沃爾瑪 (WMT) 2022 Q4 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal Year '22 Fourth Quarter Earnings Call. (Operator Instructions) Please note this conference is being recorded.

大家好！歡迎參加沃爾瑪22財年第四季財報電話會議。 （接線員指示）請注意，本次會議正在錄音中。

At this time, I'll now turn the conference over to Dan Binder, Senior Vice President, Investor Relations. Dan, you may now begin.

現在，我將會議交給投資者關係高級副總裁 Dan Binder。丹，現在你可以開始了。

Thank you, Rob. Good morning, and welcome to Walmart's Fourth Quarter Fiscal 2022 Earnings Call. I'm joined by 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 fourth quarter and full year results. That will be followed by our question-and-answer session.

謝謝你，羅布。早安，歡迎參加沃爾瑪2022財年第四季財報電話會議。我的同事也出席了此次電話會議，包括沃爾瑪總裁兼執行長 Doug McMillon、執行副總裁兼財務長 Brett Biggs 以及沃爾瑪美國公司總裁兼執行長約翰‧弗納 (John Furner)。道格和布雷特稍後將向大家介紹公司業務的最新進展，並討論第四季和全年業績。之後將進入問答環節。

Before I turn the call over to Doug, let me remind you that today's call is being recorded and will include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include but are not limited to the factors identified in our filings with the SEC. Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements as well as our entire safe harbor statement and non-GAAP reconciliations on our website at stock.walmart.com.

在我將電話會議轉交給Doug之前，請允許我提醒您，今天的電話會議將被錄音，並將包含前瞻性陳述。這些陳述受風險和不確定性的影響，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包括但不限於我們向美國證券交易委員會（SEC）提交的文件中確認的因素。請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，以及我們網站stock.walmart.com上的完整安全港聲明和非公認會計準則（Non-GAAP）對帳表。

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

現在我很高興將電話轉給 Doug McMillon。

Good morning, and thanks for joining us to hear about our fourth quarter results. Let's jump right in. Our team delivered net sales growth of 7.6% and adjusted EPS growth of 9.3% excluding divestitures. We continued to gain market share in food and consumables in the U.S., and comp transactions were positive. Consumer demand during the quarter was strong, and the team overcame a number of challenges in the U.S. and around the world to deliver these strong results.

早安，感謝您加入我們，聆聽我們第四季的業績報告。讓我們立即開始。我們的團隊實現了淨銷售額成長7.6%，調整後每股盈餘成長9.3%（不包括資產剝離）。我們在美國食品和消費品市場的份額持續成長，同店銷售額也呈現正成長。本季消費者需求強勁，團隊克服了美國及全球範圍內的諸多挑戰，才取得如此強勁的業績。

Going into the quarter, we were confident that we had the people, the products and the prices to deliver and we did. Our inventory position improved, and we delivered high sell-throughs in seasonal categories across markets. Food, consumables and apparel were also strong globally. We comped low single digits in general merchandise in the U.S. against strong results last year. And Sam's Club saw broad-based strength across categories in the U.S. and in China. Our merchants are doing a nice job of navigating the pressure from cost of goods inflation with our customers and shareholders in mind.

進入本季度，我們充滿信心，擁有充足的人才、產品和合適的價格，我們也做到了。我們的庫存狀況有所改善，各市場季節性類別的銷售量均有所提升。食品、消費品和服裝在全球也表現強勁。與去年強勁的業績相比，我們在美國日用百貨市場的銷售額僅下降了個位數。山姆會員商店在美國和中國的各個品類都表現強勁。我們的商家在應對商品成本上漲的壓力方面做得很好，並且始終以客戶和股東為中心。

I like how we're mixing out the business. Consolidated gross profit rate increased 10 basis points for the quarter, including more than 50 basis points in Walmart U.S. We're working closely with our suppliers to manage inflation, finding a few places where we can roll back prices, and we're paying close attention to how we manage our opening price point items. Q4 and the full year are proof points that we can keep our price gaps in the range where we want them, grow market share and deliver against our top and bottom line growth algorithm.

我喜歡我們業務多元化的模式。本季綜合毛利率成長了10個基點，其中沃爾瑪美國業務成長了50多個基點。我們正與供應商密切合作，以控制通貨膨脹，尋找一些可以下調價格的環節，並密切關注如何管理開盤價商品。第四季和全年業績證明，我們能夠將價差保持在預期範圍內，擴大市場份額，並實現營收和利潤的成長目標。

Our associates did an amazing job of serving customers and members during this busy season even as we faced Omicron and supply chain challenges. This quarter's COVID leave peak was larger than anything we had experienced in 2020 or previously in 2021. We hired more associates than our plan called for to help fill that gap, which negatively impacted expenses but it was clearly needed. I'm grateful to our associates and store and club management teams for how they set priorities on behalf of our customers and members during the quarter.

即使我們面臨Omicron和供應鏈的挑戰，我們的員工在這個繁忙的季節仍然出色地服務了客戶和會員。本季的新冠疫情休假高峰比我們2020年或2021年之前經歷的任何一次都要高。為了填補這一缺口，我們招募的員工數量超出了計劃，這雖然對支出產生了負面影響，但顯然是必要的。我非常感謝我們的員工、門市和俱樂部管理團隊在本季為客戶和會員設定了優先事項。

As I visit stores and clubs, it's inspiring to see how our team is navigating such a fluid environment. They're delivering tremendous growth while making significant progress against our longer-term strategy. During the fiscal year just ended, excluding divestitures, we grew net sales by 9%, grew operating profit by 18%, invested $13 billion in CapEx to grow our business, returned $16 billion to shareholders via share buybacks and dividends, grew our advertising business globally to $2.1 billion and took important steps to build our U.S. financial services capabilities with agreements to make 2 key acquisitions.

當我走訪門市和俱樂部時，看到我們的團隊如何在如此動蕩的環境中前行，我深受鼓舞。他們實現了驚人的成長，同時在長期策略方面也取得了顯著進展。在剛結束的財年（不包括資產剝離），我們的淨銷售額增長了9%，營業利潤增長了18%，資本支出達130億美元以拓展業務，通過股票回購和股息向股東返還了160億美元，全球廣告業務規模增長至21億美元，並通過達成兩項重要收購協議，邁出了重要一步，增強了我們在美國金融服務領域的實力。

Sometimes it feels like 2020 and 2021 were just 1 long year. If you look at growth since the beginning of fiscal '21 through the end of fiscal '22, excluding divestitures, our company is about 17% larger in terms of revenue, 31% larger in terms of operating income. And globally, our percentage of digital sales grew from 6% to 13%. As the company grows, we're fueled by the new business model and flywheel we outlined last year. Our strategy is coming to life.

有時感覺2020年和2021年只是漫長的一年。如果回顧21財年年初到22財年末的成長情況（不包括資產剝離），我們公司的營收成長了約17%，營業利潤成長了31%。在全球範圍內，我們的數位銷售佔比從6%成長到了13%。隨著公司的發展，我們去年提出的新商業模式和飛輪驅動機制也為我們提供了動力。我們的策略正逐漸落地生根。

Ensuring that we deliver our strategy is where I invest the majority of my time. It starts with the customer and earning primary destination. The big-basket stock-up trip is important. It's foundational to our relationship with families. We earn that shopping occasion by running great stores and clubs and offering seamless pickup and delivery experiences, including for our Walmart+ and InHome members in the U.S. Our membership offering, Walmart+, continues to be an important piece of what we're building.

我投入大部分時間致力於確保我們的策略得以實施。這始於顧客和主要購物目的地。大採購之旅至關重要，它是我們與家庭關係的基礎。我們透過經營優質的門市和會員俱樂部，並提供無縫的取貨和送貨體驗來贏得這種購物機會，包括為美國的 Walmart+ 和 InHome 會員提供這種體驗。我們的會員服務 Walmart+ 仍然是我們正在建立的重要組成部分。

We're adding capacity for pickup and delivery. We increased capacity by nearly 20% last year, and we expect to increase capacity by another 35% this year. For Walmart InHome, we recently announced an expansion of this membership service to make it available to about 30 million homes in the U.S., up from 6 million. To enable the expansion, we're creating roles for more than 3,000 associate delivery drivers. The majority of these roles will be filled by existing experienced associates. We'll be building out a fleet of all electric delivery vans to support our delivery services and our goal of a 0 emissions logistics fleet by 2040.

我們正在增加自提和送貨能力。去年，我們的能力增加了近20%，預計今年將再增加35%。對於沃爾瑪InHome，我們最近宣布擴展這項會員服務，使其覆蓋美國約3000萬戶家庭，而目前該服務覆蓋的家庭數量已從600萬戶增加到3000萬戶。為了實現這項擴展，我們正在招募3000多名配送司機。這些職位大部分將由現有的經驗豐富的配送司機擔任。我們將組建一支全電動配送車隊，以支援我們的配送服務，並實現2040年實現零排放物流車隊的目標。

Our flywheel is designed to serve families more broadly, deepening our relationship with them and creating a healthy mix of merchandise and services for our business. Recently, we shared some news about our fintech start-up in the U.S. that will operate under the ONE brand going forward. The combined talent of our JV leadership team and out of the pending acquisitions of ONE Finance and Even is impressive, and our plans are aggressive. We can help our customers and Walmart+ members save money, have an experience with less friction and help strengthen the financial position for millions of families.

我們的飛輪策略旨在服務更廣泛的家庭，深化我們與家庭的關係，並為我們的業務打造健康的商品和服務組合。最近，我們分享了一些關於我們在美國成立的金融科技新創公司的消息，該公司未來將以 ONE 品牌營運。我們合資公司領導團隊的綜合實力以及即將收購的 ONE Finance 和 Even 令人印象深刻，我們的計劃也非常積極。我們可以幫助我們的客戶和 Walmart+ 會員省錢，獲得更順暢的體驗，並幫助數百萬家庭增強財務狀況。

As with our advertising business, our financial services capabilities cross borders. Our PhonePe business in India is growing incredibly fast, and we have strong capabilities in Mexico, which is such an important market for us.

就像我們的廣告業務一樣，我們的金融服務能力也跨越國界。我們在印度的PhonePe業務成長速度驚人，而且我們在墨西哥擁有強大的實力，而墨西哥對我們來說是一個非常重要的市場。

As we look to improve the customer experience and strengthen the mix of our business, expanding our Marketplace is important. We added more than 20,000 new sellers to the platform in the U.S. last year and expect to add nearly 40,000 more this year. We're now up to nearly 170 million SKUs, and we're adding more every day. We opened up our U.S. Marketplace to sellers from India and created a dedicated team there to help sellers onboard and grow.

在我們致力於提升客戶體驗並強化業務組合之際，擴展我們的平台至關重要。去年，我們在美國平台新增了2萬多名賣家，預計今年將再增加近4萬名。目前，我們的SKU已接近1.7億個，並且每天都在增加。我們向來自印度的賣家開放了美國平台，並在那裡成立了專門的團隊，幫助賣家進駐並成長。

Many sellers are looking to diversify their business, and they're pushing us to add capabilities, including the expansion of our fulfillment services. We grew our U.S. GMV delivered by our fulfillment services by 500% last year. We expect the robust growth will continue this year as we add more capacity. For Q4, our fulfillment services represented 44% of total Marketplace orders in India and 22% in Mexico.

許多賣家正在尋求業務多元化，他們敦促我們提升能力，包括擴展我們的配送服務。去年，我們透過配送服務在美國的成交總額 (GMV) 成長了 500%。隨著我們進一步提升配送能力，我們預計今年將持續保持強勁成長動能。第四季度，我們的配送服務在印度市場訂單總額中的佔比為 44%，在墨西哥市場訂單總額中的佔比為 22%。

Growing our Marketplace expands choice for our customers, helps our sellers grow and enhances our profit margins. Our plan for this year includes strengthening the experience for sellers and adding fulfillment capacity so customers have access to more items faster. It's clear to me that we have years of profitable Marketplace and fulfillment services growth ahead of us.

拓展我們的平台能為顧客提供更多選擇，協助賣家發展，並提升我們的利潤率。我們今年的計畫包括提升賣家體驗，並提升配送能力，讓顧客更快找到更多商品。我很清楚，未來數年，我們的平台和配送服務都將維持獲利成長。

Staying on the theme of fulfillment and scaling new businesses, we recently launched Walmart GoLocal, a last-mile delivery solution using our Spark Driver platform to help businesses of all sizes to reach more customers. GoLocal is making deliveries for The Home Depot and other large retailers, but I'm most excited about serving small local retailers. We have nearly 1,000 GoLocal service pickup points, and we expect to end this year closer to 5,000. This is good for customers, our clients and for us as we lower the cost per order by increasing the combined order size and the route density.

秉承履行和拓展新業務的主題，我們最近推出了沃爾瑪 GoLocal，這是一款基於 Spark Driver 平台的最後一英里配送解決方案，旨在幫助各種規模的企業觸達更多客戶。 GoLocal 目前為家得寶 (The Home Depot) 和其他大型零售商提供配送服務，但我最期待的是為小型本地零售商提供服務。我們擁有近 1,000 個 GoLocal 服務取貨點，預計今年底將接近 5,000 個。這對客戶、我們的客戶以及我們自己都有利，因為我們可以透過增加訂單規模和路線密度來降低每筆訂單的成本。

As we bring more customers, sellers and suppliers into our ecosystem, it expands our ability to monetize those relationships. A great example is our advertising business. Globally, it's been growing at a high rate with high margins and is now a $2.1 billion business in only a few years, and we expect this strong growth to continue.

隨著我們將更多客戶、賣家和供應商納入我們的生態系統，我們利用這些關係獲利的能力也隨之增強。一個很好的例子就是我們的廣告業務。在全球範圍內，我們的廣告業務一直保持著高成長和高利潤率，短短幾年內就已達到21億美元的規模，我們預計這種強勁成長勢頭將持續下去。

And as our eCommerce business, including Marketplace, continues to grow, so will our advertising business. We're taking the learnings from the U.S. and India and growing in places like Mexico, Canada and Chile. Importantly, we're beginning to build tech platforms that can be leveraged in multiple countries. Our strong team of technologists and our digital transformation enable global synergies.

隨著包括Marketplace在內的電商業務持續成長，我們的廣告業務也將隨之成長。我們正在藉鏡美國和印度的經驗，並在墨西哥、加拿大和智利等地拓展業務。重要的是，我們正在開始建立可在多個國家/地區使用的技術平台。我們強大的技術團隊和數位轉型實現了全球協同效應。

We see traction in our core business as well as in our newer businesses. There's real power in the ability to make these pieces mutually reinforcing, to design them such that one portion of a customer relationship leads them to another because it's easy and intuitive. Connecting B2B opportunities like advertising enables us to grow earnings and make key investments at the same time. Because of how the flywheel is coming together, I feel great about our ability to deliver against the growth algorithm we discussed last year of about 4% top line growth and operating income growth rates higher than sales.

我們的核心業務和新興業務都展現出強勁的勢頭。能夠將這些要素相輔相成，並設計成讓客戶關係的一部分能夠引導客戶到另一部分，這才是真正的力量所在，因為這種方式既簡單又直觀。連結廣告等B2B機會，使我們能夠在增加收益的同時進行關鍵投資。正因為飛輪的運轉，我對我們能夠實現去年討論的成長演算法感到非常滿意，即營收成長約4%，且營業收入成長率高於銷售額成長率。

We've highlighted the increased costs we had in Q4 from COVID, supply chain and wages. And some of these costs are likely to continue through part of this year, but I feel confident in the underlying strength of the business and our ability to deliver the growth we expect. The Walmart we're building is becoming more impactful for our customers and members, more digital, more automated and more diversified on the top and bottom lines.

我們強調了第四季因新冠疫情、供應鏈和員工薪資等因素導致的成本增加。其中一些成本可能會持續到今年年底，但我對公司的潛在實力以及我們實現預期成長的能力充滿信心。我們正在打造的沃爾瑪正在為顧客和會員帶來更大的影響力，更加數位化、更加自動化，並在營收和利潤方面更加多元化。

Now let's move on to our performance by operating segment. I'll begin with Walmart U.S. The team had a great holiday season. They drove comp sales of 5.6%. You know about our strength in food and consumables, but despite the supply chain challenges, the seasonal hardlines execution for holiday looked good in stores. We're continuing to navigate cost pressures and in-stock challenges, but overall, I'm really proud of the team for delivering the holiday season. And I believe we'll work our way to an improved in-stock level through the course of the year.

現在，我們來談談我們各營運部門的表現。首先從沃爾瑪美國公司開始。我們的團隊度過了一個非常愉快的假期季，銷售額成長了5.6%。您知道我們在食品和消費品方面實力雄厚，儘管面臨供應鏈挑戰，但假期季節的季節性硬貨銷售在門市表現良好。我們仍在應對成本壓力和庫存挑戰，但總的來說，我為團隊在假期季節的出色表現感到自豪。我相信，我們將在全年努力提高庫存水準。

Building a seamless omnichannel experience for customers and prioritizing convenience for them is critical. Our stores have become hybrid. They're both stores and fulfillment centers. Last year, we increased the number of orders coming from our stores by 170% versus the previous year, and that's on top of more than 500% from the year before. Having inventory so close to so many customers is a competitive advantage. In some cases, we're getting items to customers in hours rather than days.

為客戶打造無縫的全通路體驗，並優先考慮他們的便利性至關重要。我們的門市已經實現了混合運營，既是實體店，也是訂單履行中心。去年，我們門市的訂單數量比前一年增加了170%，而前一年則是增加了500%以上。庫存如此靠近眾多客戶，是我們的一個競爭優勢。在某些情況下，我們可以在幾小時內而不是幾天內將商品送到客戶手中。

In Sam's Club U.S., the momentum continues. Sales and membership were strong. Excluding fuel and tobacco, comps were 10.8% for the quarter and nearly 26% on a 2-year stack. Membership income grew 9.1%, driven by membership count, which reached another record high during the quarter. The team leveraged operating expenses and grew operating income 24% excluding fuel. They had another fantastic quarter and year. Sam's continues to drive digital innovation and add capabilities. Our Bold & Blue club remodels and our strengthened pickup and delivery services will drive growth.

山姆會員商店美國分店的勢頭持續強勁。銷售額和會員人數均表現強勁。扣除燃油和菸草費用後，本季可比銷售額成長10.8%，兩年累計成長近26%。受會員人數成長的推動，會員收入成長了9.1%，會員人數在本季再創歷史新高。團隊充分利用營運費用，扣除燃油費用後的營運收入成長了24%。他們又度過了一個精彩的季度和年度。山姆會員商店持續推動數位創新並提升服務能力。我們「Bold & Blue」俱樂部的翻新以及我們強化的取送服務將推動成長。

At Walmart International, we had another strong year with good progress in all aspects of the flywheel Overall, sales were strong again in Q4 with growth of 9.8% in constant currency excluding divestitures. China, Mexico and Flipkart led the way. Our 21% eCommerce penetration is a new record and up nearly 400 basis points from last year.

沃爾瑪國際業務再創佳績，在飛輪的各個方面都取得了良好進展。整體而言，第四季銷售額再次強勁成長，以固定匯率計算（不包括資產剝離）成長9.8%。中國、墨西哥和Flipkart引領了這一成長。我們21%的電商滲透率創下新高，比去年同期成長了近400個基點。

We get to serve a spectrum of holidays and festivals during the holiday quarter, from Diwali and Big Billion Days in India through to preparation for Chinese New Year. During Big Billion Days, 40% of sellers were first-time sellers on the Marketplace, and more than 100,000 kiranas participated by making last-mile deliveries. This is strong inclusive growth.

在節日季，我們服務一系列節日和節慶活動，從印度的排燈節和“十億日”到中國農曆新年的準備。 「十億日」期間，40% 的賣家是首次在平台上銷售，超過 10 萬家 kiranas 參與了「最後一公里」配送。這體現了強勁的包容性成長。

While our omnichannel model gives the gift of time, access and affordability remain important. We're expanding our ecosystem, and we've made investments in areas such as health care, marketplace, telecommunications and our online food business. A few great examples include the launch of Flipkart Health+ that aims to increase access to affordable care in India and the acquisition of Foodmaestro in Canada to build more personalized shopping experiences for customers. And BAIT, our value-based Internet and telephone service that enables customers in Mexico to enjoy digital connectivity, surpassed 2 million members.

雖然我們的全通路模式節省了時間，但可近性和可負擔性仍然至關重要。我們正在擴展生態系統，並在醫療保健、市場、電信和線上食品業務等領域進行了投資。一些出色的例子包括：推出 Flipkart Health+，旨在提高印度消費者獲得平價醫療服務的可及性；以及收購加拿大的 Foodmaestro，為客戶打造更個人化的購物體驗。此外，我們基於價值的互聯網和電話服務 BAIT，讓墨西哥客戶能夠享受數位連接，其會員數量已超過 200 萬。

It's great to see all 3 of our operating segments doing so well. I'm grateful to our strong and capable leadership team and to all of our associates. We've had an incredible couple of years during these challenging times. We have momentum in the business. We have aggressive plans, and we're executing on the strategy. It still feels like we're just getting started.

很高興看到我們三個營運部門都表現得如此出色。我衷心感謝我們強大而精幹的領導團隊以及所有同事。在這充滿挑戰的時期，我們度過了令人難以置信的幾年。我們的業務發展勢頭強勁。我們制定了積極的計劃，並正在執行策略。感覺我們才剛起步。

I'll now turn it over to Brett.

現在我將把發言權交給布雷特。

Thanks, Doug. We wrapped up another great year with a strong fourth quarter and good momentum as we start the new year. Over the last couple of years, each quarter has presented unique challenges but I'm proud of how we've navigated each one of those. The fourth quarter was no different as we faced the rise of Omicron with its impact on the supply chain and our associates. This resulted in some significant unexpected expenses, but despite that, we delivered the top and bottom line results we expected.

謝謝，道格。我們以強勁的第四季度和良好的勢頭結束了另一個偉大的一年，新年伊始，我們迎來了新的一年。在過去的幾年裡，每個季度都面臨著獨特的挑戰，但我為我們應對每個挑戰的方式感到自豪。第四季也不例外，我們面臨Omicron的崛起及其對供應鏈和員工的影響。這導致了一些重大的意外支出，但儘管如此，我們仍然實現了預期的營收和淨利潤。

We continue to execute on our strategic initiatives to fulfill the vision we outlined last February. U.S. flywheel is accelerating and is evident through initiatives like our pending fintech JV acquisitions, the launch of a new data business and acceleration of last-mile delivery. Sam's growth in membership income has been strong throughout the year as we expand omni options, including Club Pickup. These and other key initiatives represent large revenue and profit opportunities over the next few years.

我們將繼續執行策略性舉措，以實現我們去年二月提出的願景。美國飛輪效應正在加速，這體現在我們即將進行的金融科技合資企業收購、新數據業務的推出以及最後一哩配送的加速等舉措中。隨著我們拓展包括Club Pickup在內的全通路配送服務，山姆會員的收入全年成長強勁。這些舉措以及其他關鍵舉措代表著未來幾年龐大的收入和獲利機會。

For the full year, we had record sales of $568 billion with increased traffic to stores and clubs while eCommerce penetration approached 13%. Walmart U.S. grew sales by more than $23 billion and saw strong market share gains in food and consumables. Over the past 2 years, our U.S. segments have grown sales by $67 billion or 17% and operating income by 25%.

全年銷售額達創紀錄的5,680億美元，門市及會員店客流量成長，電商滲透率接近13%。沃爾瑪美國銷售額成長超過230億美元，食品和消費品市場佔有率強勁成長。過去兩年，我們美國各部門銷售額成長670億美元，增幅達17%，營業利潤成長25%。

Now let's discuss Q4 results. As a reminder, the previously announced international divestiture significantly affect year-over-year comparisons so my comments today will exclude the effect of divestitures. Total constant-currency revenue grew 7.9% to over $153 billion and reached another important milestone with quarterly net sales exceeding $150 billion.

現在我們來討論一下第四季的業績。需要提醒的是，先前宣布的國際業務剝離對同比業績產生了重大影響，因此我今天的評論將排除剝離的影響。以固定匯率計算，總營收成長7.9%，超過1,530億美元，並創下另一個重要里程碑，季度淨銷售額超過1,500億美元。

Consolidated gross margin rate increased 5 basis points with Walmart U.S. gross margin rate increasing by a healthy 54 basis points, reflecting primarily price management resulting from cost increases and mix along with benefits from a growing advertising business, partially offset by higher supply chain costs. Supply chain costs were over $400 million higher than expected, but we expect some of those costs to abate over time. International gross margin rates were lower due primarily to format mix.

綜合毛利率上升了5個基點，其中沃爾瑪美國毛利率健康成長了54個基點，這主要反映了成本和產品組合上漲帶來的價格管理，以及廣告業務成長帶來的效益，但部分抵銷了供應鏈成本的上升。供應鏈成本比預期高出4億多美元，但我們預計部分成本將隨著時間的推移而下降。國際毛利率下降主要由於產品組合的差異。

SG&A expenses deleveraged 19 basis points as increased U.S. wage costs were partially offset by strong sales and lower COVID costs versus last year. Although COVID costs were lower than last year, we had significantly higher associate leave costs in the U.S. than anticipated. In the first 3 quarters combined, COVID leave costs were about $600 million but increased over $450 million just in Q4, presenting an unexpected headwind of over $300 million. Despite these expense challenges, adjusted operating income increased more than 6% and EPS increased more than 9%.

銷售、一般及行政費用 (SG&A) 去槓桿率降低了 19 個基點，因為美國工資成本的上漲被強勁的銷售額和與去年相比較低的新冠疫情成本部分抵消。儘管新冠疫情成本低於去年，但我們在美國的員工休假成本遠高於預期。前三個季度合計，新冠疫情休假成本約為 6 億美元，但僅第四季度就增加了 4.5 億美元以上，帶來了超過 3 億美元的意外逆差。儘管面臨這些費用的挑戰，調整後營業收入仍成長了 6% 以上，每股盈餘成長了 9% 以上。

We're in a great financial position, enabling us to allocate capital towards both growth and shareholder returns. Free cash flow was $11.1 billion for the year, down versus last year due primarily to inventory build throughout the year, higher CapEx and cost increases. We increased share repurchases significantly this year with buybacks of just under $10 billion, a pace we plan to continue or increase in the coming year given our view of the long-term value of the company. In addition, we announced the 49th consecutive annual dividend increase this morning. ROI increased 90 basis points to just under 15%, the best level in 5 years due primarily to growth in operating income.

我們的財務狀況良好，使我們能夠將資本配置用於成長和股東回報。全年自由現金流為111億美元，較去年下降，主要原因是全年庫存增加、資本支出增加、成本增加。今年，我們大幅增加了股票回購，回購金額略低於100億美元。鑑於我們對公司長期價值的判斷，我們計劃在未來一年繼續或進一步提高此回購速度。此外，我們今天上午宣布了連續第49年增加年度股息。投資報酬率（ROI）成長了90個基點，達到略低於15%，創下五年來的最高水平，這主要得益於營業收入的成長。

Now let's discuss the quarterly results for each segment. Walmart U.S. had its first ever $100 billion-plus sales quarter with sales of $105 billion. Comp sales grew 5.6%, up more than 14% on a 2-year stack. We continue to grow grocery market share as food comps increased high single digits while health and wellness, apparel, seasonal and automotive categories were also strong. Transactions were up more than 3% despite COVID pressures.

現在讓我們來討論一下各部門的季度業績。沃爾瑪美國公司實現了有史以來首個千億美元級銷售額突破的季度，銷售額達到1050億美元。同店銷售額成長5.6%，兩年累計成長超過14%。食品雜貨市場份額持續成長，食品同店銷售額實現了高個位數成長，而健康保健、服裝、季節性商品和汽車類商品也表現強勁。儘管面臨新冠疫情的壓力，交易額仍增加了3%以上。

eCommerce sales grew 1% against strong gains last year, resulting in a 70% 2-year stack. We continue to see elevated levels of cost inflation and have taken prudent steps to manage pricing while having slightly wider price gaps than pre pandemic. We have a good balance of growing market share while managing price with both customers and shareholders in mind.

電商銷售額在去年強勁成長的基礎上成長了1%，兩年累計成長了70%。我們持續看到成本通膨水準上升，並採取了審慎的措施來管理價格，同時價格差距略大於疫情前。我們在提升市場佔有率和兼顧客戶和股東利益的價格管理之間取得了良好的平衡。

We continue to make strong progress in some of our newer higher-margin initiatives. Walmart Connect advertising experienced robust sales growth this year with a strong pipeline of new advertisers and large growth opportunities ahead. In fact, the number of active advertisers using Walmart Connect grew more than 130% year-over-year. And about half of the ad sales came from automated channels in Q4, more than double last year. We expect Walmart Connect to continue to scale over the next few years with plans to become a top 10 ad business in the midterm.

我們在一些新的高利潤項目上繼續取得強勁進展。沃爾瑪互聯廣告今年實現了強勁的銷售成長，擁有強大的新廣告客戶管道和巨大的成長機會。事實上，使用沃爾瑪互聯的活躍廣告客戶數量較去年同期成長超過130%。第四季約有一半的廣告銷售額來自自動化管道，是去年的兩倍多。我們預計沃爾瑪互聯將在未來幾年繼續擴大規模，並計劃在中期躋身十大廣告業務之列。

Growing eCommerce Marketplace at WFS have been a priority over the past couple of years as we've invested to expand fulfillment capacity, introduce new services for sellers and double the number of items available for customers. In fact, we expect to have over 200 million items in our eCommerce assortment by the end of the year. The expansion of WFS has also been a key unlock in bringing more sellers to Walmart's Marketplace.

過去幾年，我們致力於拓展沃爾瑪市場 (WFS) 的電商平台，不斷投資提升配送能力，為賣家推出新服務，並將可供顧客選擇的商品數量翻倍。事實上，我們預計到今年年底，我們的電商商品種類將超過 2 億件。沃爾瑪市場的擴張也是吸引更多賣家進駐沃爾瑪市場的關鍵因素。

Customers increasingly want home delivery, and we had a sixfold increase in delivery in the fourth quarter versus pre-pandemic levels. We continue expanding capabilities, including announcing the acceleration of InHome delivery to 30 million households by year-end. We also announced our new fintech business, ONE, in January with the pending acquisitions of fintech platforms One Finance and Even.

顧客越來越希望享受上門送貨服務，第四季我們的送貨量較疫情前成長了六倍。我們持續拓展服務能力，包括宣佈年底前加速將送貨上門服務覆蓋3000萬戶家庭。我們也於1月宣布成立新的金融科技業務ONE，即將收購金融科技平台One Finance和Even。

SG&A expenses deleveraged 95 basis points as increased wage costs were partially offset by strong sales and lower total COVID-related expenses year-over-year. Still, as I mentioned earlier, COVID leave costs were much higher than expected. Operating income grew slightly, aided by strong margins as well as solid growth in membership and other income. Inventory increased about 28% overall, including higher cost of goods due to inflation, mix and higher-than-normal in-transit shipments, reflecting continued efforts to improve in-stock.

銷售、一般及行政費用（SG&A）去槓桿率降低了95個基點，因為工資成本的增加被強勁的銷售額和新冠疫情相關總支出的同比下降部分抵消。不過，正如我之前提到的，新冠疫情期間的休假成本遠高於預期。由於強勁的利潤率以及會員費和其他收入的穩健增長，營業收入略有增長。庫存整體成長了約28%，其中包括通膨、產品組合以及運輸途中貨運量高於正常水準導致的商品成本上漲，反映出公司持續努力改善庫存。

International sales were strong, up nearly 10%, led by China, Mexico and Flipkart as seasonal events, omni growth and good inventory position contributed to results. eCommerce sales in constant currency grew 21% on top of strong gains last year with growth of more than 75% on a 2-year stack. China comps increased nearly 20% in constant currency with continued strength from Sam's Clubs as well as more than 90% growth in eCommerce sales. Comp sales in Mexico increased nearly 8% and grew faster than the market according to ANTAD.

國際銷售表現強勁，成長近10%，其中中國、墨西哥和Flipkart領漲，季節性活動、全通路成長和良好的庫存狀況均對業績貢獻良多。電商銷售額以固定匯率計算，在去年強勁成長的基礎上，今年成長了21%，兩年累計成長超過75%。中國同店銷售額以固定匯率計算成長近20%，得益於山姆會員商店的持續強勁成長以及電商銷售額超過90%的成長。墨西哥同店銷售額成長近8%，根據ANTAD的數據，其成長速度高於市場平均。

Flipkart had another good sales quarter, aided by strong holiday events and favorable trends in monthly active customers and users. We're also pleased with the strong growth of PhonePe with TPV of more than 130% versus last year, with a current run rate of $650 billion. In Canada, comp sales were up 4.6%, led by in-store shopping, and comps increased more than 13% on a 2-year stack. International adjusted operating income in constant currency increased nearly 3%, reflecting lower COVID costs, partly offset by gross margin rate decrease related to higher sales penetration from Sam's China and eCommerce. For the full year, International adjusted operating income grew 12.7%, and we feel confident about our international business as we head into the new year.

Flipkart 又一個季度的銷售表現亮眼，這得益於強勁的節日活動以及每月活躍客戶和用戶的良好成長趨勢。我們也對 PhonePe 的強勁成長感到欣慰，其總銷售額 (TPV) 較去年同期成長超過 130%，目前的營業額 (run rate) 為 6,500 億美元。在加拿大，受店內購物的帶動，同店銷售額成長 4.6%，兩年累計同店銷售額成長超過 13%。以固定匯率計算，國際調整後營業收入成長近 3%，這反映了新冠疫情成本的降低，但部分抵銷了山姆會員店中國區和電商銷售滲透率提高帶來的毛利率下降。全年國際調整後營業收入成長 12.7%，在邁入新的一年之際，我們對國際業務充滿信心。

Sam's Club had another impressive quarter with comps up 10.8% excluding fuel and tobacco, an increase of nearly 26% on a 2-year stack. Transactions increased 7% and ticket was up 3.2%. eCommerce sales grew 21%, and we expanded the rollout of delivery capabilities of digital orders to nearly all clubs during the quarter. Sam's is leveraging Walmart's GoLocal last-mile delivery service to provide more convenience to members. Membership income was up more than 9% with another record in member counts and strong Plus penetration. Operating income was up 41% as higher fuel and membership income as well as strong expense leverage were partially offset by gross margin pressure from inflation and supply chain costs.

山姆會員商店本季業績再創佳績，扣除燃油及菸草費用後，可比銷售額成長10.8%，兩年累計成長近26%。交易額成長7%，門票收入成長3.2%。電商銷售額成長21%，我們本季將數位訂單配送功能擴展至幾乎所有山姆會員商店。山姆會員商店正在利用沃爾瑪GoLocal的最後一哩配送服務，為會員提供更多便利。會員營收成長超過9%，會員數再創歷史新高，Plus會員卡滲透率強勁。營業利潤成長41%，燃油和會員收入的增加以及強勁的費用槓桿率被通貨膨脹和供應鏈成本帶來的毛利率壓力部分抵銷。

Now let's turn to guidance. We feel very good about the underlying strength of the business and believe we can deliver full year growth in FY '23 that aligns with the growth algorithm we discussed last year. As you saw in Q4, we're still challenged with increased costs related to COVID and supply chain disruptions. Our guidance assumes that we will see some relief from that as the year progresses and that the U.S. consumer remains in a generally favorable economic position throughout the year.

現在我們來談談業績指引。我們對業務的潛在實力非常樂觀，並相信我們能夠在23財年實現全年成長，這與我們去年討論的成長演算法一致。正如您在第四季度所看到的，我們仍然面臨著與新冠疫情和供應鏈中斷相關的成本上升的挑戰。我們的業績指引假設，隨著時間的推移，這些因素將有所緩解，並且美國消費者全年的經濟狀況將總體上保持良好。

The comparisons against last year are unique primarily due to the timing of international divestitures and U.S. stimulus in FY '22. As a reminder, the divestitures of our businesses in the U.K. and Japan were completed near the end of the first quarter last year, contributing about $5 billion in sales and about $0.07 of EPS in Q1 FY '22. Our guidance will be ex divestitures.

與去年的對比之所以獨特，主要是因為2022財年是國際業務剝離和美國經濟刺激計畫實施的時機。需要提醒的是，我們在英國和日本的業務剝離已於去年第一季末完成，為2022財年第一季貢獻了約50億美元的銷售額和約0.07美元的每股盈餘。我們的業績指引將不包含剝離部分。

We expect total company sales to increase about 4% with Walmart U.S. comp sales slightly above 3% for the year. Given the timing of stimulus overlaps, we expect about a 1% to 2% comp sales increase from Walmart U.S. in the first quarter followed by somewhat higher comp sales growth throughout the remainder of the year. We expect FY '23 total company operating income to increase at a rate slightly higher than sales growth and EPS to grow 5% to 6% versus FY '22 adjusted EPS due in part to our aggressive share repurchase program.

我們預計公司全年總銷售額將成長約4%，其中沃爾瑪美國同店銷售額將略高於3%。鑑於刺激措施的時機重疊，我們預計沃爾瑪美國第一季同店銷售額將成長約1%至2%，隨後在今年剩餘時間內同店銷售額增幅將略有提升。我們預計23財年公司總營業利潤增幅將略高於銷售額增幅，每股收益將較22財年調整後每股收益增長5%至6%，這部分得益於我們積極的股票回購計劃。

The quarterly profit growth cadence is expected to be quite variable due to last year's U.S. stimulus as well as lapping wage investments initiated in February and September 2021. As you would expect, the variability of the quarters looks less extreme when viewed on a 2-year stack. We expect Q1 operating income and EPS to be down low double digits to low teens as we cycle the stimulus effects from last year that resulted in nearly 30% operating income growth as well as increased wages this year.

由於去年美國的刺激方案以及2021年2月和9月啟動的薪資投資疊加效應，預計季度獲利成長節奏將出現較大波動。正如您所料，如果以兩年疊加來看，季度波動似乎沒有那麼大。我們預期第一季營業收入和每股盈餘將下降低兩位數至低十位數，因為去年的刺激措施效應正在循環，導致今年營業收入成長近30%，薪資也隨之上漲。

On a 2-year stack, Q1 operating income would still be up a mid-teens percentage. Q2 and Q3 operating income and EPS are expected to increase at low to mid-single-digit rates as year-over-year comparisons ease due in part to the moderation of stimulus benefits last year. We expect higher growth rates in the back half of the year as we fully cycle wage investments, resulting in fourth quarter operating income and EPS increasing by a high-teens percentage. Q4 operating income will also benefit from some timing versus FY '22, particularly in international as well as cycling elevated COVID leave costs in FY '22.

以兩年疊加計算，第一季營業收入仍將實現中雙位數成長。預計第二季和第三季營業收入及每股收益將以低至中個位數的速度成長，年增率有所放緩，部分原因是去年刺激措施的放緩。我們預計下半年成長率將提高，因為薪資投資已完全循環，第四季營業收入和每股盈餘將實現中雙位數的高成長。第四季營業收入也將受益於與2022財年相比的時機優勢，尤其是在國際市場以及2022財年新冠疫情假期成本上漲的背景下。

Our effective tax rate is expected to increase to 25% to 26% due primarily to earnings mix. For the year, we expect gross margin rates to increase due to pricing, mix and new business initiatives, although there will be variability quarter-to-quarter as is usually the case. For the first time in a while, we expect some expense deleveraging as we continue to see elevated supply chain, wage and tech costs. We'll continue the multiyear journey of accelerated capital investment focused on increasing fulfillment capacity, automation and technology to enhance productivity.

我們的有效稅率預計將升至25%至26%，這主要得益於獲利結構。今年，我們預計毛利率將因定價、產品組合和新業務舉措而上升，儘管季度間情況通常會有所波動。由於供應鏈、工資和技術成本持續上升，我們預期近期首次出現費用去槓桿。我們將繼續多年來加速資本投資的步伐，重點是提高履行能力、自動化和技術，以提高生產力。

FY '22 CapEx was about $13.1 billion, lower than anticipated due to timing of projects impacted by supply chain challenges. Due to that and continued investment in strategic priorities, we anticipate this year's CapEx being at the upper end of the guidance we gave last year of 2.5% to 3% of sales.

2022財年資本支出約131億美元，低於預期，原因是專案進度受到供應鏈挑戰的影響。有鑑於此，以及對策略重點的持續投資，我們預期今年的資本支出將達到去年指引的上限，即銷售額的2.5%至3%。

In closing, I'm really pleased with our FY '22 results and very confident as I look to this year and to the future. The company is in an enviable position to serve customers and members and also to achieve our financial goals, benefiting shareholders.

最後，我對我們22財年的業績非常滿意，展望今年及未來，我充滿信心。公司目前處於令人羨慕的地位，能夠服務客戶和會員，並實現我們的財務目標，造福股東。

Now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) And our first question is from Steph Wissink with Jefferies.

（操作員指示）我們的第一個問題來自 Jefferies 的 Steph Wissink。

I'd like to double-click on one of the comments you made in your remarks regarding elevated levels of inflation. And I think you signaled that you are seeing slightly wider price gaps versus pre pandemic. Can you maybe give us some sense of how much inflation you're observing real time, how much those price gaps have widened and then what your expectations are for the quarters as the year progresses?

我想再次強調您在演講中關於通膨水平上升的評論。我認為您暗示，與疫情前相比，價格差距略有擴大。您能否告訴我們，您即時觀察到的通膨水準是多少，這些價格差距擴大了多少，以及您對今年各季度的預期是什麼？

Steph, this is John with Walmart U.S. First, I just want to appreciate our teams for all they delivered in the last quarter. The $105 billion sales number has been impressive given all the challenges they have. And I just want to thank the teams for everything they've been doing the last couple of years.

史蒂芬，我是沃爾瑪美國公司的約翰。首先，我要感謝我們的團隊在上個季度取得的優異成績。考慮到他們面臨的許多挑戰，1050億美元的銷售額令人印象深刻。我還要感謝團隊在過去幾年所做的一切。

When it comes to pricing, we really take a long-term view on this, and we manage pricing for both customers and shareholders. We're constantly monitoring our share -- our price gaps to competitors, and we'll continue to do that as we move forward.

在定價方面，我們著眼於長遠，我們管理價格既是為了客戶，也是為了股東。我們持續監控我們的市場佔有率——與競爭對手的價格差距，未來我們將繼續保持這種態勢。

And then what we're seeing right now is not only gaps that we're proud of that are valuable for our customers, but we're also seeing the opportunity to increase some of our rollbacks in stores, and we're really proud of the team. We're seeing about the same number of rollbacks now that we had at the end of Q1 last year. So while we have supply chain challenges and other costs coming through, the teams are doing a nice job managing mix and pricing and looking after both our customers and our shareholders.

我們現在看到的不僅是那些令我們引以為傲、對客戶有價值的差距，而且我們也看到了增加門市回滾的機會，我們為團隊感到非常自豪。我們現在看到的回滾數量與去年第一季末大致相同。因此，儘管我們面臨供應鏈挑戰和其他成本增加，但團隊在管理產品組合和定價方面做得很好，並且同時照顧了我們的客戶和股東。

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

我們的下一個問題來自古根漢證券公司的鮑勃·德布爾。

Just a couple of quick questions. The first one really -- thanks for giving us the advertising piece. Can you just elaborate a little bit more just on the growth that you've experienced to get to the $2 billion number and just how quickly you do expect that to ramp? And given the fact that you gave us the $2 billion number, Doug, would you be willing to give us how many people have signed up for the Walmart+ membership?

我只想問幾個簡單的問題。第一個問題，非常感謝您提供廣告訊息。您能否更詳細地講一下，沃爾瑪是如何實現 20 億美元目標的，以及您預計成長速度有多快？道格，既然您已經給了 20 億美元的數字，您能否透露一下，目前有多少人註冊了 Walmart+ 會員？

Bob, you got one and you want both. That doesn't surprise me. I'll start with the advertising number, and John can add here.

鮑勃，你有一個，而且想要兩個。這並不讓我驚訝。我先從廣告號碼開始，約翰可以在這裡補充。

The business model is changing. I think that's the headline. We've got a business that's becoming increasingly digital. The eCommerce business, first party, third party is growing. It gives us the opportunity to grow advertising income. It's grown at a fast rate, and it's growing across markets.

商業模式正在改變。我想這就是重點。我們的業務正在日益數位化。電商業務、第一方業務和第三方業務都在成長。這給了我們增加廣告收入的機會。它成長速度很快，而且在各個市場都在成長。

The U.S. is important in that number, but India, Mexico and other markets are going to have growth there, too. And the margins are helpful. They help us keep prices low for customers, and they help us deliver the operating income number percentage. So we're excited about what the future looks like as it relates to the growth of the advertising business.

美國市場對此數字至關重要，但印度、墨西哥和其他市場也將成長。利潤率也對我們很有幫助。利潤率幫助我們為客戶保持低價，並幫助我們實現營業利潤率。因此，我們對廣告業務未來的成長前景充滿期待。

We're not going to share Walmart+ yet. I don't really want to have the company defined by one metric. And with subscriptions being such a topic these days, everybody gets really focused on that. Walmart is always going to be a business where you need to look across and see how the omnichannel business is playing out. There are going to be times when eCommerce grows faster than stores. And as we've seen recently, stores are attractive during certain periods of time.

我們暫時不會分享 Walmart+。我不太想用單一指標來定義這家公司。如今訂閱服務如此熱門，每個人都會非常關注這一點。沃爾瑪永遠是一個需要綜觀全局、觀察全通路業務如何發展的企業。電商的成長速度有時會超過實體店。正如我們最近所看到的，實體店在某些時期很有吸引力。

Walmart+ is important. It helps us grow our eCommerce business. It helps us deepen the relationship with customers and have more data. And at some point, we'll probably talk about that number.

Walmart+ 非常重要。它幫助我們發展電商業務，幫助我們加深與客戶的關係，並獲得更多數據。未來某個時候，我們可能會討論這個數字。

And by the way, there are other types of memberships, not just in Sam's Club across the world but in some of our other businesses, too, that are growing. So I think there'll probably be a number of membership-type metrics over time that you'll want to keep an eye on, but I don't think it would be good if we're going to get overly focused on Walmart+. Our ability to serve people with pickup and delivery has improved as we've made these investments. It's one of the reasons why we continue to tell you how much capacity we're growing to do that.

順便說一句，除了全球各地的山姆會員商店，我們其他一些業務也推出了其他類型的會員服務，這些服務也在不斷增長。所以我認為隨著時間的推移，可能會出現一些值得關注的會員類型指標，但我認為我們不應該太專注於 Walmart+。隨著這些投資的進行，我們為顧客提供自提和送貨服務的能力有所提升。這也是我們不斷告知大家我們在這方面的產能提升幅度的原因之一。

Yes. Bob, this is John. I'd add a couple of things. First, I think the advertising business is a reflection of the momentum we have in total Walmart U.S. And I'm really proud of the way the team has helped position us to serve customers any way they want to be served, whether that's at home, in their refrigerator, at their front door, at the curb or in store. And the Walmart Connect business, specifically, the reason we named it Connect is we are connecting buyers, sellers, suppliers and customers. And we have a unique opportunity to be able to help sellers and suppliers reach customers in a way that's effective for them, grow their business and do it in a way that is positioned on top of an omni retail platform.

是的。鮑勃，我是約翰。我想補充幾點。首先，我認為廣告業務反映了沃爾瑪美國整體的發展動能。我為團隊幫助我們以任何顧客想要的方式為他們服務感到非常自豪，無論是在家裡、冰箱裡、家門口、路邊還是在商店裡。具體來說，沃爾瑪互聯業務，我們之所以命名為“互聯”，是因為我們連接買家、賣家、供應商和顧客。我們擁有一個獨特的機會，能夠幫助賣家和供應商以對他們有效的方式接觸客戶，發展他們的業務，並以一種立足於全零售平台的方式實現這一目標。

So certainly excited about the growth. I'm excited about the capacity additions in store and in Walmart Fulfillment Services. Those enable sellers to be able to transact more frequently with our customers. And that's really the key to the growth of advertising, is have a large seller and supplier base that can reach our customer base.

所以我對成長感到非常興奮。我對門市和沃爾瑪配送服務能力的提升感到興奮。這些提升使賣家能夠更頻繁地與我們的客戶進行交易。而這正是廣告業務成長的關鍵所在，也就是擁有一個能夠觸及我們客戶群的龐大賣家和供應商群。

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

我們的下一個問題來自巴克萊銀行的凱倫‧肖特 (Karen Short)。

So Doug, I wanted to ask you a question. You've made the plane analogy in the past with respect to knowing when and where you want to land the plane but there are moving parts to getting to destination. So I wanted to just ask bigger picture, when you think about '23 specifically -- well, calendar '22, where you think the biggest source of upside could be to landing the plane and then also where you'd put the biggest sources of risk on landing.

道格，我想問你一個問題。你以前用飛機來打比方，說的是你想知道飛機何時何地降落，但要到達目的地，有很多因素在起作用。所以我想問一個更宏觀的問題，具體到23年——也就是22年，你認為最大的收益來源可能是飛機降落，而最大的風險來源又在哪裡呢？

Thanks, Karen. I think the biggest sources of risk are external. It's been an unusual last year or 2. And figuring out how you lap stimulus, what happens with inflation, both on the cost of goods side as well as on the operating side, will cause us to have to be good managers. But I think we've demonstrated over time that we have a lot of really good managers at Walmart.

謝謝，凱倫。我認為最大的風險來源是外在的。去年或兩年的情況很不尋常。要弄清楚如何應對刺激措施，以及通貨膨脹（無論是在商品成本方面還是在營運方面）會帶來什麼影響，都需要我們成為優秀的管理者。但我認為，我們已經證明，沃爾瑪有許多非常優秀的管理者。

In terms of upside, I mean I'm excited about what's happening in our stores and clubs. We've got great momentum in Sam's. There's a lot to be excited about in international. India continues to be really exciting. Walmex is kind of going from strength to strength. Sam's business in China is good. So I think that Sam's International can contribute.

就正面而言，我對我們門市和會員店的業績感到興奮。山姆會員店發展勢頭強勁。國際業務也有很多值得期待的地方。印度市場持續令人振奮。沃爾瑪墨西哥分店的業績也日益強勁。山姆會員店在中國的業務也很好。所以我認為山姆會員店國際業務能夠帶來貢獻。

And on the Walmart U.S. side, John, you can jump in here too, I think we've got an opportunity to continue to improve both stores and eCommerce. And the fact that we're now up to 170 million items for customers is exciting. And the way sellers are responding to fulfillment and seller services and that relationship is really encouraging. So I think Marketplace is one of those areas where we can see growth, including that last mile component that we're building out. I think that's exciting, too.

就沃爾瑪美國而言，約翰，你也可以加入討論。我認為我們有機會繼續改進實體店和電商業務。我們現在為顧客提供的商品數量已達1.7億件，這令人興奮。賣家對訂單履行、賣家服務以及這種關係的回應方式也令人鼓舞。所以我認為Marketplace是我們能夠看到成長的領域之一，包括我們正在建立的最後一公里業務。我認為這也很令人興奮。

Adding to -- Karen, I mentioned just a second ago I'm proud of the momentum and the positioning being an omni retailer but also excited about the shape of the business model and how it's changing. Brett laid out last year, early, the growth algorithm and the way that the business model could change over time. And the services that Doug just referenced for sellers, including fulfillment and Marketplace, last mile, GoLocal, all these things help so many businesses reach customers in addition to just the Walmart business, and they all have an impact on the operating model, which I'm really quite excited about. And these are components that will help customers, number one. They'll help shareholders, and they'll help us position the way that we offer value to customers all across the country.

補充一下——Karen，我剛才提到，我為公司作為全通路零售商的發展動能和定位感到自豪，同時也對公司商業模式的形態及其變化感到興奮。 Brett 在去年年初就闡述了成長演算法以及商業模式隨時間變化的方式。 Doug 剛才提到的針對賣家的服務，包括訂單履行、Marketplace、最後一哩配送、GoLocal，所有這些除了沃爾瑪業務之外，還幫助許多企業接觸客戶，並且都對營運模式產生了影響，我對此感到非常興奮。首先，這些要素將幫助客戶，也將幫助股東，並幫助我們定位為全國各地客戶提供價值的方式。

So at GoLocal, we talked about the number of points that we have today. That's expanding. Our last mile business is expanding. We'll have a fleet of electric vehicles coming online over the next couple of years. So there's just a lot going on that is going to take a lot of friction out of customers' lives, help them stay in stock at home.

在GoLocal，我們談到了我們目前擁有的配送點數量。這些點的數量正在不斷增加。我們的最後一哩業務也在擴張。未來幾年，我們將投入一批電動車。所以，我們正在採取一系列措施，以減少顧客生活中的許多不便，幫助他們在家就能有貨。

And then with the improvement in fundamentals over the next year, I'm also very excited about our ability to manage through whatever external forces that we see. We've got a lot of experience doing this. We've got great teams that are ready for this, and the strategy is really clear.

隨著明年基本面的改善，我對我們應對任何外部因素的能力也感到非常興奮。我們在這方面經驗豐富，擁有優秀的團隊，已經為此做好了準備，而且策略非常清晰。

The next question comes from the line of Simeon Gutman with Morgan Stanley.

下一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

My question is on guidance. The -- in '22, you beat your comp guidance and your EBIT guidance, both by healthy amounts. If '23 ends up being better than what you just guided, is it driven by sales or is there a chance the margin can perform better within the 3 given some of the alternative?

我的問題是關於業績指引的。 2022年，你們的業績超越了先前的可比較績效指引和息稅前利潤指引，而且都超出了預期。如果2023年最終業績優於先前的指引，那麼這是由銷售額驅動的，還是考慮到其他因素，利潤率在未來三年內是否有可能表現得更好？

And then just to clarify. Brett mentioned the Q4 EBIT growth for fiscal '23. Is there any way you could unpack it a little? Because it does -- it's a big change and jump but it seems like you're going to be lapping some hefty SG&A growth. And you said something about international laps. So just try to maybe -- if it's not as steep as it sounds, I think, if we look at some of the pieces.

然後澄清一下。布雷特提到了2023財年第四季的息稅前利潤成長。能稍微解釋一下嗎？因為確實如此——這是一個巨大的變化和飛躍，但看起來你們的銷售、一般和行政費用（SG&A）增長似乎會大幅增長。您也提到了國際業務的成長。所以，如果我們能從幾個方面來看，如果成長幅度不像聽起來那麼大的話，我想可以試試看。

Simeon, it's Brett. I'll kick off. I think a lot of what Doug and John just said is if there were -- if we get to the end of this year and we've done better than we've laid out for guidance, I think it's a lot of what they just talked about. It's our new businesses that are higher margin continue to grow, sales momentum continues. We assume, obviously, this is going to continue with a 4% sales growth. That's a big number on top of what we've already done.

西緬，我是布雷特。我先開始。我認為道格和約翰剛才說的很多內容，如果到今年年底，我們的業績比預期更好，我想他們剛才談到的很多內容都符合。我們的新業務利潤率更高，將持續成長，銷售動能也將持續。我們預計，銷售額將維持4%的成長動能。這在我們已有業績的基礎上，是一個很大的成長。

So it could be sales driven, and it can continue to be margin driven as well as these new businesses develop, as our general merchandise business gets stronger, which helps with mix. It's all of those things. And we always talk about there's so many levers that we can pull at different times when we need to. It's also all those levers that can actually play to our advantage in any given year at any given time. So I just feel good about the momentum of the business. I'm as -- I said this to [Gordon] this morning. I'm as optimistic as I've ever been about the business and the shape of the business model.

所以，它可以由銷售驅動，也可以繼續由利潤驅動，而且隨著我們日用百貨業務的壯大，這些新業務也會不斷發展，這有助於實現產品組合。所有這些都是關鍵。我們總是說，在需要的不同時期，我們可以動用很多槓桿。而且，所有這些槓桿實際上都能在任何一年的任何時間發揮我們的優勢。所以我對業務的發展勢頭感到很滿意。我今天早上跟戈登說過，我對業務和商業模式的前景比以往任何時候都更樂觀。

To answer Q4 specifically, there's a couple of things. There's some holiday timing in international. We also had some impacts of some impairments this quarter. Some of that was adjusted out. But -- it's those things but also the costs. When you look at the supply chain costs and the COVID costs in Q4, that's big change, and we do expect some abatement of costs over the year. When that happens, how that happens, obviously is to be seen, but it's those things that help that Q4 operating income.

具體來說，第四季的情況有幾件事。國際市場有一些假期。本季我們也受到了一些減損的影響。其中一些已被調整。但——除了這些因素，還有成本。看看第四季的供應鏈成本和新冠疫情成本，你會發現這是一個巨大的變化，我們確實預計全年成本會下降。當然，何時、如何下降還有待觀察，但正是這些因素對第四季的營業收入有所貢獻。

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

我們的下一個問題來自瑞銀的麥可‧拉瑟 (Michael Lasser)。

Your customer base looks a lot like the overall U.S. consumer. There is a lot of concern around the low- to mid-income consumer, the outlook for that consumer this year given the stimulus lap, the inflation and other uncertainties. How did you factor all of that in as you were planning the year ahead?

您的客戶群與美國整體消費者非常相似。人們對中低收入消費者非常擔憂，考慮到經濟刺激措施、通膨和其他不確定因素，他們對今年中低收入消費者的前景感到擔憂。您在規劃未來一年時是如何將這些因素納入考量的？

You probably could have gotten away with guiding to something less than your algorithm excluding divestitures. So is there a risk that you have a recency bias where the business in January was good? And hopefully, this doesn't come across as snarky, but do you think you have more visibility into the macro than the investment community or others? There's just a lot of uncertainty out there right now.

您可能可以不用考慮資產剝離，直接給出低於演算法的指導值。那麼，是否存在近期偏差的風險，即1月的業務表現良好？希望這不會顯得刻薄，但您認為您對宏觀經濟的了解程度是否比投資界或其他人更高？目前存在著許多不確定性。

Michael, this is Doug. I'll go first. As it relates to the 4% and greater than 4%, what we told you a year ago was that, that is something we believe we can deliver or beat over time. And as Brett told you when we made that commitment and shared those numbers, there are going to be time periods that are higher and time periods that are lower. But over time, we think that's a really sound set of numbers to share, and we thought it was important to repeat that because we still have that confidence.

邁克爾，我是道格。我先說。關於4%以及4%以上的目標，我們一年前就告訴過你們，我們相信隨著時間的推移，我們能夠實現甚至超越這個目標。正如布雷特在我們做出承諾並分享這些數字時所說的那樣，有些時期會更高，有些時期會更低。但隨著時間的推移，我們認為這是一組非常可靠的數字，值得分享。我們認為再次強調這一點很重要，因為我們仍然有信心。

And we have that confidence because of all the pieces that we've been talking about. The strategy is coming to life. The business model is changing. As it relates to this year in particular, we've got opportunities to improve in-stock, we've got opportunities to improve store and club standards because of what happened with COVID leave. There's just -- there's upside.

我們之所以有信心，是因為我們一直在討論的所有這些因素。戰略正在落地生根。商業模式正在改變。尤其就今年而言，由於新冠疫情期間的休假，我們有機會改善庫存，提升門市和會員店的標準。這確實有好處。

And there will definitely be challenges. We know that for sure. But we just have these different opportunities to make choices to deliver the results, and we believe that it was important to repeat the number.

當然，挑戰肯定存在。我們對此深信不疑。但我們只是擁有不同的機會來做選擇，以取得成果，我們認為重複這個數字非常重要。

Michael, something that Doug said is really important about improvement. One of the most fun parts of working at Walmart is having such a large team just every day get up and try to be better than they've been and run a better business, and I've enjoyed that for almost 30 years. But one of the things that's really important in your question is we serve really all income groups across all geographies in the U.S. And last year, we saw growth amongst income groups and geographies. So I think that's a clear reflection of the number of choices that we offer customers.

邁克爾，道格提到的關於改進的事情非常重要。在沃爾瑪工作最有趣的部分之一，就是擁有如此龐大的團隊，每天都努力超越自我，經營得更好，我已經享受了近30年。但你問題中真正重要的一點是，我們服務於美國所有地區的所有收入群體。去年，我們看到了收入群體和地區之間的成長。所以我認為這清楚地反映了我們為顧客提供的選擇數量。

We offer customers an experience through Walmart.com and eCommerce. We offer customers pickup experiences. We offer in-store and just about everything in between, including InHome delivery, which will expand to a significant number of households, up to 30 million households this year.

我們透過 Walmart.com 和電子商務為顧客提供購物體驗。我們提供自提服務。我們提供店內購物以及幾乎所有其他類型的購物服務，包括送貨上門服務。送貨上門服務將擴展到大量家庭，今年將覆蓋多達 3,000 萬戶家庭。

So I think our ability to serve all across is quite important going forward. And for the team this year, we'll be really focused on execution. I know Sam's would say exactly the same thing. But across the geographies and income, we're well represented, and we're going to fight really hard to deliver great execution for customers all across the year.

所以我認為，我們全方位服務的能力在未來至關重要。今年，團隊將更加專注於執行力。我知道Sam's也會這麼說。但無論在哪個地區，無論收入水平如何，我們都有良好的表現，我們將全力以赴，全年為客戶提供卓越的執行力。

And Michael, you started by saying that the Walmart U.S. customer looks like the U.S. population, and it does to a really large degree. And so we'll serve everybody. And during periods of inflation like this, middle-income families, lower middle-income families, even wealthier families become more price-sensitive, and that's to our advantage.

麥可，你一開始就說沃爾瑪美國顧客與美國民眾很相似，而且在很大程度上確實如此。所以我們會為所有人提供服務。在這樣的通貨膨脹時期，中等收入家庭、中低收入家庭，甚至較富裕的家庭對價格的敏感度都會更高，這對我們有利。

So we've been through this before, and we run with inflation around the world all the time. Inflation is a different environment in the U.S. right now than it has been in recent times for sure, but we've been dealing with inflation in South America and Mexico and other places and just to kind of understand what that looks like.

我們以前也經歷過這種情況，而且我們一直在應對世界各地的通貨膨脹。目前美國的通貨膨脹環境與近期肯定有所不同，但我們一直在應對南美洲、墨西哥和其他地方的通貨膨脹，以便大致了解情況。

Our next question is 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。

You had mentioned improving in-stocks throughout the year. We were just wondering how you would categorize how Q4 ended up from an in-stock level and what areas could still benefit from improved inventory. And can you talk about any sequential improvements you made in the supply chain and how you view the cadence of the supply chain challenges throughout the rest of '22?

您提到了全年庫存的改善。我們想知道，您如何看待第四季庫存水準的改善，以及哪些領域仍能從庫存改善中受益。您能否談談您在供應鏈方面所做的連續改進，以及您如何看待2022年剩餘時間內供應鏈挑戰的節奏？

Kate, this is John. Let me talk about Q4, and then I'll come back to the supply chain. I think in general, we were seeing really nice improvements in in-stock late in Q3, early Q4. We're happy with how the holiday season turned out, including the ability to deliver seasonal and hardlines across the quarter, which you saw.

凱特，我是約翰。我先來談談第四季度，然後再談供應鏈。我認為總體而言，我們在第三季末和第四季初的庫存情況確實有顯著改善。我們對假期季節的表現感到滿意，包括您在整個季度交付季節性產品和耐用品的能力。

A couple of strengths that really stood out were the apparel business and our health and wellness business, were both strong throughout the quarter. Those resulted -- due to demand, those resulted in pretty decent sell-throughs. And then in January, with the effects of Omicron, we took a step back in in-store in-stock end of line. But what we're seeing right now is better flow-through all across the supply chain. You heard the increase in inventory, a large reflection of what is inbound. So we see recovery happening pretty quick. There are a couple of categories in the store that you'll see some out-of-stocks, and they're really national issues.

服裝業務和健康保健業務是本季最突出的兩大優勢，它們都表現強勁。由於需求旺盛，這些業務帶來了相當不錯的銷售表現。 1月份，受Omicron的影響，我們的店內庫存量有所下降。但目前我們看到的是，整個供應鏈的流通情況都在改善。您也看到了庫存的增加，這在很大程度上反映了到貨量。因此，我們看到復甦正在迅速進行。店內有幾個品類的商品出現了缺貨，這確實是全國性的問題。

And as far as the supply chain, we talked about it in Q3. There were some significant improvements in flow-through at ports, changing lead times, getting containers moved into the country and that's all helped. But just a reminder, about 2/3 of what we sell is manufactured or assembled here in the United States, and we see growth across those categories as well. So I think we'll see much better flow in the next few weeks and months and get us into a really good position as we lean into the first and second quarters.

至於供應鏈，我們在第三季討論過。港口的流通、交貨時間的縮短以及貨櫃運入美國都取得了顯著的改善，這些都起到了幫助作用。需要提醒的是，我們銷售的產品中約有三分之二是在美國製造或組裝的，而且我們也看到了這些類別的成長。因此，我認為在接下來的幾週和幾個月裡，我們的貨物流通情況會好得多，這將使我們在邁向第一季和第二季時處於非常有利的地位。

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

下一個問題來自 Gordon Haskett 的 Chuck Grom。

Congrats on a great year. And hats off, Brett, on a wonderful career at Walmart. My question is on the consumer again. And I guess I'm curious if you're seeing any noticeable changes in spending patterns by income cohorts in light of inflation, lap of stimulus. You talked about January being the best on a 2-year basis, but just wondering if you could unpack it a little bit by income level.

恭喜你度過了一個美好的一年。布雷特，也為你在沃爾瑪的精彩職業生涯致敬。我的問題又是關於消費者的。我很好奇，考慮到通貨膨脹和經濟刺激措施的影響，你是否注意到不同收入群體的消費模式發生了顯著變化。你提到一月份是兩年來最好的一月份，但能否依收入水準稍微分析一下呢？

Chuck, this is John. I also echo congrats to Brett on a great career. Thanks for mentioning that.

查克，我是約翰。我也要祝賀布雷特事業有成。謝謝你提到這一點。

He's not done yet.

他還沒做完。

I'm still here. We'll chill on that.

我還在這裡。我們會冷靜下來的。

But definitely he's made a nice impact. Chuck, a couple of things. We said a second ago, we do serve the country broadly, we see the ability to serve all income groups. And things like private brand versus branded, we don't really see any change at this point. We see strong demand. Private brand penetration is about flat. So at this point, we see really strong demand and a customer who's in good shape with a strong balance sheet. So we're optimistic that the inventory pull-throughs that we have done and have in transit will get us in great position to be able to serve customers as we get into this fiscal year.

但他確實產生了良好的影響。查克，有幾點。我們剛才說過，我們確實服務全國，我們有能力服務所有收入群體。至於自有品牌與品牌品牌的對比，我們目前沒有看到任何改變。我們看到了強勁的需求。自有品牌的滲透率基本上持平。所以目前，我們看到了非常強勁的需求，而且客戶狀況良好，資產負債表也很強勁。因此，我們樂觀地認為，我們已經完成的和在途的庫存將使我們在本財年進入良好狀態，能夠更好地服務客戶。

Thanks for the sentiment, Chuck. Appreciate it.

謝謝你的關心，Chuck。非常感謝。

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

我們的下一個問題來自 BMO 資本市場的 Kelly Bania。

I'll add my congratulations to you, Brett. Just 2 questions. One, I guess similar question maybe that's been tried to ask, but there was some concerns going into the quarter about whether or not you could maintain this kind of earnings growth algorithm against the strong results in 2021. And so maybe just can you help us understand the underlying factors that enable you to grow on this higher base?

布雷特，我要向你表示祝賀。我只想問兩個問題。第一個問題，我想可能有人問過類似的問題，但進入本季後，有人擔心在2021年業績強勁的情況下，你們能否維持這種獲利成長演算法。所以，能否請你幫我們了解一下，是什麼潛在因素讓你們能夠在如此高的基礎上成長？

You talked a little bit about Connect and the advertising business. Is there just underlying progress in eCommerce profitability? I know we don't talk about it the same way anymore, but just what do you think are those underlying drivers that helped you maintain this level of growth?

您剛才談到了 Connect 和廣告業務。電商獲利能力是否有潛在的提升？我知道我們現在討論這個問題的方式已經不一樣了，但你們認為是哪些潛在的驅動力幫助你們保持了這樣的成長水平？

Kelly, we're all going to answer that. So the business model, the income statement is just changing shape. And I think that kind of the headlines are the company is becoming more digital, it is starting to become more automated and over time, will become even more automated. And when you look at the gross margin number, we can manage it. Some of you like to watch gross margin as, I guess, makes sense quarter-to-quarter. As Brett was reminding us yesterday, you can drive yourself crazy doing that. Gross margin over time, I mean, look at our track record, we can manage gross margin.

凱利，我們都會回答這個問題。所以商業模式，也就是損益表，都在不斷變化。我認為，這類新聞標題是公司正在變得更加數位化，開始變得更加自動化，而且隨著時間的推移，將更加自動化。當你查看毛利率數字時，你會發現我們可以控制它。有些人喜歡關注毛利率，我想，按季度來看比較合理。正如布雷特昨天提醒我們的那樣，這樣做可能會讓你抓狂。我的意思是，長期來看，毛利率，看看我們的業績記錄，我們可以控制毛利率。

Now then below gross margin, we've got productivity opportunities, and technology, whether it's an app in a store for an associate on the sales floor or robotics in a distribution center, creates an opportunity for more productivity over time. That is helpful. And then you get to these other businesses like the advertising business, the last-mile delivery business, fulfillment services for eCommerce, the Marketplace itself, and these are helpful businesses from a margin point of view. And as they become a larger percent of total, the shape of the income statement changes. And our confidence in that, not only in the U.S. but around the world, in the markets we operate in, is high, and so that's why you sense that confidence from us.

那麼，在毛利率以下，我們擁有提高生產力的機會。技術，無論是門店裡為銷售人員提供的應用程序，還是配送中心的機器人，都隨著時間的推移創造了提高生產力的機會。這很有幫助。然後你會看到其他業務，例如廣告業務、最後一哩配送業務、電商配送服務、市場本身，從利潤率的角度來看，這些業務都是很有幫助的。隨著它們在總收入中所佔比例的增加，損益表的形態也會改變。我們對此充滿信心，不僅在美國，而且在我們經營的全球市場，我們都充滿信心，所以你能從我們身上感受到這種信心。

Brett, do you want to go next?

布雷特，你想接下來去嗎？

No, I think you said it well. John, do you want to address that?

不，我覺得你說得很好。約翰，你想談談這個問題嗎？

I'd just add a couple of things there. First, having digital relationships with customers is so important. More and more, we fulfill from stores. The stores are stores but they also act as fulfillment centers, as we said earlier. So this ability to interact with customers digitally is important.

我只想補充幾點。首先，與客戶建立數位化關係非常重要。我們越來越多地透過門市進行配送。正如我們之前所說，門市不僅是門市，同時也扮演配送中心的角色。因此，這種與客戶進行數位互動的能力至關重要。

Our workforce is becoming more digital. You got over 1 million associates who have a device in their hands from the minute they walk in until they leave, so that's saving them time. And then finally, I'd just reiterate what Doug mentioned, is automation and supply chain and using automation to augment the things that our associates don't want to spend as much time doing so they can spend the time on the things that are value added like in-stock and availability.

我們的員工隊伍正在變得更加數位化。超過100萬名員工從上班到下班都會手持設備，節省了他們的時間。最後，我想重申Doug提到的自動化和供應鏈，利用自動化來增強員工不願花太多時間的工作，這樣他們就可以把時間花在增值業務上，例如庫存和可用性。

And I will just close by saying our optimism in improvements this year is we've got a lot of room to improve in in-stock and customer ability that we've seen over the last couple of years. We're really proud of the growth. We know we could have done a lot more had we had the inventory position at the right time and the right place. So I'm really optimistic that there is upside on top line.

最後，我想說的是，我們對今年業績的改善持樂觀態度，因為我們在庫存和客戶體驗方面，與過去幾年相比，還有很大的提升空間。我們對這樣的成長感到非常自豪。我們知道，如果我們在正確的時間和地點擁有充足的庫存，我們本可以做得更好。因此，我非常樂觀地認為，營收將有上升空間。

You mentioned eCommerce. We're continuing to manage contribution profit with eCommerce business as a stand-alone vertical. And apparel and home are important, and we've seen growth there over the last couple of years. And then the Marketplace helps. The Marketplace has been scaling faster, as you can see in the $170 million number.

您提到了電商。我們將繼續將電商業務作為獨立垂直領域來管理利潤貢獻。服裝和家居業務也很重要，過去幾年我們看到了這些業務的成長。 Marketplace 也起到了作用。 Marketplace 的擴張速度更快，正如您從 1.7 億美元的數字中看到的那樣。

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

我們的下一個問題來自 Cowen and Company 的 Oliver Chen。

Regarding Walmart investment ecosystem, what are your thoughts on future shopping experiences, particularly as we see consumers really adopt the metaverse, [digital tokens]? Would love to hear your thoughts on this.

關於沃爾瑪投資生態系統，您對未來的購物體驗有何看法？尤其是在我們看到消費者真正接受元宇宙（數位代幣）的情況下？我很想聽聽您對此的看法。

And in your prepared remarks, you spoke about fintech a few times. So it would be great to hear from you how that integrates your broader strategy and the shopping experience as well as consumerization of health care. You're a great provider of health care in different ways across communities.

您在準備好的發言中多次提到金融科技。因此，我們非常樂意聽您談談金融科技如何將您的整體策略、購物體驗以及醫療保健的消費化整合。您是一位優秀的醫療保健提供者，以不同的方式為各個社區提供服務。

Oliver, you covered a lot there. And your voice was breaking up a bit, but we think we got it. On the future of shopping, it's really exciting. I mean there are so many things that we can imagine. One of our challenges is just setting priorities and not trying to do too much. But we've got, obviously, a great strength in stores, and I think that that's clear. The pickup business has been terrific in the U.S. for many years now. Delivery is growing around the world. This delivery that's happening that's unattended is exciting. And this Walmart InHome business, which leads towards just keeping people in stock and they don't have to really think about buying the items they buy all the time and we then use that data to serve up impulse items, will be part of that future.

奧利佛，你說太多了。你的聲音有點哽咽，但我們認為我們已經理解了。關於購物的未來，這真的很令人興奮。我的意思是，我們可以想像很多東西。我們的挑戰之一就是設定優先事項，而不是試著做太多事情。但顯然，我們在門市方面擁有強大的優勢，我認為這是顯而易見的。在美國，自提業務多年來一直非常出色。全球範圍內的配送業務也在成長。這種無人值守的配送方式令人興奮。沃爾瑪的「到家」業務，旨在讓人們保持庫存，讓他們不必費心購買他們經常購買的商品，然後我們會利用這些數據來提供衝動購買的商品，這將是未來的一部分。

We do think that social commerce around the world and what happens with wearables and AR and mixed reality will be part of our future, and we're obviously thinking about that and working on that. And this key, as I mentioned in my remarks, of stitching it together, whether it's fintech or health care -- and John, you should jump in on future of shopping, fintech and health care, too. The way you stitch that together so that one business becomes a default for the other is the magic of it. I mean if we can really become great from a financial services point of view, we can take out friction and cost for customers, make it more delightful to transact with us, even -- not even really think about transacting, John, as we've changed the shopping experience as it relates to checkouts in the future as well as on our app and in other digital forms.

我們確實認為，全球社交商務以及穿戴式裝置、擴增實境和混合實境的發展將成為我們未來的一部分，我們顯然正在思考並致力於此。正如我在演講中提到的，關鍵在於將它們結合起來，無論是金融科技還是醫療保健——約翰，你也應該參與購物、金融科技和醫療保健的未來。將它們結合起來，使一項業務成為另一項業務的預設業務，這就是它的魔力所在。我的意思是，如果我們真的能夠從金融服務的角度變得優秀，我們就能為客戶消除摩擦和成本，讓與我們交易變得更加愉快，甚至——甚至不用真正去想交易本身，約翰，因為我們已經改變了未來與結帳相關的購物體驗，以及在我們的應用程序和其他數字形式上的購物體驗。

Yes. Oliver, on the consumer, I'll just start there. I see it the same way, Doug. It's very exciting to see some of the changes because the consumer, which historically, in the past, you might have thought of as the consumer fits in a segment, consumers really are in a segment depending on the day of the week or the hour of the day. Consumers sometimes need things right away, which we can do in under 2 hours with Express Delivery. They may need to pick up order in a couple of days and they may need something for a kid's birthday party this weekend. And we can work with all of those. And that's really exciting.

是的。奧利佛，關於消費者，我就從這裡開始說。道格，我也是這麼想的。看到這些變化真的非常令人興奮，因為過去，你可能認為消費者是按細分市場劃分的，而現在，消費者實際上是根據一周中的哪一天或一天中的哪個小時劃分的。消費者有時需要立即取貨，而我們透過快遞服務可以在兩小時內送達。他們可能需要幾天後取貨，也可能需要為孩子週末的生日派對準備一些東西。所有這些我們都能滿足。這真的非常令人興奮。

On fintech and health care specifically, those are on our flywheel for important reasons. One, in fintech, we're excited about the potential acquisitions that we mentioned pending regulatory approval. But we're looking for modern, innovative ways to offer customers the ability to access affordable financial solutions and financial products. A considerable number of customers, including middle income customers, are underserved when it comes to financial services. And we believe that we have a role that can help there and we get it in a way that's digital.

具體來說，金融科技和醫療保健領域是我們重點關注的領域，原因有很多。首先，在金融科技領域，我們對先前提到的待監管部門批准的潛在收購感到興奮。但我們正在尋找現代化、創新的方式，為客戶提供負擔得起的金融解決方案和金融產品。相當多的客戶，包括中等收入客戶，在金融服務方面得不到充分的服務。我們相信，我們能夠在這方面提供幫助，並且我們透過數位化的方式實現了這一點。

And then just going on to health and wellness. It's a big question with all these things that you have in there, but the health business was our fastest growing comp business in Q4. We are excited about continuing to be able to serve customers at the pharmacy. Our pharmacists and pharmacy techs have done a tremendous job this last year in serving customers. And we're seeing, with the addition of things like our telehealth company and other services, the ability for our pharmacists and tech to practice at the top of their licenses and really help customers live better.

接下來是健康和保健業務。考慮到所有這些業務，這是一個很大的問題，但健康業務是我們第四季成長最快的業務。我們很高興能夠繼續在藥局為客戶提供服務。我們的藥劑師和藥局技術人員在過去一年為客戶服務做出了巨大的貢獻。隨著遠距醫療公司和其他服務的加入，我們看到我們的藥劑師和技術人員能夠更好地執業，並真正幫助客戶改善生活。

So you put all this together, all of these opportunities really do position the company to live its -- to its purpose. And that's to help customer's money so they can live better, and the combination of retail, financial services and health and wellness do that really well.

所以，把所有這些結合起來，所有這些機會確實能夠幫助公司實現目標。那就是幫助客戶節省開支，讓他們生活得更好。零售、金融服務和健康保健的結合，很好地實現了這一點。

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

我們的下一個問題來自史蒂芬斯的本‧比恩維努 (Ben Bienvenu)。

There's been a lot of great questions asked so I want to ask a more specific one. You mentioned some places to roll back prices. I'm curious, is that because you see less inflation in those categories? I suspect not. Or is it because you see the opportunity for that to really resonate with the consumer? And within that idea, are there categories, places where you're seeing a change in consumer behavior, whether it's trading down or otherwise, that you think creates a unique opportunity for you all?

大家問了很多很棒的問題，所以我想問一個更具體的問題。您提到了一些可以降低價格的領域。我很好奇，這是因為您認為這些品類的通膨率較低嗎？我想不是。還是因為您看到了真正引起消費者共鳴的機會？在這種背景下，您是否認為在哪些品類或領域，您看到消費者行為發生了變化，無論是降價消費還是其他消費行為，從而為您創造了獨特的機會？

Ben, it's John. Thanks for the question. On the rollback, this is all about making sure the customers see value. At a time when prices are rising in so many parts of the economy, being able to offer a customer value and fight inflation is what we do, it's what our merchants do. And that will continue.

本，我是約翰。謝謝你的提問。關於回滾，這一切都是為了確保顧客看到價值。在經濟諸多領域物價上漲的當下，能夠為客戶提供價值並抵禦通膨是我們所做的，也是我們商家所做的。而我們將繼續這樣做。

As I said earlier, the count of rollbacks today is up pretty significantly from the end of the third quarter and about to where it was at the end of the first quarter last year. So I'd say I was just -- I was in the store across the street early this morning, and we've got rollbacks in consumer electronics and parts of dry grocery. And those values really matter as customers become more concerned and they think more about inflationary pressures.

正如我之前所說，今天的降價數量比第三季末大幅增加，幾乎與去年第一季末持平。所以，我今天早上去了街對面的商店，發現消費性電子產品和部分乾貨雜貨的降價情況。隨著消費者越來越關注通膨壓力，這些數值真的很重要。

So we'll continue to be an everyday low price retailer. That's our platform. We want to offer great values with price gaps that deliver for shareholders as well each and every day that we operate. But we'll make sure that customers see value in key categories as we get into this year.

因此，我們將繼續成為每日低價零售商。這就是我們的平台。我們希望透過價格差距提供巨大的價值，在營運的每一天都能為股東帶來回報。但隨著我們步入新的一年，我們將確保顧客在關鍵類別中看到價值。

The next question is from the line of Scot Ciccarelli with Truist.

下一個問題來自 Truist 的 Scot Ciccarelli。

I guess a bit of a follow-up on that question. As you guys hold down prices despite higher procurement costs to drive price gaps, are you seeing any kind of competitive response? Or do you find you're almost competing against yourself because other companies just can't hold down prices the way you can?

我想補充一下這個問題。儘管採購成本上漲，但你們仍壓低價格以拉低價格差距，你們是否看到了任何競爭反應？或者你們發現你們幾乎是在與自己競爭，因為其他公司無法像你們一樣壓低價格？

Around the world, Scot, retailers are all having to manage this. And we talk about price gaps, our price leadership position for a reason because prices are relative and it's more fluid in an inflationary environment like this. So we have to spend more of our time paying attention to that. We do mix across categories. We think about things like opening price points and protecting for a lower-income family some of the things that they need from a staples point of view. And then, as John mentioned, we use rollbacks to communicate not only the reality that prices are coming down at some places but the emotion or perception we want customers to have about us being there for them and earning their trust during a period of time like this.

斯科特，世界各地的零售商都必須應對這個問題。我們之所以強調價格差距和我們的價格領導地位，是因為價格是相對的，而且在當前的通膨環境下，價格波動更大。因此，我們必須投入更多時間關注這一點。我們確實會跨品類進行混搭。我們會考慮開放價格點，並從生活必需品的角度來保障低收入家庭的必需品。然後，正如約翰所提到的，我們利用降價來傳達訊息，不僅是因為某些地方的價格正在下降，也是為了讓顧客感受到我們在這個時期為他們提供服務並贏得他們的信任。

So I wouldn't say that we're unique in having to work through that. Of course, everybody is. But we are likely a bit unique with the depth of experience that we have and the talent of our team to be able to manage it and our long-standing supplier relationships and the way we work with them to try and help them get through this situation as well. The amount of communication between us and suppliers is always high. It's particularly high right now.

所以我不會說我們是唯一一家需要應付這種情況的公司。當然，每個人都需要。但我們可能有點獨特，因為我們擁有豐富的經驗，我們團隊的才能能夠應對這種情況，我們與供應商建立了長期的合作關係，我們與他們合作，努力幫助他們渡過難關。我們與供應商之間的溝通一直很頻繁，現在尤其頻繁。

Yes, it is. And I'd just refer to things that we said in the past. A merchant here has so many levers between mix in categories. What they feature on the home page this morning at the top of the home page is a section on rollbacks. They can change that. They can change [modules]. They can change features. There are just so many things that they can do to manage mix over time that it puts our team into a good position to do this.

是的，確實如此。我只是提到了我們過去討論過的事情。這裡的商家在商品組合方面有很多控製手段。今天早上，他們在主頁頂部展示了一個關於回滾的部分。他們可以更改這個部分。他們可以更改[模組]。他們可以更改功能。他們可以做很多事情來管理商品組合，這使得我們的團隊能夠很好地做到這一點。

We've got experienced people who know how to do this. And we have a number of associates here in the U.S. who have worked in other markets where inflation is quite common, and that's really been helpful this last year to have that expertise inside the business.

我們擁有經驗豐富的員工，他們知道如何做到這一點。我們在美國也有很多同事曾在通貨膨脹較為普遍的其他市場工作過，這些經驗在去年對我們業務的發展非常有幫助。

Our next question is from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯多福‧霍佛斯 (Christopher Horvers)。

I wanted to take a shot at some of the comp questions that have been asked prior. You talked about 1% and 2% in the U.S. in the first quarter, sort of 3s in 2Q and 3Q. That would suggest you accelerate roughly 4% in the fourth quarter. So I guess my question is you'll be going against sort of peak food-at-home inflation, some elevated [SAP] benefits. So I want to get into like sort of how you're thinking about getting there.

我想回答一些之前問過的關於薪酬的問題。您提到美國第一季的經濟成長率是1%和2%，第二季和第三季大概是3%。這意味著你們第四季的經濟成長速度大約是4%。所以我的問題是，你們會面臨食品價格上漲和[SAP]福利上漲的壓力。我想談談你們是如何考慮實現這一目標的。

Do you expect any deflation to occur? Do you expect share gains in grocery to accelerate as some of your customer base sort of seeks out more value? And then embedded in that, is that -- is there accelerated growth in general merchandise as you fill out the assortment and the fulfillment options?

您預計會出現通貨緊縮嗎？隨著部分客戶群尋求更高的價值，您是否預期食品雜貨業務的市場佔有率會加速成長？此外，隨著商品種類和配送選項的豐富，日用百貨業務的成長是否會加速？

Christopher, I'd say a couple of things regarding the question. A lot of the phasing that are in the forecast definitely include strong customer demand. They include better inventory positions. We talked about inventory in total being up 28% with a considerable amount of that, that is in transit, on the way, which does include general merchandise, but also as a reflection of what we believe would be better in-stock positions in food and consumables.

克里斯托弗，關於這個問題，我想說幾點。預測中的許多階段性舉措肯定都考慮到了強勁的客戶需求，包括更好的庫存狀況。我們談到庫存總量成長了28%，其中相當一部分是在途的商品，這確實包括日用百貨，但也反映了我們認為食品和消費品庫存狀況將會改善。

Now the quarterly phasing also has the lapping of stimulus last year. In the month we're in, we had a large ice storm last year in Texas. And then in the months of March and April, we had stimulus that was significant. So it does reflect that across the quarters. And I don't think I'd add anything else to that, Brett, unless you have anything.

現在，季度分階段實施也與去年的刺激措施重疊。我們所在的這個月，去年德州遭遇了一場大冰暴。然後在三月和四月，我們推出了規模龐大的刺激措施。所以這確實反映了各個季度的情況。布雷特，除非你有什麼問題，否則我想我不會再補充了。

No. I'd say, Chris, as you can imagine, the quarterly phasing is more challenging than normal just given the comparisons that we're up against. But I think, as John said, there's a number of different things during the year that make us feel confident in the total year. And we've given you as good as we feel like we can today on where we think it will stack up for the quarters. But it's -- there's going to be some quarterly variability certainly during the year.

不。克里斯，我想說，正如你所想像的，考慮到我們面臨的比較情況，季度分階段實施比平時更具挑戰性。但我認為，正如約翰所說，今年有很多不同的事情讓我們對全年業績充滿信心。今天我們已經盡可能地向你介紹了我們認為的季度業績成長情況。但今年肯定會有一些季度波動。

We have reached the end of the question-and-answer session. And I'll now turn the call over to Doug McMillon for closing remarks.

問答環節到此結束。現在，我將請道格·麥克米倫致閉幕詞。

Thanks again for your time and attention. I'd just summarize by saying it's great to have momentum in all 3 segments as we start this year. I think it's clear that we're changing to serve customers and members in the way that they want to be served. And having stores and an eCommerce business, pick up, delivery, fulfillment centers and Marketplace, all of those things are helpful as it relates to that.

再次感謝您的時間和關注。總結一下，在新的一年伊始，三個業務板塊都取得了良好的發展勢頭，這真是太好了。我認為，我們正在不斷改變，以客戶和會員希望的方式為他們提供服務。擁有門市、電商業務、自提、配送、訂單履行中心和市場平台，所有這些都與此息息相關。

And the great thing about it is -- the way that we're building these and designing them is that the company can grow earnings and grow the bottom line while we're doing it. The business model changes, and it enables the customer and member to benefit and our business to benefit at the same time.

它的偉大之處在於——我們建構和設計這些方案的方式，使得公司在營運過程中能夠增加收益，並提升獲利。商業模式的改變，不僅讓客戶和會員受益，也讓我們的業務受益。

So I'm excited about the short-term momentum and looking forward to the year. Thank you all.

我對短期的勢頭感到興奮，並期待著新的一年。謝謝大家。

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

謝謝大家。今天的會議到此結束。您可以掛斷電話了。感謝您的參與。