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財年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在，我將把會議交給丹賓德。請開始吧，丹。

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

謝謝你，羅伯。早安，歡迎參加沃爾瑪2021財年第二季財報電話會議。

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.

今天與我一同出席的還有我們高階主管團隊的幾位成員，包括沃爾瑪總裁兼執行長道格·麥克米倫、執行副總裁兼財務長布雷特·比格斯以及沃爾瑪美國總裁兼執行長約翰·弗納。稍後，道格和布雷特將為大家介紹公司最新業務狀況並討論第二季業績。之後我們將進行問答環節。

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

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

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

現在我很高興將電話交給道格麥克米倫。

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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.

情況實屬罕見，我要感謝我們的同事挺身而出，應對挑戰。他們正在適應不斷變化的客戶需求，應對新的挑戰，同時也為公司的未來發展做好準備，我們對此深表感激。

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.

正如我上個季度所分享的，我們制定了一套明確的優先事項來引導我們應對這場危機的決策。這些優先事項包括：第一，保障第一線員工的身心健康和經濟福祉；第二，盡可能安全地服務客戶，並確保供應鏈正常運轉；第三，幫助他人，包括為大量需要工作的人提供就業機會，支持我們的供應商和市場賣家，以及服務於我們運營所在的社區，包括加快運營和種族平等和正義的進程；

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，我要感謝我們的同事。他們一直激勵著我，在我拜訪全國各地門市、俱樂部和配送中心的過程中，很高興能與他們中的許多人交流。在上個季度的電話會議上，我們概述了為支持他們而採取的多項措施，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.

今年年初以來，我們在全球新增了超過50萬名員工。我們繼續執行新冠肺炎疫情緊急休假政策，其中包括取消與季度現金獎勵計畫「MyShare」相關的考勤要求。這使得員工如果確診感染病毒或感到不適、需要照顧他人或不願工作，都可以居家休息。此外，今年我們已在全球範圍內發放或宣布發放總額達16億美元的「MyShare」獎勵和特別現金獎金，以在經濟上支持我們的員工。

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.

在支援員工之後，我們的下一個首要任務是服務顧客。秉承我們的宗旨，我們始終堅持「天天低價」（EDLP）策略，確保一籃商品價格最低。第二季度，顧客居家時間大幅增加，電視、電腦和智慧家庭等品類的銷售也因此強勁成長。此外，顧客也利用這段時間進行戶外娛樂和運動，這些品類的銷售額同樣表現突出。

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.

由於全國各地餐廳的營業受到嚴格限制，家庭在家中準備餐點的比例持續上升，我們的業務也因此受益。正如您所預料的，消毒劑、清潔用品和紙製品的需求依然非常旺盛。在某些疫情熱點地區，我們也觀察到部分食品和日用品出現了囤貨現象。

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.

儘管供應鏈水準仍存在波動，但我們已經看到部分品類的庫存開始恢復。從季節角度來看，疫情對返校季的時間和需求都產生了負面影響。我們在實體店和線上都採取了周全的應對措施，我們相信無論學生或教師是在教室還是在家學習，我們都能做好充分準備。

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，包括我們對食物銀行的支持。本季度，透過我們的「對抗飢餓，點燃希望」活動和食物捐贈計劃，我們幫助有需要的人獲得了約3億份餐點。我們也在33個城市設立了420多個新冠病毒檢測點，持續為社區提供支援。

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.

美國各地社區都已開始關注種族平等和正義，我們也不例外。我們的工作從公司內部的多元化和包容性措施開始。此外，我們還成立了一個團隊，致力於尋找能夠利用我們核心業務和公司規模優勢，對國家的金融、醫療、教育和刑事司法系統產生積極影響的領域。同時，沃爾瑪和沃爾瑪基金會也成立了一個種族平等中心，承諾投入1億美元用於資助慈善項目，以配合公司在剛才提到的四個系統所做的努力。

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.

即使在危機期間，團隊依然穩健地管理業務，並有效執行建構全球全通路解決方案的策略。在美國，我們持續拓展自提和配送服務，包括快速配送，讓顧客在不到兩小時內即可收到訂單。在墨西哥，我們已在70%的山姆會員店推出當日送達服務。在印度，我們推出了Flipkart批發業務，這是一個B2B解決方案，將充分利用我們的全通路優勢，更好地服務小型零售店和其他小型企業，同時我們的現金自提業務也將併入Flipkart平台。

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.

最近沃爾瑪的會員制引起了廣泛關注。我們從去年底就開始測試包含無限次配送服務的會員制。這項服務最初僅限於提供食品雜貨和日常消費品配送，以此吸引顧客註冊。

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.

自推出以來，我們已經證明，我們能夠從大型超市中挑選並配送種類繁多的商品，不僅包括食品和日用品，還包括各種其他商品。我們相信，豐富的商品種類、快速的全國配送能力，以及其他一些客戶福利，將構成極具吸引力的方案，因此我們一直在籌備推出新的會員服務。我們將在適當的時候公佈更多關於會員服務及其具體時間的資訊。

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.

關於第二季的業績，我先從沃爾瑪美國業務部門說起。本季同店銷售額（不計燃油）再次強勁成長，達9.3%。第二季業績受惠於多項利好因素，包括政府刺激政策、更多人居家用餐、消費者更重視居家娛樂、對房屋和庭院的投資。我們也面臨一些不利因素，例如門市營業時間縮短和缺貨。隨著刺激政策帶來的益處在季末逐漸減弱，同店銷售額也回落至較正常的水平。

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Walmart.com的進展感到滿意。銷售額實現了強勁成長，虧損也大幅減少。目前有利的情況正加速我們建構更健康的電商業務，我們不斷引進新品牌、優化產品組合、拓展市場，並進一步降低固定成本。實體店和線上銷售團隊現已整合，我們相信這項變革將在未來為我們帶來益處。利潤貢獻的提升和營運虧損的減少都令人欣喜。

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.

本季度，沃爾瑪美國公司進行了一系列結構性調整，以持續推動向全通路組織的轉型。這些調整旨在提升創新能力、營運速度和生產效率。對於這些員工而言，經歷這樣的變革無疑會面臨許多挑戰，因此我們將提供額外的財務支持和時間幫助他們尋找新的工作機會，並提供其他形式的支持，以盡可能減輕他們的壓力。

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.

再來看看山姆會員店，團隊在不計入燃油和煙草的情況下，實現了 17.2% 的銷售額增長，會員收入增長了 7.8%。會員數、續費率和 Plus 會員滲透率均有所提升。 「掃碼購」服務的受歡迎程度正在加速成長，這令人欣喜。會員價值主張強勁，團隊執行得也十分出色。

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.

沃爾瑪國際銷售額以固定匯率計算成長1.6%，10個市場中有7個實現了同店銷售成長。考慮到匯率波動以及政府強制關閉Flipkart近半個季度（以及非洲和中美洲部分地區部分時間）帶來的不利影響，團隊仍取得了不錯的營收業績。加拿大、中國和墨西哥引領了這一成長，因為消費者傾向於選擇全通路一站式購物解決方案。

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月中旬重新開業，此後我們看到其商品交易總額（GMV）超過了新冠疫情前的水平。在剔除燃油業務後，Asda的表現展現了其業務的韌性，在充滿挑戰的時期實現了成長。剔除匯率和一項特殊稅項的影響後，其國際業務的利潤也優於我們的預期。

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.

今天最後，我再次感謝各位同事的辛勤付出。我們整合的全通路服務持續受到全球客戶的青睞。正是這項策略幫助公司在危機中佔據了有利地位，我們堅信它仍將是未來制勝的關鍵。

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。我鼓勵大家花時間仔細閱讀這份報告，以便更了解我們團隊在這個領域所做的卓越工作。祝您和您的家人身體健康。

And I'll now turn it over to Brett.

現在我把麥克風交給布雷特。

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。大家早安。首先，我要感謝我們的同事們在這段特殊時期為客戶提供的出色服務。我們每天都在應對各種各樣的挑戰，同時努力確保公司成功。我為團隊能夠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無比自豪。

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.

第二季度，疫情危機持續影響消費者的購物行為，實體店購物次數減少，客單價上漲，同時消費者也更轉向電商通路。我們的業績表明，消費者將擁有多種購物方式，而我們正在不斷創新，並充分利用自身獨特的優勢，為他們提供解決方案。我們的財務狀況非常穩健，即使為了支持員工和顧客而增加了與疫情相關的成本，我們仍然專注於提升營運效率。我們保持了嚴格的成本控制，並於近期採取措施進一步精簡組織架構，以更好地支援我們在美國的全通路策略。

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.

接下來我們來看第二季業績。儘管本季初部分市場營運受到限制，沃爾瑪總營收（以固定匯率計算）仍強勁成長7.5%，超過1,400億美元。沃爾瑪美國同店銷售額成長超過9%，國際淨銷售額（以固定匯率計算）成長近2%，山姆會員店（不計燃油及菸草）同店銷售額成長超過17%。

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.

各業務板塊毛利率表現強勁，公司整體毛利率提升63個基點，主要得益於高利潤率的日用百貨類別銷售強勁。在美國，政府刺激政策、較低的降價幅度以及更高的燃油利潤率都促進了日用百貨類別的銷售成長。但部分成長被去年價格投資的結轉所抵銷。

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.

銷售、一般及行政費用（SG&A）受到約15億美元新增新冠疫情相關成本的負面影響，其中約75%與員工獎金和福利增加有關，包括近期宣布的年度第三筆特別獎金。本季也受到約3.8億美元的美國業務重組成本和一項單獨的稅項的影響。這些成本總計使費用槓桿率下降了約130個基點，導致費用槓桿率下降了42個基點。以固定匯率計算的調整後營業收入成長超過18%，調整後每股盈餘（EPS）較去年同期成長約23%至1.56美元。匯率波動對每股盈餘產生了約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.

截至目前，經營現金流較去年同期成長近80億美元。自由現金流成長超過90億美元，這得益於銷售額成長、庫存水準下降、持續的營運紀律以及資本支出減少（部分原因是時機把握得當）。庫存較去年同期下降約7%，主要原因是需求增加。雖然本季我們沒有回購任何股票，但我們的資本配置策略保持不變，我們對公司的財務狀況依然充滿信心。

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%.

現在我們來討論一下各營運部門的季度業績。沃爾瑪美國公司本季表現強勁。不計燃油銷售額，同店銷售額成長9.3%，其中電商銷售額成長高達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.

本季電商銷售表現強勁，貢獻了該業務板塊同店銷售成長的約三分之二。復購率和每週活躍線上客戶數量均顯著提升，同時，我們在拓展產品種類和優化賣家工具方面也持續取得進展，電商平台銷售額實現了三位數成長。我們正在加速投資全通路履約解決方案，包括繼續向更多門市推廣當日取貨和送貨服務，自2月以來門市取貨和送貨時段已增加近30%，並將門市出貨能力永久提升至疫情前水準。

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.

第二季開局強勁，隨著政府刺激資金的發放，一般商品類別的銷售額在實體店和線上均加速成長。由於家庭居家時間增多，家居用品、體育用品、園藝用品和電子產品等類別的銷售量也顯著成長。食品雜貨銷售在第二季表現強勁，其中生鮮食品銷售成長尤為顯著。

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%.

隨著刺激資金在季度末逐漸減少，銷售額開始恢復正常，但7月的​​同店銷售額仍增加了4%以上。整個季度行程整合仍在繼續，導致平均客單價上漲約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.

毛利率表現強勁，上升42個基點，主要得益於高利潤率的一般商品類別銷售成長以及降價促銷活動減少。此外，電商毛利率也有所提升，反映出產品組合的持續最佳化以及電商平台銷售成長加快。

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汽車保養中心和視力中心的暫時關閉對利潤率產生了負面影響。約12億美元的新增新冠疫情相關成本以及重組成本使費用槓桿率下降了約170個基點。因此，美國業務的槓桿率下降了41個基點。然而，實體店和電商營運的基本生產力依然強勁。經調整後的營業收入在本季成長了近17%，這主要得益於電商虧損的大幅下降。

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%，反映出強勁的銷售動能以及部分品類缺貨率高於正常。雖然我們的庫存狀況持續改善，但仍有一些特定領域面臨挑戰。總體而言，我們的狀況良好。

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.

正如市場普遍反映的那樣，由於學生返校時間的不確定性，今年的返校季開局比往年慢。因此，我們預期本季銷售將出現波動，且開始時間將晚於往年。筆記型電腦、平板電腦和家用辦公家具等商品表現良好，而基本學習用品、書包和服裝等商品則表現疲軟，這也在情理之中。儘管返校季開局緩慢，但本季初美國整體同店銷售額仍處於正常水準。

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.

國際業務的業績優於季度初的預期。儘管受疫情影響，部分市場營運受到限制，包括政府強制關閉Flipkart，但以固定匯率計算，淨銷售額仍成長1.6%，其中電商業務成長近40%。 10個市場中有7個實現了同店銷售成長。加拿大和中國的銷售表現特別強勁，墨西哥市場也表現穩健。剔除燃油銷售後，Asda的同店銷售額同樣表現良好，線上雜貨業務的成長速度超過市場平均。消費者對不斷拓展的電商和全通路服務反應積極，推動了大多數市場電商銷售額年增三位數。

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實施的大規模停業，尤其是在本季初。 Flipkart 的營運暫停了近半個季度，但自 5 月中旬重新開放以來，商品交易總額 (GMV) 已超過疫情前的水平。

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，約四分之一的門市在當季部分時間關閉，某些高銷售商品也受到限制。在英國，旅行減少導致燃油銷售承壓。

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.

匯率波動對銷售額造成了顯著的不利影響，本季損失約24億美元。國際營業收入以報告匯率計算下降約9%，但以調整後的固定匯率計算（不計先前公佈的個別稅項）成長11.5%。

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.

在當前充滿挑戰的時期，我們繼續執行以沃爾瑪為支撐的策略，打造強大的本地業務，並宣佈在中國和印度追加投資，旨在提升投資組合的成長潛力。例如，我們很高興推出 Flipkart 批發業務，打造一個 B2B 市場，幫助印度的小型企業直接從製造商和生產商購買。我們也將繼續評估各種機會，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.

山姆會員商店又迎來了一個業績斐然的季度，剔除燃油和菸草產品後，同店銷售額強勁增長17.2%，這主要得益於交易量和平均客單價的提升。電商銷售額成長39%，送貨上門服務需求強勁。本公司各品類均表現強勁，其中食品及日用消費品尤為突出，自有品牌Member's Mark也表現優異。銷售成長反映了會員數量的顯著成長以及政府刺激政策帶來的利多。

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.

我們對山姆會員店強勁的會員成長趨勢感到滿意。第二季會員營收成長7.8%，創下五年多來的最佳季度業績。新會員註冊和續費率都非常高，Plus會員滲透率也達到了歷史新高。

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.

山姆會員店也因此產生了一些與新冠疫情相關的額外支出。然而，這筆約1億美元的額外成本被強勁的毛利率所抵消，使得山姆會員店的營業收入（不計燃油成本）成長超過24%。

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.

與第一季業績報告一致，由於與疫情相關的關鍵外部因素及其對我們業務和全球經濟的潛在影響仍存在不確定性，我們暫不提供2021財年財務指引。疫情對我們的業務既有利好因素，也有不利因素。第二季度，由於囤貨和刺激性支出，我們的銷售額超出預期，但未來政府刺激措施的持續時間和力度仍存在不確定性。第二季度，刺激性支出改善了我們的銷售結構，進而提高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.

我們也應對了營運中日益複雜的挑戰，並承擔了額外的成本以確保員工和顧客的安全，其中一些成本還將繼續。匯率波動帶來的不利影響依然十分顯著。如果匯率維持在目前的水平，第三季營收將受到超過11億美元的衝擊。

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.

儘管面臨諸多挑戰，但我們在充滿活力且充滿挑戰的上半年所取得的強勁業績，進一步鞏固了我們業務的實力以及我們所引領的全通路策略。沃爾瑪的財務狀況依然穩健，這使我們能夠為公司現在和未來的成功奠定基礎。

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巴克萊銀行的 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.

我想重點談談電商成長。所以，首先，我想請您簡單介紹一下客戶組成以及您認為市場佔有率成長的領域。上個季度我也問過這個問題，但我顯然對這方面的人口統計非常感興趣。

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，我想更詳細地了解一般商品的附加率，因為應用程式已經整合了。最後一部分是關於市場平台的情況，您之前提到市場平台實現了三位數的成長。如果您能提供一些關於賣家數量、SKU數量或其他更細緻的數據，那就太好了。

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。感謝你的提問。正如我們所說，本季電商業務成長了97%，我們對新客戶的加入和客戶留存率感到非常興奮。同時，我們也欣喜地看到線上銷售品類組合的改善，這與你的第二個問題也有一定關聯。家居和服裝的線上銷售成長更為強勁——家居類商品在實體店也表現良好，因為顧客們搬進了新家，設立了辦公室，現在又開始居家學習。這些都是非常強勁的業務。

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.

您提到的第三點，即電商平台，作為策略中非常重要的一部分，在本季也表現出色。除了電商平台，我們也正在拓展新的供應商（或更準確地說是賣家）管道，包括——目前規模還不大，但我們的沃爾瑪物流服務業務已經步入正軌，我們對其前景感到非常興奮。所以，團隊在本季對客戶變化和趨勢的應對做得很好。越來越多的客戶選擇在沃爾瑪線上購物，我們很高興看到新的客戶群和客戶留存率的提升。

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保羅‧特魯塞爾。

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.

恭喜第二季業績強勁。布雷特，你提到返校季購物受到當前情況的負面影響，但同店銷售額仍在正常範圍內。你能否就目前的情況提供更多細節，或至少提供一些我們在預測第三季業績時應該考慮的其他因素？

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.

道格，大多數美國人每年都會以某種形式在沃爾瑪購物，而且這家公司一直奉行「天天低價」的模式。所以，或許你可以幫我們從宏觀角度理解會員制專案能為消費者和公司帶來哪些好處。

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

謝謝，保羅。我是布雷特，我先來。

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.

正如我們之前提到的，我們不提供今年剩餘時間的業績指引。您也應該能想像到，過去五個月各種市場波動促使我們做出了這個決定。第二季度，一些因素對業務起到了推動作用，例如經濟刺激政策；而另一些因素則對業務構成了不利影響。

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.

我們知道，第三季以及下半年經濟狀況仍將面臨各種利弊權衡。這些因素的平衡以及它們出現的時間節點，使得我們很難給出長期的預測，這也是我們沒有這樣做的原因。正如我們之前提到的，今年的返校進度比往年要慢一些，但考慮到學生目前的情況以及他們重返課堂的速度，這是可以理解的。鑑於目前的情況，我們不會對之後的情況做太多預測。

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.

關於返校季，我只想補充一點，這只是本季的一部分，我們需要根據實際情況調整顧客的購物方式。但我們認為庫存充足，會根據各地情況靈活應對。我認為我們在這方面的風險敞口不大。隨著本季的推進和業務其他部分的開展，銷售風險也會有所波動。

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.

關於會員問題，保羅，我認為從顧客的角度來看，他們仍然可以享受每日低價，仍然可以買到我們在實體店銷售的種類繁多的商品，而且線上商品種類也在不斷增加。但他們想要成為會員的原因在於我們可以提供更高水準的服務，而這其實就是從提貨和送貨上門開始的。如果你經常需要沃爾瑪的送貨服務，大量購買會更划算，而年度會員卡正是實現這一點的最佳方式。

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，除了配送服務之外，我們還會增加一些其他內容，使其更貼近會員制和客戶關係。提高客戶復購率將是公司重點關注的方面。隨著會員數的成長，我們也能利用數據，不斷學習如何更有效地服務客戶。總而言之，我認為對客戶而言，這一切都關乎體驗。

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.

我們一直在強調全通路是致勝之道。我認為，我們真正想表達的是，顧客最終擁有主導權。我們將保持靈活，提供多種服務方式，讓顧客可以根據自身需求選擇購物方式。有時他們會到店購物，有時選擇到店自提，有時選擇送貨上門，許多顧客也會購買會員卡。會員卡會員可以享有各種優惠。我們會確保在保證低價的同時，維持貨架商品的低價，並為真正需要高性價比商品、注重低價位的顧客提供天天低價（EDLP）服務。我們會妥善管理損益表，最大程度地降低顧客的風險。

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.

我有兩個主題。第一個主題是關於會員制的，第二個主題是關於 Flipkart 的。

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?

關於會員制度，Doug，我不知道你能否透露更多關於如何使會員服務差異化的細節。你提到你會增加一些功能。從你之前的工作來看，是否有任何跡象表明你對會員服務感興趣？如果能夠維持這種關係，它又將如何促進獲利成長？

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?

關於Flipkart的第二個主題，沒錯，上個季度它進行了估值。我認為估值略低於市場預期。您能否談談它的業績表現，以及我們應該從最新一輪融資中得出什麼結論？

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

是的，我是道格，西蒙。我先說說Flipkart。然後，約翰，你可以再詳細說說會員方面的問題。

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.

關於Flipkart，Simeon，我認為自從我們投資以來，整個發展都讓我們非常滿意。團隊在疫情期間的運作非常有效率。令人欣慰的是，隨著政府限制措施的逐步解除，業務量迅速回升。我們會密切關注他們的決策，並對未來的策略和投資充滿信心。我們只是想確保他們有足夠的資金和空間來運作。

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.

現在正是充滿機會的時期，印度市場的巨大潛力不容小覷。我們希望確保自己佔據主動，積極進取。因此，我們短期內並不會過度糾結於估值。隨著時間的推移，我相信大家都會意識到，無論是 Flipkart 還是 PhonePe，我們在印度的業務究竟有多重要。

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.

西蒙，首先感謝你提出的會員問題。首先，我們必須強調我們整體業務的優勢在於其豐富的產品線，涵蓋多個管道，提供種類繁多的日常低價商品，這一點不會改變。正如道格所說，我們正在思考如何透過會員制度，簡化顧客的購物流程，讓他們能夠更方便地透過多個管道以日常低價購買這些商品。今天早上我們沒有什麼其他要補充的，只想說，除了配送服務（我們從去年就開始測試名為“無限配送”的項目，我們相信這已經是一個很好的基礎服務），我們準備就緒後會公佈更多信息。

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

我們的下一個問題來自瑞銀集團的麥可·拉塞爾。

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?

考慮到貴公司採用的是日常低價策略，而一些競爭對手在食品雜貨領域採用的是高低價或促銷策略，且本季他們的促銷力度有所減弱。貴公司的食品雜貨銷售額實現了接近兩位數的成長，生鮮產品的成長可能更為顯著，但許多競爭對手同期同店銷售額的成長幅度達到15%甚至更高。那麼，您認為貴公司在這個重要類別中的市佔率（以銷售量計算）是否有所下降？如果是，原因何在？

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，我想說我們本季實現了接近兩位數的成長，這相當於銷售額成長了約30億美元。而就全年而言，我們在食品雜貨方面的銷售額成長略高於80億美元。所以，全年的美元成長相當可觀。

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.

整個季度我們一直保持價格不變。作為一家主打日常低價的零售商，我們看到平均單價波動導致價格差距擴大，而且第二季的價格差距甚至比第一季還要大。這可能是造成兩季價格差異的關鍵因素。

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.

接下來，我們將重點放在一些需要我們應對的不利因素。首先，第一季末和第二季初我們遇到了嚴重的庫存問題。雖然我們認為目前的庫存水準正在恢復正常，但仍存在一些庫存問題，這既與供應鏈有關，也與疫情造成的其他因素有關。

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.

最後，我們採取的措施是，目前已有4100家門市將關門時間從晚上8:30調整到晚上10:00。我們原本認為這不會造成什麼影響，尤其是在夏季白天時間變晚的時候。但從整體業務來看，真正的利好消息是，我們認為沃爾瑪的市佔率總體上有所增長。百貨業務表現非常強勁。看起來，百貨業務市場份額的成長彌補了食品業務可能遭受的任何損失。

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.

但數據量很大，需要仔細分析，我們會根據情況隨時調整應對措施，之後才能更清楚了解最終結果。總的來說，我對團隊應對消費者購物方式如此劇烈變化的方式感到非常自豪。第一季末和第二季初，我們的銷售額出現了大幅成長，團隊出色地完成了應對工作。

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凱特·麥克沙恩。

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?

我想請您詳細解釋一下關於本季電商虧損改善的評論。這種改善的主要驅動因素是業務組合調整嗎？您還觀察到哪些其他方面的改善，並預計這些改善將在今年下半年持續維持？

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。有幾件事影響了公司的業務。首先，銷售成長總是有益的，因為只要成長率達到任何有意義的百分比，就能提高固定成本的槓桿作用，而97%的成長率，相當於業務規模翻了一番，更有助於提高槓桿作用。

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.

第二個助力因素是我們稱為貢獻利潤率（CP）的指標。我們的貢獻利潤率受益於多種因素，其中之一是銷售組合。我們在家居和服裝領域的表現優於其他業務，而這些領域的貢獻利潤率更高。其次，我們的電商平台業務表現強勁，相對於其他業務而言，這也是一個增值業務。

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.

第三點，我們對這種工作方式感到興奮。商品和供應鏈兩個團隊已經合併，現在我們有負責所有通路業務的採購人員和供應鏈人員。因此，沃爾瑪作為一個整體應該能夠繼續從中受益。但固定成本率的提高，以及來自槓桿和產品組合的降低，都促成了本季虧損的減少。

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.

恭喜您本季業績出色。我想跟進一下線上業務的情況。這裡有兩個面向。首先，我記得有人提到複購率。您能否詳細說明一下，復購率是在網路食品雜貨、百貨商品還是兩者都有體現？我想更深入地了解這方面的情況。

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?

第二部分是關於獲利能力的。您剛才提到的虧損改善，您提到的這些因素中，有沒有哪些是本季獨有的，例如銷售量、產品組合或市場成長？或者我們應該認為虧損改善的趨勢會持續下去？

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，Seth，關於復購率，有幾點需要說明。首先，你問到的線上雜貨業務，我們一直以來復購率都很高，在這個通路擁有大量的忠實顧客。這一點並沒有改變。第一季末，由於庫存水平，我們不得不減少配送名額。但到了第二季度，我們不僅恢復了先前的配送名額，還增加了約30%。所以，線上雜貨業務是我們業務的重要組成部分，而且還在持續成長。

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.

在線上，也就是傳統的直接送貨上門訂單方面，我們既有新客戶，也有老客戶增加了購買量。所以這方面都是正面的。

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.

至於第二季出現的異常情況是否與此有關，我認為現在下結論還為時過早。正如我們所說，我們無法預測或提供超出第二季度實際情況的指引。當然，居家辦公業務表現強勁，這得益於人們搬家、建造家庭辦公室、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.

這種趨勢能持續多久還有待觀察，但電商產業的其他領域也表現強勁。而且，凡是遇到逆風的地方，通常都會有順風。所以，我們需要在接下來的幾季裡理清這些問題。

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

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德的論述。

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.

我想請您詳細介紹一下醫療保健策略，以及它目前的進展。我知道有一些變化，但能否請您幫助我們了解您目前的策略方向以及您在這方面的努力方向？

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，我是約翰。我們非常重視醫療保健。目前，除了感謝肖恩在沃爾瑪工作期間所做的貢獻之外，我想我們不會透露任何策略上的變化。他在這裡工作了大約兩年，他希望開設一些診所，幫助我們啟動醫療業務，他做到了，而且做得非常好。

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和阿肯色州都設有診所，並正進軍佛羅裡達州市場。今年晚些時候，我們還將宣佈在芝加哥開設兩家診所。因此，對於那些尋求高品質醫療服務——能夠以實惠且價格透明的方式獲得高品質醫療服務的美國消費者來說，沃爾瑪將是一個絕佳的選擇，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，我是道格。我補充一下，我們最近在離本頓維爾不遠的埃爾姆斯普林斯新開了一家診所。這家診所比你們有些人在喬治亞州達拉斯看到的要小一些。我認為這正反映了我們正在摸索我們需要多少規模的診所，需要多大的面積，以及設備投資等等。所以，正如你所料，我們正在進行一些嘗試。

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.

在新冠疫情期間，觀察顧客如何體驗我們的服務真的很有趣。診所的醫生和其他專業人員盡職盡責，保障了顧客的安全，而且在人們不一定會充分利用預防性醫療服務的情況下，需求依然強勁。所以，我覺得探索其中的奧秘真的很有意思，也很令人興奮。即使在新冠疫情期間，我們也不斷學習和摸索。

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

下一個問題來自鮑伯·德布爾與古根漢的對話。

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.

我想說的是——您之前提到目前返校季的銷售情況略顯緩慢。我想請您從另一個角度談談，您認為消費者目前的消費狀況以及整體經濟狀況如何。另外，我認為最重要的是，在考慮假期季節的時候，我們需要提前做好規劃。您能否就假期季節的情況以及您目前的想法談談您的看法？

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，我先說。這位是道格。這一點顯而易見，但目前確實存在許多不確定因素，客戶對自身處境的感受也千差萬別。政府即將就第四階段投資做出的決定至關重要，我認為這對小型企業來說尤其重要。美國經濟和國家的發展很大程度上依賴中小企業，因此我們希望看到政府推出一些措施來幫助這些企業。

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.

我認為大型企業正在逐步解決問題，政府也正在關注那些需要財政支持的大型企業。但尤其需要我們密切關注的是小型企業群體，它們很可能會決定第四階段刺激計畫結束後經濟的最終走向。

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.

鮑勃，我想補充一點，我們確實看到很多消費者對自己的個人財務狀況感到滿意，但這種情緒比一年前略低。此外，我們也在考慮許多消費者對工作保障和其他機會的擔憂。我認為整體而言，人們感覺自己在食物上的花費更多，儘管外出用餐的次數減少了。因此，我認為在消費者方面，我們會認真思考如何規劃今年剩餘時間的計劃，並將根據我們從消費者觀察到的趨勢變化做出靈活調整。

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

我們的下一個問題來自 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，我有一個關鍵問題。布雷特，我記得你在第一季說過，新增的疫情相關成本是9億美元。那麼本季的正確數字是12億美元嗎？你能否詳細解釋這些成本的組成，包括衛生防疫成本和人工成本，以及你認為哪些成本可能會持續到第三季和第四季？

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。所以第一季的9億美元相當於第二季的15億美元——或者說15億，抱歉。這12億美元僅僅是美國沃爾瑪的支出。其中約75%的成本與員工的獎金、薪資、福利等相關。

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，其中大約四分之一是與店內清潔、消毒和其他事項有關。這部分費用肯定會持續到今年年底，甚至可能延續到明年。我們會繼續認真考慮這些費用，但顧客和員工的安全始終是我們首要考慮的因素，因此，這顯然是我們未來會繼續努力的方向。

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.

獎金總額比上個季度略高。第二季度——或者說上一次——發放的獎金，也就是我們宣布的第三筆獎金，是在第二季累積的。所以這筆獎金就提前發放了。因此，與第一季相比，這筆獎金會多出一筆，這就是主要差異。

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

我們的下一個問題來自 Oliver Chen 與 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?

鑑於路邊取貨業務的蓬勃發展，我很想聽聽您對自動化和盈利能力方面未來發展的看法。另外，在您分析客戶洞察和數據時，您認為哪些類型的客戶會選擇路邊取貨而不是送貨上門，以及這種趨勢會如何隨時間推移而變化？

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.

奧利佛，關於自動化的問題，我就先從這裡談起。首先，我們一直在進行幾個試點項目，旨在實現自動化，並真正提高門市的揀貨配送量。我們在新罕布夏州的一家門市安裝了一套名為Alert的系統，它可以完成揀貨，並協助完成從揀貨到出貨的整個流程。未來幾個月，我們將把這個試點計畫推廣到德州。所以總的來說，我們對未來透過這類系統能夠完成的訂單量持樂觀態度。

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.

至於今天來取貨的顧客，以及他們是否對送貨上門感興趣，我認為我們從「無限配送」專案中了解到，有很多顧客喜歡送貨上門服務，並且正在尋找一種能夠批量購買和支付送貨費用的方式，就像道格說的那樣。所以我認為顧客群體基本上相同，當然，隨著時間的推移，我們會了解更多。但全美各地的美國人都在追求便利，而沃爾瑪的日常低價加上便利的配送費，吸引了許多對這類服務感興趣的顧客。

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.

很高興看到山姆會員店的團隊如此迅速地推出了路邊取貨服務。我認為，當小型企業恢復營運後，我們完全有能力為他們提供更大的交易服務。目前，由於餐廳關閉，這類交易量遠不如疫情結束後那麼多。

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.

我想問一下，最近關於會員制以及沃爾瑪會員制潛力的討論很多——無論是像Delivery Unlimited這樣的服務，還是未來可能發展成Walmart Plus的會員制——所以我看到關於Instacart測試的新聞報道時感到很驚訝。我想請您詳細解釋一下背後的考量。

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，凱莉，我們很高興顧客能夠以他們選擇的任何方式（包括送貨上門）在沃爾瑪購買商品並享受優惠價格，正如你所說。至於Instacart，它目前在加州和俄克拉荷馬州的一個市場進行測試。我們希望了解的是，這些管道的結合是否能強化沃爾瑪的價值主張。

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，現在下結論還為時過早。才過去一週左右，所以目前還沒有什麼數據可以解讀或報告。但我們期待著隨著數據的不斷更新而了解相關資訊。

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

我們的下一個問題來自愛德華凱利在富國銀行的經歷。

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

是的。主要是一些後續問題。首先是關於七月份的毛利率表現，有什麼具體資訊嗎？

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.

至於假期方面，我很好奇，對於當前的環境，我們應該對消費者的行為抱持什麼樣的預期，以及你們如何準備在可能​​與我們以往所見截然不同的購物環境中取得成功。

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，就邊際效益而言，我們不按月細分，但從整個季度來看，結果當然體現在新品發布、產品組合更加豐富以及由於一般商品銷售率提高而導致的降價幅度減少。至於假日季，現在已經是八月了，我們正處於返校季的初期，所以我們正在仔細考慮每個不同的節日以及它們可能會如何因疫情而發生變化。但就像學校一樣，我們仍然每天都在了解哪些學校已經開放或計劃開放。我認為，在接下來的幾個月裡，我們將不得不在每個節日臨近時再做決定。

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.

所以團隊正在積極制定計劃和應急計畫，確保我們能夠滿足顧客的各種購物需求。顧客的購物習慣已經轉向線上。這一點可以從我們線上銷售額成長97%以及自提服務的成長中看出。除了實體店購物之外，我們還會確保線上線下兩種配送方式都準備就緒。無論顧客選擇哪一種購物方式，我們都能滿足他們的需求。

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，我想就之前電話會議中提到的食品雜貨業務問題再補充一點。我知道第二季食品銷售額實現了接近兩位數的成長，但整個食品雜貨業務的成長幅度只有中等個位數。我知道你們提到了一些缺貨問題，但這其實是整個產業都面臨的挑戰。

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.

所以，如果我們退後一步來看，我的意思是，你們很多競爭對手的業績都在十幾個百分點左右，這差距相當大。我想請您再談談，您認為造成您與一些食品雜貨競爭對手之間如此巨大差距的原因是什麼？

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。我是約翰。正如我之前所說，食品類商品的銷售額實現了接近兩位數的成長，而百貨類商品的同店銷售額成長更為強勁。本季食品類商品的銷售額成長約為30億美元。我們真正關注的是囤貨次數的變化，平均客單價有了顯著提升。

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.

正如我之前提到的，我們內部正在努力解決的問題之一是，目前已有超過4000家門市恢復營業至晚上10點。我們認為這起到了一定的作用。此外，在第一季末，也就是第一季末，我們遇到了一些缺貨問題。多年來，沃爾瑪一直在不斷提升其精簡且高效的供應鏈營運能力。然而，第一季末或第二季初的銷售高峰，由於缺貨問題，對我們的業務造成了不成比例的影響。

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.

但總的來說，我對庫存水準恢復正常以及我們的復甦情況感到更加樂觀。現在，我們會著手解決供應鏈中不同品類無法及時供貨的問題。但總體而言，庫存水準正在逐步恢復正常。

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 的對話。

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.

你們能否詳細分析本季訂單量與客流量之間的關係？另外，我很好奇，7月的下滑主要是訂單量下降導致的嗎？展望2021年，你們打算如何超越這些優異的業績？最後一個問題，能否詳細介紹沃爾瑪的物流服務？

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

是的。查克，關於明年的圈速問題，我們正在八月準備…

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.

查克，我們都在互相微笑。如果你能告訴我們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?

沒錯，沒錯。所以我們一直在不斷地重新評估——評估如何動態地確保我們始終走在客戶前面，並了解他們的需求。回到剛才的話題──你第一個問題是什麼來著？

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.

客流量和客單價。是的。客流量——我們這裡不按月細分，而是按季度——但您可以看到季度客流量下降了14%，而囤貨次數卻增加了。所以顧客來店的頻率降低了，但每次購買的商品數量卻增加了。這兩個因素共同促成了9.3%的同店銷售成長。也就是說，顧客的購物籃裡的東西變多了。

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.

我們的自提業務成長速度超過了整體業務——或者說，我們的電商業務成長速度超過了整體業務。自提業務的單筆消費額遠高於實體店購物。至於市場平台和物流服務，目前仍處於起步階段。我們才剛起步幾個季度，但對領導團隊和他們能夠為賣家所做的一切感到非常興奮。我們相信，這些業務，加上市場平台和其他合作關係（賣家可以輕鬆地在網站上發布大量商品），將為賣家提供一個真正有價值的平台，讓他們能夠向我們的客戶銷售商品。因此，我們對所有這些業務的前景充滿信心。

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.

展望未來，我想提醒大家，目前我們擁有門市自提、送貨上門、不斷發展的電商平台、豐富的商品種類和完善的物流中心，因此我們能夠以顧客期望的方式提供服務和購物體驗。所以我認為，我們有能力靈活應對2021年及以後的各種變化，團隊也出色地完成了快速反應的任務。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.

每當我們想到假期，都會不由自主地微笑。雖然假期的一些細節需要規劃，但我們對短期營運的管理比在其他情況下要積極得多。因此，我認為我們已經做好準備，確保業務能夠快速成長並保持獲利。過去幾年，我們的線上百貨業務持續成長，這令人欣喜。你們也知道，我們擁有眾多品牌和豐富的商品種類。而上個季度的情況則比較特殊，因為很多人都待在家中，政府發放的紓困支票刺激了人們的消費，讓他們購買居家用品，用於娛樂或家居裝修。雖然情況特殊，但沃爾瑪的百貨業務依然強勁，電商的利潤貢獻率也令人鼓舞。

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.

我知道大家都在努力預測未來。我認為我們從根本上來說已經做好了充分的準備，接下來我們會做好短期應對工作，抓住出現的機會。

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

下一個問題來自花旗銀行的保羅‧勒胡茲。

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?

我有兩個問題。第一，我只是好奇，能否談談毛利率的提升？其中有多少是因為產品組合調整所帶來的提升，又有多少是因為哪些品類或細分市場的毛利率較去年同期提升？

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，我們再回到電商獲利的問題。道格，如果電商在今年剩餘時間成長約100%，那麼2020年的獲利情況會如何？

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.

好多了。真的好多了。我們已經明白了。布雷特今天早上提醒我們，銷量提高對其他方面都有幫助。所以我們記下來了，接下來會跟進落實。

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.

我認為約翰之前已經講解過電子商務的各個組成部分了。我不會重複所有內容，但電子商務損益表中的一些重要部分正在朝著正確的方向發展。其實它們之前就已經朝著正確的方向發展了，只是這些利好因素加速了這個進程。

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.

所以我們無法預測明年美國經濟的趨勢，只能拭目以待。但全通路佈局這一理念正在公司內部全球推廣。這次我們主要關注美國市場，因為你們的問題也大多集中在美國。但如果你深入了解沃爾瑪墨西哥的運作，看看加拿大正在採取的措施，你會發現，從主題來看，這種模式正變得越來越普遍。當然，我們也從Flipkart的營運模式中學到了很多。但關於戰略和電商損益的討論，在各國之間也越來越常見。

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.

至於毛利率，我之前提到的幾個因素都影響了毛利率。其中很大一部分是產品組合的變化。當然，正如道格所說，我們一直非常重視百貨業務，很高興看到它在第二季取得了顯著成效。此外，我們的降價促銷活動減少了，銷售量也增加了，而降價促銷活動是本季業績成長的重要因素。第二季我們減少了降價促銷活動，這也是業績成長的關鍵因素之一。燃油毛利率也有所提高。因此，這三方面因素共同促成了我們本季的良好業績。

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

我們的下一個問題來自 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?

我想說的是，你們在最後一公里配送方面進展非常迅速。我知道你們一直在進行很多創新。能否從SMART的角度，介紹一下你們推廣會員服務的最新進展？你們是否觀察到加州AB5法案帶來的任何變化？其次，在考慮門市對比時，當一些非必需品行業的同行重新開業後，你們是否觀察到任何明顯的差異？

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，關於最後一公里配送，目前我們已經涵蓋了大約2800家門市，而且還有很大的擴展空間。我們現在推出了快捷配送服務，在約2000家門市，您可以在不到2小時內收到貨，有些情況下甚至更快。這些數字相當可觀，而且還在持續增加中。所以我認為沃爾瑪擴大配送服務的能力非常強。

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是我們正在運作的一個項目，主要涵蓋美國中部地區，也就是中西部地區，目前進展順利，並且還在不斷發展壯大。我們很高興看到Spark團隊正在進行創新，致力於將其打造成為一個便捷的商業平台——對司機和其他用戶來說都更加輕鬆。然後…

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，我的感覺是，影響業務的利好因素依次是：第一，經濟刺激；第二，居家用餐；第三，居家生活以及所有能讓室內外生活更舒適的活動。如果你是顧客，你就不會把錢花在旅行、住宿等方面，所以這些錢可以用來購買家居用品。這些因素比競爭對手是否營業的影響更大。

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

下一個問題來自 Ben Bienvenu 和 Stephens 的對話。

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?

我想特別諮詢營運資金和存貨方面的問題。顯然，鑑於存貨、應收帳款和應付帳款的良好表現，過去幾季營運資金對公司業務來說無疑是一大利好。你們的資產負債表上累積了相當可觀的現金餘額。能否請您談談您如何看待未來的現金餘額配置，例如是否已為營運資金正常化做好準備？

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，如果我特別考慮庫存，尤其是下降了7.5%，在正常情況下，您希望庫存達到什麼水準？這樣我們就能了解你們對這一項的定位。

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，我是道格。布雷特會回答關於營運資金的問題。我們現在笑是因為，如果你在第二季初來過我們的一些門市，你會發現我們當時到處都需要庫存。我看到有些門市的庫存少得驚人。這真的非常令人擔憂，團隊顯然都在手忙腳亂地處理庫存問題。我們可以帶你參觀整個超市。

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.

電商業務也面臨壓力。正如之前報導的那樣，牛肉和豬肉品類的壓力顯而易見。此外，我們的布料也出現了缺貨。體育用品方面也遇到了挑戰。我們需要比第二季實際庫存多得多的庫存。現在情況好多了，但當時我們的庫存確實比預期少得多。

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。舉個例子，本。我們估計在二月之前，大約有2500萬美國人經常釣魚，現在這個數字已經上升到了3500萬。也就是說，有1000萬人選擇了釣魚這項嗜好…

Bicycle and golf.

自行車和高爾夫。

Yes, bicycle is the same way, golf.

是的，自行車和高爾夫也是。

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.

我這週去店裡看了看釣魚裝備，我們現在用的還是很輕便的，只有一些基本的釣組配件，像是魚鉤、浮漂之類的。它們的供貨週期跟我們這裡的情況不太一樣。

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.

本，關於營運資金以及我們對資本配置的整體考量，其實並沒有改變。我們將繼續支持業務發展。您可能看到資本支出略有下降，但我認為這更多是時間安排上的考量，我們只是不想因為目前的情況而影響到門市的正常運作。

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.

我們目前的現金儲備比平常略多一些。部分原因是由於我們產生的現金流比以往更多。但同時，現在手頭上有一些額外的現金也並非壞事，因為機會稍縱即逝，而這些額外的現金也有助於我們保護業務。至於我們如何考慮資本配置，我認為不會有任何改變。

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.

問答環節到此結束。現在我把發言權交還給道格，請他做總結發言。

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，以及感謝您今天撥入電話之外，我們沒有什麼要說的了。謝謝。

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。現在可以掛斷電話了。感謝各位的參與，祝福大家有美好的一天。