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.

你好。歡迎參加沃爾瑪 22 財年第四季度財報電話會議。 （操作員說明）請注意此會議正在錄製中。

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，我將把會議交給投資者關係高級副總裁 Dan Binder。丹，你現在可以開始了。

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。早上好，歡迎參加沃爾瑪 2022 財年第四季度財報電話會議。我們的執行團隊成員也加入了我的行列，其中包括沃爾瑪總裁兼首席執行官 Doug McMillon； Brett Biggs，執行副總裁兼首席財務官；以及沃爾瑪美國總裁兼首席執行官 John Furner。稍後，Doug 和 Brett 將為您提供業務更新，並討論第四季度和全年業績。接下來是我們的問答環節。

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

在我將電話轉給道格之前，讓我提醒您，今天的電話正在錄音中，並將包括前瞻性陳述。這些陳述受到可能導致實際結果與這些陳述產生重大差異的風險和不確定性的影響。這些風險和不確定性包括但不限於我們在提交給 SEC 的文件中確定的因素。請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，以獲取有關前瞻性聲明以及我們的整個安全港聲明和非 GAAP 對賬的警告聲明。

It'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.

早上好，感謝您加入我們，了解我們第四季度的業績。讓我們直接進入吧。我們的團隊實現了 7.6% 的淨銷售額增長和 9.3% 的調整後每股收益增長（不包括資產剝離）。我們在美國的食品和消費品市場繼續獲得市場份額，並且複合交易是積極的。本季度的消費者需求強勁，團隊克服了美國和世界各地的許多挑戰，以實現這些強勁的業績。

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，我們相信我們有人員、產品和價格可以交付，我們做到了。我們的庫存狀況有所改善，我們在各個市場的季節性類別中實現了高銷量。全球食品、消費品和服裝也表現強勁。與去年的強勁業績相比，我們在美國的一般商品中實現了低個位數。山姆會員店在美國和中國的各個類別中都看到了廣泛的實力。我們的商家在考慮到我們的客戶和股東的情況下，在應對商品成本通脹壓力方面做得很好。

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.

我喜歡我們如何混合業務。本季度綜合毛利率提高了 10 個基點，其中美國沃爾瑪的增長超過 50 個基點 我們正在與供應商密切合作以控制通貨膨脹，找到一些可以降低價格的地方，我們正在支付接近尾款注意我們如何管理我們的開盤價點項目。第四季度和全年都證明了我們可以將價格差距保持在我們想要的範圍內，增加市場份額並根據我們的頂線和底線增長算法交付。

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 和供應鏈挑戰，我們的員工也在這個繁忙的季節為客戶和會員提供了出色的服務。本季度的 COVID 休假高峰比我們在 2020 年或之前在 2021 年經歷的任何情況都要大。我們僱用的員工比我們計劃要求的更多，以幫助填補這一空白，這對費用產生了負面影響，但顯然是需要的。我感謝我們的員工以及商店和俱樂部管理團隊在本季度代表我們的客戶和會員確定優先事項。

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.

當我參觀商店和俱樂部時，看到我們的團隊如何在如此多變的環境中航行令人鼓舞。他們正在實現巨大的增長，同時在我們的長期戰略方面取得重大進展。在剛剛結束的財政年度中，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%，投資了 130 億美元的資本支出以發展我們的業務，通過股票回購和股息向股東返還 160 億美元，增長了我們的廣告業務在全球範圍內達到 21 億美元，並採取重要步驟建立我們的美國金融服務能力，並達成協議進行 2 次關鍵收購。

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。如果你看一下從 21 財年開始到 22 財年末的增長，不包括資產剝離，我們公司的收入增長了約 17%，營業收入增長了 31%。在全球範圍內，我們的數字銷售額百分比從 6% 增長到 13%。隨著公司的發展，我們受到去年概述的新商業模式和飛輪的推動。我們的戰略正在變為現實。

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.

確保我們實施我們的戰略是我大部分時間投入的地方。它始於客戶並獲得主要目的地。大籃子囤貨之旅很重要。它是我們與家人關係的基礎。我們通過經營一流的商店和俱樂部以及為我們在美國的 Walmart+ 和 InHome 會員提供無縫的取貨和送貨體驗來贏得購物機會。我們的會員服務 Walmart+ 仍然是我們正在建設的重要組成部分。

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.

我們正在增加取貨和送貨的能力。去年我們的產能增加了近 20%，我們預計今年的產能還會再增加 35%。對於 Walmart InHome，我們最近宣布擴大這項會員服務，使其可用於美國約 3000 萬戶家庭，高於 600 萬戶。為了實現擴展，我們正在為 3,000 多名相關的送貨司機創建角色。其中大部分職位將由現有經驗豐富的員工擔任。我們將建立一支全電動送貨車車隊，以支持我們的送貨服務和到 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.

我們的飛輪旨在更廣泛地為家庭服務，加深我們與他們的關係，並為我們的業務創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的金融科技初創公司的消息，該公司將在 ONE 品牌下運營。我們的合資領導團隊的綜合人才以及即將收購的 ONE Finance 和 Even 令人印象深刻，我們的計劃是積極的。我們可以幫助我們的客戶和 Walmart+ 會員省錢，減少摩擦，幫助加強數百萬家庭的財務狀況。

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.

與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 業務增長得非常快，我們在墨西哥擁有強大的能力，這對我們來說是一個如此重要的市場。

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.

當我們希望改善客戶體驗並加強業務組合時，擴大我們的市場非常重要。去年，我們在美國為該平台增加了 20,000 多名新賣家，預計今年將增加近 40,000 名。我們現在擁有近 1.7 億個 SKU，而且每天都在增加。我們向來自印度的賣家開放了我們的美國市場，並在那裡建立了一個專門的團隊來幫助賣家加入和成長。

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.

許多賣家正在尋求使其業務多樣化，他們正在推動我們增加功能，包括擴展我們的履行服務。去年，我們通過履行服務交付的美國 GMV 增長了 500%。隨著我們增加更多產能，我們預計今年將繼續強勁增長。對於第四季度，我們的履行服務佔印度市場總訂單的 44% 和墨西哥的 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.

發展我們的市場可以擴大客戶的選擇範圍，幫助我們的賣家成長並提高我們的利潤率。我們今年的計劃包括加強賣家的體驗並增加履行能力，以便客戶能夠更快地獲得更多商品。我很清楚，我們有多年盈利的市場和履行服務增長等著我們。

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.

圍繞實現和擴展新業務的主題，我們最近推出了 Walmart GoLocal，這是一種使用我們的 Spark Driver 平台的最後一英里交付解決方案，可幫助各種規模的企業接觸更多客戶。 GoLocal 正在為 The Home Depot 和其他大型零售商送貨，但我最興奮的是為本地小型零售商提供服務。我們有近 1,000 個 GoLocal 服務提貨點，我們預計今年年底將接近 5,000 個。這對客戶、我們的客戶和我們都有好處，因為我們通過增加組合訂單規模和路線密度來降低每個訂單的成本。

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.

隨著我們將更多的客戶、賣家和供應商帶入我們的生態系統，它擴大了我們將這些關係貨幣化的能力。一個很好的例子是我們的廣告業務。在全球範圍內，它一直以高利潤率高速增長，在短短幾年內就達到了 21 億美元的業務，我們預計這種強勁的增長將繼續下去。

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.

隨著我們的電子商務業務（包括 Marketplace）的持續增長，我們的廣告業務也將繼續增長。我們正在吸取美國和印度的經驗教訓，並在墨西哥、加拿大和智利等地發展壯大。重要的是，我們開始構建可在多個國家/地區使用的技術平台。我們強大的技術團隊和我們的數字化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.

我們在核心業務和新業務中看到了牽引力。使這些部分相互加強的能力具有真正的力量，設計它們使得客戶關係的一部分將它們引導到另一部分，因為它既簡單又直觀。連接廣告等 B2B 機會使我們能夠同時增加收入並進行關鍵投資。由於飛輪是如何組合在一起的，我對我們能夠實現我們去年討論的增長算法（收入增長率約為 4%，營業收入增長率高於銷售額）感到非常滿意。

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.

我們已經強調了我們在第四季度因 COVID、供應鍊和工資而增加的成本。其中一些成本可能會持續到今年的部分時間，但我對業務的潛在實力以及我們實現預期增長的能力充滿信心。我們正在建設的沃爾瑪對我們的客戶和會員的影響越來越大，在頂線和底線上更加數字化、自動化和多樣化。

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.

現在讓我們繼續按運營部門劃分我們的表現。我將從美國沃爾瑪開始。該團隊度過了一個愉快的假期。他們推動了 5.6% 的複合銷售額。您知道我們在食品和消耗品方面的實力，但儘管存在供應鏈挑戰，但季節性強硬的假期執行在商店中看起來不錯。我們將繼續應對成本壓力和庫存挑戰，但總的來說，我為團隊提供假日季節而感到自豪。而且我相信我們將在今年努力提高庫存水平。

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渠道體驗並優先考慮為他們提供便利至關重要。我們的商店已經變成了混合體。它們既是商店又是履行中心。去年，我們門店的訂單數量比前一年增加了 170%，比前一年增加了 500% 以上。擁有如此接近這麼多客戶的庫存是一項競爭優勢。在某些情況下，我們會在幾小時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.

在美國山姆會員店，這種勢頭仍在繼續。銷售和會員資格都很強勁。不包括燃料和煙草，本季度的收入為 10.8%，兩年期的收入接近 26%。在會員數量的推動下，會員收入增長了 9.1%，在本季度再創歷史新高。該團隊利用運營費用，將不包括燃料的運營收入增長了 24%。他們又度過了一個美妙的季度和一年。 Sam's 繼續推動數字創新並增加功能。我們的 Bold & Blue 俱樂部改造和我們加強的取貨和送貨服務將推動增長。

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.

在沃爾瑪國際，我們又經歷了強勁的一年，飛輪的各個方面都取得了良好的進展。總體而言，第四季度的銷售額再次強勁，不包括資產剝離，按固定匯率計算增長了 9.8%。中國、墨西哥和 Flipkart 一路領先。我們 21% 的電子商務滲透率創下新紀錄，比去年增加了近 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.

從印度的排燈節和大十億日到為中國新年做準備，我們可以在假期期間為各種假期和節日提供服務。在 Big Billion Days 期間，40% 的賣家是市場上的首次賣家，超過 100,000 名基拉納人參與了最後一英里的交付。這是強勁的包容性增長。

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.

雖然我們的全渠道模式提供了時間的禮物，但訪問和負擔能力仍然很重要。我們正在擴展我們的生態系統，我們在醫療保健、市場、電信和我們的在線食品業務等領域進行了投資。一些很好的例子包括推出 Flipkart Health+，旨在增加在印度獲得負擔得起的醫療服務的機會，以及收購加拿大的 Foodmaestro，為客戶打造更加個性化的購物體驗。 BAIT 是我們基於價值的互聯網和電話服務，使墨西哥的客戶能夠享受數字連接，會員人數已超過 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.

很高興看到我們所有 3 個運營部門都表現良好。我感謝我們強大而有能力的領導團隊以及我們所有的員工。在這些充滿挑戰的時期，我們度過了令人難以置信的幾年。我們的業務勢頭強勁。我們有積極的計劃，我們正在執行該戰略。感覺就像我們才剛剛開始。

I'll now turn it over to Brett.

我現在把它交給布雷特。

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。在新的一年開始之際，我們以強勁的第四季度和良好的勢頭結束了又一個偉大的一年。在過去的幾年裡，每個季度都提出了獨特的挑戰，但我為我們如何應對每一個挑戰感到自豪。第四季度也不例外，因為我們面臨著 Omicron 的崛起及其對供應鍊和我們員工的影響。這導致了一些重大的意外支出，但儘管如此，我們還是實現了我們預期的頂線和底線結果。

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.

我們繼續執行我們的戰略舉措，以實現我們去年 2 月概述的願景。美國的飛輪正在加速發展，這體現在我們未決的金融科技合資企業收購、新數據業務的推出和最後一英里交付的加速等舉措中。隨著我們擴展包括 Club Pickup 在內的全方位選擇，Sam 的會員收入全年增長強勁。這些和其他關鍵舉措代表了未來幾年的巨大收入和利潤機會。

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，我們的銷售額達到創紀錄的 5680 億美元，商店和俱樂部的客流量增加，而電子商務滲透率接近 13%。沃爾瑪美國的銷售額增長了超過 230 億美元，並在食品和消費品領域實現了強勁的市場份額增長。在過去的 2 年中，我們的美國分部銷售額增長了 670 億美元或 17%，營業收入增長了 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.

現在讓我們討論第四季度的結果。提醒一下，之前宣布的國際資產剝離顯著影響了同比比較，因此我今天的評論將排除資產剝離的影響。固定貨幣總收入增長 7.9% 至超過 1530 億美元，並達到另一個重要里程碑，季度淨銷售額超過 1500 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，沃爾瑪美國毛利率上升了 54 個基點，主要反映了成本增加和混合帶來的價格管理以及不斷增長的廣告業務帶來的好處，部分被更高的供應鏈成本所抵消。供應鏈成本比預期高出 4 億多美元，但我們預計其中一些成本會隨著時間的推移而降低。國際毛利率較低主要是由於格式組合。

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%.

與去年相比，強勁的銷售和較低的 COVID 成本部分抵消了美國工資成本增加的部分抵消了 SG&A 費用去槓桿化 19 個基點。儘管 COVID 成本低於去年，但我們在美國的員工休假成本明顯高於預期。前 3 個季度的總和，COVID 休假成本約為 6 億美元，但僅在第四季度就增加了 4.5 億美元，帶來了超過 3 億美元的意外逆風。儘管存在這些費用挑戰，但調整後的營業收入增長了 6% 以上，每股收益增長了 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，使我們能夠將資本分配給增長和股東回報。全年自由現金流為 111 億美元，與去年相比有所下降，主要是由於全年庫存增加、資本支出增加和成本增加。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看法，我們計劃在來年繼續或增加這一步伐。此外，我們今天上午宣布了連續第 49 次年度股息增長。投資回報率增加 90 個基點至略低於 15%，這是 5 年來的最佳水平，主要是由於營業收入的增長。

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.

現在讓我們討論每個細分市場的季度業績。沃爾瑪美國公司有史以來第一個銷售額超過 1000 億美元的季度，銷售額達到 1050 億美元。 Comp 銷售額增長了 5.6%，連續兩年增長了 14% 以上。我們繼續增加雜貨市場份額，因為食品成分增加了高個位數，而健康和保健、服裝、季節性和汽車類別也很強勁。儘管面臨 COVID 壓力，但交易量仍增長了 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.

電子商務銷售額在去年強勁增長的情況下增長了 1%，導致 70% 的 2 年堆棧。我們繼續看到成本通脹水平上升，並採取了謹慎的措施來管理定價，同時價格差距比大流行前略大。我們在提高市場份額的同時兼顧客戶和股東管理價格方面取得了良好的平衡。

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.

我們繼續在一些較新的高利潤計劃中取得重大進展。 Walmart Connect 廣告今年經歷了強勁的銷售增長，新廣告客戶的強大渠道和未來的巨大增長機會。事實上，使用 Walmart Connect 的活躍廣告客戶數量同比增長超過 130%。第四季度約有一半的廣告銷售來自自動化渠道，是去年的兩倍多。我們預計 Walmart Connect 將在未來幾年繼續擴大規模，併計劃在中期成為前 10 大廣告業務。

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.

在過去幾年中，隨著我們投資擴大履行能力、為賣家引入新服務並將可供客戶使用的商品數量翻倍，WFS 不斷發展電子商務市場一直是我們的首要任務。事實上，我們預計到今年年底，我們的電子商務分類中將有超過 2 億件商品。 WFS 的擴張也是將更多賣家帶入沃爾瑪市場的關鍵解鎖。

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.

客戶越來越希望送貨上門，與大流行前的水平相比，第四季度的送貨量增加了六倍。我們繼續擴大能力，包括宣佈在年底前加速向 3000 萬戶家庭提供 InHome 服務。我們還在 1 月份宣布了新的金融科技業務 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.

SG&A 費用去槓桿化 95 個基點，因為工資成本的增加被強勁的銷售和與去年同期相比降低的 COVID 相關費用總額所部分抵消。不過，正如我之前提到的，COVID 休假成本遠高於預期。得益於強勁的利潤率以及會員和其他收入的穩健增長，營業收入略有增長。庫存總體增加了約 28%，包括由於通貨膨脹、混合和高於正常的在途出貨量導致的商品成本上升，反映了持續努力改善庫存。

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.

國際銷售強勁，增長近 10%，在中國、墨西哥和 Flipkart 的帶動下，季節性事件、全方位增長和良好的庫存狀況對業績做出了貢獻。在去年強勁增長的基礎上，以固定匯率計算的電子商務銷售額增長了 21%，兩年累計增長超過 75%。在山姆會員店的持續強勁以及電子商務銷售額增長超過 90% 的情況下，按固定匯率計算，中國的銷售額增長了近 20%。根據 ANTAD 的數據，墨西哥的 Comp 銷售額增長了近 8%，並且增長速度快於市場。

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.

得益於強勁的假日活動以及月度活躍客戶和用戶的良好趨勢，Flipkart 又迎來了一個不錯的銷售季度。我們也對 PhonePe 的強勁增長感到高興，與去年相比，TPV 增長了 130% 以上，目前的運行率為 6500 億美元。在加拿大，在店內購物的帶動下，comps 銷售額增長了 4.6%，comps 連續兩年增長了 13% 以上。以固定匯率計算的國際調整後營業收入增長近 3%，反映出 COVID 成本降低，部分被山姆中國和電子商務銷售滲透率提高相關的毛利率下降所抵消。全年，國際調整後的營業收入增長了 12.7%，我們對新的一年的國際業務充滿信心。

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.

山姆俱樂部又一個令人印象深刻的季度，不包括燃料和煙草在內的收入增長了 10.8%，兩年來增長了近 26%。交易量增長了 7%，門票增長了 3.2%。電子商務銷售額增長了 21%，我們在本季度將數字訂單交付能力擴展到幾乎所有俱樂部。 Sam's 正在利用沃爾瑪的 GoLocal 最後一英里送貨服務為會員提供更多便利。會員收入增長超過 9%，會員人數再創紀錄，Plus 滲透率強勁。由於較高的燃料和會員收入以及強大的費用槓桿被通貨膨脹和供應鏈成本帶來的毛利率壓力部分抵消，營業收入增長了 41%。

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.

現在讓我們轉向指導。我們對業務的潛在實力感覺非常好，並相信我們可以在 23 財年實現與我們去年討論的增長算法相一致的全年增長。正如您在第四季度看到的那樣，我們仍然面臨與 COVID 和供應鏈中斷相關的成本增加的挑戰。我們的指導假設隨著時間的推移，我們將看到一些緩解，並且美國消費者全年保持總體有利的經濟狀況。

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.

與去年的比較是獨一無二的，主要是由於國際資產剝離的時機和美國在 22 財年的刺激措施。提醒一下，我們在英國和日本的業務剝離在去年第一季度末完成，在 22 財年第一季度貢獻了約 50 億美元的銷售額和約 0.07 美元的每股收益。我們的指導將是前資產剝離。

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.

我們預計公司總銷售額將增長約 4%，而今年沃爾瑪美國公司的銷售額將略高於 3%。鑑於刺激計劃的時間重疊，我們預計沃爾瑪美國第一季度的銷售額將增長約 1% 至 2%，隨後在今年剩餘時間裡的銷售額增長會有所提高。我們預計 23 財年公司總營業收入將以略高於銷售增長的速度增長，每股收益將比 22 財年調整後的每股收益增長 5% 至 6%，部分原因是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措施以及 2021 年 2 月和 2021 年 9 月啟動的工資投資，預計季度利潤增長節奏將變化很大。正如您所料，從 2 年來看，季度的變化看起來不那麼極端堆。我們預計第一季度營業收入和每股收益將下降兩位數至十幾歲，因為我們從去年開始循環刺激效應，導致今年營業收入增長近 30% 以及工資增加。

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.

在 2 年的堆棧中，第一季度的營業收入仍將增長 10% 左右。第二季度和第三季度的營業收入和每股收益預計將以低到中個位數的速度增長，因為與去年同期相比的比較有所緩解，部分原因是去年刺激收益的緩和。我們預計下半年的增長率會更高，因為我們全面循環工資投資，導致第四季度的營業收入和每股收益增長高達十幾歲的百分比。與 22 財年相比，第四季度的營業收入也將受益於某些時機，特別是在國際以及 22 財年循環提高的 COVID 休假成本。

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.

主要由於收益組合，我們的有效稅率預計將增加到 25% 至 26%。今年，我們預計毛利率將因定價、組合和新業務舉措而增加，儘管通常情況下會出現季度變化。隨著供應鏈、工資和技術成本繼續上升，我們預計將在一段時間內首次出現一些支出去槓桿化。我們將繼續加速資本投資的多年旅程，專注於提高履行能力、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.

22 財年的資本支出約為 131 億美元，低於預期，因為項目的時間安排受到供應鏈挑戰的影響。由於這一點以及對戰略重點的持續投資，我們預計今年的資本支出將處於我們去年給出的 2.5% 至 3% 銷售額的指導的上限。

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 財年的結果感到非常滿意，並且對今年和未來充滿信心。公司在為客戶和會員服務以及實現我們的財務目標、造福股東方面處於令人羨慕的位置。

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.

（操作員說明）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?

我想雙擊你在評論中關於通脹水平升高的評論之一。而且我認為您表示您看到的價格差距與大流行前相比略有擴大。您能否告訴我們您實時觀察到的通貨膨脹程度，這些價格差距擴大了多少，以及隨著時間的推移，您對各個季度的預期是什麼？

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.

斯蒂芬，我是沃爾瑪美國公司的約翰。首先，我只想感謝我們的團隊在上個季度所做的一切。考慮到他們面臨的所有挑戰，1050 億美元的銷售額令人印象深刻。我只想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，我們著眼長遠，我們為客戶和股東管理定價。我們一直在監控我們的份額——我們與競爭對手的價格差距，我們將在前進的過程中繼續這樣做。

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.

然後我們現在看到的不僅是我們引以為豪的對我們的客戶有價值的差距，而且我們還看到了增加商店回滾的機會，我們真的為團隊。現在，我們看到的回滾數量與去年第一季度末的回滾數量大致相同。因此，儘管我們面臨供應鏈挑戰和其他成本，但團隊在管理組合和定價以及照顧我們的客戶和股東方面做得很好。

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海姆證券公司的 Bob Drbul。

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?

只是幾個簡單的問題。第一個真的——謝謝你給我們廣告片。您能否再詳細說明一下您為達到 20 億美元所經歷的增長以及您預計增長的速度有多快？考慮到你給了我們 20 億美元的數字，Doug，你願意告訴我們有多少人註冊了 Walmart+ 會員資格嗎？

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，你想要兩個。這並不讓我感到驚訝。我將從廣告號開始，約翰可以在這裡添加。

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.

商業模式正在發生變化。我想這就是標題。我們的業務正變得越來越數字化。電子商務業務，第一方，第三方正在增長。它給了我們增加廣告收入的機會。它的增長速度很快，並且在各個市場都在增長。

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.

美國在這個數字上很重要，但印度、墨西哥和其他市場也將在那裡實現增長。邊距很有幫助。它們幫助我們為客戶保持低價，並幫助我們提供營業收入百分比。因此，我們對未來與廣告業務增長相關的情況感到興奮。

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.

我們還不打算分享 Walmart+。我真的不想讓公司由一個指標來定義。如今，隨著訂閱成為這樣一個話題，每個人都非常關注這一點。沃爾瑪將永遠是一家您需要審視並了解全渠道業務如何發展的企業。有時電子商務的增長速度會超過商店。正如我們最近所看到的，商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.

沃爾瑪+很重要。它幫助我們發展電子商務業務。它幫助我們加深與客戶的關係並擁有更多數據。在某個時候，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，還有其他類型的會員資格，不僅在世界各地的山姆會員店，而且在我們的其他一些業務中也在增長。因此，我認為隨著時間的推移，您可能會需要關註一些會員類型的指標，但我認為如果我們過分關注 Walmart+，那就不好了。隨著我們進行這些投資，我們為人們提供取貨和送貨服務的能力得到了提高。這也是我們繼續告訴您我們正在增加多少容量來做到這一點的原因之一。

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，這是約翰。我要補充幾件事。首先，我認為廣告業務反映了我們在整個沃爾瑪美國的發展勢頭，我為團隊幫助我們以任何他們想要的方式服務客戶的方式感到自豪，無論是在家裡，在他們的冰箱裡，在他們的前門，在路邊或商店裡。 Walmart Connect 業務，具體來說，我們將其命名為 Connect 的原因是我們正在連接買家、賣家、供應商和客戶。我們有一個獨特的機會，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，並以一種定位於全零售平台之上的方式進行。

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.

所以肯定對增長感到興奮。我對商店和沃爾瑪履行服務的產能增加感到興奮。這些使賣家能夠更頻繁地與我們的客戶進行交易。這確實是廣告增長的關鍵，是擁有能夠接觸到我們客戶群的龐大賣家和供應商基礎。

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

我們的下一個問題來自 Barclays 的 Karen Short。

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.

所以道格，我想問你一個問題。過去，您在知道何時何地要降落飛機但有移動部件要到達目的地時，已經對飛機進行了類比。所以我想問更大的圖景，當你特別考慮 23 年時——嗯，日曆 22 年，你認為最大的上漲來源可能是降落飛機，然後你也可以把最大的來源放在哪裡著陸風險。

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部的。去年或 2 年這是不尋常的。弄清楚你如何刺激刺激，通貨膨脹會發生什麼，無論是在商品成本方面還是在運營方面，都將導致我們必須成為優秀的管理者。但我認為隨著時間的推移，我們已經證明我們在沃爾瑪有很多非常優秀的經理。

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.

在上行方面，我的意思是我對我們的商店和俱樂部正在發生的事情感到興奮。我們在山姆的勢頭很好。在國際上有很多令人興奮的事情。印度仍然非常令人興奮。 Walmex 正在不斷壯大。山姆在中國的生意很好。所以我認為山姆國際可以做出貢獻。

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.

在沃爾瑪美國方面，約翰，你也可以在這裡加入，我認為我們有機會繼續改進商店和電子商務。我們現在為客戶提供多達 1.7 億件商品，這一事實令人興奮。賣家對履行和賣家服務的反應方式以及這種關係確實令人鼓舞。因此，我認為 Marketplace 是我們可以看到增長的領域之一，包括我們正在構建的最後一英里組件。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.

補充一點——凱倫，我剛才提到我為作為一家全方位零售商的勢頭和定位感到自豪，但也對商業模式的形式及其變化方式感到興奮。布雷特去年很早就闡述了增長算法和商業模式隨著時間的推移而改變的方式。 Doug 剛剛提到的賣家服務，包括履行和市場、最後一英里、GoLocal，所有這些東西都幫助了很多企業除了沃爾瑪業務之外，還可以接觸到客戶，它們都對運營模式產生了影響，我'我真的很興奮。這些是幫助客戶的組件，第一。他們將幫助股東，他們將幫助我們定位我們為全國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.

所以在 GoLocal，我們談到了我們今天擁有的積分數。那就是擴大。我們的最後一英里業務正在擴大。在接下來的幾年裡，我們將有一批電動汽車上線。因此，有很多事情會在客戶的生活中消除很多摩擦，幫助他們在家中保持庫存。

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.

然後隨著明年基本面的改善，我也對我們通過我們看到的任何外部力量進行管理的能力感到非常興奮。我們在這方面有很多經驗。我們有很棒的團隊為此做好了準備，而且戰略非常明確。

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蒙·古特曼。

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?

我的問題是關於指導的。 - 在 22 年，您以健康的數量擊敗了您的薪酬指導和息稅前利潤指導。如果 '23 最終比您剛剛指導的要好，它是由銷售驅動的，還是有可能在考慮到一些替代方案的情況下，利潤率在 3 內表現更好？

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.

然後只是為了澄清。布雷特提到了 23 財年第四季度的息稅前利潤增長。有什麼辦法可以稍微解壓一下嗎？因為它確實 - 這是一個很大的變化和跳躍，但看起來你將獲得一些巨大的 SG&A 增長。你說了一些關於國際圈的事情。所以試著也許——如果它不像聽起來那麼陡峭，我想，如果我們看看一些片段。

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.

西蒙，是布雷特。我會開始的。我認為道格和約翰剛才所說的很多是如果有的話——如果我們到今年年底並且我們做得比我們為指導制定的要好，我認為這就是他們剛才所說的很多討論過。利潤率較高的新業務繼續增長，銷售勢頭持續。顯然，我們假設這將繼續以 4% 的銷售額增長。在我們已經完成的工作之上，這是一個很大的數字。

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.

因此，它可能是銷售驅動的，並且隨著我們的日用百貨業務變得更強大，它可以繼續受到利潤驅動以及這些新業務的發展，這有助於混合。都是這些。而且我們總是談論有很多槓桿，我們可以在需要時在不同的時間拉動。這也是所有那些可以在任何給定年份、任何給定時間真正發揮我們優勢的槓桿。所以我對業務的發展勢頭感覺良好。我就像 - 我今天早上對 [Gordon] 說的。我對業務和商業模式的形成和以往一樣樂觀。

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.

要具體回答 Q4，有幾件事。國際上有一些假期時間。本季度我們也受到了一些減值的影響。其中一些被調整了。但是 - 這是那些東西，也是成本。當您查看第四季度的供應鏈成本和 COVID 成本時，這是一個很大的變化，我們確實預計今年的成本會有所降低。當這種情況發生時，它是如何發生的，顯然還有待觀察，但正是這些東西有助於增加第四季度的營業收入。

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 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?

您的客戶群看起來很像整個美國消費者。考慮到刺激措施、通貨膨脹和其他不確定性，中低收入消費者、今年消費者的前景存在很多擔憂。在您計劃來年時，您是如何考慮所有這些因素的？

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.

您可能已經擺脫了對不包括資產剝離的算法以外的指導。那麼，在 1 月份的業務良好的情況下，您是否存在近期偏見的風險？希望這不會讓人覺得很刻薄，但是您認為您對宏觀的了解是否比投資界或其他人更多？現在有很多不確定性。

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，這是道格。我先走。由於它與 4% 和大於 4% 相關，我們一年前告訴你的是，我們相信隨著時間的推移我們可以交付或擊敗。正如布雷特在我們做出承諾並分享這些數字時告訴你的那樣，會有更高的時間段和更低的時間段。但隨著時間的推移，我們認為這是一組非常合理的數字可以分享，我們認為重複這一點很重要，因為我們仍然有這種信心。

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.

我們之所以有這種信心，是因為我們一直在談論的所有作品。該戰略正在變為現實。商業模式正在發生變化。特別是與今年有關，我們有機會提高庫存，我們有機會提高商店和俱樂部的標準，因為 COVID 休假所發生的事情。只是 - 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.

而且肯定會有挑戰。我們肯定知道這一點。但我們只是有這些不同的機會來做出選擇以提供結果，我們認為重複這個數字很重要。

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，道格所說的對於改進非常重要。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，每天起床並努力變得比以往更好，經營更好的業務，我已經享受了將近 30 年。但是，在您的問題中真正重要的一件事是，我們為美國所有地區的所有收入群體提供服務。去年，我們看到收入群體和地區的增長。所以我認為這清楚地反映了我們為客戶提供的選擇數量。

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.

我們通過 Walmart.com 和電子商務為客戶提供體驗。我們為客戶提供取貨體驗。我們提供店內和介於兩者之間的幾乎所有服務，包括 InHome 送貨服務，這將擴展到大量家庭，今年將擴展到 3000 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.

因此，我認為我們為所有人服務的能力在未來非常重要。對於今年的團隊，我們將真正專注於執行。我知道山姆會說同樣的話。但在地域和收入方面，我們的代表性很強，我們將全力以赴，全年為客戶提供出色的執行力。

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.

邁克爾，你首先說沃爾瑪美國客戶看起來像美國人口，而且在很大程度上確實如此。所以我們會為每個人服務。在這樣的通貨膨脹時期，中等收入家庭、中低收入家庭，甚至更富裕的家庭對價格更加敏感，這對我們來說是有利的。

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.

所以我們以前經歷過這種情況，而且我們一直在全球範圍內應對通貨膨脹。美國現在的通脹環境肯定與最近一段時間不同，但我們一直在處理南美、墨西哥和其他地方的通脹問題，只是想了解一下情況。

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 Kate McShane。

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?

您曾提到全年庫存有所改善。我們只是想知道您將如何對第四季度的庫存水平進行分類，以及哪些領域仍可以從改善的庫存中受益。您能否談談您在供應鏈中所做的任何連續改進，以及您如何看待 22 年剩餘時間供應鏈挑戰的節奏？

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，這是約翰。讓我談談第四季度，然後我會回到供應鏈。我認為總的來說，我們在第三季度末、第四季度初看到了非常好的庫存改善。我們對假期的結果感到滿意，包括您看到的在整個季度提供季節性和強硬路線的能力。

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.

真正突出的幾個優勢是服裝業務和我們的健康和保健業務，在整個季度都表現強勁。那些結果——由於需求，那些導致了相當不錯的銷售。然後在 1 月，在 Omicron 的影響下，我們在店內庫存結束時退了一步。但我們現在看到的是整個供應鏈的更好流通。您聽說庫存增加，很大程度上反映了入庫情況。因此，我們看到恢復發生得非常快。商店中有幾個類別您會看到一些缺貨，它們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，我們在第三季度談到了它。港口的流通量、交貨時間的變化、集裝箱運入該國等方面都有了顯著的改善，這一切都有所幫助。但提醒一下，我們銷售的大約 2/3 是在美國製造或組裝的，我們也看到這些類別的增長。因此，我認為我們會在接下來的幾周和幾個月內看到更好的流動性，並在我們進入第一和第二季度時讓我們處於一個非常好的位置。

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

下一個問題來自 Chuck Grom 和 Gordon Haskett。

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.

祝賀偉大的一年。脫帽致敬，布雷特，在沃爾瑪的出色職業生涯。我的問題又是關於消費者的。而且我想我很好奇，鑑於通貨膨脹和刺激措施，您是否看到收入群體的支出模式有任何明顯變化。你談到 1 月份是 2 年最好的，但只是想知道你是否可以根據收入水平稍微解開它。

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

查克，這是約翰。我也祝賀布雷特的偉大職業生涯。謝謝你提到這一點。

He's not done yet.

他還沒有完成。

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

我還在這兒。我們會冷靜下來。

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.

但毫無疑問，他產生了很好的影響。查克，有幾件事。我們剛才說過，我們確實為國家廣泛服務，我們看到了為所有收入群體服務的能力。諸如自有品牌與品牌之類的事情，我們目前並沒有真正看到任何變化。我們看到強勁的需求。自有品牌滲透率基本持平。因此，在這一點上，我們看到了非常強勁的需求以及狀況良好且資產負債表強勁的客戶。因此，我們樂觀地認為，我們已經完成和在運輸中的庫存拉動將使我們處於有利地位，能夠在進入本財年時為客戶提供服務。

Thanks for the sentiment, Chuck. Appreciate it.

謝謝你的情緒，查克。欣賞它。

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

我們的下一個問題來自凱利·巴尼亞（Kelly Bania）與 BMO 資本市場的觀點。

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?

我要祝賀你，布雷特。就2個問題。一，我想類似的問題可能已經被嘗試過，但是在本季度有一些擔憂，即你是否可以在 2021 年的強勁業績中保持這種盈利增長算法。所以也許你能幫助我們了解使您能夠在這個更高的基礎上成長的潛在因素嗎？

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?

您談到了 Connect 和廣告業務。電子商務盈利能力是否只有潛在的進步？我知道我們不再以同樣的方式談論它，但您認為幫助您保持這種增長水平的潛在驅動因素是什麼？

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，損益表只是在改變形狀。而且我認為這種頭條新聞是公司正在變得更加數字化，它開始變得更加自動化，並且隨著時間的推移，將變得更加自動化。當您查看毛利率數字時，我們可以管理它。你們中的一些人喜歡看毛利率，我猜，季度到季度是有意義的。正如布雷特昨天提醒我們的那樣，這樣做會讓自己發瘋。毛利率隨著時間的推移，我的意思是，看看我們的業績記錄，我們可以管理毛利率。

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.

現在低於毛利率，我們已經獲得了生產力機會，而技術，無論是商店中為銷售人員提供的應用程序，還是配送中心的機器人，都為隨著時間的推移提高生產力創造了機會。這很有幫助。然後你會接觸到其他業務，例如廣告業務、最後一英里交付業務、電子商務的履行服務、市場本身，從利潤的角度來看，這些都是有用的業務。隨著它們佔總數的比例越來越大，損益表的形式也會發生變化。我們對此的信心很高，不僅在美國，而且在世界各地，在我們經營的市場，這就是為什麼你從我們那裡感受到這種信心的原因。

Brett, do you want to go next?

布雷特，你想下一個嗎？

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

不，我認為你說得很好。約翰，你想解決這個問題嗎？

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.

我只想在那裡添加幾件事。首先，與客戶建立數字關係非常重要。我們越來越多地從商店發貨。正如我們之前所說，商店是商店，但它們也充當履行中心。因此，這種以數字方式與客戶互動的能力很重要。

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.

我們的員工隊伍正變得越來越數字化。您有超過 100 萬的員工從他們進門到離開的那一刻起手上都有一個設備，這樣可以節省他們的時間。最後，我想重申一下 Doug 提到的自動化和供應鏈，並使用自動化來增強我們的員工不想花太多時間做的事情，這樣他們就可以把時間花在有價值的事情上添加如庫存和可用性。

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，我要說的是，我們對今年改進的樂觀態度是，我們在過去幾年中看到的庫存和客戶能力還有很大的改進空間。我們真的為增長感到自豪。我們知道，如果我們在正確的時間和正確的地點擁有庫存位置，我們本可以做得更多。所以我真的很樂觀，頂線有上升空間。

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.

你提到了電子商務。我們將繼續將電子商務業務作為一個獨立的垂直領域來管理貢獻利潤。服裝和家居很重要，我們在過去幾年看到了增長。然後市場提供幫助。正如您在 1.7 億美元的數字中看到的那樣，市場的擴展速度越來越快。

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，特別是當我們看到消費者真正採用元界 [數字代幣] 時？很想听聽您對此的看法。

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.

在你準備好的講話中，你幾次談到了金融科技。因此，很高興聽到您的意見，這將如何整合您更廣泛的戰略、購物體驗以及醫療保健的消費化。您是跨社區以不同方式提供醫療保健的出色提供者。

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.

奧利弗，你在那里報道了很多。你的聲音有點碎，但我們認為我們明白了。關於購物的未來，真是令人興奮。我的意思是有很多事情我們可以想像。我們面臨的挑戰之一就是確定優先事項，而不是試圖做太多事情。但顯然，我們在商店中擁有強大的實力，我認為這很清楚。多年來，皮卡業務在美國一直非常出色。交付在世界各地都在增長。這種無人值守的交付令人興奮。 Walmart InHome 業務旨在讓人們保持庫存，他們不必真正考慮購買他們一直購買的商品，然後我們使用這些數據來提供衝動商品，這將成為未來的一部分.

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.

我們確實認為世界各地的社交商務以及可穿戴設備、AR 和混合現實將成為我們未來的一部分，我們顯然正在考慮並努力解決這個問題。正如我在講話中提到的，這個關鍵是將它拼接在一起，無論是金融科技還是醫療保健——約翰，你也應該關注購物、金融科技和醫療保健的未來。您將其拼接在一起以使一項業務成為另一項業務的默認方式的方式就是它的魔力。我的意思是，如果我們真的能夠從金融服務的角度變得出色，我們就可以為客戶消除摩擦和成本，讓與我們進行交易變得更加愉快，甚至——甚至不考慮交易，約翰，就像我們一樣。已經改變了購物體驗，因為它與未來的結賬以及我們的應用程序和其他數字形式有關。

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。奧利弗，關於消費者，我將從那裡開始。我也是這麼看的，道格。看到一些變化是非常令人興奮的，因為消費者，從歷史上看，在過去，你可能認為消費者適合一個細分市場，消費者實際上是一個細分市場，具體取決於一周中的哪一天或小時那天。消費者有時會立即需要東西，我們可以通過快遞在 2 小時內完成。他們可能需要在幾天內取貨，他們可能需要一些東西來參加本週末的孩子生日派對。我們可以與所有這些合作。這真的很令人興奮。

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.

特別是在金融科技和醫療保健方面，出於重要原因，這些都在我們的飛輪上。一，在金融科技領域，我們對我們提到的等待監管批准的潛在收購感到興奮。但我們正在尋找現代、創新的方式，讓客戶能夠獲得負擔得起的金融解決方案和金融產品。在金融服務方面，相當多的客戶，包括中等收入客戶，都沒有得到充分的服務。我們相信我們有一個角色可以幫助那裡，我們以一種數字化的方式得到它。

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.

然後只是繼續健康和保健。對於您擁有的所有這些東西，這是一個大問題，但健康業務是我們第四季度增長最快的複合業務。我們很高興能夠繼續為藥房的客戶提供服務。去年，我們的藥劑師和藥房技術人員在服務客戶方面做得非常出色。我們看到，隨著我們的遠程醫療公司和其他服務的增加，我們的藥劑師和技術人員能夠在他們的執照上執業並真正幫助客戶過上更好的生活。

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.

因此，您將所有這些放在一起，所有這些機會確實使公司能夠實現其目標。那是為了幫助客戶賺錢，讓他們生活得更好，零售、金融服務和健康與保健的結合做得很好。

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

我們的下一個問題來自 Ben Bienvenu 和 Stephens 的觀點。

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?

有很多很好的問題被問到，所以我想問一個更具體的問題。你提到了一些降低價格的地方。我很好奇，是不是因為您看到這些類別的通貨膨脹較少？我懷疑不是。還是因為您看到了真正引起消費者共鳴的機會？在這個想法中，是否存在您認為消費者行為發生變化的類別和地方，無論是降價還是其他方式，您認為這為大家創造了獨特的機會？

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，是約翰。謝謝你的問題。在回滾時，這一切都是為了確保客戶看到價值。在經濟的許多領域價格上漲的時候，能夠為客戶提供價值並對抗通貨膨脹是我們所做的，這就是我們的商人所做的。這將繼續下去。

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，今天的回滾數量從第三季度末和去年第一季度末的水平大幅上升。所以我想說我只是 - 今天一大早我在街對面的商店裡，我們的消費電子產品和部分乾雜貨店都在倒退。隨著客戶變得更加關注並且他們更多地考慮通貨膨脹壓力，這些價值觀確實很重要。

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，我們將繼續成為日常低價零售商。那是我們的平台。我們希望通過價格差距為股東以及我們運營的每一天提供巨大的價值。但我們將確保客戶在今年進入關鍵類別時看到價值。

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

下一個問題來自 Scot Ciccarelli 和 Truist 的觀點。

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?

我想對這個問題有一點跟進。儘管採購成本較高以擴大價格差距，你們仍壓低價格，您是否看到任何競爭反應？或者您是否發現您幾乎與自己競爭，因為其他公司無法像您一樣壓低價格？

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.

在世界各地，蘇格蘭人，零售商都必須管理這一點。我們談論價格差距，我們的價格領先地位是有原因的，因為價格是相對的，並且在這樣的通貨膨脹環境中更加流動。所以我們必須花更多的時間來關注這一點。我們確實跨類別混合。我們從主食的角度考慮諸如開放價格點和保護低收入家庭的一些他們需要的東西。然後，正如約翰所提到的，我們使用回滾來傳達的不僅是某些地方價格正在下降的現實，而且還傳達我們希望客戶對我們在一段時間內為他們服務並贏得他們的信任的情感或看法，例如這。

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.

所以我不會說我們在必須解決這個問題方面是獨一無二的。當然，每個人都是。但我們可能有點獨特，因為我們擁有豐富的經驗和我們團隊能夠管理它的才能以及我們長期的供應商關係以及我們與他們合作以幫助他們度過這種情況的方式也是。我們和供應商之間的溝通量一直很高。現在特別高。

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。我只想提到我們過去說過的事情。這裡的商人在類別組合之間有很多槓桿。他們今天早上在主頁頂部的主頁上展示了關於回滾的部分。他們可以改變這一點。他們可以改變[模塊]。他們可以改變特徵。隨著時間的推移，他們可以做很多事情來管理混音，這讓我們的團隊處於一個很好的位置。

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.

我們有經驗豐富的人知道如何做到這一點。我們在美國有很多同事，他們曾在通貨膨脹相當普遍的其他市場工作過，去年在業務中擁有這些專業知識真的很有幫助。

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 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.

我想試一試之前提出的一些補償問題。你談到美國第一季度的 1% 和 2%，在第二季度和第三季度是 3 分。這表明你在第四季度加速了大約 4%。所以我想我的問題是你會反對家庭食品通脹高峰，一些提高的 [SAP] 好處。所以我想了解一下你是如何考慮到達那裡的。

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?

你預計會出現通貨緊縮嗎？您是否期望隨著您的一些客戶群尋求更多價值，雜貨市場的份額增長會加速？然後嵌入其中，當您填寫分類和履行選項時，一般商品是否會加速增長？

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，我想說幾句話。預測中的許多階段肯定包括強勁的客戶需求。它們包括更好的庫存位置。我們談到庫存總量增加了 28%，其中相當一部分是在運輸途中，其中確實包括一般商品，但也反映了我們認為更好的食品庫存狀況和消耗品。

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.

現在的季度分階段也有去年刺激的重疊。在我們所在的那個月，去年我們在德克薩斯州遭遇了一場大冰風暴。然後在 3 月和 4 月，我們實施了重要的刺激措施。因此，它確實反映了各個季度的情況。布雷特，除非你有任何東西，否則我認為我不會添加任何其他內容。

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。我想說，克里斯，正如你可以想像的那樣，僅考慮到我們所面臨的比較，季度分階段比正常情況更具挑戰性。但我認為，正如約翰所說，這一年有許多不同的事情讓我們對全年充滿信心。我們今天已經盡我們所能為您提供了我們認為它將在每個季度累積起來的地方。但它 - 在一年中肯定會有一些季度變化。

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.

我們已經到了問答環節的尾聲。現在，我將把電話轉給 Doug McMillon 做閉幕詞。

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。我只想總結說，從今年開始，在所有 3 個部分都有動力是很棒的。我認為很明顯，我們正在改變以按照客戶和會員想要的方式為他們服務。擁有商店和電子商務業務、提貨、交付、履行中心和市場，所有這些都是有幫助的，因為它與此相關。

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 - 我們構建和設計它們的方式是公司可以在我們這樣做的同時增加收入並增加底線。商業模式發生了變化，它使客戶和會員受益，我們的業務同時受益。

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

因此，我對短期勢頭感到興奮，並對這一年充滿期待。謝謝你們。

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

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。