沃爾瑪 (WMT) 2021 Q2 法說會逐字稿

Welcome to Walmart's Fiscal Year 2021 Second Quarter Earnings Call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加沃爾瑪 2021 財年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

At this time, I'll turn the conference over to Dan Binder. Please go ahead, Dan.

此時，我將把會議交給 Dan Binder。請繼續，丹。

Thank you, Rob. Good morning, and welcome to Walmart's Second Quarter Fiscal 2021 Earnings Call.

謝謝你，羅布。早上好，歡迎參加沃爾瑪 2021 財年第二季度財報電話會議。

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 an update on the business and discuss second quarter results. That will be followed by our question-and-answer session.

我們執行團隊的一些成員也加入了我的行列，其中包括沃爾瑪總裁兼首席執行官 Doug McMillon； Brett Biggs，執行副總裁兼首席財務官；以及沃爾瑪美國總裁兼首席執行官約翰弗納。稍後，道格和布雷特將為您提供業務更新並討論第二季度業績。接下來是我們的問答環節。

Before I turn the call over to Doug, let me remind you that today's call is being recorded and will include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include but are not limited to the factors identified in our filings with the SEC 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.

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 大流行導致的風險和不確定性。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。

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。

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unusual, and I want to thank our associates for rising to the occasion. They're adapting to changing customer needs and tackling new challenges while positioning our business for the future, and we're grateful.

不尋常，我要感謝我們的同事挺身而出。他們正在適應不斷變化的客戶需求並應對新挑戰，同時為未來定位我們的業務，我們對此表示感謝。

As I shared last quarter, we're operating with a clear set of priorities to guide our decision-making through this crisis. Those priorities are: one, supporting our associates on the front lines in terms of their physical and financial well-being; two, serving our customers as safely as possible and keeping our supply chain operating; three, helping others, which includes hiring so many that need work, supporting our suppliers and marketplace sellers and serving the communities where we operate, including accelerating our efforts to increase fairness, racial equity and justice; four, managing the business well operationally and financially in the short term; and five, driving our strategy to strengthen our business for the long term.

正如我在上個季度分享的那樣，我們正在以一套明確的優先事項來指導我們在這場危機中的決策。這些優先事項是：第一，支持我們在前線的員工的身體和財務狀況；第二，盡可能安全地為我們的客戶服務並保持我們的供應鏈正常運行；三、幫助他人，包括僱傭大量需要工作的人，支持我們的供應商和市場賣家，為我們經營所在的社區服務，包括加快我們提高公平、種族平等和正義的努力；四、在短期內從運營和財務上管理好業務；第五，推動我們的戰略，以加強我們的長期業務。

First, our associates. They continue to be inspiring, and it has been a pleasure to visit with so many of them as I've made my way around the country visiting stores, clubs and distribution centers. During this call last quarter, we outlined a number of measures we have in place to support them, and those continue.

首先，我們的同事。他們繼續鼓舞人心，很高興與他們中的許多人一起參觀，因為我在全國各地參觀商店、俱樂部和配送中心。在上個季度的電話會議中，我們概述了我們為支持他們而採取的一些措施，這些措施仍在繼續。

Globally, we've hired more than 500,000 new associates since the beginning of the year. We've continued our COVID-19 emergency leave policy, which includes the removal of our attendance requirements related to our quarterly cash bonus program called MyShare. That enables people to stay home if they're diagnosed with the virus or feeling sick, need to care for others or feeling uncomfortable working. And globally, this year, we paid or announced $1.6 billion in MyShare and special cash bonuses to support our associates financially.

自今年年初以來，我們在全球範圍內僱傭了超過 500,000 名新員工。我們繼續執行 COVID-19 緊急休假政策，其中包括取消與稱為 MyShare 的季度現金獎勵計劃相關的出勤要求。這使人們能夠在被診斷出感染病毒或感到不適、需要照顧他人或感到工作不舒服時留在家中。在全球範圍內，今年，我們支付或宣布了 16 億美元的 MyShare 和特別現金紅利，以在財務上支持我們的員工。

After supporting our associates, our next priority is serving our customers. Consistent with our purpose, we remain committed to EDLP, ensuring the lowest prices on a basket of goods. During the second quarter, our customers were spending so much more time at home that we experienced strong sales in categories like TVs, computing and connected home. Customers also took advantage of time for outdoor entertainment and sports, which led to strength in those categories.

在支持我們的員工之後，我們的下一個優先事項是為客戶服務。與我們的宗旨一致，我們仍然致力於 EDLP，確保一籃子商品的最低價格。在第二季度，我們的客戶在家中花費的時間如此之多，以至於我們在電視、計算機和聯網家庭等類別中經歷了強勁的銷售。客戶還利用時間進行戶外娛樂和運動，這導致了這些類別的實力。

With significant operating restrictions for restaurants across the country, families continue to prepare more meals at home, and our business has benefited from that trend. As you would expect, there continues to be extremely high demand for disinfectants, cleaning supplies and paper goods. At times, we saw a return of stock-up behaviors in certain food and consumable categories in specific geographies where hotspots occurred.

由於全國各地對餐館的經營限制很大，家庭繼續在家準備更多的飯菜，我們的業務已從這一趨勢中受益。正如您所料，對消毒劑、清潔用品和紙製品的需求仍然非常高。有時，我們看到在發生熱點的特定地區，某些食品和消費品類別的囤貨行為有所恢復。

While there's volatility in the supply chain levels, we're starting to see some categories recover in terms of in-stock. From a seasonal standpoint, back-to-school is negatively impacted by the health crisis in terms of timing and demand. We've been thoughtful in our approach, both in stores and online, and we believe we're well positioned whether students or teachers work from classrooms or their homes.

雖然供應鏈水平存在波動，但我們開始看到一些類別的庫存量有所回升。從季節性的角度來看，就時間和需求而言，返校受到健康危機的負面影響。無論是在商店還是在網上，我們的方法都經過深思熟慮，我們相信無論學生或教師是在教室還是在家工作，我們都處於有利地位。

The third priority for us has been to help others in the communities we serve. I'm proud of the many ways we're supporting communities, including our support for food banks. This quarter, through our Fight Hunger. Spark Change campaign and food donation program, we helped provide access to an estimated 300 million meals for people in need. We're also continuing our support for communities through COVID-19 testing sites with more than 420 across 33 cities.

我們的第三個優先事項是幫助我們服務的社區中的其他人。我為我們支持社區的多種方式感到自豪，包括我們對食品銀行的支持。本季度，通過我們的戰鬥飢餓。通過 Spark Change 運動和食品捐贈計劃，我們幫助為有需要的人提供了大約 3 億份餐食。我們還通過在 33 個城市擁有 420 多個 COVID-19 測試站點繼續為社區提供支持。

Communities across America have become rightly focused on racial equity and justice, and so are we. Our work starts inside the company with our diversity and inclusion efforts. In addition, we've also established a team to look for places where we can put our core business and the size of our business to work to influence our nation's financial, health care, education and criminal justice systems for good. In addition, Walmart and the Walmart Foundation have launched a center for racial equity, committing $100 million to fund philanthropic initiatives that complement the company's efforts to shape the 4 systems I just mentioned.

美國各地的社區已經正確地關注種族平等和正義，我們也是。我們的工作始於公司內部的多元化和包容性努力。此外，我們還建立了一個團隊，尋找可以將我們的核心業務和業務規模發揮作用的地方，以永久影響我們國家的金融、醫療保健、教育和刑事司法系統。此外，沃爾瑪和沃爾瑪基金會成立了一個種族平等中心，承諾投入 1 億美元資助慈善活動，以補充公司塑造我剛才提到的 4 個系統的努力。

Even during this crisis, the team is managing our business well and executing our strategy to build omnichannel solutions globally. In the U.S., we continue to expand pickup and delivery services, including Express Delivery with customers receiving their orders in well under 2 hours. In Mexico, we've now launched same-day delivery from 70% of Sam's Clubs. And in India, we've launched Flipkart wholesale, a business-to-business solution that will leverage our omnichannel capabilities to better serve kiranas and other small businesses as our cash-and-carry business joins Flipkart.

即使在這場危機中，該團隊也能很好地管理我們的業務並執行我們在全球範圍內構建全渠道解決方案的戰略。在美國，我們繼續擴大取貨和送貨服務，包括快遞服務，客戶可在不到 2 小時內收到訂單。在墨西哥，我們現在推出了 70% 的山姆會員店當日送達服務。在印度，我們推出了 Flipkart 批發，這是一種 B2B 解決方案，隨著我們的現購自運業務加入 Flipkart，它將利用我們的全渠道能力更好地服務於 kiranas 和其他小型企業。

There's been a lot of buzz recently about membership at Walmart. We've been testing membership with delivery unlimited subscriptions since late last year. That customer offer was limited to a grocery and consumables delivery service as the reason to sign up.

最近有很多關於沃爾瑪會員的議論。自去年年底以來，我們一直在測試提供無限訂閱的會員資格。該客戶提供僅限於雜貨和消耗品送貨服務作為註冊的理由。

Since that launch, we've proven to ourselves that we can pick and deliver a broad set of categories across the supercenter, not just food and consumables, but a wide assortment of general merchandise. We think that assortment breadth and our ability to deliver with speed nationally, combined with a few other benefits for customers, will result in a compelling proposition, so we've been moving towards a new membership launch. We'll share more about that membership and timing when it's appropriate.

自那次發布以來，我們已經向自己證明，我們可以在整個超級中心挑选和提供廣泛的類別，不僅是食品和消耗品，還包括各種各樣的日用商品。我們認為，產品種類的廣度和我們在全國范圍內快速交付的能力，再加上為客戶帶來的其他一些好處，將產生一個令人信服的主張，因此我們一直在努力推出新的會員資格。我們將在適當的時候分享更多關於該成員資格和時間的信息。

As it relates to our Q2 performance, I'll begin with the Walmart U.S. segment. Comp sales were strong again this quarter at 9.3% excluding fuel. There were several tailwinds affecting our Q2 performance, including government stimulus, more people eating at home, a focus by customers on entertaining themselves at home and investing in their homes and yards. We also had some headwinds, including reduced store hours and out-of-stocks. As the benefits from stimulus waned towards the end of the quarter, we saw comp sales settle into a more normal range.

由於它與我們第二季度的表現有關，我將從沃爾瑪美國部分開始。本季度 Comp 銷售再次強勁，不包括燃料，為 9.3%。有幾個因素影響了我們的第二季度業績，包括政府的刺激措施、更多的人在家吃飯、客戶專注於在家娛樂和投資他們的房屋和院子。我們也遇到了一些不利因素，包括商店營業時間減少和缺貨。隨著刺激措施的好處在本季度末逐漸減弱，我們看到復合銷售進入了一個更正常的範圍。

We're pleased with the progress we're making on Walmart.com. We had really strong sales growth and significantly reduced losses. The tailwinds we're experiencing are accelerating our progress to build a healthier eCommerce business as we add new brands, improve product mix, grow the marketplace and achieve more fixed cost leverage. The stores and online merchant teams are now integrated, and we believe we'll benefit from that change going forward. The improvements in contribution profit and reduced operating losses are really good to see.

我們對在 Walmart.com 上取得的進展感到滿意。我們的銷售增長非常強勁，虧損顯著減少。隨著我們增加新品牌、改進產品組合、擴大市場並實現更多的固定成本槓桿，我們正在經歷的順風正在加速我們建立更健康的電子商務業務的進程。商店和在線商家團隊現已整合，我們相信我們將受益於未來的變化。貢獻利潤的改善和經營虧損的減少確實令人欣喜。

We've made several structural changes within Walmart U.S. during the quarter as we continue on our path to transform into an omnichannel organization. These changes were made to increase innovation, speed and productivity. This is obviously a difficult time for these associates to experience changes like this, so we're providing additional financial support and time to look for another role, along with other forms of support, to make that easier than it would otherwise be.

隨著我們繼續向全渠道組織轉型，我們在本季度對沃爾瑪美國公司進行了幾項結構性調整。這些變化旨在提高創新、速度和生產力。對於這些員工來說，經歷這樣的變化顯然是一個艱難的時期，因此我們正在提供額外的財務支持和時間來尋找另一個角色以及其他形式的支持，以使其比其他方式更容易。

Turning to Sam's Club, where the team delivered comps of 17.2% excluding fuel and tobacco and grew membership income 7.8%. We saw improvements in member count, renewal rates and Plus Member penetration. The popularity of Scan & Go is accelerating, which is great to see. The membership value proposition is strong, and the team is executing well.

談到山姆俱樂部，該團隊交付了 17.2% 的補償，不包括燃料和煙草，會員收入增長了 7.8%。我們看到會員數量、續訂率和 Plus 會員滲透率都有所提高。 Scan & Go 的普及正在加速，這很值得一看。會員價值主張很強，團隊執行良好。

Walmart International sales increased 1.6% in constant currency, and 7 of 10 markets had positive comp sales. The team delivered good top line results given we faced significant headwinds from currency and the government-mandated closure of Flipkart for about half the quarter as well as parts of Africa and Central America for portions of the quarter. Canada, China and Mexico led the way as customers choose one-stop shopping in omnichannel solutions.

沃爾瑪國際銷售額按固定匯率計算增長 1.6%，10 個市場中有 7 個市場的銷售額為正。鑑於我們面臨來自貨幣和政府強制關閉 Flipkart 大約一半季度以及非洲和中美洲部分地區在本季度部分時間的重大逆風，該團隊取得了良好的頂線業績。隨著客戶在全渠道解決方案中選擇一站式購物，加拿大、中國和墨西哥處於領先地位。

In India, Flipkart reopened in mid-May, after which we saw GMV exceeding pre-COVID-19 levels. Excluding fuel, Asda's performance demonstrated the resilience of the business with growth in a challenging period. Profit for international was also better than we expected when you remove the effects of FX and a discrete tax item.

在印度，Flipkart 於 5 月中旬重新開放，之後我們看到 GMV 超過了 COVID-19 之前的水平。不包括燃料，阿斯達的業績顯示了業務在充滿挑戰的時期增長的彈性。除去外彙和離散稅項的影響後，國際利潤也好於我們的預期。

I'll close today once again by thanking our associates for their incredible work. Our integrated omnichannel offering continues to resonate with customers around the globe. It's positioned the company well during this crisis, and we remain convinced it will be the winning strategy going forward.

今天，我將再次感謝我們的同事所做的出色工作。我們的綜合全渠道產品繼續與全球客戶產生共鳴。在這場危機中，它為公司定位得很好，我們仍然相信這將是未來的製勝戰略。

I'd also like to mention that we'll be releasing our ESG report next week. I encourage all of you to spend time with the report to better understand the incredible work our team is doing in this space. I wish you and your families good health.

我還想提一下，我們將在下週發布 ESG 報告。我鼓勵大家花時間閱讀這份報告，以更好地了解我們的團隊在這個領域所做的令人難以置信的工作。祝您和您的家人身體健康。

And I'll now turn it over to Brett.

我現在把它交給布雷特。

Thanks, Doug. Good morning, everybody. Let me start by thanking our associates for their fantastic work serving customers during this unusual time. Every day, we're navigating through a broad set of challenges while positioning the company to win. I'm so proud of how the team has quickly adapted to new ways of working and respond to the changing needs of our customers.

謝謝，道格。大家早上好。讓我首先感謝我們的員工在這個不尋常的時期為客戶提供的出色工作。每天，我們都在應對一系列廣泛的挑戰，同時將公司定位為取勝。我為團隊如何迅速適應新的工作方式並響應客戶不斷變化的需求而感到自豪。

The health crisis continued to affect shopping behavior in the second quarter, with trip consolidation and larger basket sizes in stores as well as channel shifts toward eCommerce. Our results are a reminder that customers will have multiple ways to shop with us and we're innovating and leveraging our unique assets to provide solutions for them. Our financial position is very strong, and we remain laser-focused on operating efficiency even as we have incremental COVID-related costs to support associates and customers. We've maintained our strong cost culture and took recent steps to further streamline the organization to better support our U.S. omnichannel strategy.

健康危機繼續影響第二季度的購物行為，旅行合併、商店購物籃規模擴大以及渠道轉向電子商務。我們的結果提醒我們，客戶將有多種方式與我們一起購物，我們正在創新並利用我們獨特的資產為他們提供解決方案。我們的財務狀況非常強勁，即使我們有增加的與 COVID 相關的成本來支持員工和客戶，我們仍然專注於運營效率。我們一直保持著強大的成本文化，並最近採取措施進一步精簡組織，以更好地支持我們的美國全渠道戰略。

So let's get to Q2 results. Total constant-currency revenue growth was strong, up 7.5% to more than $140 billion despite operating limitations in some markets early in the quarter. Walmart U.S. comp sales increased more than 9%, International net sales grew nearly 2% in constant currency, and Sam's Club grew comp sales more than 17% excluding fuel and tobacco.

所以讓我們來看看第二季度的結果。儘管本季度初一些市場存在運營限制，但固定貨幣總收入增長強勁，增長 7.5% 至超過 1400 億美元。沃爾瑪美國的銷售增長超過 9%，國際淨銷售額增長近 2%（按固定匯率計算），山姆俱樂部的銷售增長超過 17%（不包括燃料和煙草）。

Gross profit margin was strong in each segment and increased 63 basis points for the total company, benefited by strong sales in higher-margin general merchandise categories, which in the U.S. is aided by government stimulus, lower markdowns and better fuel margins. This was partially offset by the carryover of price investments from last year.

每個部門的毛利率都很強勁，整個公司的毛利率增加了 63 個基點，這得益於利潤率較高的一般商品類別的強勁銷售，而在美國，這得益於政府的刺激措施、較低的降價和更好的燃料利潤率。這被去年價格投資的結轉部分抵消。

SG&A was negatively affected by approximately $1.5 billion in incremental COVID-related costs, about 75% of which related to associate bonuses and expanded benefits, including the recently announced third special bonus of the year. The quarter was also impacted by U.S. business restructuring costs of about $380 million and a discrete tax item. In total, these costs negatively affected expense leverage by about 130 basis points and, as a result, expenses deleveraged by 42 basis points. Adjusted operating income on a constant-currency basis was up more than 18%, and adjusted EPS increased about 23% to $1.56 versus last year's Q2 adjusted EPS. Currency fluctuations negatively affected EPS by about $0.02.

SG&A 受到約 15 億美元與 COVID 相關的增量成本的負面影響，其中約 75% 與員工獎金和擴大福利有關，包括最近宣布的年度第三次特別獎金。本季度還受到美國約 3.8 億美元的業務重組成本和一項離散稅收項目的影響。總的來說，這些成本對費用槓桿產生了約 130 個基點的負面影響，因此，費用去槓桿化了 42 個基點。按固定貨幣計算的調整後營業收入增長超過 18%，調整後每股收益與去年第二季度調整後每股收益相比增長約 23% 至 1.56 美元。貨幣波動對每股收益產生了約 0.02 美元的負面影響。

Operating cash flow to date -- year-to-date increased nearly $8 billion versus last year. Free cash flow was up more than $9 billion with higher sales, lower inventory levels, continued operating discipline and lower CapEx, some of which is timing. Inventory was down about 7% year-on-year mainly due to heightened demand. While we didn't repurchase any shares in the quarter, our capital allocation strategy is unchanged, and we continue to feel very good about the position of the company.

迄今為止的經營現金流——與去年相比，今年迄今增加了近 80 億美元。自由現金流增加了超過 90 億美元，原因是銷售額增加、庫存水平降低、經營紀律持續和資本支出降低，其中一些是時機。庫存同比下降約 7%，主要是由於需求增加。雖然我們在本季度沒有回購任何股票，但我們的資本配置策略沒有改變，我們繼續對公司的狀況感到非常好。

Now let's discuss the quarterly results for each operating segment. Walmart U.S. had a strong quarter. Comp sales excluding fuel increased 9.3%, with eCommerce sales growth of 97%.

現在讓我們討論每個運營部門的季度業績。沃爾瑪美國的季度表現強勁。不包括燃料的 Comp 銷售額增長 9.3%，電子商務銷售額增長 97%。

eCommerce sales were strong throughout the quarter, contributing approximately 2/3 of the segment comp growth. We saw significant increases in repeat rates and weekly active digital customers, and we continue to make progress on assortment expansion and seller tools with eCommerce marketplace sales growing triple digits. We're accelerating investments in omni fulfillment solutions, including the continued rollout of same-day pickup and delivery services to more stores, expanding store pickup and delivery slots by nearly 30% since February and permanently increasing ship-from-store capabilities from pre-COVID levels.

整個季度的電子商務銷售強勁，貢獻了大約 2/3 的細分市場增長。我們看到重複率和每週活躍的數字客戶顯著增加，我們繼續在品類擴展和賣家工具方面取得進展，電子商務市場銷售額增長了三位數。我們正在加速對全方位履行解決方案的投資，包括繼續向更多商店推出當日取貨和送貨服務，自 2 月以來將商店取貨和送貨時段擴大近 30%，以及從之前的新冠病毒水平。

The second quarter started strong as general merchandise categories had accelerating growth, both in-store and online, as government stimulus funds were disbursed. As families spent more time at home, we saw strong increases in categories like home, sporting goods, landscape and electronics. Grocery sales had another strong quarter, including robust growth in fresh.

第二季度開局強勁，因為隨著政府刺激資金的發放，一般商品類別在店內和在線都加速增長。隨著家庭在家裡度過更多時間，我們看到家居、體育用品、景觀和電子產品等類別的增長強勁。雜貨銷售又一個強勁的季度，包括生鮮的強勁增長。

As stimulus funds tapered off toward the end of the quarter, sales started to normalize, but July comps still grew more than 4%. Trip consolidation continued throughout the quarter, resulting in an average ticket increase of about 27% and a transaction decrease of about 14%.

隨著刺激資金在本季度末逐漸減少，銷售開始正常化，但 7 月份的銷售額仍增長了 4% 以上。整個季度旅行整合繼續進行，導致平均機票增長約 27%，交易量下降約 14%。

Gross profit rate was strong, up 42 basis points due to increased sales of higher-margin general merchandise categories and fewer markdowns. We also saw improvements in eCommerce margin rates, reflecting continued progress on product mix and faster growth in marketplace sales.

毛利率強勁，上升 42 個基點，原因是利潤率較高的一般商品類別的銷售增加和降價幅度減少。我們還看到電子商務利潤率有所提高，這反映了產品組合的持續進步和市場銷售的更快增長。

The carryover of last year's price investment and the temporary closures of our auto care centers and vision centers negatively affected the margin rate. The approximate $1.2 billion of incremental COVID-related costs as well as the restructuring costs negatively affected expense leverage by about 170 basis points. As a result, the U.S. segment deleveraged 41 basis points. However, underlying productivity is strong both in physical stores and eCommerce operations. Adjusted operating income was up almost 17% for the quarter, aided by significantly lower eCommerce losses.

去年價格投資的結轉以及我們的汽車保養中心和視覺中心的臨時關閉對利潤率產生了負面影響。大約 12 億美元的新增 COVID 相關成本以及重組成本對費用槓桿產生了約 170 個基點的負面影響。結果，美國部分去槓桿化了 41 個基點。然而，實體店和電子商務運營的潛在生產力都很強。由於電子商務虧損顯著降低，本季度調整後的營業收入增長了近 17%。

Inventory declined about 4.6%, reflecting strong sales and higher-than-normal out-of-stocks in some categories. While we continue to make progress in our in-stock position, there are some specific areas that are still challenging. Overall, we're in a good position.

庫存下降約 4.6%，反映出強勁的銷售和某些類別的缺貨情況高於正常水平。雖然我們繼續在庫存狀況方面取得進展，但仍有一些特定領域仍具有挑戰性。總的來說，我們處於一個很好的位置。

As noted throughout the market, the back-to-school season is off to a slower start than usual given the uncertainty around the timing of students physically returning to school. As a result, we expect the season to be choppy and come later than normal. Items like laptops, tablets and home office furniture are performing well while others like basic school supplies, backpacks and apparel are understandably soft. Despite the slow start to back-to-school, overall U.S. comps are in a fairly normal rate at the start the quarter.

正如整個市場所指出的那樣，鑑於學生實際返校時間的不確定性，返校季節的開端比平時慢。因此，我們預計這個季節會波濤洶湧，並且會比正常來得晚。筆記本電腦、平板電腦和家庭辦公家具等商品表現良好，而基本學習用品、背包和服裝等其他商品表現疲軟是可以理解的。儘管開學緩慢，但在本季度開始時，美國的整體成績仍處於相當正常的水平。

International's results are better than anticipated coming into the quarter. Despite operational limitations in several markets due to the crisis, including the government-mandated closure of Flipkart, net sales increased 1.6% in constant currency, including nearly 40% growth in eCommerce. 7 of 10 markets posted positive comp sales. Sales in Canada and China were exceptionally strong, and Mexico showed solid results. Excluding fuel, Asda comps were also solid, with online grocery growing faster than the market. Customers are responding favorably to expanded eCommerce and omnichannel offerings, driving triple-digit eCommerce sales growth in most of these markets year-over-year.

國際公司的業績好於本季度的預期。儘管危機導致多個市場的運營受到限制，包括政府強制關閉 Flipkart，但按固定匯率計算，淨銷售額增長了 1.6%，其中電子商務增長了近 40%。 10 個市場中有 7 個公佈了正向銷售。加拿大和中國的銷售異常強勁，墨西哥也取得了不錯的成績。不包括燃料，Asda 的業績也很穩定，網上雜貨店的增長速度快於市場。客戶對擴展的電子商務和全渠道產品反應積極，推動這些市場中大多數市場的電子商務銷售額同比增長三位數。

We faced extensive government-mandated closures in markets like India, South Africa and Central America, particularly early in the quarter. Flipkart operations were closed for around half the quarter, but since reopening in mid-May, GMV is exceeding pre-COVID levels.

我們在印度、南非和中美洲等市場面臨政府強制關閉的大規模封鎖，尤其是在本季度初。 Flipkart 業務關閉了大約一半的季度，但自 5 月中旬重新開放以來，GMV 超過了 COVID 之前的水平。

In Africa, about 1/4 of the stores were closed for a portion of the quarter, and certain high-volume sales items were restricted. In the U.K., decreases in travel pressured fuel sales.

在非洲，大約 1/4 的商店在本季度的一部分時間內關閉，某些大批量銷售的商品受到限制。在英國，旅行減少給燃料銷售帶來壓力。

Currency fluctuations were a significant headwind to sales, approximately $2.4 billion during the quarter. International operating income declined about 9% on a reported basis but increased 11.5% on an adjusted constant-currency basis, excluding the previously announced discrete tax item.

匯率波動對銷售額構成重大不利影響，本季度約為 24 億美元。國際營業收入在報告的基礎上下降了約 9%，但在調整後的固定貨幣基礎上增加了 11.5%，不包括先前宣布的離散稅項。

During these challenging times, we continued to execute the strategy of building strong local businesses powered by Walmart and announced additional investments in China and India focused on positioning the portfolio for growth. For example, we're excited about the launch of Flipkart wholesale, creating a B2B marketplace to help small businesses in India source directly from manufacturers and producers. We'll also continue to evaluate opportunities to strengthen our position across the portfolio.

在這些充滿挑戰的時期，我們繼續執行建立強大的本地業務的戰略，由沃爾瑪提供支持，並宣佈在中國和印度進行額外投資，重點定位投資組合以實現增長。例如，我們對 Flipkart 批發的推出感到興奮，它創建了一個 B2B 市場來幫助印度的小企業直接從製造商和生產商那裡採購。我們還將繼續評估機會，以加強我們在整個投資組合中的地位。

Sam's Club had another terrific quarter with strong comp sales growth of 17.2% excluding fuel and tobacco, with positive contributions from both increased transactions and average ticket. eCommerce sales grew 39%, with strong demand for direct-to-home delivery. The business showed broad strength across categories, including food and consumables, which were particularly strong, and our Member's Mark brand also performed well. The sales strength reflected strong member growth and benefits from government stimulus.

Sam's Club 又一個了不起的季度，不包括燃料和煙草在內的複合銷售額增長強勁，達到 17.2%，交易量和平均票價的增長都做出了積極貢獻。電子商務銷售額增長了 39%，對直接送貨上門的需求強勁。業務在各品類表現出廣泛的實力，其中食品和消耗品表現尤為強勁，我們的會員標誌品牌也表現良好。銷售實力反映了強勁的會員增長和政府刺激措施帶來的好處。

We're pleased with the strong membership trends at Sam's. Membership income grew 7.8% in Q2, the best quarterly performance in more than 5 years. New member sign-ups and renewal rates were very strong, and Plus Member penetration was at a historically high level.

我們對 Sam's 強勁的會員趨勢感到滿意。第二季度會員收入增長 7.8%，是 5 年多來最好的季度表現。新會員註冊和續訂率非常高，Plus 會員滲透率處於歷史高位。

Sam's also incurred incremental COVID-related expenses. However, the approximate $100 million of additional cost was more than offset by strong gross margins, which resulted in Sam's operating income increasing more than 24% excluding fuel.

Sam's 還增加了與 COVID 相關的費用。然而，大約 1 億美元的額外成本被強勁的毛利率所抵消，這導致 Sam 的營業收入增長超過 24%（不包括燃料）。

Consistent with our first quarter release, we aren't providing FY '21 financial guidance due to continued uncertainty around key external variables related to the health crisis and their potential impact on our business and the global economy. The health crisis has created tailwind -- both tailwinds and headwinds to our business. In Q2, we saw stronger-than-expected sales due in large part to stock-up buying and stimulus spending, but the duration and extent of future government stimulus remains uncertain. In Q2, stimulus spending improved our sales mix and, in turn, gross margin and operating profit.

與我們第一季度的發布一致，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。健康危機為我們的業務帶來了順風和逆風。在第二季度，我們看到銷售好於預期，這在很大程度上是由於囤積購買和刺激支出，但未來政府刺激的持續時間和程度仍不確定。在第二季度，刺激性支出改善了我們的銷售組合，進而改善了毛利率和營業利潤。

We've also managed the greater operational complexities and incurred incremental cost to ensure associate and customer safety, and some of those will continue. Currency headwinds also remained quite strong. If rates stay where they are today, the top line impact will be more than $1.1 billion in the third quarter.

我們還管理了更大的運營複雜性並產生了增量成本，以確保員工和客戶的安全，其中一些將繼續下去。貨幣逆風也仍然相當強勁。如果利率保持在今天的水平，第三季度的收入影響將超過 11 億美元。

Despite the various challenges, our strong performance throughout the dynamic and challenging first half of the year reinforces the strength of this business and the omnichannel strategy we're leading. Walmart's financial position remains excellent, allowing us to position the company for success now and in the future.

儘管面臨各種挑戰，但我們在充滿活力和挑戰性的上半年的強勁表現增強了這項業務的實力和我們領先的全渠道戰略。沃爾瑪的財務狀況仍然很好，使我們能夠為公司現在和未來的成功定位。

Thank you for your interest in Walmart, and we would be happy to take your questions.

感謝您對沃爾瑪的關注，我們很樂意回答您的問題。

(Operator Instructions) Our first question is coming from the line of Karen Short with Barclays.

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

I want to focus on eCom growth a little bit. So wondering, first, if you could just give an update on the customer mix and where you think you're gaining share. And I did ask this last quarter, but I'm obviously very interested in that in terms of the demographics.

我想稍微關註一下電子商務的增長。因此，首先想知道您是否可以提供有關客戶組合的最新信息以及您認為自己在哪裡獲得了份額。我確實在上個季度問過這個問題，但我顯然對人口統計數據非常感興趣。

And then I wanted to get a little more granularity on the attachment rates on general merchandise, given the consolidation of the app. And then the last part of that was if you could give any more color on marketplace. Obviously, you called out triple-digit growth on that. Maybe anything you could provide in terms of number of sellers, number of SKUs or any more granularity would be helpful.

然後，考慮到應用程序的整合，我想更詳細地了解一般商品的附加率。然後最後一部分是你是否可以在市場上提供更多顏色。顯然，您為此提出了三位數的增長。也許您可以提供的任何關於賣家數量、SKU 數量或任何更多粒度的信息都會有所幫助。

Karen, it's John Furner. Thanks for the question. As we said, eCom was up 97% in the quarter, and we're excited by new customers that have joined and retention rates. And I think we've also been pleased to see the improvement in mix in categories that are selling online, which ties a bit to your second question. We've had stronger growth rates in both home and apparel online, which also -- home has been strong in the stores as customers moved into their homes and have set up offices and now beginning to have school from home. Those have all been strong businesses.

凱倫，我是約翰弗納。謝謝你的問題。正如我們所說，eCom 在本季度增長了 97%，我們對新客戶的加入和保留率感到興奮。而且我認為我們也很高興看到在線銷售類別的組合有所改善，這與您的第二個問題有點相關。我們在家居和在線服裝方面的增長率都更高，隨著客戶搬進家中並設立辦公室，現在開始在家上學，家居在商店中的表現也很強勁。這些都是強大的業務。

And then the third point that you made, marketplace, which is a very important part of the strategy, also performed well in the quarter. In addition to marketplace, we've been opening up new supplier -- or seller tools, I should say, and including -- which is now a small business, but our Walmart fulfillment service business is up and running, and we're excited by the prospect that it brings as well. So again, the team did a nice job in the quarter reacting to customer changes and trends. More and more customers are buying from Walmart online, and we're happy to see the new customer segments and the retention rates.

然後你提出的第三點，市場，這是戰略中非常重要的一部分，在本季度也表現良好。除了市場，我們一直在開闢新的供應商——或者賣家工具，我應該說，包括——現在是一家小企業，但我們的沃爾瑪履行服務業務已經啟動並運行，我們很興奮它帶來的前景也是如此。同樣，該團隊在本季度對客戶變化和趨勢做出了很好的反應。越來越多的客戶從沃爾瑪在線購買，我們很高興看到新的客戶群和保留率。

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

下一個問題來自德意志銀行的 Paul Trussell。

Congrats on a strong second quarter. Brett, you spoke to back-to-school shopping being negatively impacted by all that's going on, but comp's in a normal range. Just any additional color you can provide on what you're seeing is to date or at least maybe any other puts and takes that we should be factoring in as we think about how to model the third quarter.

祝賀第二季度表現強勁。布雷特，你談到返校購物受到所有正在發生的事情的負面影響，但補償在正常範圍內。您可以在所看到的內容上提供的任何其他顏色都是迄今為止的，或者至少可能是我們在考慮如何為第三季度建模時應該考慮的任何其他看跌期權。

And Doug, most Americans shop at Walmart in some form each year, and the company has always had this like everyday low price model. So maybe just help us understand big picture what a membership program can achieve for the consumer as well as for the company.

還有道格，大多數美國人每年都會以某種形式在沃爾瑪購物，而該公司一直都有這種日常低價模式。所以也許只是幫助我們了解會員計劃可以為消費者和公司帶來什麼。

Thanks, Paul. This is Brett. I'll start.

謝謝，保羅。這是布雷特。我會開始的。

As we pointed out, we're not giving guidance for the rest of the year. And as you can imagine, with the various puts and takes that we've seen for the last 5 months, that certainly led to that decision. And there's things that -- in the second quarter, some things that helped the business, certainly stimulus is one of those; and some things that were headwinds to the business.

正如我們所指出的，我們不會在今年剩下的時間裡提供指導。正如你可以想像的那樣，通過我們在過去 5 個月中看到的各種看跌期權，這肯定導致了這個決定。還有一些事情——在第二季度，一些對業務有所幫助的事情，當然刺激措施就是其中之一；以及一些對業務不利的事情。

And we know we're going to continue to see headwinds and tailwinds in Q3 and in the back half of the year. And so the balance of those and the timing of those makes it really challenging to try to put guidance out for a longer period of time, and that's why we didn't do that. As we talked about, back-to-school's just slower than would normally be, but that's understandable given what's going on with students and how quickly they'll get back into classrooms. And so we're just not talking much past that just given everything that's going on right now.

而且我們知道我們將在第三季度和今年下半年繼續看到逆風和順風。因此，這些因素的平衡和時間安排使得嘗試在更長的時間內提供指導確實具有挑戰性，這就是我們沒有這樣做的原因。正如我們所說，返校比平時慢，但考慮到學生的情況以及他們回到教室的速度，這是可以理解的。因此，鑑於目前正在發生的一切，我們只是沒有談論太多過去。

I'll just chime in on back-to-school and say that it's just one component of the quarter and we'll have to sort out how customers want to shop as we go. But we think our inventory is well positioned, and we'll just react location by location. I don't think we've got a lot of liability exposure there. The sales exposure will be mixed as we go through the quarter and manage other parts of our business.

我會在返校時插話，說這只是本季度的一個組成部分，我們必須在我們去的時候弄清楚顧客想要如何購物。但我們認為我們的庫存定位良好，我們只會按位置做出反應。我認為我們在那裡沒有太多的責任敞口。隨著我們度過本季度並管理我們業務的其他部分，銷售風險將參差不齊。

As it relates to the question about membership, Paul, I think from a customer point of view, they'll continue to get everyday low price. They'll continue to get the broad assortment that we sell in the stores and increasing assortment online. But the reason that they would want a membership is because of the increased levels of service that we can provide, and it kind of starts out with the thread being about pickup and delivery. And if you want delivery from Walmart frequently, it's just more efficient for the customer to buy it in bulk, and that takes the form of an annual membership.

關於會員資格的問題，保羅，我認為從客戶的角度來看，他們將繼續獲得每天的低價。他們將繼續獲得我們在商店中銷售的種類繁多的產品，並增加在線產品的種類。但他們想要成為會員的原因是因為我們可以提供更高水平的服務，而且它開始於關於取貨和交付的線程。如果你想經常從沃爾瑪送貨，顧客批量購買會更有效率，而且採取年度會員的形式。

And then we'll add some things to it beyond just delivery so that it's really more of a membership and a relationship. Building repeat is going to be an important aspect for the company to focus on. We'll also get the benefits of data and learn how to serve customers more effectively in time as that membership grows. So I think in a nutshell for the customer, it relates to experience.

然後，我們將在其中添加一些東西，而不僅僅是交付，這樣它實際上更像是一種會員資格和一種關係。建立重複將成為公司關注的一個重要方面。隨著會員人數的增長，我們還將獲得數據的好處，並了解如何及時更有效地為客戶服務。所以我認為對客戶來說，簡而言之，它與體驗有關。

And we keep talking about how omnichannel is a winning strategy. And what we really mean by that, I think, is the customer is ultimately in charge. We are going to be flexible. We're going to have multiple ways to serve them, and those families will decide in that moment how they want to shop. And sometimes they'll be in the store and sometimes they'll do pick up and sometimes they'll do delivery and many of them will buy a membership. And when they do, they'll get benefits from that. And we'll make sure we manage that in a way where we're able to still keep our shelf prices low and offer EDLP to customers that really need that value and are focused on opening price points. We'll manage the P&L in a way that prevents any kind of risk for them.

我們一直在談論全渠道如何成為一種制勝策略。我認為，我們真正的意思是客戶最終負責。我們將變得靈活。我們將有多種方式為他們服務，而這些家庭將在那一刻決定他們想如何購物。有時他們會在商店裡，有時他們會取貨，有時他們會送貨，其中許多人會購買會員資格。當他們這樣做時，他們會從中受益。我們將確保以一種能夠保持低貨架價格的方式管理這一點，並向真正需要該價值並專注於開放價格點的客戶提供 EDLP。我們將以防止他們承擔任何風險的方式管理損益。

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。

I have 2 topics. My first also on membership and the second on Flipkart.

我有2個主題。我的第一個也是會員資格，第二個是 Flipkart。

In terms of membership, Doug, I don't know if there's any more detail you can share in terms of how you plan to differentiate the offer. You mentioned that you're going to add some features. And is there any indication of interest from work that you've done and then how it fits into profitable growth, if that relationship can be maintained?

就會員資格而言，Doug，我不知道您是否可以分享更多關於您計劃如何區分優惠的細節。您提到您將添加一些功能。如果可以維持這種關係，是否有任何跡象表明您對您所做的工作感興趣，以及它如何適應盈利增長？

And then on the second topic of Flipkart, right, there was a valuation on the quarter. I think it was a little less than what the market was expecting. So can you talk about the performance of it and what's the proper read that we should take away from the latest round of financing?

然後關於 Flipkart 的第二個話題，對，這個季度有一個估值。我認為這比市場預期的要少一些。那麼你能談談它的表現以及我們應該從最新一輪融資中得到什麼正確的解讀嗎？

Yes. This is Doug, Simeon. I'll take Flipkart first. And then, John, you can chime in on membership more.

是的。這是道格，西蒙。我會先使用 Flipkart。然後，約翰，你可以更多地加入會員資格。

As it relates to Flipkart, Simeon, I think we're really pleased with how this whole thing has gone since we made the investment, and the team's managed this environment, COVID-19 environment in a really effective way. And it was nice to see, once the government restrictions started to get lifted, how the volume came back. And we're staying close to the decisions that they're making and excited about the strategy going forward and the investment, just wanted to make sure that they've got enough room, enough cash to operate.

由於涉及到 Flipkart，Simeon，我認為我們對自從我們進行投資以來整個事情的進展感到非常滿意，並且團隊以非常有效的方式管理了這個環境，即 COVID-19 環境。很高興看到，一旦政府開始解除限制，交易量如何回升。我們正在密切關注他們正在做出的決定，並對未來的戰略和投資感到興奮，只是想確保他們有足夠的空間和足夠的現金來運營。

This is a time when there's so much of an opportunity, the size of the prize in India is significant. We want to make sure that we're on our front foot and being aggressive. So we're not really getting hung up on the valuation in the short term. Over time, I think everybody will understand just how valuable that business in India is, whether it's the Flipkart portion or the PhonePe portion.

這是一個機會如此之多的時候，印度的獎項規模意義重大。我們要確保我們處於領先地位並具有侵略性。因此，我們並沒有真正在短期內掛斷估值。隨著時間的推移，我想每個人都會明白印度業務的價值，無論是 Flipkart 部分還是 PhonePe 部分。

And Simeon, first, thanks for the question on membership. Now it's important that we first acknowledge our strength in the entire business' offering, a wide assortment of everyday low-priced products across multiple channels, and that won't change. What we're thinking through with membership, as Doug said, is how to remove friction from customers' lives and make it easier to access those assortments at everyday low prices throughout the multiple channels. So we don't have too much else to offer this morning other than to say that in addition to the delivery component, which we have tested now since last year with a program called Delivery Unlimited, we're confident that that's a great base of an offer, and we'll have more to offer when we're ready to come out and talk about it.

Simeon，首先，感謝關於會員資格的問題。現在重要的是，我們首先要承認我們在整個業務中的優勢，即跨多個渠道的各種日常低價產品，這一點不會改變。正如 Doug 所說，我們在會員制方面正在考慮的是如何消除客戶生活中的摩擦，並使其更容易通過多種渠道以每天的低價獲得這些分類。因此，我們今天早上沒有太多其他要提供的東西，除了要說的是，除了交付組件，我們自去年以來已經通過一個名為 Delivery Unlimited 的程序對其進行了測試，我們相信這是一個很好的基礎一個提議，當我們準備好出來談論它時，我們將提供更多。

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

我們的下一個問題來自瑞銀的 Michael Lasser。

Recognizing that you have an everyday low price strategy and some of your competitors within the grocery category have a high-low or promotional strategy and the promotions were less intense for them this quarter. Your grocery sales were up high single digits, fresh was probably better, but a lot of your competitors reported mid-teens or better comps during the period. So do you think you lost market share in this important category on a unit basis? And why was that the case?

認識到您每天都有低價策略，並且雜貨類別中的一些競爭對手有高低價或促銷策略，並且本季度的促銷活動對他們來說不那麼激烈。您的雜貨銷售額增長了個位數，新鮮的可能更好，但您的許多競爭對手在此期間報告了十幾歲或更好的組合。那麼你認為你在這個重要類別中失去了單位市場份額嗎？為什麼會這樣？

Michael, it's John. First, I'd say we were up high single digits for the quarter, and that equates to sales growth of about $3 billion. And for the year, we're somewhere around just over $8 billion of sales growth in grocery for the year. So pretty big dollar gains for the year.

邁克爾，我是約翰。首先，我想說我們在本季度實現了高個位數增長，這相當於銷售額增長了約 30 億美元。今年，我們在雜貨店的銷售額增長約為 80 億美元。今年的美元漲幅如此之大。

We did keep our prices at the levels they were throughout the entire quarter. So being an everyday low price retailer, we have seen average unit retails that have resulted in wide price gaps and even wider price gaps in the second quarter than we saw in the first quarter. So that's probably an important point determining the 2 differences.

我們確實將價格保持在整個季度的水平。因此，作為日常低價零售商，我們看到平均單位零售額導致第二季度的價格差距很大，甚至比我們在第一季度看到的價格差距更大。所以這可能是確定這兩個差異的重要一點。

Then a couple of things that we're focused on that were headwinds that are -- that are ours to deal with. One is we've had a significant level of in-stock issues that happened late in the first quarter and early in the second quarter. While we do think that our inventory levels are now normalizing, we do still have pockets of in-stock issues that are both related to the supply chain and then other factors that have been caused by the pandemic.

然後我們關注的幾件事是我們要處理的逆風。一個是我們在第一季度末和第二季度初發生了大量的庫存問題。雖然我們確實認為我們的庫存水平現在正在正常化，但我們仍然存在一些與供應鏈以及由大流行引起的其他因素有關的庫存問題。

Then the last thing that we're doing, we now have 4,100 stores that have shifted from 8:30 p.m. closing to 10 p.m. closing. And we didn't think that was a factor, especially during the summer months as the days got later. But if you look at the entire business, the real positive is, in total, we believe Walmart did gain share. General merchandise was very strong. It looked like the share gains there did make up for anything that could have been lost in food.

然後我們正在做的最後一件事是，我們現在有 4,100 家商店從晚上 8:30 開始轉移。關閉到晚上 10 點關閉。我們認為這不是一個因素，尤其是在夏季的幾個月裡，因為日子越來越晚了。但如果你看看整個業務，真正的積極因素是，總的來說，我們相信沃爾瑪確實獲得了份額。普通商品非常強勁。看起來那裡的份額收益確實彌補了食物中可能損失的任何東西。

But the data, it's a lot to work through, and we'll be reacting to this situation as time goes and we'll be able to tell a little bit further out how this really turns out. But overall, just really proud of the way the team has responded to such an intense change in the way people have been shopping. We had big sales spikes late in Q1 and early Q2, and the team have done a great job reacting to that.

但是數據，還有很多工作要做，隨著時間的推移，我們將對這種情況做出反應，我們將能夠進一步了解這到底是如何發生的。但總的來說，團隊對人們購物方式如此劇烈變化的反應方式感到非常自豪。我們在第一季度末和第二季度初出現了巨大的銷售高峰，團隊對此做出了很好的反應。

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

我們的下一個問題來自高盛的 Kate McShane。

I wondered if we could get a little bit more detail behind your commentary around the eCommerce losses improving during the quarter. Was the biggest driver of that mix driven? And what other improvements did you see within those losses were there that you would expect to continue into the second half of this year?

我想知道我們是否可以在您關於本季度電子商務損失改善的評論背後獲得更多細節。這種組合的最大驅動力是驅動力嗎？您在這些損失中看到了哪些其他改進，您希望這些改進會持續到今年下半年？

Kate, it's John. There are a few things that affected the business. First, the sales growth is always helpful because you gain leverage on fixed costs anytime you have growth rates of really any meaningful percentage, but 97%, effectively doubling the business, helps with leverage.

凱特，我是約翰。有幾件事影響了業務。首先，銷售增長總是有幫助的，因為只要您的增長率達到任何有意義的百分比，您就可以獲得固定成本的槓桿作用，但 97%（有效地使業務翻倍）有助於利用槓桿作用。

The second thing that has helped is what we call contributed profit rates, CP. Our CP benefits have come from a number of factors, one factor being the mix of sales. We've been stronger in home and apparel than we are in the rest of the business, which are higher CP categories. The second, our marketplace business has been strong, which is also an accretive category in relation to the rest of the business.

第二個有幫助的是我們所說的貢獻利潤率，CP。我們的 CP 收益來自多個因素，其中一個因素是銷售組合。我們在家居和服裝方面的表現比我們在其他業務中的表現要強，這些業務屬於較高的 CP 類別。第二，我們的市場業務一直很強勁，與其他業務相比，這也是一個增值類別。

And then the third thing, we're excited about the way of working. The 2 merchandise and supply chain teams have come together, and now we have merchants and people in supply chain who are responsible for businesses across all of the channels. So Walmart as a business should be able to gain continued leverage from those. But leveraging fixed, improved CP rates and CP rates coming from both leverage and from mix all contributed to lower losses in the quarter.

然後第三件事，我們對工作方式感到興奮。兩個商品和供應鏈團隊已經走到了一起，現在我們在供應鏈中有商家和人員，他們負責所有渠道的業務。因此，沃爾瑪作為一家企業應該能夠從中獲得持續的影響力。但是，利用固定的、改進的 CP 利率以及來自槓桿和混合的 CP 利率都有助於降低本季度的虧損。

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

下一個問題來自瑞士信貸的 Seth Sigman。

Congrats on the quarter. I do want to follow up on the online business. Two parts here. One, I think somebody mentioned repeat rates. If you could just elaborate on that, whether you're seeing that more in online grocery or general merchandise or possibly both online. Just want to get a little bit more color on that.

祝賀本季度。我確實想跟進在線業務。這裡有兩個部分。一，我認為有人提到重複率。如果您可以詳細說明一下，無論您是在網上雜貨店還是日用品中看到的更多，或者可能兩者都在網上看到。只是想得到更多的顏色。

And then the second part of it around profitability. The improvement in losses you just talked about, is there anything that you mentioned there that's unique to this quarter, whether it's the volume or the mix or the marketplace growth? Or should we be thinking about sort of this trend of improving losses to continue?

然後是關於盈利能力的第二部分。您剛才談到的損失有所改善，您提到的本季度是否有任何獨特之處，無論是數量、組合還是市場增長？還是我們應該考慮這種改善損失的趨勢以繼續？

Yes. Seth, a few things on repeat rates. First, online grocery, you asked about, we've traditionally had a high repeat rate and a high number of customers who are loyal in the channel. And that hasn't changed. At the end of the first quarter, we had to reduce the number of slots due to inventory levels. And then over the second quarter, we got slots not only back to where they were, but picked up slots, up about 30%. So that's a strong part of the business and continues to grow.

是的。賽斯，關於重複率的一些事情。首先，您問到的在線雜貨店，我們傳統上擁有很高的重複率和大量忠誠於渠道的客戶。而這並沒有改變。在第一季度末，由於庫存水平，我們不得不減少插槽數量。然後在第二季度，我們不僅將插槽恢復到原來的位置，而且增加了大約 30% 的插槽。因此，這是業務的重要組成部分，並且會繼續增長。

Online, your very traditional direct-to-home orders, we have new customers and we have customers who are buying more. So they are positives there.

在線，您非常傳統的直接到家訂單，我們有新客戶，我們有購買更多的客戶。所以他們在那裡是積極的。

As far as if there's anything related to this second quarter, this anomaly, I think it's too early to tell. As we said, we're not able to forecast or provide guidance beyond what has already happened in the second quarter. Certainly strong businesses in home, where people were moving home and building home offices and buying office equipment.

至於是否與第二季度有關，這種異常情況，我認為現在說還為時過早。正如我們所說，我們無法預測或提供超出第二季度已經發生的情況的指導。在家中肯定有強大的業務，人們搬家並建造家庭辦公室併購買辦公設備。

Yet to be determined how long that trend could continue, but there are other areas within the eCom business that are also strong. And everywhere that we see headwinds, we obviously see tailwinds. So we'll just have to sort those out over the next couple of quarters.

尚待確定這種趨勢會持續多久，但電子商務業務中的其他領域也很強勁。在我們看到逆風的地方，我們顯然看到了順風。所以我們只需要在接下來的幾個季度中解決這些問題。

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

我們的下一個問題來自 Peter Benedict 和 Baird。

Just wondered if you could maybe expand a little bit on the health care strategy, kind of where that sits right now. I know that there's some changes. But just maybe help us understand where you are today and where you're taking that effort.

只是想知道您是否可以在醫療保健策略上稍微擴展一點，就像現在一樣。我知道有一些變化。但也許可以幫助我們了解您今天所處的位置以及您正在努力的方向。

Peter, this is John. We're really committed to health care. I don't think we'd have any change in strategy that we would talk about at this point other than to say that we were appreciative of the work that Sean did while he was here at Walmart. He was here about 2 years, and he wanted to get some clinics open and get us started, which he did and did a great job.

彼得，這是約翰。我們真的致力於醫療保健。我不認為我們會在這一點上談論任何戰略變化，只是說我們感謝肖恩在沃爾瑪期間所做的工作。他在這裡待了大約 2 年，他想讓一些診所開張並讓我們開始工作，他做到了並且做得很好。

We now have clinics in Georgia, Arkansas, moving into the Florida market. And then later in the year, we've also announced a couple of clinics that will go into Chicago. So for Americans who are looking for high-quality -- access to high-quality care at an affordable, very transparent price, Walmart will be a great solution for consumers, and we remain committed to the health care space.

我們現在在喬治亞州、阿肯色州設有診所，並進入佛羅里達市場。然後在今年晚些時候，我們還宣布了幾家將進入芝加哥的診所。因此，對於尋求高質量——以可承受、非常透明的價格獲得高質量護理的美國人來說，沃爾瑪將是消費者的絕佳解決方案，我們將繼續致力於醫療保健領域。

Peter, this is Doug. I'll just add that we recently opened another clinic not far from Bentonville, in Elm Springs. And it's a smaller clinic than the one that some of you have seen in Dallas, Georgia. And I think it's an example of us trying to figure out how many sizes we need, what the square footage needs to be and the equipment investment, all those kinds of things. So we're playing around with it, as you would expect.

彼得，這是道格。我只想補充一點，我們最近在 Elm Springs 的 Bentonville 附近開了另一家診所。它比你們中的一些人在佐治亞州達拉斯看到的診所要小。我認為這是我們試圖弄清楚我們需要多少尺寸、需要多少平方英尺以及設備投資等所有這些事情的一個例子。因此，正如您所期望的那樣，我們正在玩弄它。

And it's been interesting to watch how customers are interacting with that experience during a COVID-19 environment. The team is doing a great job, the medical doctor and the other professionals in the clinic, of keeping people safe, and demand is still strong in an environment where people are not necessarily taking advantage of a lot of preventative care. So it's really, I think, interesting and exciting for us to try and figure this out. And even during this COVID-19 period of time, we're learning and figuring it out.

觀察客戶在 COVID-19 環境中如何與這種體驗互動是很有趣的。該團隊、醫生和診所的其他專業人員在確保人們安全方面做得很好，在人們不一定要利用大量預防性護理的環境中，需求仍然很強勁。所以，我認為，嘗試解決這個問題對我們來說非常有趣和令人興奮。即使在這段 COVID-19 時期，我們也在學習和解決問題。

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

下一個問題來自古根海姆的 Bob Drbul。

I guess just -- you gave us some commentary around back-to-school being a little slow right now. Just wondering if you could maybe take a step back and give us some thoughts on where you think the consumer is, where you think the economy is. And I guess, most importantly, when you think about the holiday season, you have to plan a little early. If you might give us some color about the holiday season and sort of how you're really thinking about it at this point.

我想只是 - 你給了我們一些關於現在返校有點慢的評論。只是想知道你是否可以退後一步，給我們一些關於你認為消費者在哪裡，你認為經濟在哪裡的想法。而且我想，最重要的是，當您考慮假期時，您必須早一點計劃。如果您可以給我們一些關於假期的信息，以及您此時的真實想法。

Bob, I'll go first. This is Doug. It's obvious to say this, but there's just a lot of uncertainty right now and so much variance in how customers are feeling about their situation. And this decision that the government's got to make about phase 4 investments is an important one, and I think it's really important as it relates to small business. And this economy and this country is driven so much by small- and medium-sized businesses that we want to see something happen there that will help support those folks.

鮑勃，我先走了。這是道格。這麼說是顯而易見的，但現在有很多不確定性，而且客戶對他們的情況的感受也存在很大差異。政府必須做出的關於第 4 階段投資的決定是一個重要的決定，我認為這非常重要，因為它與小企業有關。這個經濟和這個國家在很大程度上是由中小型企業推動的，我們希望看到那裡發生一些有助於支持這些人的事情。

I think the larger companies are getting things sorted out, and the government is paying attention to the larger companies that need some sort of financial support. But it's that small business group that, in particular, I think we all need to keep our eye on and will probably determine just what this economy looks like on the other side of the phase 4 stimulus.

我認為大公司正在解決問題，政府正在關注需要某種財政支持的大公司。但我認為，尤其是那個小企業集團，我們都需要密切關注，並且可能會決定在第 4 階段刺激措施的另一邊，這個經濟會是什麼樣子。

And I think, Bob, I'd also add, definitely, we see a number of consumers who are feeling better about their personal finances, but the sentiment is a little lower than what they've been a year ago. And then we are also thinking about the number of consumers who are thinking about job security and other opportunities. I think in general, people perceive they're spending more money on food despite eating out less. And so I think with the consumer, we'll be thoughtful about the way we plan the rest of the year, and we'll be very adaptive and react to changes in the trends that we see from our shoppers.

而且我認為，鮑勃，我還要補充一點，當然，我們看到許多消費者對他們的個人財務狀況感覺更好，但這種情緒比一年前要低一些。然後我們也在考慮考慮工作保障和其他機會的消費者數量。我認為總的來說，儘管外出就餐次數減少，但人們認為他們在食物上花的錢更多。所以我認為對於消費者，我們會考慮我們計劃今年剩餘時間的方式，我們將非常適應並對我們從購物者那裡看到的趨勢變化做出反應。

Our next question is coming from the line of Greg Melich with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Greg Melich。

One key question on the costs. I think, Brett, in the first quarter, you said it was $900 million of incremental COVID costs. Is the right number for this quarter the $1.2 billion? And anything you could give us in terms of the breakdown of that on sanitation versus labor costs and what you think might persist into the third quarter and fourth quarter?

關於成本的一個關鍵問題。我認為，布雷特，在第一季度，你說這是 9 億美元的增量 COVID 成本。本季度的 12 億美元是正確的數字嗎？關於衛生與勞動力成本的細分以及您認為可能會持續到第三季度和第四季度的情況，您能給我們提供什麼？

Yes. Thanks, Greg. So the $900 million we had in the first quarter would be equivalent to the $1.5 million in the second quarter -- or billion, sorry. The $1.2 billion was just U.S. -- Walmart U.S. only. About 75% of those costs are related to bonuses, payroll, benefits and the like for associates.

是的。謝謝，格雷格。因此，我們在第一季度擁有的 9 億美元將相當於第二季度的 150 萬美元——或十億美元，抱歉。 12 億美元只是美國——沃爾瑪美國而已。其中約 75% 的成本與員工的獎金、工資、福利等有關。

So there's about 1/4 of that that's related to cleaning and sanitation and other things inside the store. There's certainly going to be some part of that continues the rest of the year and potentially, I would think, into next year as well. So our ability to continue to be thoughtful about it -- but safety and -- of our customers, our associates are just #1 on our mind as we take on those costs, so it's obviously something that we're going to do going forward.

所以大約有 1/4 與商店內的清潔和衛生以及其他事情有關。在今年餘下的時間裡，肯定會有一部分持續下去，我認為，也有可能持續到明年。因此，我們有能力繼續深思熟慮——但安全和——我們的客戶、我們的員工在我們承擔這些成本時只是我們心中的第一名，所以這顯然是我們未來要做的事情.

The bonus, the number in total is a little higher than last quarter. The second quarter -- or the last bonus, the third bonus that we announced was accrued for in the second quarter. So that got picked up. So that would be one additional bonus versus what you would have seen in Q1, and that's the main difference.

獎金，總數比上一季度略高。第二季度——或者上一個獎金，我們宣布的第三個獎金是在第二季度產生的。所以就被撿起來了。因此，與您在第一季度看到的相比，這將是一個額外的獎勵，這是主要的區別。

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。

All the momentum in curbside, would love your thoughts on what you see ahead with automation and profitability. And also, as you look at your customer insights and data, what are your thoughts about the customer type that would use curbside versus delivery and how that may manifest over time?

路邊的所有動力，都會喜歡你對自動化和盈利能力的看法。此外，當您查看您的客戶洞察和數據時，您對使用路邊與交付的客戶類型有何看法，以及隨著時間的推移會如何體現？

Oliver, the question on automation is where I'll start with. First, we have been working on a couple of pilots where we're able to, I'd say, automate but really increase the amount of picks we're able to deliver from a store. We've got a store in New Hampshire with a system called Alert that does our grocery picking and assists with everything right up to dispensing. And we'll be expanding that pilot into Texas over the next few months. So I think mostly, we're optimistic about the number of orders we'll be able to fill from these sorts of installation going forward.

Oliver，關於自動化的問題是我將從哪裡開始。首先，我們一直在努力進行一些試點，我想說，我們能夠自動化，但確實增加了我們能夠從商店交付的揀貨數量。我們在新罕布什爾州有一家商店，它有一個名為 Alert 的系統，它可以為我們挑選雜貨並協助一切直到分發。我們將在接下來的幾個月內將該試點擴展到德克薩斯州。所以我認為大多數情況下，我們對未來能夠從這些類型的安裝中完成的訂單數量持樂觀態度。

And then as far as the customer who is picking up today and whether they're interested in delivery or not, I think what we learned from Delivery Unlimited is that there are a wide range of people who appreciate delivery and are looking for ways to be able to buy delivery and pay for it in a way, as Doug said, that's in bulk. So I think it's largely the same customer, and we'll, of course, learn more as time goes on. But Americans all over the country are looking for convenience, and with Walmart's everyday low price plus a convenient delivery fee, we see a lot of customers who are interested in this type of service.

然後就今天提貨的客戶以及他們是否對交付感興趣，我認為我們從 Delivery Unlimited 中學到的是，有很多人喜歡交付並正在尋找成為正如道格所說，能夠以某種方式購買交付並支付，這是批量的。所以我認為這主要是同一個客戶，隨著時間的推移，我們當然會了解更多。但是全國各地的美國人都在尋求便利，而沃爾瑪每天的低價加上方便的送貨費，我們看到很多顧客對這種服務感興趣。

It's also been nice to see the Sam's Club team get curbside rolled out so quickly. And I think when small business comes back online, we're well suited to serve bigger transactions from them that, currently, the restaurants being closed, aren't happening as much as they will after the pandemic is over.

很高興看到山姆俱樂部團隊如此迅速地在路邊推出。而且我認為，當小企業重新上線時，我們非常適合為他們提供更大的交易，目前，關閉的餐館不會像大流行結束後那樣發生。

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

我們的下一個問題來自 BMO Capital 的 Kelly Bania。

Just wanted to ask, with so much discussion about membership and the potential there with Walmart -- with Delivery Unlimited or down the road with what may evolve into Walmart Plus, I was just surprised to see the headlines about the test with Instacart. So I was wondering if you could just help elaborate on the thought process there.

只是想問一下，在對會員資格和沃爾瑪的潛力進行瞭如此多的討論之後——無論是 Delivery Unlimited 還是未來可能演變成 Walmart Plus 的事情，我只是驚訝地看到有關 Instacart 測試的頭條新聞。所以我想知道你是否可以幫助詳細說明那裡的思考過程。

Yes. Kelly, we are excited about the prospect of customers being able to access products and prices at Walmart any way they choose, including delivery, as you said. And then the specific question on Instacart, it is a test in California and then 1 market in Oklahoma. And what we're hoping to learn is does the combination of those do reinforce the value proposition that Walmart has to offer.

是的。凱利，我們對客戶能夠以任何他們選擇的方式（包括送貨方式）訪問沃爾瑪的產品和價格的前景感到興奮，正如你所說。然後是關於 Instacart 的具體問題，它是在加利福尼亞州進行的測試，然後是在俄克拉荷馬州的 1 個市場。我們希望了解的是，這些組合是否確實強化了沃爾瑪必須提供的價值主張。

Certainly, it's early. It's only been about a week, so really no read or anything to report on at this point. But we're looking forward to learning about the data as it comes in.

當然，現在還早。才一周左右，所以現在真的沒有閱讀或任何報告。但我們期待著了解數據的到來。

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

我們的下一個問題來自富國銀行的 Edward Kelly。

Yes. Just a few mostly kind of follow-ups. Just first on July, any color on the gross margin performance in July?

是的。只是一些主要是跟進。剛剛7月份，7月份的毛利率表現有什麼顏色嗎？

And then as it relates to holiday, I'm just kind of curious, early thoughts on the current environment, what we should expect on sort of consumer behavior and how are you preparing to win in a shopping environment that probably will be different than anything we've seen historically.

然後因為它與假期有關，我只是有點好奇，對當前環境的早期想法，我們應該期待什麼樣的消費者行為，以及你準備如何在一個可能與任何事情都不同的購物環境中獲勝我們在歷史上已經看到了。

Edward, on the margin, we don't break out by month, but across the quarter, the results are, of course, in the release, stronger mix and then fewer markdowns as a result of higher sell-throughs in general merchandise. And then as far as the holiday season, it's August now and we're in the midst of the beginning of back-to-school, so we're carefully thinking through each of the different holidays and how they may change as a result of what's happening. But even like with schools, we're still learning day to day which schools are open or planning to open. And I think every one of the holidays that will be experienced over the next couple of months, we'll have to decide as we get closer.

愛德華，在邊際上，我們沒有按月突破，但在整個季度，結果當然是在發布中，更強勁的組合，然後由於一般商品的更高銷售量而減少降價。然後就假期而言，現在是八月，我們正處於開學初期，所以我們正在仔細考慮每個不同的假期，以及它們可能會因發生了什麼。但即使與學校一樣，我們仍在每天學習哪些學校開放或計劃開放。而且我認為在接下來的幾個月中將經歷的每個假期，我們都必須隨著我們越來越近而做出決定。

So the team is really working on plans and contingency plans and making sure that we are ready for the customer any way they want to shop. They've shifted purchasing online. You can see that in our online results of up 97% and with the growth of pickup. We'll make sure that we're ready with both of these types of fulfillment options in addition to store shopping. So however the customer wants to shop, we'll be ready.

因此，該團隊確實在製定計劃和應急計劃，並確保我們為客戶準備好以他們想要的任何方式購物。他們已經轉向在線購買。您可以在我們的在線結果中看到這一點上升了 97%，並且隨著皮卡的增長。除了商店購物外，我們將確保我們已準備好這兩種類型的履行選項。因此，無論客戶想購物，我們都會做好準備。

Our next question comes from the line of Scott Mushkin with R5 Capital.

我們的下一個問題來自 R5 Capital 的 Scott Mushkin。

Actually, I did want to follow up on something that came up earlier in the call on the grocery business. I think -- the second quarter, I know food was up high single digits, but the overall grocery business was up mid-single digits. And I know you guys referenced some out-of-stock issues, but that was kind of a challenge across the industry.

實際上，我確實想跟進雜貨業務電話會議中早些時候出現的一些事情。我認為 - 第二季度，我知道食品增長了個位數，但整體雜貨業務增長了中個位數。我知道你們提到了一些缺貨問題，但這對整個行業來說都是一個挑戰。

So if you kind of take a step back, I mean, it looks like a lot of your competitors ran in the high teens, and so that's a pretty big difference. And I was wondering if you can maybe revisit that again and say what you think drove that big delta between you and some of your grocery competitors.

因此，如果您退後一步，我的意思是，看起來您的很多競爭對手都在十幾歲的時候跑，所以這是一個很大的區別。我想知道你是否可以再次回顧一下，並說出你認為是什麼推動了你和你的一些雜貨競爭對手之間的巨大差異。

Yes, Scott. This is John again. As I said earlier, we were high single digits in the food category, stronger comps in general merchandise. And the growth in the quarter in food was about $3 billion in sales. And what we're really focused on is the change in the number of stock-up trips, which you've had a pretty big increase in the average ticket.

是的，斯科特。這又是約翰。正如我之前所說，我們在食品類別中處於高個位數，在一般商品中具有更強的競爭力。本季度食品銷售額的增長約為 30 億美元。我們真正關注的是庫存旅行次數的變化，平均票價有了相當大的增長。

And then internally, what we're working through, as I said earlier, we've now got over 4,000 of our stores back open until 10:00 p.m. We think that had an impact. And then again, early in the quarter, coming out of the first quarter, we dealt with a number of issues in -- with out-of-stocks. And Walmart has been improving, over the years, its ability to run a very lean and efficient supply chain. And with the spikes in sales early -- or late in the first quarter, early in the second quarter, those had a disproportionate effect on our business because of out-of-stocks.

然後在內部，我們正在努力解決的問題，正如我之前所說，我們現在已經讓 4,000 多家商店重新營業到晚上 10:00。我們認為這產生了影響。再說一次，在本季度初，從第一季度開始，我們處理了一些問題——缺貨。多年來，沃爾瑪一直在提高其運營非常精簡和高效的供應鏈的能力。隨著銷售高峰在第一季度或第二季度初的早期或後期出現，由於缺貨，這些對我們的業務產生了不成比例的影響。

But for the most part, I'm feeling much better about normalized inventory levels and our recovery. And now we're -- we'll just work through different categories and issues we have with the supply chain not being able to fill at the right time. But in general, the inventory levels are coming back into a more normalized position.

但在大多數情況下，我對標準化庫存水平和我們的複蘇感覺好多了。現在我們 - 我們將解決供應鏈無法在正確的時間填補的不同類別和問題。但總的來說，庫存水平正在恢復到更加正常的位置。

The next question comes from the line of Chuck Grom with Gordon Haskett.

下一個問題來自 Chuck Grom 和 Gordon Haskett。

Can you guys just unpack the ticket-versus-traffic dynamic throughout the quarter? And I guess I'm curious, was the slowdown in July mostly ticket? And then when you look ahead to 2021, how are you thinking about lapping these great results? And then the final question would be if you guys could elaborate on Walmart fulfillment services.

你們能解開整個季度的門票與交通動態嗎？而且我想我很好奇，七月份的放緩主要是票嗎？然後，當您展望 2021 年時，您如何看待這些出色的成績？然後最後一個問題是你們是否可以詳細說明沃爾瑪的履行服務。

Yes. Chuck, the question on lapping next year, we're working on the month of August...

是的。查克，關於明年研磨的問題，我們在八月份工作……

We're all smiling at each other, Chuck. If you could please tell us what's going to happen in 2021, we would appreciate it.

我們都在互相微笑，查克。如果您能告訴我們 2021 年會發生什麼，我們將不勝感激。

That's right. That's right. And so we're just constantly reevaluating -- evaluating how to dynamically make sure that we are staying ahead of where the customer is and what the customer needs from us. Back to -- what was your first question again?

這是正確的。這是正確的。所以我們只是不斷地重新評估——評估如何動態地確保我們領先於客戶的位置以及客戶對我們的需求。回到——你的第一個問題又是什麼？

Traffic....

交通....

Traffic and ticket. Yes. Traffic was -- again, we don't break out the months, but the quarter -- but you saw the quarter number down 14% and stock-up trips are up. So customers are coming less often, but they're buying a lot more while they're there. And the combination of those 2 factors are what resulted in the 9.3% comp. So just much bigger baskets.

交通和門票。是的。流量是 - 再次，我們沒有打破月份，而是季度 - 但你看到季度數字下降了 14%，庫存旅行增加了。因此，顧客來的頻率越來越低，但他們在那裡的時候購買的卻更多。這兩個因素的結合導致了 9.3% 的競爭。所以只是更大的籃子。

And our pickup business, which is growing faster than the total -- or our eCom business is growing faster than total. So the pickup business is a much larger ticket than what you'd see as a permanent store shopper. And then on the marketplace and fulfillment services, again, early in the journey. We're just a few quarters in, but excited about the leadership and the team and what they're able to do for sellers. And this will -- the combination of this, along with marketplaces and then other relationships where sellers can easily list a number of items on the site, we think will provide a really valuable place for sellers to come and sell to our customers. So we're excited about the prospect of all these businesses.

還有我們的皮卡業務，其增長速度超過了總量——或者我們的電子商務業務的增長速度超過了總量。因此，提貨業務比您作為永久商店購物者看到的要大得多。然後是市場和履行服務，再次，在旅程的早期。我們只有幾個季度，但對領導層和團隊以及他們能夠為賣家做的事情感到興奮。這將——結合市場和其他關係，賣家可以輕鬆地在網站上列出許多商品，我們認為這將為賣家提供一個真正有價值的地方來向我們的客戶銷售。因此，我們對所有這些業務的前景感到興奮。

I think as it relates to the future, I would just remind everybody that at this point, we've got stores pickup, delivery, a growing eCommerce, fulfillment center assortment and set of capabilities, and so we're positioned to serve them how they want to be served, how they want to shop. So I think the flexibility to respond in 2021 and beyond is there, and the team is doing a great job of reacting with speed. The cadence inside the company has picked up.

我認為，由於它關係到未來，我只想提醒大家，在這一點上，我們有商店提貨、送貨、不斷發展的電子商務、履行中心的分類和一系列能力，所以我們有能力為他們提供服務他們想要被服務，他們想要如何購物。所以我認為在 2021 年及以後做出響應的靈活性是存在的，並且團隊在快速響應方面做得很好。公司內部的節奏已經加快。

We kind of smile when we think about the holiday because while we have to plan some aspects of the holiday, we're managing near term much more actively than we would in a different environment. So I think we're set up to have a business that will grow at a fast rate and to manage the profitability of it. It was good to see in the last few years our general merchandise business online grow, and you guys know we've had a lot of brands and a lot of items. And then in this last quarter, it was unique because people -- a lot of people are at home and stimulus checks supported purchasing and things for them to use at home, to entertain themselves or to fix their home up. So that was unique, but the commonality of it is that the GM business in Walmart is strong, and that contribution percentage -- contribution profit percentage of eCommerce is an encouraging metric.

當我們想到假期時，我們會微笑，因為雖然我們必須計劃假期的某些方面，但與在不同環境中相比，我們在短期內的管理要積極得多。所以我認為我們已經準備好擁有一個快速增長的業務並管理它的盈利能力。很高興看到過去幾年我們的網上百貨業務增長，你們知道我們有很多品牌和很多商品。然後在最後一個季度，它是獨一無二的，因為人們 - 很多人都在家，刺激檢查支持購買和他們在家使用的東西，娛樂自己或修理他們的家。所以這是獨一無二的，但它的共同點是沃爾瑪的通用汽車業務很強大，而貢獻百分比——電子商務的貢獻利潤百分比是一個令人鼓舞的指標。

So I know you're all trying to figure out what the future looks like. I think we're fundamentally well positioned for it, and then we'll manage the short term to react to the opportunities that are presented.

所以我知道你們都在試圖弄清楚未來會是什麼樣子。我認為我們基本上已經做好了準備，然後我們將在短期內對出現的機會做出反應。

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

下一個問題來自花旗的 Paul Lejuez。

Two questions. One, I'm just curious, can you maybe talk about the gross margin improvement? How much of that was from simply mix shift versus maybe if you can talk about which categories or segments did you see gross margin improvement on a year-over-year basis?

兩個問題。一，我只是好奇，你能談談毛利率的提高嗎？其中有多少來自簡單的混合轉變，或者如果您可以談論您看到哪些類別或細分市場的毛利率同比有所改善？

And then second, just back to eCom profitability. Doug, if eCom runs up about 100% for the rest of the year, what does profitability look like for 2020?

其次，回到 eCom 的盈利能力。道格，如果 eCom 在今年剩餘時間裡增長約 100%，那麼 2020 年的盈利能力如何？

A lot better. It's a lot better. We figured that out. Brett was reminding us this morning, if you get more sales, it helps everything else. So we've written that down, and we're going kind of follow up on that.

好了很多。好多了。我們想通了。布雷特今天早上提醒我們，如果你獲得更多銷售，它會幫助其他一切。所以我們已經把它寫下來了，我們會繼續跟進。

I think John walked through the components of eCommerce earlier. I won't repeat all the pieces, but there's some big pieces of eCommerce P&L that are moving in the right direction. And they were before, it's just that these tailwinds accelerated that.

我認為約翰早些時候介紹了電子商務的組成部分。我不會重複所有的部分，但是電子商務損益表中有一些大的部分正在朝著正確的方向發展。他們以前是，只是這些順風加速了這一點。

So we don't know what the economy will look like next year in the U.S. We'll have to wait and see. But this theme of an omnichannel presence is happening inside the company all over the world. We focused in this conversation a lot on the U.S. because that's where your questions went. But if you dig into what's happening at Walmex, look at what Canada is starting to do, it's exciting to see that thematically, this work is looking more and more common. And of course, we're learning a lot from Flipkart and how they operate. But these conversations about strategy and the eCommerce P&L are increasingly common from country to country.

所以我們不知道明年美國的經濟會是什麼樣子，我們將不得不拭目以待。但是，全渠道存在的主題正在世界各地的公司內部發生。我們在這次談話中非常關注美國，因為那是你的問題所在。但是，如果您深入了解 Walmex 正在發生的事情，看看加拿大正在開始做的事情，很高興看到從主題上看，這項工作越來越普遍。當然，我們從 Flipkart 以及它們的運作方式中學到了很多東西。但是這些關於戰略和電子商務損益的對話在不同國家之間越來越普遍。

And on gross margin, it was a number of different things, which I mentioned. A lot of it was mix. Certainly, general merchandise, as Doug say, we've been very focused on our general merchandise business, and it's nice to see that really come to fruition in the second quarter. But also, we just sell more fewer markdowns, and markdowns were a big part of the story. And our lack of markdown is a big part of the story in Q2. Fuel margins were also better. So it's really all 3 of those things that were in our favor for the quarter.

在毛利率方面，我提到了許多不同的東西。很多都是混合的。當然，正如道格所說，一般商品，我們一直非常專注於我們的一般商品業務，很高興看到第二季度真正取得成果。而且，我們只是賣出更多的降價商品，而降價商品是故事的重要組成部分。我們沒有降價是第二季度故事的重要組成部分。燃料利潤也更好。因此，這實際上是本季度對我們有利的所有 3 件事。

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

我們的下一個問題來自於 KeyBanc 的 Edward Yruma。

I guess really quickly on last mile. I know you've been innovating a lot there. Could you give us an update on kind of your ability to roll out this membership from a SMART perspective. If you've seen any changes in California due to AB5. And then second, just as you think about store comps, when some of your nonessential peers opened up, did you see any discernible difference?

我想在最後一英里真的很快。我知道你在那裡進行了很多創新。您能否從 SMART 的角度向我們提供有關您推出此會員資格的能力的最新信息。如果您已經看到由於 AB5 在加利福尼亞州發生的任何變化。其次，就像您考慮商店組合一樣，當您的一些無關緊要的同行開放時，您是否看到任何明顯的差異？

Edward, on last mile, today, we're delivering from about 2,800 stores, with line of sight to expanding more. We've now got Express, which is a service that you can expect the delivery in just under 2 hours, in some cases even faster than that, in around 2,000 stores. So those are big numbers and getting bigger. So I think the ability for Walmart to expand its delivery service is strong.

愛德華，在最後一英里，今天，我們正在從大約 2,800 家商店發貨，並且可以擴大範圍。我們現在有了 Express，您可以在大約 2,000 家商店中期待在不到 2 小時內送達的服務，在某些情況下甚至更快。所以這些都是很大的數字並且越來越大。所以我認為沃爾瑪擴展其送貨服務的能力很強。

Spark is a program that we're running, as you're aware, mostly in the center of the country, in the Midwest, and it's doing well and growing. And we're excited about the innovations that the team are working on in Spark to make this a business platform that's easy -- easier for drivers and others. And then...

如您所知，Spark 是我們正在運行的一個項目，主要在該國的中部和中西部地區運行，而且它運行良好並且正在增長。我們對團隊在 Spark 中進行的創新感到興奮，以使其成為一個簡單的業務平台——對司機和其他人來說更容易。接著...

On the last question, it's, Edward, my sense that the order of things -- the order of tailwinds that impacted the business were: one, stimulus; two, eating at home; three, being at home and all the things that you wanted to do to have the indoors and outdoors be more pleasurable. And you weren't spending money if you're a customer on travel and lodging and things like that, so those dollars were available for you to buy things for your home as well. Those are the things that were more impactful tailwinds than whether or not other competitors were open.

關於最後一個問題，愛德華，我感覺事情的順序——影響業務的順風順風的順序是：一，刺激；二、在家吃飯；三、待在家裡，做所有你想做的事情，讓室內和室外都更愉快。如果你是旅行和住宿之類的客戶，你就不會花錢，所以這些錢也可以用來為你的家買東西。這些是比其他競爭對手是否開放更具影響力的順風。

The next question is from the line of Ben Bienvenu with Stephens.

下一個問題來自 Ben Bienvenu 和 Stephens 的觀點。

I want to ask around working capital and inventory in particular. Obviously, working capital has been a really nice tailwind for the business for the last couple of quarters in light of what inventory and receivables and payables have done. You built up a pretty sizable cash balance on the balance sheet. Could you help us think about how you think about positioning the cash balance going forward, whether it's preparedness for a normalization of working capital or otherwise?

我想特別問一下營運資金和庫存。顯然，鑑於庫存、應收賬款和應付賬款的表現，在過去幾個季度中，營運資金對企業來說是一個非常好的順風。你在資產負債表上建立了相當可觀的現金餘額。您能否幫助我們思考您如何看待未來的現金餘額定位，無論是為營運資金正常化做準備還是其他方面？

And then if I think about inventory, in particular, down 7.5%, where would you have liked that to have been in a normal environment? So we can get a sense of kind of where you guys are positioning that line item.

然後，如果我考慮庫存，特別是下降 7.5%，在正常環境下，你會希望它在哪裡？因此，我們可以了解你們將該訂單項定位在哪裡。

Yes. Ben, this is Doug. Brett will respond to the working capital questions. We're laughing here because if you've been in some stores with us in the second quarter, early in the second quarter, we could have used inventory everywhere. I saw some stores that were remarkably light. Just it was deeply concerning, and the team was obviously scrambling that we could walk you across the supercenter.

是的。本，這是道格。 Brett 將回答營運資金問題。我們在這裡笑了，因為如果你在第二季度和第二季度初和我們一起去過一些商店，我們本可以在任何地方使用庫存。我看到一些非常明亮的商店。只是令人深感擔憂，團隊顯然在爭先恐後地讓我們帶你穿過超級中心。

And we've got pressure in eCommerce, too. But we were obviously feeling pressure in the beef and pork categories as was well reported. But we were out of stock on fabrics. We were having challenges in sporting goods. We needed a lot more inventory than what we had during the course of the second quarter. Now we look a lot better today, but we were really a lot lighter than we would have wanted to be.

我們在電子商務方面也面臨壓力。但我們顯然感受到了牛肉和豬肉類別的壓力，正如報導的那樣。但是我們的面料缺貨。我們在體育用品方面遇到了挑戰。我們需要比第二季度更多的庫存。現在我們今天看起來好多了，但我們真的比我們想要的要輕得多。

Yes. Just an example, Ben. We think about 25 million Americans would go fishing on a regular basis before February, and that number has now moved to 35 million. So 10 million people decided to pick up just this one hobby and...

是的。只是一個例子，本。我們認為，在 2 月之前，大約有 2500 萬美國人會定期去釣魚，而現在這個數字已經上升到 3500 萬。因此，1000 萬人決定只培養這一愛好，然後...

Bicycle and golf.

自行車和高爾夫球。

Yes, bicycle is the same way, golf.

是的，自行車也一樣，高爾夫。

I looked at fishing in the store this week, and we're still really light, just basic terminal tackle, hooks and bobbers and stuff like that. It's got a lead time on it different than what this environment requires.

這週我在商店裡看了看釣魚，我們仍然很輕，只是基本的終端釣具、魚鉤和浮子之類的東西。它的交貨時間與此環境所需的不同。

Ben, on working capital and just how we think about capital allocation in general, it really hasn't changed. We're going to continue to support the business. You saw CapEx down a little bit, but I would think about that more as timing, just not want to interrupt our stores with everything that's going on.

Ben，關於營運資本以及我們對資本配置的總體看法，它確實沒有改變。我們將繼續支持該業務。你看到資本支出下降了一點，但我會更多地認為這是時機，只是不想因為正在發生的一切而打斷我們的商店。

We have built up a little more cash than normal. And some of that is just because we're generating more cash than we have in the past. But also, it's not a bad time to have a little bit of extra cash on hand as opportunities come about and just ensuring that we protect the business. But I wouldn't -- as far as how we think about capital allocation, I wouldn't view any changes in that.

我們積累的現金比平時多一點。其中一些只是因為我們產生的現金比過去多。而且，隨著機會的出現，手頭有一點額外的現金也不錯，只是確保我們保護業務。但我不會——就我們如何看待資本配置而言，我不會看到任何變化。

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

此時，我們的問答環節已經結束。現在我將請 Doug 發言以結束評論。

Yes. We don't have anything else to say other than thanks for paying attention to the company, and we appreciate you dialing in today. Thank you.

是的。除了感謝您對公司的關注之外，我們沒有其他要說的了，感謝您今天撥入。謝謝你。

Thank you, everyone. This concludes today's conference. You may now disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

謝謝大家。今天的會議到此結束。你現在可以在這個時候斷開你的線路。我們感謝您的參與，祝您有美好的一天。