恢復了股票回購，本季度回購了超過 4.5 億美元。

Now let's discuss the quarterly results for each operating segment. Walmart U.S. had another strong quarter with comp sales, excluding fuel, up 6.4% and eCommerce sales growth of 79%. eCommerce sales were strong in all channels throughout the quarter. Walmart.com traffic has been robust with solid increases in repeat rates and good momentum in marketplace sales, which grew in the triple digits.

現在讓我們討論每個運營部門的季度業績。沃爾瑪美國的另一個季度表現強勁，不包括燃料在內的綜合銷售額增長 6.4%，電子商務銷售額增長 79%。整個季度，所有渠道的電子商務銷售都很強勁。 Walmart.com 的流量一直很強勁，重複率穩步上升，市場銷售勢頭良好，增長了三位數。

As we noted when we announced Q2 earnings, third quarter sales started out a bit softer, particularly in the U.S., due to a delayed back-to-school season. However, sales picked up in September and the momentum continued through October. Consistent with prior quarters, we saw continued strength in home, electronics and sporting goods.

正如我們在宣布第二季度收益時所指出的那樣，由於開學季推遲，第三季度的銷售開始有點疲軟，尤其是在美國。然而，9 月份的銷售額有所回升，這種勢頭一直持續到 10 月份。與前幾個季度一致，我們看到家居、電子產品和體育用品繼續走強。

We're pleased with market share gains in several general merchandise categories, according to NPD. Grocery sales also strengthened throughout the quarter led by strong comp sales in food categories, helped by expanded store hours, improving in-stocks and strong price positioning.

NPD 表示，我們對幾個普通商品類別的市場份額增長感到滿意。雜貨銷售在整個季度也有所增長，這得益於食品類別的強勁複合銷售，這得益於延長的營業時間、改善的庫存和強勁的價格定位。

We continue to see trip consolidation and significantly larger baskets in Q3, resulting in an average ticket increase of about 24% and a transaction decrease of about 14%. Customer transactions began to improve after we expanded store hours, and we expect this trend to continue as we further extend store hours this month.

我們繼續看到第三季度的旅行整合和明顯更大的購物籃，導致平均票價增長約 24%，交易量下降約 14%。在我們延長營業時間後，客戶交易開始改善，我們預計隨著本月進一步延長營業時間，這種趨勢將繼續下去。

Gross profit rate was strong, up 33 basis points, due primarily to strategic sourcing initiatives and fewer markdowns. We continue to make progress on eCommerce margin rates as we drive faster growth of marketplace sales and improve product mix. Also, the phased reopening of the auto care centers and Vision Centers during Q3 has alleviated some of the negative margin pressure experienced during the first half. The carryover of last year's price investment continued to negatively affect margin rate.

毛利率強勁，上升 33 個基點，主要是由於戰略採購計劃和降價幅度減少。隨著我們推動市場銷售更快增長並改善產品組合，我們繼續在電子商務利潤率方面取得進展。此外，汽車護理中心和視覺中心在第三季度分階段重新開放，緩解了上半年經歷的一些負利潤壓力。去年價格投資的結轉繼續對保證金率產生負面影響。

Incremental COVID-related costs of more than $430 million negatively affected expense leverage by about 50 basis points. As a result, the U.S. segment deleveraged 9 basis points.

超過 4.3 億美元的與新冠病毒相關的增量成本對費用槓桿產生了約 50 個基點的負面影響。結果，美國部分去槓桿化了 9 個基點。

Operating income was up 9.9% for the quarter, including a continued reduction in eCommerce losses. Inventory increased 5.5%, primarily reflecting the timing of holiday merchandise flow and the continued recovery of in-stock levels from earlier in the year. We're making good progress to get certain categories to higher in-stock levels. And overall, we feel good about our position for the fourth quarter. While it's still early in the quarter with big sales days in front of us, we expect it to be a good holiday season.

本季度營業收入增長 9.9%，其中電子商務虧損持續減少。庫存增加 5.5%，主要反映了假日商品流通的時機以及庫存水平較年初持續回升。我們在使某些類別達到更高的庫存水平方面取得了良好進展。總體而言，我們對第四季度的狀況感覺良好。儘管本季度仍處於初期，我們面前有大量銷售日，但我們預計這將是一個不錯的假期。

International delivered strong Q3 results with net sales up 5% in constant currency, including 56% eCommerce growth. Currency fluctuations were a headwind to sales of approximately $1.1 billion. eCommerce penetration continues to accelerate and grew nearly 500 basis points this quarter. 8 of 10 markets posted positive comps, with sales in Canada and Mexico particularly strong, including triple-digit eCommerce growth in both markets.

國際集團第三季度業績強勁，按固定匯率計算淨銷售額增長 5%，其中電子商務增長 56%。貨幣波動對約 11 億美元的銷售額構成不利影響。電子商務滲透率繼續加快，本季度增長了近 500 個基點。 10 個市場中有 8 個市場實現了正增長，其中加拿大和墨西哥的銷售額尤其強勁，包括兩個市場的三位數電子商務增長。

Flipkart continues to perform well and recently completed its best-ever Big Billion Day sales event in October. Their third quarter GMV continued to reflect strong demand post-COVID lockdowns with significant growth in monthly active customers.

Flipkart 繼續表現良好，最近在 10 月完成了有史以來最好的 Big Billion Day 銷售活動。他們的第三季度 GMV 繼續反映 COVID 鎖定後的強勁需求，每月活躍客戶顯著增長。

Canada comps increased more than 7% with broad-based strength, both in stores and online. And China saw continued strength with double-digit comp growth in Sam's Clubs and eCommerce growth of over 60% despite some softness in hypermarkets. Comp sales in Mexico grew more than 5% as the omnichannel strategy continues to accelerate.

加拿大公司的銷售額增長了 7% 以上，無論是在實體店還是在網上，都具有廣泛的實力。儘管大賣場有些疲軟，但中國的山姆會員店銷售額仍保持兩位數增長，電子商務增長超過 60%。隨著全渠道戰略的不斷加速，墨西哥的 Comp 銷售額增長了 5% 以上。

International adjusted operating income was strong, aided by government stimulus in various markets, Flipkart's improved margin mix as well as cost savings initiatives in Mexico. The quarter included incremental COVID-related costs of approximately $65 million. Operating income increased 70% on a reported basis and about 22% on an adjusted constant currency basis, excluding the benefit from lapping last year's impairment charge.

在各個市場的政府刺激措施、Flipkart 改善的利潤率組合以及墨西哥的成本節約舉措的幫助下，國際調整後的營業收入強勁。本季度包括約 6500 萬美元的與 COVID 相關的增量成本。營業收入在報告的基礎上增長了 70%，在調整後的固定貨幣基礎上增長了約 22%，不包括去年減值費用帶來的收益。

Sam's Club had another terrific quarter, with comp sales growth of 15.3%, excluding fuel and tobacco, with contributions from both increased transactions and average ticket. Strength was broad-based across categories, with food and consumable leading the way. eCommerce sales grew 41% with strong demand for direct-to-home delivery and increased Club Pickup. We're pleased with the strong membership trends at Sam's as membership income grew 10.4% in Q3, the best quarterly performance in 5 years. This reflects higher renewal rates, robust new member sign-ups and rising Plus penetration. Strong sales and gross margins more than offset the approximate $80 million of additional COVID-related costs, resulting in an operating income increase of nearly 32%.

Sam's Club 又一個出色的季度，不包括燃油和煙草，comp 銷售額增長 15.3%，交易量和平均票價均有所增加。實力在各個類別中都有廣泛的基礎，其中食品和消耗品處於領先地位。電子商務銷售額增長了 41%，原因是對直接送貨上門的強勁需求和 Club Pickup 的增加。我們對 Sam's 強勁的會員趨勢感到高興，因為第三季度會員收入增長了 10.4%，是 5 年來最好的季度表現。這反映了更高的續訂率、強勁的新會員註冊和不斷提高的 Plus 滲透率。強勁的銷售和毛利率抵消了約 8000 萬美元的 COVID 相關額外成本，導致營業收入增長近 32%。

Consistent with prior quarters, we aren't providing FY '21 financial guidance due to continued uncertainty around the key external variables related to the health crisis and their potential impact on our business and the global economy. The health crisis continues to create both tailwinds and headwinds for our business. In Q3, we saw strong sales aided by some stock-up buying and continued stimulus spending, albeit to a lesser extent than the first half of the year. Q4 will feel different from past years as customers shop differently and shopping events are spread out. eCommerce and omnichannel penetration continue to accelerate, and we are in a good position to serve customers this holiday season.

與前幾個季度一致，由於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持續存在不確定性，我們不提供 21 財年的財務指導。健康危機繼續為我們的業務帶來順風和逆風。在第三季度，我們看到一些庫存購買和持續的刺激支出推動了強勁的銷售，儘管程度低於今年上半年。由於顧客購物方式不同且購物活動展開，第四季度將感覺與往年不同。電子商務和全渠道滲透繼續加速，我們在這個假期為客戶提供服務。

We expect COVID-related costs to continue for some time, along with some general global uncertainties. In addition, currency headwinds remain elevated. If rates stay where they are today, the top line impact would be around $1 billion in the fourth quarter.

我們預計與 COVID 相關的成本以及一些普遍的全球不確定性將持續一段時間。此外，貨幣逆風仍然很大。如果利率保持在今天的水平，第四季度的收入影響將達到 10 億美元左右。

Despite the unique challenges this year, Walmart's financial position remains rock solid. And our strong performance reinforces the advantages of our omni strategy. We'll leverage our scale, unique assets and financial strength to continue positioning the company for growth in the U.S. and in key markets around the world. I remain very optimistic about what this company can do in the future.

儘管今年面臨著獨特的挑戰，沃爾瑪的財務狀況仍然堅如磐石。我們的強勁表現強化了我們全方位戰略的優勢。我們將利用我們的規模、獨特的資產和財務實力，繼續為公司在美國和全球主要市場的增長定位。我對這家公司未來能做的事情仍然非常樂觀。

As always, thank you for your interest in Walmart, and we'd be happy to take your questions.

一如既往，感謝您對沃爾瑪的興趣，我們很樂意回答您的問題。

(Operator Instructions) Our first question is from the line of Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Michael Lasser。

The Walmart U.S. grocery comps have been strong, but increased half the rate as the conventional grocers have been reporting. So as we look towards next year, when the grocery category retraces due to the shift back to food away from home, should the Walmart U.S. grocery business slow less than others because it didn't rise as much this year?

沃爾瑪美國雜貨店的業績一直很強勁，但比傳統雜貨店報告的增長了一半。因此，當我們展望明年，當雜貨品類由於轉向遠離家鄉的食物而回落時，沃爾瑪美國雜貨業務的放緩是否應該比其他業務慢，因為它今年沒有增長那麼多？

And also if you could give us some sense, has the Walmart U.S. eCommerce gross margin reached that inflection point where it can sustainably generate increases year-over-year because of mixed third-party contribution and the impact of Walmart+ subscribers? Have a good holiday season.

另外，如果您能給我們一些了解，沃爾瑪美國電子商務的毛利率是否達到了拐點，由於第三方貢獻的混合以及沃爾瑪+訂戶的影響，它可以持續地產生同比增長？度過一個愉快的假期。

Michael, this is John Furner with the U.S. segment. Let me take the question on food first. In the quarter, we were happy with the results. Our food comps in total were just in the, call it, the mid- to high single-digit range, and we did see share improvements from the second quarter. We think in the second quarter, our comps would have been influenced by shorter store hours. We were open only until 8:30 in the evening. We've recently expanded it to 10:00 p.m. And in some locations where we felt it was safe, we moved downwards to 11 p.m. at night. And those have had improvements -- or we've seen a trend improvement on our food share in total over 2 quarters.

邁克爾，這是美國部門的約翰·弗納。讓我先回答關於食物的問題。在本季度，我們對結果感到滿意。我們的食品總收入只是在中高個位數範圍內，我們確實看到第二季度的份額有所改善。我們認為在第二季度，我們的業績會受到較短的營業時間的影響。我們只營業到晚上 8:30。我們最近將其擴展到晚上 10:00。在一些我們認為安全的地方，我們向下移動到晚上 11 點。晚上。這些已經有所改善——或者我們已經看到我們的食品份額在 2 個季度以上的總體趨勢有所改善。

Looking at the food business in general, our in-stock position is much better, and the third quarter was much better in the third quarter than it was in the second. And then generally speaking, our price position was -- remained very strong in Q2 and Q3, which is in a better position than it was in the first quarter of the year. So we're pleased with the improvements in share trends from the third -- in the third quarter from the second quarter.

總體來看食品業務，我們的庫存狀況要好得多，第三季度的第三季度比第二季度要好得多。然後一般來說，我們的價格在第二季度和第三季度仍然非常強勁，比今年第一季度處於更好的位置。因此，我們對第三季度的份額趨勢的改善感到滿意——第三季度從第二季度開始。

And then the last thing I'd say is the team has also done a very nice job with the online pickup business. We've doubled the number of people that are working in that business up to about 140,000, which is 2x what it was a year ago. So overall, the improvements in food share has been pleasant from the third quarter to the second.

然後我要說的最後一件事是，團隊在在線提貨業務方面也做得非常好。我們將在該行業工作的人數翻了一番，達到約 140,000 人，是一年前的 2 倍。所以總的來說，從第三季度到第二季度，食品份額的改善是令人愉快的。

I think your second question was on eCommerce margins specifically. And Michael, those results are a reflection of mostly mix, as we described. Our home business has been solid online. Our apparel business has led. And then the overall winner in the eCommerce business was our marketplace business, which led the marketplace -- or led the e-com comps in total to 79% for the quarter.

我認為您的第二個問題專門針對電子商務利潤率。邁克爾，正如我們所描述的，這些結果主要是混合的反映。我們的家庭業務在網上一直很穩固。我們的服裝業務處於領先地位。然後，電子商務業務的總體贏家是我們的市場業務，它引領市場——或者說本季度電子商務業務的總份額達到 79%。

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 just wanted to ask about the reduced eCommerce losses. And curious about just how Walmart+ could maybe change the trajectory of that at all? I know it's still early days, but just curious on how to think about that longer term.

也只是想問一下電子商務損失的減少。並且好奇 Walmart+ 可能會如何改變這一切的軌跡？我知道現在還為時尚早，但只是好奇如何考慮更長遠的問題。

And then also just in terms of capacity for eCommerce, is it possible that stores could become a permanent area of capacity in fulfilling online orders? Or given the significant growth this year, is there any need to expand fulfillment center capacity?

然後就電子商務的容量而言，商店是否有可能成為履行在線訂單的永久容量區域？或者考慮到今年的顯著增長，是否有必要擴大履行中心的容量？

I'll start, Kelly. This is Doug, and then John can jump in. I think as it relates to Walmart+ and losses, we're putting together an ecosystem. These parts are connected, and I do think Walmart+ can be helpful in a lot of ways over time. The information that we'll have about customers, the ability to personalize, I think we'll be able to serve them better. And both sides, the stores and eCommerce, will come to life in a way that helps make Walmart+ even stronger.

我開始吧，凱利。這是道格，然後約翰可以加入。我認為，由於它與沃爾瑪+和損失有關，我們正在建立一個生態系統。這些部分是相互關聯的，我確實認為 Walmart+ 隨著時間的推移會在很多方面有所幫助。我們將擁有有關客戶的信息，個性化的能力，我認為我們將能夠更好地為他們服務。商店和電子商務雙方都將以有助於使 Walmart+ 變得更強大的方式實現。

But I wouldn't underestimate the significance of the other components as it relates to eCommerce losses and eCommerce growth. Kind of the basic blocking and tackling; getting the contribution profit to a healthy level; things like mix that John just mentioned a minute ago, apparel and home mix, in particular; the ability to leverage costs to pick efficiently, obviously, getting things into one box as much as possible, getting shipping efficiencies, all those kinds of things are going to generate a sustainable business as it relates to eCommerce as a channel over time.

但我不會低估其他組成部分的重要性，因為它與電子商務損失和電子商務增長有關。基本攔截和鏟球的種類；使貢獻利潤達到健康水平；比如約翰剛才提到的混合，特別是服裝和家居混合；很明顯，利用成本進行有效挑選的能力，盡可能地把東西放在一個盒子裡，提高運輸效率，隨著時間的推移，所有這些事情都將產生一個可持續的業務，因為它與電子商務作為一個渠道有關。

We will keep an eye on eCommerce as a business, of course. But also, remember, we've got all these other levers. It's an omnichannel business. We've got a lot of variables on the store side. So when we think of how we blend the combination of revenue, expenses and profitability together, we think of it in a holistic fashion. It is great to see how stores have been playing a role with fulfillment.

當然，我們將密切關注電子商務作為一項業務。但是，請記住，我們擁有所有這些其他槓桿。這是一項全渠道業務。我們在商店方面有很多變數。因此，當我們考慮如何將收入、支出和盈利能力結合在一起時，我們會以整體的方式來考慮。很高興看到商店如何在履行方面發揮作用。

Yes, Kelly, at a certain point this year, in the second quarter, we had up to 2,500 stores working as fulfillment centers to handle demand. And then in the last few months, we've been able to open more fulfillment center capacity, including staffing up to be able to pick orders and ship from store. And so I think the important note there is Walmart has so many assets that can be used to take care of customers in any way they want to shop, whether that's shop in store, pick up at the store or have orders delivered.

是的，凱利，在今年第二季度的某個時候，我們有多達 2,500 家商店作為履行中心來處理需求。然後在過去的幾個月裡，我們已經能夠開放更多的履行中心容量，包括配備人員以便能夠從商店挑選訂單和發貨。因此，我認為重要的一點是，沃爾瑪擁有如此多的資產，可以用來以客戶想要購物的任何方式來照顧他們，無論是在店內購物、在商店取貨還是交付訂單。

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。

And very solid quarter. You spoke confidently about the holiday season likely to be a healthy and strong one. Maybe just elaborate on your views on 4Q, maybe what you've seen to date and anything that we should keep in mind from a modeling standpoint.

和非常堅實的季度。你自信地談到假期可能是一個健康而強大的假期。也許只是詳細說明您對 4Q 的看法，也許您迄今為止所看到的以及從建模的角度來看我們應該記住的任何事情。

And then separately, would be really interested in you speaking to the specific transactions that have taken place in Walmart International and just how we should think about the overall strategy and the way you're managing that portfolio.

然後，我真的很想你談談沃爾瑪國際公司發生的具體交易，以及我們應該如何考慮整體戰略以及你管理該投資組合的方式。

Paul, I'll start out. This is Doug. As it relates to holiday, let's keep in mind, we've got multiple markets and a lot of different scenarios, but there are some common trends. People are at home more, they're eating at home more, and they've all been through a difficult year.

保羅，我要開始了。這是道格。由於它與假期有關，請記住，我們有多個市場和許多不同的場景，但有一些共同的趨勢。人們更多地在家，他們更多地在家吃飯，他們都度過了艱難的一年。

So just emotionally, I don't know what you're thinking, but in my family, while it'll be a smaller group, we're really looking forward to Thanksgiving and Christmas and New Year's and some sense of joy and normalcy. And I think we'll see that play out as it relates to consumption patterns in the U.S. and beyond.

所以只是在情感上，我不知道你在想什麼，但在我的家庭中，雖然這將是一個較小的群體，但我們真的很期待感恩節、聖誕節和新年，以及一些快樂和正常的感覺。我認為我們會看到它與美國及其他地區的消費模式有關。

John, if you want to add some things for the U.S.? And then we've got Judith on today, and we'll go to her for the International portfolio response.

約翰，如果你想為美國添加一些東西？然後我們今天邀請了朱迪思，我們將去找她尋求國際投資組合的回應。

Sure. Thanks, Doug. Paul, we plan for a good holiday season. As Doug said, we are planning for what we would describe as the new normal for customers this holiday, which will include staying at home, being in smaller groups. We think there'll be, of course, more celebrations as groups are smaller all around the country. Our events, which last year would have been more of a singular event, we have several events that are planned, a few that are behind us and more to come. We plan these events to be omni-led. So they gave customers the option of being able to buy online and pick up in store; buy online, have shipped or shipped -- or shop in the store. And we made it very flexible so customers could do what is best for them.

當然。謝謝，道格。保羅，我們計劃過一個愉快的假期。正如道格所說，我們正在計劃我們將在這個假期描述為客戶的新常態，其中包括待在家裡，在較小的群體中。我們認為，隨著全國各地的團體人數減少，當然會有更多的慶祝活動。我們的活動，去年更多的是一個單一的活動，我們有幾項計劃中的活動，一些已經落後，還有更多活動即將舉行。我們計劃這些活動是全方位的。因此，他們為客戶提供了在線購買和到店取貨的選擇；在線購買，已發貨或已發貨 - 或在商店購物。我們使它非常靈活，因此客戶可以做最適合他們的事情。

We've called this Deals for Days. We've had 3 events online already. We've had 2 events in stores, and then we'll have more as the season goes on. And we're looking forward to the next 10 days of being ready for customers to shop further for their Thanksgiving meal.

我們已將其稱為“交易日”。我們已經在網上舉辦了 3 場活動。我們已經在商店舉辦了 2 場活動，隨著賽季的進行，我們還會舉辦更多活動。我們期待在接下來的 10 天里為顧客準備好進一步購買感恩節大餐。

But overall, we feel good about our plan for the fourth quarter. We feel good about our in-stock and our inventory position in general merchandise.

但總的來說，我們對第四季度的計劃感覺良好。我們對我們的庫存和我們在一般商品中的庫存狀況感覺良好。

And then I'll turn it over to Judith to talk about the International transactions.

然後我會把它交給朱迪思來談談國際交易。

Paul. Really, [3] transactions in last 6 weeks announced at Argentina and Japan, completely in line with the strategy that we set out earlier in the year of strong local businesses powered by Walmart and our ability to be flexible in the ownership structures that we have, whether they're other public companies that we've got minority ownership or majority ownership around the world. All 3 of those, we think, position those markets to be very successful. In Argentina, we've divested fully. But in the U.K. and Japan, we're retaining a stake in those businesses as we help them continue on their transformation journeys as well.

保羅。確實，[3] 過去 6 週在阿根廷和日本宣布的交易，完全符合我們在今年早些時候制定的戰略，即由沃爾瑪提供支持的強大本地企業以及我們在擁有的所有權結構中靈活的能力，無論它們是我們在全球擁有少數股權或多數股權的其他上市公司。我們認為，所有這三個市場都使這些市場非常成功。在阿根廷，我們已經完全剝離。但在英國和日本，我們將保留這些企業的股份，同時幫助他們繼續轉型之旅。

We're going to continue to focus [a] market at a time. Our priority markets are clear: India, China, Mexico and Canada. But actually, every market that we have plays a role in the portfolio in some way. And I think the Japan deal is a really good example, announced on Sunday, of really how we can bring together people not only to do a digital transformation for Japan, but more importantly, how much Walmart can continue to learn in that relationship as well. And we continue a relationship with them on a commercial basis in respect of providing global sourcing.

我們將繼續一次關注[一個]市場。我們的優先市場很明確：印度、中國、墨西哥和加拿大。但實際上，我們擁有的每個市場都以某種方式在投資組合中發揮作用。我認為日本的交易是一個很好的例子，週日宣布，我們真的可以將人們聚集在一起，不僅為日本進行數字化轉型，更重要的是，沃爾瑪還可以在這種關係中繼續學習多少.在提供全球採購方面，我們在商業基礎上繼續與他們建立關係。

This is a really new type of model that we're creating for International. We said we will be clear in our priorities, and I think we are showing that we have done that. But at the same time, we still really benefit from all of the good things about being a global retailer, not least of which sharing best practices and innovation and talent around the world.

這是我們為國際創造的一種真正新型的模型。我們說我們將明確我們的優先事項，我認為我們正在表明我們已經做到了。但與此同時，我們仍然真正受益於成為全球零售商的所有好處，尤其是在世界各地分享最佳實踐、創新和人才。

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

我們的下一個問題來自 Barclays 的 Karen Short。

A couple of questions just related to your U.S. comp. I'm wondering if you could give a little bit more color on what the impact would have been on your comp in this quarter, but I mean probably applies to 2Q as well from the actual reduction in hours. And then you did mention that you've extended the hours by another hour, I guess, in some stores. Any thoughts on going back to 24 hours?

一些與您的美國補償有關的問題。我想知道您是否可以就本季度對您的薪酬的影響提供更多的色彩，但我的意思是可能也適用於第二季度以及實際減少的工作時間。然後你確實提到你在一些商店裡又延長了一個小時，我猜。關於回到 24 小時有什麼想法嗎？

And then the second question I had was with respect to Walmart+, would you be willing to provide a little color in terms of what the average ticket is on those transactions? Because I think there's some view that it could be very dilutive if the ticket is lower than you would have hoped for.

然後我的第二個問題是關於 Walmart+，你願意就這些交易的平均票價提供一點顏色嗎？因為我認為有人認為，如果票價低於您的預期，可能會非常稀釋。

Karen, it's John Furner. Let me take the first question on hours first. Let me first say I'm really appreciative of the work that our associates have done this entire year. They have stepped up, as Doug said earlier, and served their customers, served their communities and taking care of each other.

凱倫，我是約翰弗納。讓我先回答幾個小時的第一個問題。首先讓我說，我非常感謝我們的同事這一年所做的工作。正如道格早些時候所說，他們已經站出來，為他們的客戶服務，為他們的社區服務，互相照顧。

And I want to start with that because it's just important to reiterate that our first priority all year long has been to do whatever we could to protect associate safety, customer safety and serve our communities. And so the reduction in hours in the first and in the second quarter were primarily to ensure that associates were able to cover the stores as needed. We also had changed our leave of absence policy, which enabled associates to take off anytime they need it, if they weren't feeling well or they needed to stay home.

我想從這個開始，因為重要的是要重申，我們全年的首要任務是盡我們所能保護員工安全、客戶安全並為我們的社區服務。因此，第一季度和第二季度減少工作時間主要是為了確保員工能夠根據需要覆蓋商店。我們還更改了休假政策，讓員工可以在需要時隨時休假，如果他們感覺不舒服或需要待在家裡。

The hours did change in Q3 so -- during the 3. So I wouldn't be able to give you a number that would say how much it affected the results by, but we do know that the share losses in Q2 subsided and improved in Q3. So we believe that this definitely has a part of it.

第三季度的營業時間確實發生了變化——在第三季度。所以我無法給你一個數字來說明它對結果的影響有多大，但我們確實知道第二季度的股票損失有所緩解並有所改善Q3。所以我們相信這肯定有一部分。

We don't have any guidance yet on whether we'll go back to 24 hours or at what point at this point. We'll operate 7 to 10 or 7 to 11, depending on what the store is able to handle in terms of staffing and whatever local regulations would allow for.

我們還沒有任何關於我們是否會回到 24 小時或此時的時間點的指導。我們將營業 7 到 10 或 7 到 11，這取決於商店在人員配備方面能夠處理的情況以及當地法規允許的情況。

On the plus program, as we said earlier, we're excited about the offer. We think it's an important part of the Walmart ecosystem for customers to be able to experience all of the benefits that Walmart has to offer. We want this to be a very friction-free experience for the customer. And whether the customer is shopping in the store with Scan & Go; or using our fuel discounts, which are available at our Walmart gas stations, Murphy, Murphy Express and now Sam's Club; and then finally, be able to get unlimited delivery on food consumables and general merchandise from the store, we think it's a really compelling offer that customers will enjoy being part of and being able to benefit from.

正如我們之前所說，在 plus 計劃中，我們對這個提議感到興奮。我們認為，讓客戶能夠體驗沃爾瑪提供的所有好處是沃爾瑪生態系統的重要組成部分。我們希望這對客戶來說是一種非常順暢的體驗。以及客戶是否在使用 Scan & Go 在商店購物；或使用我們的燃油折扣，這些折扣可在我們的沃爾瑪加油站、墨菲、墨菲快車和現在的山姆會員店獲得；最後，能夠從商店獲得無限量的食品消耗品和日用商品配送服務，我們認為這是一個非常有吸引力的優惠，客戶會喜歡參與其中並從中受益。

The program is new, so we don't have a lot to share at this point. And we're still learning. We're focused on the best experience we can possibly deliver for our customers. And we're looking forward to the impact that the program will have.

該程序是新程序，因此我們目前沒有太多要分享的內容。我們還在學習。我們專注於我們可以為客戶提供的最佳體驗。我們期待著該計劃將產生的影響。

Might be worth repeating the stat we've shared with you the last few years that when a customer shops us in store and online, they spend about twice as much, and they spend more in-store. Those are prepandemic stats, we're not updating those at this moment. But it is important to remember, once they're engaged in the digital relationship and they're shopping us holistically like that, the value of that customer relationship goes up.

可能值得重複我們在過去幾年與您分享的統計數據，即當客戶在實體店和網上購買我們時，他們花費大約兩倍，並且他們在實體店內花費更多。這些是大流行前的統計數據，我們目前不會更新這些數據。但重要的是要記住，一旦他們參與了數字關係並且他們像這樣從整體上向我們購物，這種客戶關係的價值就會上升。

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。

My question is just on the Walmart Health initiative. Just curious kind of the near-term and longer-term plans, maybe how COVID has impacted that. I know it was a hot topic earlier this year, but certainly other things have come up. So just looking for an update there and what your strategy is.

我的問題只是關於沃爾瑪健康計劃。只是好奇的近期和長期計劃，也許 COVID 對此有何影響。我知道這是今年早些時候的熱門話題，但肯定還有其他事情發生。因此，只需在那裡尋找更新以及您的策略是什麼。

Peter, we remain excited about the opportunity in health and wellness in general, including Walmart Health. We haven't made any changes to our plan. We've opened a few clinics since we most recently spoke. And we are excited about the demand that we saw in the first 6 months of the year, including last year since we opened our first clinic in Dallas, Georgia. We continue to work on mix and learn about the types of services that we want to offer customers. And no change that I would be wanting to make at this point.

彼得，我們仍然對包括沃爾瑪健康在內的健康和保健領域的機會感到興奮。我們沒有對我們的計劃進行任何更改。自從我們最近一次談話以來，我們已經開了幾家診所。我們對今年前 6 個月（包括去年我們在佐治亞州達拉斯開設第一家診所）的需求感到興奮。我們繼續致力於混合併了解我們希望為客戶提供的服務類型。在這一點上，我不想做出任何改變。

Our next question comes 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 Simeon Gutman。

So I have 2 questions. The first one is on market share. The second is just another follow-up to plus.

所以我有2個問題。第一個是市場份額。第二個只是plus的另一個後續。

On market share, I think stepping back, you're obviously having a very good year, both top and bottom line, despite the challenging -- the challenges in operating. The -- you're growing above your normalized rates, and your dollars are pretty big. But if you look across the rest of retail, you're starting -- you are seeing robust results. And so it suggests you might not be gaining as much share. I don't think you're losing. I think in food, it may be -- it's partly because the lack of promotions in some channels.

在市場份額方面，我認為退後一步，你顯然有一個非常好的一年，無論是頂線還是底線，儘管挑戰 - 運營方面的挑戰。 - 你的增長高於你的正常利率，你的美元相當大。但如果你看看其他零售業，你就開始了——你會看到強勁的結果。因此，這表明您可能不會獲得那麼多份額。我不認為你輸了。我認為在食品方面，可能是——部分原因是某些渠道缺乏促銷活動。

But I want to ask you if you -- when you look at your results versus others, how do you explain the difference? You -- John just mentioned some store hours. Is it anything about inventory at this point? Or maybe the customer not having the same wallet share shift.

但我想問你，當你對比其他人的結果時，你如何解釋差異？你——約翰剛剛提到了一些商店營業時間。這與庫存有關嗎？或者也許客戶沒有相同的錢包份額轉移。

And then the question on plus, maybe just a follow-up for John, if you're willing to share how it's performing versus expectations. And then anything on the percentage of new customers coming to you -- to the platform.

然後是關於加號的問題，如果你願意分享它的表現與預期，也許只是約翰的後續行動。然後是關於新客戶的百分比來找你 - 到平台。

Yes, let me take the share question first, Simeon. As we said, our share in Q3, the trend did improve in total food. Our general merchandise share has gained in Q3 and also in the second quarter. Q3 did start slower in general merchandise then picked up as the quarter went along. So we were pleased with that.

是的，讓我先回答分享問題，西蒙。正如我們所說，我們在第三季度的份額，食品總量的趨勢確實有所改善。我們的一般商品份額在第三季度和第二季度都有所增加。第三季度在一般商品方面確實開始放緩，然後隨著季度的進行而回升。所以我們對此很滿意。

As far as the average ticket and pricing, we're seeing across the tire box what we describe as modest deflation, a little bit of inflation in some food categories. But no major change there. Our price gaps did widen in the second quarter versus what they had been in the first, and they remain wide in Q3. So certainly, there are less promotions around the market. And I think our unit growth, as mentioned earlier, in the transaction side, has benefited from those.

就平均票價和定價而言，我們在輪胎箱中看到了我們所說的適度通貨緊縮，某些食品類別出現了一點點通脹。但那裡沒有重大變化。與第一季度相比，我們的價格差距在第二季度確實擴大了，並且在第三季度仍然很大。所以當然，市場上的促銷活動較少。如前所述，我認為我們在交易方面的單位增長已從中受益。

As far as the plus business, we're excited about the results. It's really early on. We just launched this in the middle or to the late -- latter part of Q3, so we don't have anything yet. We're still learning. We're excited about the offer. We know customers are excited about the offer. We do serve about 90% of the population within a 10-mile radius. And just in the last quarter, we added another 230 stores that can do pickup. That brings our total to 3,700 stores. And we've got 2,700 stores that are now offering what we describe as Express Delivery. And we have examples even just this week of customers who are getting their groceries from the time of order delivery in under a half hour. So we're really excited about the ability to have services like that all across the country in big cities and small cities and everything in between.

至於plus業務，我們對結果感到興奮。這真的很早。我們剛剛在第三季度的中期或後期推出了這個，所以我們還沒有任何東西。我們還在學習。我們對這個提議感到興奮。我們知道客戶對此優惠感到興奮。我們確實為 10 英里半徑內約 90% 的人口提供服務。就在上個季度，我們又增加了 230 家可以提貨的商店。這使我們的商店總數達到 3,700 家。我們現在有 2,700 家商店提供我們所說的快遞服務。甚至就在本週，我們也有一些客戶在下單後半小時內就可以拿到他們的雜貨。因此，我們對能夠在全國范圍內的大城市和小城市以及介於兩者之間的任何地方提供此類服務的能力感到非常興奮。

Our next question comes from the line of Robert Drbul with Guggenheim.

我們的下一個問題來自古根海姆的羅伯特·德布爾。

I guess the first quick question that I have, Doug and Brett, is it true that you guys were TikTok-ing this morning before the call started?

我想我的第一個快速問題是，Doug 和 Brett，你們今天早上在通話開始前就在 TikTok 上是真的嗎？

Brett was, I was just watching.

布雷特是，我只是在看。

But my second question then would be, can you tell us a little bit about the consumer -- what trends you're seeing with the consumer in terms of pantry loading again, sort of move to volume versus convenience and your ability to really manage in-stocks in this environment still today?

但是我的第二個問題是，你能告訴我們一些關於消費者的信息嗎——你在食品儲藏室裝載方面看到消費者的哪些趨勢，有點轉向數量與便利性以及你真正管理的能力-這種環境下的股票今天還在嗎？

Yes. I'll go first. I think, Bob, as you look at what's happening in the U.S. in particular -- and Judith, you may have comments about outside the U.S. I think the way to think of this is, locally, it really does have everything to do with what's happening with COVID cases in any particular community. I was in stores last week and I saw variance from one state to the other, one location to the other, just depends on how people are feeling in that moment.

是的。我先走。我認為，鮑勃，當你特別關注美國正在發生的事情時——還有朱迪思，你可能會對美國以外的國家發表評論。發生在任何特定社區的 COVID 病例中。上週我在商店裡看到了從一個州到另一個州的差異，從一個位置到另一個位置，這取決於人們在那一刻的感受。

What the action is, is the same as what we saw before. They're just stocking up on paper goods, cleaning supplies and dry grocery, should they need them. And so I think we're going to be able to respond in this instance better than we did in the first half of the year, although we're still -- as a total supply chain, still stressed in some places. It's disappointing to walk [some of our alleys] and see as many out of stocks as we had in consumables right now generally, although it's a whole lot better than it was earlier in the year.

動作是什麼，和我們之前看到的一樣。他們只是在囤積紙製品、清潔用品和乾貨，以備不時之需。因此，我認為在這種情況下，我們將能夠比今年上半年做出更好的反應，儘管我們仍然——作為一個整體供應鏈，在某些地方仍然受到壓力。走在[我們的一些小巷]中，看到與我們現在的消耗品一樣多的缺貨情況令人失望，儘管它比今年早些時候要好得多。

So I think we'll manage through these curves. They'll be localized. We'll respond. We got to keep these food and consumable DCs operating. Our logistics team is doing a fantastic job of doing that. But it feels to me like we'll work through this period of time better than we did in the first wave.

所以我認為我們將通過這些曲線進行管理。它們將被本地化。我們會回應的。我們必須讓這些食品和消耗品 DC 保持運轉。我們的物流團隊在這方面做得非常出色。但在我看來，我們會比第一波更好地度過這段時間。

And Doug, I agree. We do see big differences, depending on the communities that you're in. I've also been out the last couple of weeks and including the last 2 weekends, and it really depends on what's going on in the state and the city that we're in.

道格，我同意。我們確實看到了很大的差異，具體取決於您所在的社區。過去幾週我也外出了，包括最後兩個週末，這真的取決於我們所在的州和城市的情況'在。

The specific categories where we have the most strain at the present time would be bath tissue and cleaning supplies. Our inventory position on hand sanitizer and masks is very good. Dry grocery has recovered in many cases, although there are still parts of supply chain that are stressed by components that just haven't been available, including things like aluminum and cans and packaging. So those things have definitely had an impact.

目前我們面臨最大壓力的特定類別將是浴巾和清潔用品。我們在洗手液和口罩上的庫存狀況非常好。在許多情況下，干雜貨已經恢復，儘管供應鏈的某些部分仍然受到無法獲得的組件的壓力，包括鋁、罐頭和包裝等。所以這些事情肯定會產生影響。

But overall, pleased with the improvements in availability, including the fresh meat department. The team there is doing a great job of getting things back in stock. We still see some stress in things like deli, bacon and breakfast foods. But in general, there is product available, just the assortments of it is not what it was.

但總的來說，對可用性的改進感到滿意，包括鮮肉部門。那裡的團隊在恢復庫存方面做得很好。我們仍然在熟食、培根和早餐食品等方面看到一些壓力。但總的來說，有可用的產品，只是它的分類不是它原來的樣子。

And then finally, I would just complement our produce team that has just done a great job of sourcing produce and maintaining quality and fresh levels throughout the entire year. So the teams are really working hard, and I'm really thankful and grateful for the work that our inventory teams and merchandising teams have done at Walmart in the grocery departments.

最後，我將補充我們的農產品團隊，他們剛剛在採購農產品和保持全年的質量和新鮮度方面做得很好。所以團隊真的很努力，我非常感謝我們的庫存團隊和銷售團隊在沃爾瑪雜貨部門所做的工作。

And maybe just -- sorry, but maybe just a comment from around the world, which is, again, it varies deeply by country. So U.K., in full lockdown; China, pretty much life back to normal. There, just the only thing to add to John and Doug's comments, eat at home continues to be a trend everywhere that we're seeing, which we are benefiting from. Supply chains around the world are holding up well. But we're also seeing festival seasons, and I would take that as everything from Christmas through to Diwali, starting strongly. And people being happy with buying things for themselves and for their homes as they go through that period as well.

也許只是- 抱歉，但也許只是來自世界各地的評論，同樣，它因國家而異。所以英國，完全封鎖；中國，生活基本恢復正常。在那裡，約翰和道格的評論中唯一要補充的是，在家吃飯仍然是我們所看到的任何地方的一種趨勢，我們從中受益。世界各地的供應鏈都保持良好狀態。但我們也看到了節日季節，我會把它當作從聖誕節到排燈節的一切，開始強勁。人們在經歷那個時期時也很高興為自己和自己的家買東西。

Our next question comes from the line of Oliver Chen with Cowen.

我們的下一個問題來自 Oliver Chen 和 Cowen 的對話。

Regarding advertising, we're seeing a lot of really great reads in our research for your advertising program. What's ahead as this may intersect with Walmart+? How it could impact profitability and your views on longer-term share gains?

關於廣告，在我們對您的廣告計劃的研究中，我們看到了很多非常棒的讀物。這可能與沃爾瑪+相交會發生什麼？它如何影響盈利能力以及您對長期股票收益的看法？

I would also love your view on automation and micro fulfillment centers as well as the connected store. If you could update us on key thoughts in the midst of the pandemic and what you're seeing with the consumer and the connected store execution, that would be great.

我也很喜歡您對自動化和微型履行中心以及互聯商店的看法。如果您可以向我們介紹在大流行期間的關鍵想法以及您對消費者和互聯商店執行的看法，那就太好了。

Oliver, thanks for the feedback on the advertising. We are proud of the team and the work they're doing. And there, I think they're doing a great job of getting the message out and the benefit of things like time savings and being able to spend more time with your family and do the things that are important.

奧利弗，感謝您對廣告的反饋。我們為團隊和他們所做的工作感到自豪。在那裡，我認為他們在傳達信息以及節省時間以及能夠花更多時間與家人在一起並做重要事情等方面做得很好。

And we think those are key components of what the Walmart+ offer has for our customers, being able to order your groceries and have them delivered without worrying about -- whether you have it delivered or not, it's just part of the program. Even saving time while in store with Scan & Go is a nice benefit as well.

我們認為這些是 Walmart+ 為我們的客戶提供的服務的關鍵組成部分，能夠訂購您的雜貨並讓它們交付而無需擔心——無論您是否交付，這只是該計劃的一部分。甚至使用 Scan & Go 節省在店內的時間也是一個不錯的好處。

So I think it's just part of mix. This is a service that we already offer. We've had a delivery business for some time now, that's been growing for some time. Really happy with the growth of delivery in the second quarter and the third quarter. There's been growth in both quarters, and that's exciting to see. I think the team is doing a nice job figuring out how to leverage delivery costs and putting multiple orders in cars. They're building density all across the country, and that's exciting to see.

所以我認為這只是混合的一部分。這是我們已經提供的服務。我們的快遞業務已經有一段時間了，而且已經增長了一段時間。對第二季度和第三季度的交付增長感到非常滿意。兩個季度都有增長，這令人興奮。我認為該團隊在弄清楚如何利用交付成本和在汽車中下達多個訂單方面做得很好。他們正在全國各地建立密度，這令人興奮。

I think the second point to make is our merchants are really focused on the omni customer. And so more and more, I hear from our merchants they're thinking of their business in terms of a customer strategy rather than a channel strategy. So the lines are blurring between eCommerce and stores, and it's all about serving the customer the way they want to be served, whether that's letting the customer -- or having the customer be welcome to shop in store, pick up at the store or delivery.

我認為第二點是我們的商家真正專注於全方位客戶。越來越多的，我從我們的商家那裡聽到他們正在考慮他們的業務，而不是客戶戰略而不是渠道戰略。因此，電子商務和商店之間的界限正在變得模糊，這一切都是為了以客戶想要的方式服務，無論是讓客戶 - 還是歡迎客戶在商店購物、在商店取貨或送貨.

As far as your question on automation, we're still excited about programs that we have going in our regional distribution centers and fulfillment centers. In both cases, we've got a lot of innovation, and the team is doing a great job of figuring out how to deliver to stores and the customers orders that are not only productive and our variable cost per unit has gone down, even though last quarter, as we mentioned, with eCommerce losses. But we're doing a nice job of being able to service stores more timely and more accurately.

至於您關於自動化的問題，我們仍然對我們在區域配送中心和履行中心開展的計劃感到興奮。在這兩種情況下，我們都有很多創新，團隊在弄清楚如何向商店和客戶交付訂單方面做得很好，這些訂單不僅生產效率高，而且我們的單位可變成本下降了，儘管正如我們所提到的，上一季度電子商務虧損。但我們做得很好，能夠更及時、更準確地為商店提供服務。

And then finally, at the local level, we do continue to have innovations that are starting to really work, and we're excited about what's in the future when it comes to things like our Alert program that's piloted in New Hampshire and we have other locations planned for that technology. And then we're also evaluating other technologies that would help us, of course, expand our capacity in stores to be able to pick and deliver orders as they come in.

最後，在地方層面，我們確實繼續有開始真正發揮作用的創新，我們對未來的事情感到興奮，比如在新罕布什爾州試行的警報計劃，我們還有其他為該技術計劃的位置。然後，我們還在評估其他技術，這些技術當然可以幫助我們擴大我們在商店的容量，以便能夠在訂單進入時挑选和交付訂單。

It's been great to see some of the pilots that we've had in terms of automation start to really work. We'll be talking to you guys more about that in the future. But automation will be a big part of what we do. And it will play a role in helping the store experience get better as it reduces the amount of work that associates have to do at store level just moving freight around.

很高興看到我們在自動化方面的一些試點開始真正發揮作用。我們將在未來與你們更多地討論這個問題。但自動化將成為我們工作的重要組成部分。它將在幫助商店體驗變得更好方面發揮作用，因為它減少了員工在商店層面必須做的工作量，只是運送貨物。

I hope you can also see, Oliver, back to your first question that the company is changing and shaping its business model. The way that we make money today and the way we'll make money in the future will be more multifaceted, whether it's marketplace or advertising, Walmart+, Walmart fulfillment services and other things to come in the future. We've just got this great opportunity, this asset, in terms of these customer relationships and other physical assets that we have to monetize it in a variety of ways. And we're building those capabilities, and you can start to see it in our results.

我希望你也能看到，奧利弗，回到你的第一個問題，公司正在改變和塑造其商業模式。我們今天的賺錢方式和我們未來的賺錢方式將更加多元化，無論是市場還是廣告、沃爾瑪+、沃爾瑪履行服務以及未來的其他事物。就這些客戶關係和其他有形資產而言，我們剛剛獲得了這個絕佳的機會，這項資產，我們必須以各種方式將其貨幣化。我們正在構建這些功能，您可以開始在我們的結果中看到它。

(Operator Instructions) The next question is from the line of Kate McShane.

（操作員說明）下一個問題來自 Kate McShane。

Just from a promotional standpoint, I think you noted last quarter that competitors, particularly in grocery, were not promoting as heavily because of the strong demand. I wondered if you could comment in terms of what you saw with regards to promotions in Q3 and now as we get into holiday for Q4. And just in general, how much price investment impacted gross margins in the third quarter.

僅從促銷的角度來看，我認為您在上個季度注意到，由於需求強勁，競爭對手，尤其是雜貨店的競爭對手並沒有大力促銷。我想知道您是否可以就您在第三季度看到的促銷活動發表評論，現在我們進入第四季度假期。總的來說，價格投資對第三季度毛利率的影響有多大。

Kate, let me take the first question. In terms of the market in Q2, we did note that we saw less promotions around the market, and primarily that would have been caused by the number of stock-outs that we're seeing nationally due to the run-up in what we call the first phase of stocking up at home right when the pandemic began.

凱特，讓我回答第一個問題。就第二季度的市場而言，我們確實注意到我們在市場上看到的促銷活動較少，這主要是由於我們在全國范圍內看到的缺貨數量造成的，因為我們稱之為大流行開始時的第一階段在家備貨。

In the third quarter, in food and consumables, there wasn't much change that we noted from the third quarter to the second. So again, in the quarter, we definitely saw less promotions. As we said earlier, our price gap versus our competition widened in the second quarter and remained wide in the third quarter.

在第三季度，在食品和消費品方面，我們注意到從第三季度到第二季度沒有太大變化。同樣，在本季度，我們肯定看到了更少的促銷活動。正如我們之前所說，我們與競爭對手的價格差距在第二季度擴大，並在第三季度保持較大。

The difference in late Q3 and then into Q4 would be the different schedules that we're seeing all around the country regarding holiday events and gift buying. We are excited about the plans that we have in the fourth quarter. As I said earlier, a number of those events have already happened, and we have more planned over the course of the month.

第三季度末和第四季度的不同之處在於我們在全國各地看到的有關節日活動和禮品購買的不同時間表。我們對第四季度的計劃感到興奮。正如我之前所說，其中一些事件已經發生，我們在這個月內還有更多計劃。

I'm really excited about the offer that our entertainment team, our electronics team has put together. We're excited about the game offers that they have. I'm excited about the items that we have in toys. We've got 1,300 new items in toys and 800 items that are unique to Walmart in the toy department this year. And we've gotten great feedback from a number of kids. And our program that we call Walmart Camp online (sic) [Camp by Walmart] has also been really successful this year, and that gave customers an opportunity to do things at home and spend time together.

我對我們的娛樂團隊、我們的電子團隊提供的報價感到非常興奮。我們對他們提供的遊戲優惠感到興奮。我對我們在玩具中擁有的物品感到興奮。今年我們在玩具部門有 1,300 件新玩具和 800 件沃爾瑪獨有的物品。我們已經從許多孩子那裡得到了很好的反饋。我們稱之為在線沃爾瑪營地 (原文如此) [Camp by Walmart] 的計劃今年也非常成功，這讓客戶有機會在家中做事並共度時光。

So I think the fourth quarter, while we don't have guidance on it today, I think the fourth quarter is definitely planned well. I think the team here at Walmart have done a great job thinking about safety and being able to give customers options so they can shop the way that they want to shop and be able to celebrate their holiday the way they want to and buy gifts from Walmart, and I'm excited about the plan the team has.

所以我認為第四季度，雖然我們今天沒有關於它的指導，但我認為第四季度肯定計劃得很好。我認為沃爾瑪的團隊在考慮安全方面做得很好，能夠為客戶提供選擇，這樣他們就可以以他們想要的方式購物，能夠以他們想要的方式慶祝他們的假期，並從沃爾瑪購買禮物，我對團隊的計劃感到興奮。

Our next question is from the line of Ed Yruma with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Ed Yruma。

You guys have made some really good strides in improving the mix in eCom and adding more vendors to marketplace. I guess how would you score where you sit today? And how should we think about the incremental opportunity that's still remaining?

你們在改善電子商務組合和向市場添加更多供應商方面取得了一些非常好的進展。我猜你今天坐在哪裡打分？我們應該如何考慮仍然存在的增量機會？

We're just getting started. I think that's the end of the question. I mean, we have made progress, and I'm grateful for the job that Mark and John and the team have done to build a big marketplace business. But we've got a lot of upside in front of us and a lot of things that we can do to improve the customer experience and to drive income for the company.

我們才剛剛開始。我認為這就是問題的結束。我的意思是，我們已經取得了進展，我很感激馬克和約翰以及團隊為建立大型市場業務所做的工作。但是我們有很多好處擺在我們面前，我們可以做很多事情來改善客戶體驗並為公司增加收入。

Our next question is from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

I'm curious how much the improvement in the International segment gross margin was driven by geographic or country mix versus improvements you're seeing in the specific markets. Maybe you can talk about which market we're seeing the biggest increases in gross margin rate. What's driving that? And just high level, guys, I'm just curious how you're thinking about planning for 2021 against what has been a very strong year.

我很好奇國際部門毛利率的改善在多大程度上是由地理或國家組合推動的，而不是你在特定市場看到的改善。也許你可以談談我們看到哪個市場的毛利率增幅最大。是什麼驅動了它？只是高水平，伙計們，我只是好奇你們是如何考慮計劃 2021 年的，這是非常強勁的一年。

Let's take the International question first, Judith.

朱迪思，讓我們先來看看國際問題。

Yes. Thank you. Yes, the improvement around the world in gross margin levels. Clearly, our biggest market had an impact, [Walmex], in particular, the U.K. and Canada all showing improvements. They both benefited from daily visits, particularly in the U.K. to high-margin (inaudible). But also, there's a lot of work being done by the teams looking at cost of goods savings, underlying initiatives. And then we've also seen in some of our eCommerce businesses a shift into marketplaces as well, which has really helped us. So around the world, it's a combination of factors, driven primarily by our markets, which has been very pleasing to see.

是的。謝謝你。是的，世界各地的毛利率水平都有所提高。顯然，我們最大的市場 [Walmex] 產生了影響，特別是英國和加拿大都顯示出改善。他們都受益於日常訪問，特別是在英國的高利潤（聽不清）。而且，團隊正在做大量工作來研究商品節約成本和潛在舉措。然後我們還看到我們的一些電子商務業務也轉向市場，這對我們很有幫助。因此，在世界範圍內，這是主要由我們的市場驅動的多種因素的組合，這非常令人高興。

As it relates to planning, we look forward to the memo that you'll send us to explain it all. But if we were to think through it, we're optimistic, as I'm sure all of you are, about how the back half of next year should start to look a bit more normal. We still have a ways to go to get there. And we'll manage through it as we have been managing through this year.

由於它與規劃有關，我們期待您發送給我們的備忘錄來解釋這一切。但是，如果我們仔細考慮一下，我們很樂觀，我相信你們所有人都對明年下半年應該如何開始看起來更正常一些。我們還有很長的路要走。我們將通過它來管理它，就像我們今年一直在管理的那樣。

We do have momentum in a number of key areas. And the way that I think about it is almost regardless of what the market number looks like or what the economic environment looks like, we're in control of a lot of our own destiny. We know what customers want, and we have capabilities and are adding to those capabilities to be able to serve them. So we're on our front foot. We're thinking about this offensively. And next year, there'll be tailwinds and headwinds that we're up against. Our in-stock will be better. Our ability to service customers through eCommerce, including pick and delivery from stores, will be better. We will have fewer COVID-19 expenses, we hope and pray. And so all of those things, we'll navigate as we go through the year. But our mindset going in is an offensive mindset.

我們在一些關鍵領域確實有動力。我的想法是，幾乎不管市場數字如何或經濟環境如何，我們都掌握著自己的很多命運。我們知道客戶想要什麼，我們有能力並且正在增加這些能力來為他們服務。所以我們站在前面。我們正在進攻性地考慮這個問題。明年，我們將面臨順風和逆風。我們的庫存會更好。我們通過電子商務服務客戶的能力，包括從商店挑选和交付，將會更好。我們希望並祈禱，我們將減少 COVID-19 的開支。所以所有這些事情，我們將在這一年中導航。但是我們進入的心態是一種進攻性的心態。

And there's -- we've talked about it before. This is Brett, there's so -- and Doug mentioned earlier, so many levers we can pull as a company, just given all of the business that we do in various parts of the world. But also the types of businesses that we have in the U.S. gives us, I think, more flexibility than some competitors. And it's finding that balance of -- we've got a plan, John, with our merchants. But at the same time, just remaining flexible to deal with what comes our way. But I'm with Doug, I think we control a lot of that.

還有 - 我們之前已經討論過它。這是布雷特，就是這樣——道格之前提到過，作為一家公司，我們可以拉動這麼多槓桿，只是考慮到我們在世界各地所做的所有業務。但我認為，我們在美國擁有的業務類型也為我們提供了比某些競爭對手更大的靈活性。它正在尋找平衡——約翰，我們與我們的商人有一個計劃。但與此同時，保持靈活處理我們遇到的事情。但我和道格在一起，我認為我們控制了很多。

I thought Michael's question to kick things off a few minutes ago was a really good one. We did see customers, when we started running out of stocks in the first stage of the stock-up period, they ran to local grocers and that's totally understandable. They also tried to shop close to home and went to small stores more frequently. That's also totally understandable. And our in-stock struggled. And so when I think about next year, with our in-stock being there, the price gaps that we have, I feel like we've got a great opportunity next year as we look at what's in front of us.

我認為邁克爾幾分鐘前提出的開始的問題非常好。我們確實看到了客戶，當我們在備貨期的第一階段開始缺貨時，他們跑到當地的雜貨店，這是完全可以理解的。他們還嘗試在家附近購物，並更頻繁地去小商店。這也是完全可以理解的。我們的庫存在掙扎。因此，當我考慮明年時，由於我們的庫存存在，我們所擁有的價格差距，我覺得我們明年有一個很好的機會，因為我們看看我們面前的東西。

Our next question is from the line of Seth Sigman with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Seth Sigman。

I wanted to follow up on a couple of those points, focused on online grocery. I think there was a conventional view a couple of years ago that there was a ceiling as it relates to online penetration or penetration of online grocery when using the store. It would just be limited to a point before it becomes disruptive to the store. What are you guys learning about that?

我想跟進其中的幾點，重點關注在線雜貨店。我認為幾年前有一種傳統觀點，即在使用商店時，存在一個上限，因為它與在線滲透或在線雜貨店的滲透有關。在它對商店造成破壞之前，它只會被限制在一個點上。你們從中學到了什麼？

And if you could also discuss the progress in increasing capacity for online grocery. I know you held it back in Q1 because of inventory. You discussed last quarter a big pickup in the number of slots. So how is that progressing? And any other efforts to increase the efficiency so that you can support that incremental volume into next year? That would be helpful.

如果您還可以討論增加在線雜貨店容量的進展。我知道你在第一季度因為庫存而推遲了它。您討論了上個季度插槽數量的大幅回升。那麼進展如何？以及任何其他提高效率的努力，以便您可以支持明年的增量數量？那會很有幫助。

Got it. This is John. Thanks for the question. Back to your very first statement of online grocery, we've really reframed online grocery this year to just be online pickup and delivery. And more and more, we're offering more items in the supercenter that are available for pickup. And the supercenter, which is just a fantastic retail format, is also at times of the year operated as a fulfillment center. We have up to 2,500 stores that were shipping for home. We still have hundreds going to the quarter. And the team has done -- have done a very nice job using all parts of the supply chain to fulfill our eCommerce demand, which would be reflected in the results that we saw in the quarter of growth of 79%.

知道了。這是約翰。謝謝你的問題。回到您對在線雜貨的第一個聲明，我們今年確實將在線雜貨重新定義為在線取貨和送貨。而且，我們越來越多地在超級中心提供更多可供取貨的物品。超級中心只是一種極好的零售形式，一年中的某些時候也作為履行中心運營。我們有多達 2,500 家商店正在送貨上門。我們還有數百人要去這個季度。團隊已經做到了——利用供應鏈的所有部分來滿足我們的電子商務需求，做得非常好，這將反映在我們在本季度增長 79% 的結果中。

As far as picking itself, over the course of the year, the team did struggle in the first quarter, obviously, with the number of out of stocks that we had, and we pulled some capacity back as we focused on getting the stores back in stock. And then as the stores have gotten back in stock, as we said earlier, we've doubled the number of people that are working in our pickup department, up to 140,000. So a very significant increase over the year before.

就挑選自己而言，在這一年中，團隊在第一季度確實很掙扎，顯然，我們有大量的缺貨，我們撤回了一些產能，因為我們專注於讓商店重新進入股票。然後，正如我們之前所說，隨著商店的庫存恢復，我們的提貨部門工作的人數增加了一倍，達到 140,000 人。所以比前一年有非常顯著的增長。

We're using machine learning to figure out the best way to put labor against these slots, also when to pick the slots and then went to determine what we can fill. So we've got some nice productivity improvements there.

我們正在使用機器學習來找出將勞動力放在這些位置上的最佳方法，以及何時選擇這些位置，然後確定我們可以填補什麼。所以我們在那裡有一些不錯的生產力改進。

On top of our regular pick system, which is basically the slot system, we launched Express Delivery. That's live in 2,700 stores, and we're really excited about the results in the first 3 quarters of the year with Express. So that's been exciting.

在我們的常規揀貨系統（基本上是老虎機系統）之上，我們推出了快遞服務。它在 2,700 家商店中進行，我們對 Express 在今年前三個季度的結果感到非常興奮。所以這很令人興奮。

And then looking forward, every week now, we've got literally millions of slots that are open and available for customers to select from. And we'll keep working on the things that we can do in the short term to gain capacity.

然後展望未來，現在每週，我們都有數百萬個插槽可供客戶選擇。我們將繼續努力在短期內可以做的事情來獲得能力。

The final thing I'd say is we are excited about what we call micro fulfillment centers. So these would be automated solutions. There's a storage and retrieval system live at a storage just a few miles from here that we're optimistic about, including others that are planned around the country for the next couple of years.

我要說的最後一件事是，我們對所謂的微型履行中心感到興奮。所以這些將是自動化的解決方案。距離這裡僅幾英里的倉庫裡有一個存儲和檢索系統，我們對此持樂觀態度，包括未來幾年計劃在全國各地進行的其他存儲系統。

So I think the ability for Walmart to be a real leader in the online pickup and delivery space is real, and I'm excited about the opportunities it has for us in the next couple of years.

所以我認為沃爾瑪成為在線提貨和送貨領域真正領導者的能力是真實的，我對它在未來幾年為我們帶來的機會感到興奮。

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。

Great quarter, guys. Sorry for the near-term question, but there's some news out there this morning from Amazon on the free 2-day delivery on Rx. So I guess I'm curious what you think about this development. And if you could also remind us what percentage of your sales come from pharmacy? And I guess, bigger picture, how that business has trended recently and any tweaks you can make moving forward.

偉大的季度，伙計們。對於近期的問題，抱歉，但今天早上亞馬遜有一些關於 Rx 2 天免費送貨的消息。所以我想我很好奇你對這個發展的看法。如果您還可以提醒我們您的銷售額中有多少來自藥房？而且我想，從更大的角度來看，該業務最近的趨勢以及您可以進行的任何調整。

Chuck, I'd just say in general, we're very excited about health and wellness at Walmart. And health and wellness had a great quarter last quarter. It was one of our best businesses. The team have opened a number of clinics, and we have more plans. Our optimism about the health and wellness space remains high.

Chuck，我只想說，總的來說，我們對沃爾瑪的健康和保健感到非常興奮。健康和保健上個季度表現出色。這是我們最好的業務之一。團隊已經開設了多家診所，我們還有更多計劃。我們對健康和保健領域的樂觀情緒仍然很高。

Throughout the year, we've been delivering prescriptions via mail. We've done this for some amount of time. And then we've expanded the capacity in the summer. So we've got really broad coverage on the ability to deliver prescriptions around the country.

在這一年中，我們一直在通過郵件遞送處方。我們已經這樣做了一段時間。然後我們在夏天擴大了產能。因此，我們對在全國范圍內提供處方的能力進行了廣泛的報導。

And then also during the pandemic, in all stores, all supercenters that don't have a drive-through, we also launched curbside pickup. So that customers who need their prescription could pick up their prescription outside the pharmacy. And then we've got 4,000 stores now in 30 states that have no-contact delivery options.

然後也在大流行期間，在所有商店，所有沒有得來速的超級中心，我們還推出了路邊取貨。這樣需要處方的顧客就可以在藥房外領取處方。然後我們現在在 30 個州有 4,000 家商店提供非接觸式送貨選項。

So the team has done a nice job innovating and serving the customer, and we just opened another central fill pharmacy here in Rogers, Arkansas that services home and stores. So we're pretty optimistic about the ability for the pharmacy team to continue to innovate and grow as the customer needs over the next couple of years.

因此，該團隊在創新和服務客戶方面做得很好，我們剛剛在阿肯色州羅傑斯開設了另一家中央填充藥房，為家庭和商店提供服務。因此，我們對藥房團隊在未來幾年內根據客戶需求繼續創新和發展的能力非常樂觀。

Sam's Club has been going through a similar innovation cycle during the pandemic, adding curbside, learning how to do delivery. Things have all accelerated there.

山姆會員店在大流行期間經歷了類似的創新周期，增加路邊，學習如何進行交付。那裡的一切都在加速。

So kind of back to Peter's question earlier. We're building out an omnichannel health and wellness business, and it will include the big pharmacy business that we have now, vision, hearing, OTC, the things that happen in-store and online, and then increasingly services, as you can see through our addition of clinics. So I think omnichannel and health and wellness will matter every bit as much as it does in the rest of retail.

所以有點回到彼得之前的問題。我們正在建立一個全渠道的健康和保健業務，它將包括我們現在擁有的大型藥房業務、視力、聽力、OTC、店內和在線發生的事情，然後是越來越多的服務，如你所見通過我們增加診所。因此，我認為全渠道和健康與其他零售業一樣重要。

Are we wrapping up there? So just as we're wrapping up here, thank you for your questions. Really appreciate your interest in the company. We're optimistic about the fourth quarter. I love the position that we're in and just grateful to our associates for a strong Q3 and a strong year. Thank you all.

我們在那裡結束嗎？就在我們即將結束之際，感謝您的提問。非常感謝您對公司的興趣。我們對第四季度持樂觀態度。我喜歡我們所處的位置，並感謝我們的同事在第三季度和強勁的一年中表現出色。謝謝你們。

Thank you, everyone. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝大家。今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。