沃爾瑪 (WMT) 2023 Q1 法說會逐字稿

Greetings. Welcome to Walmart's Fiscal Year 2023 First Quarter Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加沃爾瑪 2023 財年第一季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將會議轉交給投資者關係高級副總裁 Dan Binder。丹，你可以開始了。

Thank you, Rob. Good morning, and welcome to Walmart's First Quarter Fiscal 2023 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; John Furner, President and CEO of Walmart U.S.; Judith McKenna, President and CEO of Walmart International; and Kath McLay, President and CEO of Sam's Club. In a few moments, Doug and Brett will provide you an update on the business and discuss first quarter results, that will be followed by our question-and-answer session.

謝謝你，羅布。早上好，歡迎參加沃爾瑪 2023 財年第一季度財報電話會議。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；沃爾瑪美國總裁兼首席執行官約翰弗納；沃爾瑪國際總裁兼首席執行官朱迪思·麥肯納（Judith McKenna）；和山姆會員店總裁兼首席執行官凱思·麥克萊 (Kath McLay)。稍後，Doug 和 Brett 將為您提供有關業務的最新信息並討論第一季度的業績，然後是我們的問答環節。

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向美國證券交易委員會提交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 is now my pleasure to turn the call over to Doug McMillon.

現在我很高興將電話轉給 Doug McMillon。

Good morning. Thank you for joining us to hear about our results. We had a good quarter from a top line point of view. Sale for the period were ahead of what we expected across all segments, and we're pleased with the momentum we see so far in Q2. The bottom line was below our expectations due primarily to 3 areas that negatively affected operating income in our U.S. businesses, both in Walmart and Sam's Club. Each of these items represents about 1/3 of our overall profit miss.

早上好。感謝您加入我們以了解我們的結果。從頂線的角度來看，我們有一個很好的季度。這一時期的銷售超出了我們對所有細分市場的預期，我們對第二季度迄今為止看到的勢頭感到滿意。底線低於我們的預期，主要是由於 3 個領域對我們美國業務的營業收入產生了負面影響，包括沃爾瑪和山姆會員店。這些項目中的每一項都占我們整體利潤損失的 1/3 左右。

The first item is wage expense. As the Omicron variant case count declined rapidly in the first half of the quarter, more of our associates that were out on COVID leave came back to work faster than we expected. We hired more associates at the end of last year to cover for those on leave, so we ended up with weeks of overstaffing. That issue was resolved during the quarter, primarily through attrition.

第一項是工資支出。由於 Omicron 變異病例數在本季度上半年迅速下降，更多因 COVID 休假而外出的員工恢復工作的速度比我們預期的要快。我們在去年底僱傭了更多的員工來為那些休假的人提供服務，所以我們最終出現了數週的人滿為患。這個問題在本季度得到了解決，主要是通過減員。

The second item relates to our general merchandise inventory level, primarily in Walmart U.S. GM was a lower percentage of total sales in Q1, resulting in an unfavorable gross margin mix. We also had higher costs for containers and storage, and we've taken and are taking steps to contain those cost pressures to the first half of this year.

第二項與我們的一般商品庫存水平有關，主要是在沃爾瑪美國通用汽車在第一季度的總銷售額中所佔的百分比較低，導致毛利率組合不利。我們的容器和存儲成本也更高，我們已經並正在採取措施將這些成本壓力控製到今年上半年。

The third item is related to fuel costs in our supply chain. So those are the 3 items. And now I'll share more detail on each to help provide clarity.

第三項與我們供應鏈中的燃料成本有關。所以這些是3個項目。現在我將分享每個方面的更多細節，以幫助提供清晰性。

As for wages and staffing in the U.S., we had nearly all associates on COVID leave return in February. We expected the Omicron to be steep on the backside, but given that we needed more associates to cover in January, it just took some time over March and April to get wage costs in line with sales. We're now staffed in a way that supports our top line performance. As it relates to Walmart U.S. general merchandise sales, we knew that we were up against stimulus dollars from last year, but the rate of inflation in food pulled more dollars away from GM than we expected as customers needed to pay for the inflation in food. We like the fact that our inventory is up because so much of it is needed to be in stock on our side counters, but a 32% increase is higher than we want. We'll work through most or all of the excess inventory over the next couple of quarters.

至於美國的工資和人員配備，我們幾乎所有的員工都在 2 月份休假返回。我們預計 Omicron 的背面會很陡峭，但鑑於 1 月份我們需要更多的員工來提供服務，因此在 3 月和 4 月需要一段時間才能使工資成本與銷售額保持一致。我們現在的人員配備支持我們的頂線表現。由於它與沃爾瑪美國的一般商品銷售有關，我們知道我們面臨著去年的刺激美元，但食品通脹率從通用汽車手中抽走的美元比我們預期的要多，因為客戶需要為食品通脹買單。我們喜歡我們的庫存增加的事實，因為我們的櫃檯需要有很多庫存，但增加了 32% 比我們想要的要高。在接下來的幾個季度中，我們將處理大部分或全部過剩庫存。

We started being aggressive with rollbacks in apparel, for example, during Q1. Even with reduced prices, the apparel margin can still be helpful to our overall mix. As we managed the quarter, we generally passed on cost increases from suppliers at the category cost of goods level, but fuel costs accelerated during the quarter faster than we were able to pass them through creating a timing issue. Fuel ran over $160 million higher for the quarter in the U.S. than we forecasted. We made progress matching pricing to the increased costs as the quarter progressed. And while we expect some gross margin pressure in Q2, we expect an improvement over Q1. We're not happy with the profit performance for the quarter, and we've taken action, especially in the latter part of the quarter on cost negotiations, staffing levels and pricing while also managing our price gaps.

例如，在第一季度，我們開始積極地回滾服裝。即使價格下降，服裝利潤率仍然有助於我們的整體組合。在我們管理本季度時，我們通常將供應商的成本增加轉嫁到商品類別成本水平上，但本季度燃料成本的加速速度超過了我們通過創造時間問題來轉嫁的速度。美國本季度的燃料比我們預期的高出 1.6 億美元。隨著季度的進展，我們取得了與成本增加相匹配的定價進度。雖然我們預計第二季度的毛利率會受到一些壓力，但我們預計會比第一季度有所改善。我們對本季度的利潤表現不滿意，我們已經採取了行動，特別是在本季度後期，在成本談判、人員配備水平和定價方面，同時還管理了我們的價格差距。

While we've experienced high levels of inflation in our international markets over the years, U.S. inflation being this high and moving so quickly, both in food and general merchandise is unusual. We'll control what we can control, reduce our inventory level and keep prices as low as we can, especially on opening price point food items while improving our profit performance. Inflation is playing a role in the top and bottom line and the pace of change created a timing issue for us in Q1. We're adjusting to the mix change and operational costs.

儘管多年來我們在國際市場上經歷了高水平的通貨膨脹，但美國的通貨膨脹如此之高且變化如此之快，無論是食品還是日用品都是不尋常的。我們將控制我們可以控制的東西，降低我們的庫存水平並保持價格盡可能低，特別是在開放價格點食品的同時提高我們的利潤表現。通貨膨脹在頂線和底線中都發揮著作用，變化的步伐在第一季度給我們帶來了時間問題。我們正在適應組合變化和運營成本。

Importantly, we expect the solid top line performance to continue, and we're taking up sales guidance for the year. Customers and members are coming to us for value. I'd like to highlight our international team and their performance. We had strong top line performance and managed the quarter very well across the markets. Our biggest international pressure point is related to the COVID lockdowns in China, which created operational and financial pressure. Our teams did a great job of pivoting to serve customers and members through delivery. They stepped up as stores and clubs closed and demand for delivery spiked. Overall, the International segment had another good quarter.

重要的是，我們預計穩健的頂線業績將繼續，我們正在接受今年的銷售指導。客戶和會員來找我們是為了價值。我想強調我們的國際團隊和他們的表現。我們有強勁的頂線表現，並且在整個市場上都很好地管理了本季度。我們最大的國際壓力點與中國的 COVID 封鎖有關，這造成了運營和財務壓力。我們的團隊在通過交付為客戶和會員提供服務方面做得非常出色。隨著商店和俱樂部的關閉以及對送貨的需求激增，他們加快了步伐。總體而言，國際部分又一個不錯的季度。

We're making progress executing our strategy. The flywheel we're building is better for customers and members and the more diversified approach to profitability is making the company stronger. We're excited about our newer businesses and our plans to automate much of the supply chain. We're committed to our 4% top line growth and greater than 4% profit growth algorithm. Our strategy and mid- to long-term financial plans support that despite the turbulence we're managing through today.

我們正在執行我們的戰略取得進展。我們正在製造的飛輪對客戶和會員來說更好，更多元化的盈利方式正在使公司變得更強大。我們對我們的新業務以及我們將大部分供應鏈自動化的計劃感到興奮。我們致力於實現 4% 的收入增長和超過 4% 的利潤增長算法。儘管我們今天正在經歷動盪，但我們的戰略和中長期財務計劃支持這一點。

Globally, we continue to build new mutually reinforcing businesses as we grow in areas like marketplace, that leads to growth in fulfillment services and advertising income. Our B2C relationships lead to complementary B2B relationships, which strengthen our P&L. The number of marketplace sellers we have continues to grow, and growth in Walmart Connect and Flipkart ads was strong for the quarter. Walmart GoLocal continues to add new partners for our delivery platform, and we've now reached more than 1,600 delivery points in the U.S. We recently increased the Walmart Plus benefit for fuel to up to $0.10 and expanded the number of participating fuel locations to more than 14,000 including Exxon and mobile stations.

在全球範圍內，隨著我們在市場等領域的發展，我們繼續建立新的相輔相成的業務，從而導致履行服務和廣告收入的增長。我們的 B2C 關係導致互補的 B2B 關係，從而加強了我們的損益。我們擁有的市場賣家數量繼續增長，並且在本季度，Walmart Connect 和 Flipkart 廣告的增長強勁。 Walmart GoLocal 繼續為我們的交付平台增加新的合作夥伴，我們現在已經在美國達到了 1,600 多個交付點。我們最近將 Walmart Plus 的燃料福利提高到 0.10 美元，並將參與的燃料地點的數量擴大到超過14,000 個，包括埃克森美孚和移動台。

Our health and wellness work continues. In the U.S., we announced an expansion of Walmart Health into Florida with the opening of [40] locations and 1 more on the way. In India, the launch of Flipkart Health Plus, following our acquisition of online pharmacy platform, SastaSundar.com is enabling us to increase access to affordable care in that country. The team recently launched the Flipkart Health Plus app which is available on low bandwidth, so it's usable for more people in more cities.

我們的健康和保健工作仍在繼續。在美國，我們宣布將 Walmart Health 擴展到佛羅里達州，開設 [40] 家門店，另外還有 1 家正在籌備中。在印度，繼我們收購在線藥房平台 SastaSundar.com 之後，推出 Flipkart Health Plus 使我們能夠增加在該國獲得負擔得起的醫療服務的機會。該團隊最近推出了 Flipkart Health Plus 應用程序，該應用程序可在低帶寬上使用，因此可用於更多城市的更多人。

And in Canada, we're growing our number of primary care clinics to 87 and in partnership with TELUS Health, we'll launch digital pharmacy services. We're also making progress with financial services. In India, PhonePe recently processed more than 100 million transactions in a single day, with annualized total payment value of about $770 billion. It's one of the fastest-growing businesses in this space.

在加拿大，我們將初級保健診所的數量增加到 87 家，並與 TELUS Health 合作，推出數字藥房服務。我們也在金融服務方面取得進展。在印度，PhonePe 最近單日處理了超過 1 億筆交易，年化總支付價值約為 7700 億美元。它是該領域發展最快的企業之一。

I also like what we're doing in Mexico with our digital wallet, Cashi. In the U.S., through our JV with River Capital, we completed the acquisitions of 2 FinTech businesses, 1 finance in (inaudible) and combined those businesses under the one brand. Around the world, we can help our customers and members transact seamlessly, digitally and help them strengthen their lives financially.

我也喜歡我們在墨西哥使用數字錢包 Cashi 所做的事情。在美國，通過我們與 River Capital 的合資企業，我們完成了對 2 項金融科技業務和 1 項金融（聽不清）的收購，並將這些業務合併為一個品牌。在世界各地，我們可以幫助我們的客戶和會員進行無縫的數字化交易，並幫助他們在財務上改善生活。

Now I'll briefly comment on each segment before adds additional detail. In Walmart U.S., our sales performance was ahead of plan, and we continued to gain share in grocery. Inflation is lifting the average ticket, and our transaction count in stores went up slightly versus last year. Overall basket size is up, as you would expect, but units per basket are down a bit. Price leadership is especially important right now and one-stop shopping becomes more than just convenience, people are paying over $4 a gallon for fuel. Overall, eCommerce growth increased about 1% for the quarter. We're making progress on the eCommerce experience as in-stock improves, and the team continues to improve on the app and site experience, delivery accuracy and speed.

現在，在添加更多細節之前，我將對每個部分進行簡要評論。在美國沃爾瑪，我們的銷售業績超出了計劃，我們繼續在雜貨店獲得份額。通貨膨脹提高了平均票價，我們在商店的交易數量與去年相比略有上升。如您所料，整體籃子大小增加了，但每個籃子的單位有所下降。價格領先現在尤其重要，一站式購物不僅僅是方便，人們每加侖支付超過 4 美元的燃料費。總體而言，本季度電子商務增長約 1%。隨著庫存的改善，我們在電子商務體驗方面取得了進展，並且團隊繼續改進應用程序和網站體驗、交付準確性和速度。

Our eCommerce operations were affected early in the quarter as we lost one of our largest fulfillment centers to a fire, which created some cost inefficiencies for us. The buildings were destroyed, but thankfully and most importantly, no one was hurt. The loss did put strain on our system, however. The team quickly reacted to utilize our stores and spread volume to our other FCs to fulfill eCommerce orders. I'm proud of the team for moving so quickly to keep orders flowing to our customers.

我們的電子商務業務在本季度初受到影響，因為我們失去了最大的履行中心之一火災，這給我們造成了一些成本效率低下。建築物被摧毀，但幸運的是，最重要的是，沒有人受傷。然而，損失確實給我們的系統帶來了壓力。該團隊迅速做出反應，利用我們的商店並將數量分配給我們的其他 FC 來完成電子商務訂單。我為團隊如此迅速地行動以保持訂單流向我們的客戶而感到自豪。

Moving to Sam's Club U.S., we continue to drive strong comp sales on a 1- and 2-year basis with strength across most categories. Transactions were up in Q1, overall membership count continued to grow, Plus member penetration reached another all-time high, and we saw good growth in eCommerce. Profitability was negatively affected by the areas I mentioned earlier.

搬到美國山姆會員店後，我們繼續在 1 年和 2 年的基礎上推動強勁的銷售，並且在大多數類別中都表現出色。第一季度交易量增加，整體會員數量持續增長，Plus 會員滲透率再創歷史新高，我們看到電子商務增長良好。盈利能力受到我前面提到的領域的負面影響。

Walmart International continues to build on the momentum from last year with strong comp sales across markets and strong growth in eCommerce. I've visited our teams and stores in Mexico and Canada since the first of the year. the progress they're making on building out our flywheel capabilities is impressive. From financial services and health care that I mentioned earlier to marketplace expansion and advertising, the teams are moving quickly. Also like the example from Mexico, where we have a MXN 200 per month unlimited Internet option that's helping customers access the benefits of the digital economy that would otherwise cost them 3x that price.

Walmart International 繼續鞏固去年的勢頭，跨市場銷售強勁，電子商務強勁增長。自今年年初以來，我參觀了我們在墨西哥和加拿大的團隊和商店。他們在建立我們的飛輪能力方面取得的進展令人印象深刻。從我之前提到的金融服務和醫療保健到市場擴張和廣告，這些團隊正在迅速行動。也像墨西哥的例子，我們有一個每月 200 墨西哥比索的無限互聯網選項，幫助客戶獲得數字經濟的好處，否則他們會花費 3 倍的價格。

In summary, around the world, we're still living in environments with COVID present and navigating the economic and other impacts to deliver for customers and members. As always, our associates are doing a great job, and we're grateful to them. We continue to change and strengthen our company and position it for a strong future.

總之，在世界各地，我們仍然生活在存在 COVID 的環境中，並駕馭經濟和其他影響，為客戶和會員提供服務。一如既往，我們的員工做得很好，我們很感激他們。我們將繼續改變和加強我們的公司，並將其定位為一個強大的未來。

Thank you for your interest in our company. We hope to see you at our annual associate and shareholder celebration in a couple of weeks. As I turn it over to Brett, I want to pause and say a big thank you to him. Brett made significant contributions to our company in all parts of our business for many years. He has represented our associates, our investors and our company so well. His knowledge, astute judgment and character have made him a pleasure to work with. Thank you, partner.

感謝您對我們公司的關注。我們希望在幾週後在我們的年度合夥人和股東慶典上見到您。當我把它交給布雷特時，我想停下來對他說一聲非常感謝。多年來，Brett 在我們業務的各個方面都為我們公司做出了重大貢獻。他很好地代表了我們的員工、我們的投資者和我們的公司。他的知識、敏銳的判斷力和性格使他很高興與他共事。謝謝你，夥伴。

With that, I give you Mr. Biggs.

有了這個，我給你比格斯先生。

Thanks, Doug. In the first quarter, we faced some new challenges as well as some that were more pervasive than anticipated. Of course, we've been in a very fluid environment for more than 2 years, and I'm proud of the way the company has performed during that time. Q1 sales were strong across all segments and the strength has continued in the start of Q2, reinforcing Walmart wins with customers in even the most unique environments. The first quarter was one of the most challenging periods yet related to supply chain disruptions, increased costs and persistently high inflation. .

謝謝，道格。在第一季度，我們面臨一些新的挑戰以及一些比預期更普遍的挑戰。當然，兩年多來，我們一直處於一個非常不穩定的環境中，我為公司在那段時間的表現感到自豪。第一季度所有細分市場的銷售都表現強勁，並且在第二季度開始時繼續保持強勁勢頭，即使在最獨特的環境中，沃爾瑪也能贏得客戶的青睞。第一季度是與供應鏈中斷、成本增加和持續高通脹有關的最具挑戰性的時期之一。 .

There are some things that were unique to the first quarter, like some labor scheduling inefficiency as U.S. associates returned more quickly than expected from COVID-19 leave and some things that will likely be more persistent than anticipated when we gave guidance to start the year. As Doug mentioned, during the quarter, particularly in the middle of the quarter, we weren't able to fully address or pass along some of the cost increases that impacted profit more than expected. We're now managing those costs and passing them along more effectively.

第一季度有些事情是獨一無二的，比如一些勞動力安排效率低下，因為美國員工從 COVID-19 休假中返回的速度比預期的要快，有些事情在我們給出年初的指導時可能比預期的更持久。正如道格所提到的，在本季度，特別是在本季度中期，我們無法完全解決或轉嫁一些對利潤的影響超過預期的成本增加。我們現在正在管理這些成本並更有效地傳遞它們。

The costs related to inventory and fuel prices in the U.S. will strike some into Q2, but the scheduling related costs have been mitigated. Most of the increased inventory and related costs were related to buying over the past several quarters with a keen focus on in-stock and now we're in a short period of rightsizing it. The current sales strength and warmer weather in the U.S. give us confidence in our ability to work through this fairly quickly and strategically.

美國與庫存和燃料價格相關的成本將在第二季度產生一些影響，但與調度相關的成本已經得到緩解。大多數增加的庫存和相關成本與過去幾個季度的購買有關，重點關注庫存，現在我們正處於短期調整規模。美國當前的銷售實力和溫暖的天氣使我們對我們能夠相當快速和戰略性地解決這一問題充滿信心。

Our market position is strong, and our business model was built to weather times like this when customers are making more real-time choices. We're there for them, and we'll continue to provide great value while managing the business in a way that's also good for shareholders. We'll continue to reduce costs where we can and manage pricing in a way that preserves competitive price gaps while managing the bottom line and passing on costs where they appear to be less temporary in nature.

我們的市場地位很強，我們的商業模式是為了適應這樣的時代，即客戶做出更多實時選擇。我們為他們服務，我們將繼續提供巨大的價值，同時以對股東有利的方式管理業務。我們將繼續盡可能地降低成本，並以一種保持有競爭力的價格差距的方式管理定價，同時管理底線並將成本轉移到那些看起來不那麼暫時的成本。

Our expectations for the top and bottom line growth algorithm remains structurally unchanged. As we navigate the current environment, we continue to make great progress building our flywheel and executing our long-term strategy. For example, the global advertising business grew over 30% in Q1. I'm excited about what is ahead and what it means for customers as we more actively engaged with them in different areas of their lives and deepen those relationships.

我們對頂線和底線增長算法的預期在結構上保持不變。在我們駕馭當前環境的同時，我們繼續在構建飛輪和執行我們的長期戰略方面取得巨大進展。例如，第一季度全球廣告業務增長超過 30%。隨著我們在客戶生活的不同領域更積極地與他們互動並加深這些關係，我對未來的發展及其對客戶的意義感到興奮。

Now let's get into some additional Q1 details. As a reminder, my comments today will exclude the effect of last year's international divestitures. We delivered strong top line results in the first quarter with total constant currency revenue up more than 6%, reflecting healthy growth in each segment. Walmart U.S. gained grocery market share and at higher average ticket despite lapping last year's significant benefits from U.S. stimulus. International was led by Mexico and Canada, while Sam's Club U.S. delivered the ninth executive quarter of double-digit comp growth, excluding fuel and tobacco.

現在讓我們進入一些額外的 Q1 細節。提醒一下，我今天的評論將排除去年國際資產剝離的影響。我們在第一季度實現了強勁的頂線業績，固定貨幣總收入增長超過 6%，反映了每個部門的健康增長。儘管去年美國的刺激措施帶來了巨大的好處，但沃爾瑪美國公司獲得了雜貨市場份額和更高的平均票價。國際由墨西哥和加拿大領銜，而美國山姆俱樂部在第九個執行季度實現了兩位數的薪酬增長，不包括燃料和煙草。

First quarter gross margin rate decreased 89 basis points versus last year due in part to pressure at Sam's Club from supply chain costs, fuel mix, inflation and markdowns caused by inventory delays. Walmart U.S. gross margin rate was down 38 basis points with more than 3/4 of the decline related to higher-than-expected supply chain, fuel and eCommerce fulfillment costs. While we did see some supply chain improvement early in the quarter, the war in Ukraine and ongoing COVID impacts in various parts of the world, including China led to increased challenges.

第一季度毛利率與去年相比下降了 89 個基點，部分原因是山姆會員店面臨供應鏈成本、燃料組合、通貨膨脹和庫存延遲導致的降價的壓力。沃爾瑪美國毛利率下降 38 個基點，其中超過 3/4 的下降與供應鏈、燃料和電子商務履行成本高於預期有關。儘管我們確實在本季度初看到了供應鏈的一些改善，但烏克蘭的戰爭以及包括中國在內的世界各地的持續 COVID 影響導致了更多的挑戰。

While sales were ahead of plan in Q1, the category mix in the U.S. was heavier in food and consumables and spending shifted somewhat away from more discretionary items, including categories impacted by unseasonably cool weather such as apparel, patio furniture and landscaping supplies. We remain very bullish on our food and consumables business. Consumers are feeling inflation pressures as evidenced by an increase in grocery private brand penetration. The category mix shift, along with increased inventory, some of which was delayed in arriving led to higher-than-normal margins for general merchandise. In Q1, unexpected markdowns pressured Walmart U.S. gross profit by about $100 million. We expect the inventory position to improve as we go through Q2.

雖然第一季度的銷售超出了計劃，但美國的食品和消耗品類別組合更重，支出從更多可自由支配的商品轉移，包括受異常涼爽天氣影響的類別，如服裝、庭院家具和景觀用品。我們仍然非常看好我們的食品和消耗品業務。消費者正在感受到通脹壓力，雜貨店自有品牌滲透率的增加就是明證。品類組合的轉變以及庫存的增加（其中一些延遲到貨）導致一般商品的利潤率高於正常水平。第一季度，意外降價使沃爾瑪美國的毛利潤減少了約 1 億美元。我們預計隨著第二季度的到來，庫存狀況會有所改善。

SG&A expenses deleveraged 39 basis points, primarily due to increased U.S. wage costs, partially offset by lower total COVID costs versus last year. We expected higher labor costs at Walmart U.S. due to the hourly associate wage increase announced last year. As mentioned, Q1 profit declined more than expected with operating income down 20% and adjusted EPS down 20% to $1.30. Operating cash flow was also lower than expected at negative $3.8 billion. This is due to several factors, including: higher inventory amounts with about half of the increase due to inflation, lower operating income and the timing of certain payments and payables due to inventory delays. Given our confidence in selling through the inventory, I feel confident about operating cash flow getting back on track as we go through the year.

SG&A 費用去槓桿化 39 個基點，主要是由於美國工資成本增加，部分被 COVID 總成本與去年相比降低所抵消。由於去年宣布的每小時員工工資增長，我們預計沃爾瑪美國的勞動力成本會上升。如前所述，第一季度利潤下降幅度超過預期，營業收入下降 20%，調整後每股收益下降 20% 至 1.30 美元。經營現金流也低於預期，為負 38 億美元。這是由於幾個因素造成的，包括：由於通貨膨脹，營業收入下降以及由於庫存延遲導致的某些付款和應付賬款的時間安排，庫存量增加了大約一半。鑑於我們對通過庫存進行銷售的信心，我對經營現金流在這一年中重回正軌充滿信心。

Now let's discuss segment results. Walmart U.S. comp sales, excluding fuel, grew 3% and were up 9% on 2-year stack, reflecting strong food sales, which were up low double digits. As mentioned previously, general merchandise sales were softer but still increased high single digits on a 2-year stack. Transactions were flat versus last year, while average ticket increased 3%. eCommerce sales grew 1% against strong gains last year as customers continue returning to stores.

現在讓我們討論分段結果。沃爾瑪在美國的銷售（不包括燃料）增長了 3%，兩年來增長了 9%，這反映了強勁的食品銷售，增長了兩位數的低位。如前所述，一般商品銷售疲軟，但仍以 2 年的高個位數增長。交易量與去年持平，而平均票價增長了 3%。隨著客戶繼續返回商店，電子商務銷售額增長了 1%，而去年的強勁增長。

We're making strong progress in many of our newer higher-margin initiatives. The Walmart Connect advertising business continues to scale as we expand self-serve capabilities and offerings. Our new data monetization business, Walmart Luminate, continues to accelerate with over 75% growth quarter-over-quarter as more supplier partners collaborate with merchandisers to utilize new customer insights in our platform.

我們在許多新的更高利潤的計劃中取得了長足的進步。隨著我們擴展自助服務功能和產品，Walmart Connect 廣告業務繼續擴大。隨著越來越多的供應商合作夥伴與經銷商合作，在我們的平台上利用新的客戶洞察力，我們的新數據貨幣化業務 Walmart Luminate 繼續加速增長，環比增長超過 75%。

We also continue to expand our Walmart GoLocal delivery as a service business with new partnerships announced during Q1. In addition, we held grand openings of 4 new Walmart health centers in Florida and will open another 1 next month as we continue to expand access to affordable quality care.

我們還通過在第一季度宣布的新合作夥伴關係，繼續擴展我們的 Walmart GoLocal 交付即服務業務。此外，我們在佛羅里達州舉行了 4 家新的沃爾瑪健康中心的盛大開業典禮，並將在下個月再開設 1 家，因為我們將繼續擴大獲得負擔得起的優質護理的機會。

One, our strategic fintech partnership with Ribbit Capital, closed on the ONE Finance and even transactions, which sets the foundation for growth. Collectively, these initiatives represent large revenue and profit opportunities over the next several years. Gross margin pressure and expense deleverage led to a decline in operating income of about 18%. Inventory increased about 33% due to inflation and aggressive inventory buys over the past few quarters.

一，我們與 Ribbit Capital 的戰略金融科技合作，結束了 ONE Finance 甚至交易，為增長奠定了基礎。總的來說，這些舉措代表了未來幾年的巨大收入和利潤機會。毛利率壓力和費用去槓桿導致營業收入下降約18%。由於過去幾個季度的通貨膨脹和積極的庫存購買，庫存增加了約 33%。

International sales were strong, up 8% in constant currency, with Mexico and Canada leading the way. eCommerce sales in constant currency grew 22% on top of strong gains last year with growth up 86% on a 2-year stack. Comp sales in Mexico increased 9%, with strong growth in stores as well as eCommerce sales, which grew nearly 20% in Q1 and 185% on a 2-year stack. In Canada, comp sales were 7.7%, while in China, growth was slower than it's expected, but comps still increased more than 4%, led by eCommerce growth of nearly 90%.

國際銷售強勁，按固定匯率計算增長 8%，其中墨西哥和加拿大領先。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 22%，兩年內增長了 86%。墨西哥的 Comp 銷售額增長 9%，商店和電子商務銷售額增長強勁，第一季度增長近 20%，兩年增長 185%。在加拿大，comps 銷售額為 7.7%，而在中國，增長低於預期，但 comps 仍增長超過 4%，其中電子商務增長近 90%。

Flipkart had another good sales quarter with solid trends in monthly active customers and users. We're also used with the strong growth of PhonePe with annualized TPV of over $750 billion as the team continues to launch new customer offers such as the recent expansion of insurance offerings to include health, auto and ATV coverage. International operating income at constant currency declined nearly 13%, primarily due to lower gross profit in China, reflecting increased markdowns and higher eCommerce penetration during the quarter as well as investments in eCommerce across the portfolio.

Flipkart 的另一個銷售季度表現良好，每月活躍客戶和用戶呈現穩定趨勢。我們還利用了 PhonePe 的強勁增長，年化 TPV 超過 7500 億美元，因為該團隊繼續推出新的客戶服務，例如最近將保險產品擴展到包括健康、汽車和 ATV 覆蓋範圍。以固定匯率計算的國際營業收入下降了近 13%，主要是由於中國毛利潤下降，反映了本季度降價幅度的增加和電子商務滲透率的提高以及整個投資組合對電子商務的投資。

Sam's Club had another strong sales quarter with comp sales up 10.6%, excluding fuel and tobacco, an increase of about 21% on a 2-year stack. Transactions increased 10% and ticket was slightly positive. eCommerce sales grew 22%. Membership income was up 10.5% with another record in member counts. Operating income was down 20% as the gross margin pressure I mentioned previously was partially offset by higher membership income, fuel profit and expense leverage.

山姆會員店又一個強勁的銷售季度，不包括燃料和煙草在內的綜合銷售額增長了 10.6%，連續 2 年增長了約 21%。交易量增加了 10%，票證略有上漲。電子商務銷售額增長了 22%。會員收入增長 10.5%，會員人數再創紀錄。營業收入下降了 20%，因為我之前提到的毛利率壓力被更高的會員收入、燃料利潤和費用槓桿所抵消。

Now let's turn to guidance, which will be discussed ex divestitures. While we don't typically update guidance at the end of Q1, we felt it was appropriate given the current environment and the profit miss in Q1. We're behind for the year, but we're also just one quarter into the year with time and options in front of us. The team's focus is still on the original profit guidance. Based on our continuing strong top line, we feel good about our ability to deliver full year sales growth in excess of our original guidance. We now expect consolidated net sales growth, excluding divestitures, to be 4.5% to 5%. We expect Walmart U.S. comp sales growth of about 3.5% for the year versus the original guidance of slightly above 3%. However, as a result of the higher-than-anticipated costs we saw in Q1 and the expectation of some of that to continue, growing operating income on our original guidance and more than sales growth is challenging. We now expect operating income and EPS to be relatively flat year-on-year. As is our usual practice, we'll update you on our progress as we finish Q2. For Q2, we expect net sales growth of over 5%, including comp sales growth of 4% to 5% for Walmart U.S. As our confidence builds in our ability to manage cost increases more efficiently, operating income and EPS are expected to be flat to slightly up.

現在讓我們轉向指導，這將在剝離前討論。雖然我們通常不會在第一季度末更新指引，但考慮到當前環境和第一季度的利潤損失，我們認為這是合適的。我們今年落後了，但我們也只有一年的四分之一，時間和選擇擺在我們面前。該團隊的重點仍然是最初的利潤指導。基於我們持續強勁的收入，我們對我們實現超過我們最初指導的全年銷售增長的能力感到滿意。我們現在預計，不包括資產剝離在內的綜合淨銷售額增長為 4.5% 至 5%。我們預計沃爾瑪美國公司今年的銷售額將增長約 3.5%，而最初的指引略高於 3%。然而，由於我們在第一季度看到的成本高於預期，並且預計其中一些成本將持續下去，因此在我們最初的指導下增加營業收入和超過銷售增長是具有挑戰性的。我們現在預計營業收入和每股收益將同比相對持平。按照我們的慣例，我們會在第二季度結束時向您通報我們的進展情況。對於第二季度，我們預計淨銷售額增長超過 5%，其中沃爾瑪美國的銷售額增長 4% 至 5%。隨著我們對更有效地管理成本增長的能力建立信心，預計營業收入和每股收益將持平至小幅上漲。

In closing, I'm pleased with the top line momentum we're seeing across the business. While Q1 profit was lower than expected, during this dynamic and challenging environment, I'm proud of how our teams continue to be laser-focused on serving customers and taking care of shareholders.

最後，我對我們在整個業務中看到的頂線勢頭感到滿意。雖然第一季度的利潤低於預期，但在這個充滿活力和充滿挑戰的環境中，我為我們的團隊如何繼續專注於服務客戶和照顧股東而感到自豪。

Now we'd be happy to open up the call for your questions.

現在我們很樂意為您提出問題。

(Operator Instructions) Our first question is from the line of Simeon Gutman with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

I have one question and one follow-up. My first question is on the health of the consumer. Curious what your assessment is if the consumer is getting marginally weaker, staying about the same? You mentioned there were some mix shifts in your quarter, but you also said that you're adjusting pricing and you raised your sales guidance. So it would seem that maybe the consumer isn't getting weaker?

我有一個問題和一個跟進。我的第一個問題是關於消費者的健康。好奇你的評估是什麼，如果消費者稍微變弱，保持不變？你提到你的季度有一些混合變化，但你也說你正在調整定價並提高了銷售指導。所以看起來消費者並沒有變得更弱？

Simeon, this is Doug. And John or Brett may want to add some color to you. I think it's important to recognize that there's more than one consumer. We serve the whole country. I assume you're talking about the U.S. in particular. So we've got a breadth of customers and they behave differently. As we said in our prerecorded remarks, for some customers, we are seeing some indications of change throughout the quarter, but that's not true for all of them.

西蒙，這是道格。約翰或布雷特可能想為您添加一些顏色。我認為重要的是要認識到消費者不止一個。我們為整個國家服務。我假設你特別在談論美國。因此，我們擁有廣泛的客戶，他們的行為方式也不同。正如我們在預先錄製的評論中所說，對於一些客戶，我們在整個季度看到了一些變化的跡象，但並非所有客戶都是如此。

Simeon, it's John. Just to reiterate what Doug said, we do serve a wide range of customers and certainly have seen strength in the consumer. We see growth in high-ticket items like game consoles recently with warmer weather, strength in patio furniture, grills, gardening and hardlines, but we do see some consumers switching we see categories like Deli, lunch meat, bacon, dairy, where we see customers trading from brands to private brands. So we see both of those things happening at the same time. But as we reported strong top line results, we see a wide range of consumer behavior.

西蒙，是約翰。重申一下道格所說的話，我們確實為廣泛的客戶提供服務，並且肯定已經看到了消費者的實力。我們看到遊戲機等高價商品最近隨著天氣變暖而增長，庭院家具、烤架、園藝和硬線的實力增強，但我們確實看到一些消費者在改變我們看到熟食、午餐肉、培根、乳製品等類別，我們看到客戶從品牌交易到自有品牌。所以我們看到這兩件事同時發生。但是，當我們報告了強勁的營收結果時，我們看到了廣泛的消費者行為。

And maybe the follow-up regarding the guidance change and what happened in Q1. In Q4, the business created this perception that it was being managed pretty agile. You were able to adapt to higher costs and then you raise price. Was it in the first quarter that costs were up too quick? Or that you were hesitant to move price to the degree that you did in the fourth quarter? Just such a divergence from how you manage Q4 to Q1, albeit not that you manage it -- that finally every quarter. So that's what created the surprise, I think, to us in the profit miss.

也許是關於指導變化和第一季度發生的事情的後續行動。在第 4 季度，該業務創造了這樣一種觀念，即它的管理非常靈活。您能夠適應更高的成本，然後提高價格。是不是一季度成本上升太快了？或者您在將價格調整到第四季度的程度時猶豫不決？從您管理第四季度到第一季度的方式存在如此大的差異，儘管不是您管理它 - 最後是每個季度。因此，我認為這就是在利潤失誤中給我們帶來驚喜的原因。

Yes, Simeon, it's more about the speed than it is the other issue. Things moved quickly in the back half of the quarter. And as you mentioned, it sometimes creates a timing issue. So life doesn't begin and end with the quarter dates beginning and end, and we'll manage this as we go through the year. But the mindset and the ability of the management haven't changed.

是的，Simeon，速度比其他問題更重要。事情在本季度後半段迅速發展。正如你所提到的，它有時會產生時間問題。因此，生活不會隨著季度日期的開始和結束而開始和結束，我們將在這一年中進行管理。但管理層的心態和能力沒有改變。

(Operator Instructions) The next question will be coming from the line of Karen Short with Barclays.

（操作員說明）下一個問題將來自巴克萊銀行的 Karen Short。

I wanted to just ask a little bit about the inventory. And I ask in the context of how much you fully factored in the risk that the consumer further weakens. And therefore, in that context, how much ability going forward do you have to flex the P&L with respect to manage, I guess, the P&L with respect to further markdowns gross margin risk in the U.S. given your high levels of inventory, but also contemplating the risk of further SG&A deleverage if there is more weakening with the consumer?

我想問一些關於庫存的問題。我問的是你在多大程度上充分考慮了消費者進一步減弱的風險。因此，在這種情況下，考慮到您的高庫存水平，我猜想，在美國進一步降價毛利率風險方面，您有多少能力來調整損益表，但同時也在考慮如果消費者進一步走弱，SG&A 進一步去槓桿的風險？

Sure. Karen, it's John. First, just to reiterate, strong top line in the first quarter and our guidance on top line that would reflect our confidence that there will be strength in the top line. As you look at what happened in Q1 specifically, we did take on more inventory, but we've seen strength as of recently in general merchandise, given the warmer weather, we have a large number of rollbacks that are present right now, and the customer is responding to both very well I said we have strength in high-ticket items, like durables and hardlines and then we do see some switching.

當然。凱倫，是約翰。首先，重申一下，第一季度強勁的收入以及我們對收入的指導，這將反映我們對收入將有實力的信心。當您具體查看第一季度發生的情況時，我們確實增加了庫存，但我們最近看到了一般商品的實力，鑑於天氣變暖，我們現在有大量回滾，而且客戶對這兩個方面的反應都很好 我說我們在高價商品方面有實力，比如耐用品和強硬線，然後我們確實看到了一些轉變。

On inventory, and particularly, we're up about 33% and the vast majority of that increase is a reflection of both inflation and inventory positioning that improves availability quarter-to-quarter, which we're happy with. And then we have some inventory, the remaining portion of the increase that we'll have to work through and sell through over the next couple of quarters.

特別是在庫存方面，我們增長了約 33%，其中絕大多數增長反映了通貨膨脹和庫存定位，這兩個季度都提高了可用性，我們對此感到滿意。然後我們有一些庫存，剩下的部分我們必須在接下來的幾個季度中完成和銷售。

Yes. And Karen, it's Brett. I feel good about the timeliness of how we're handling inventory with rollbacks. The way we're looking at pricing, as we said in our prepared remarks, I think over the next quarter or 2 work our way through this, but I feel good about the way we're going to manage through this.

是的。還有凱倫，是布雷特。我對我們如何通過回滾處理庫存的及時性感到滿意。正如我們在準備好的評論中所說的那樣，我們看待定價的方式，我認為在接下來的一兩個季度中，我們會通過這種方式來解決這個問題，但我對我們將通過這種方式進行管理的方式感覺很好。

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

我們的下一個問題來自古根海姆的 Bob Drbul。

And Brett, congratulations, going to miss you. On -- my question would be, can you talk about just conversations with your vendors, given their strong results, are you leaning in more on negotiations? Can you just sort of help us understand your mindset at this point?

布雷特，恭喜你，我會想念你的。關於--我的問題是，鑑於他們的強勁結果，您能否僅談談與供應商的對話，您是否更傾向於談判？在這一點上，你能幫助我們理解你的心態嗎？

Bob, I'll take it, it's John. As we said, we definitely have seen an inventory increase. A large portion of that was planned. But certainly, the way we feel about it, given some of the switching and other things that I mentioned earlier, I mentioned categories like Deli, lunch meat, dairy, bacon, where we see switching. Our team and our suppliers need to do everything we can do to keep costs low so that we can have values for customers that are meaningful. That's the purpose of the company. We're positioned to do well, and great economies and economies that aren't as good. So we're going to be positioning ourselves well to take care of our customers going forward and our teams and our suppliers, we both need to do more to help customers out.

鮑勃，我接受，是約翰。正如我們所說，我們肯定看到庫存增加。其中很大一部分是計劃好的。但可以肯定的是，考慮到我之前提到的一些轉換和其他事情，我們對它的感覺，我提到了熟食、午餐肉、乳製品、培根等類別，我們看到了轉換。我們的團隊和我們的供應商需要盡我們所能來保持低成本，這樣我們才能為客戶創造有意義的價值。這就是公司的宗旨。我們有能力做得很好，偉大的經濟體和不太好的經濟體。因此，我們將做好自己的定位，以照顧我們的客戶，我們的團隊和我們的供應商，我們都需要做更多的事情來幫助客戶。

Our next question is from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

We have a follow-up question on just what you're seeing or what you have seen throughout the course of the quarter. Any material change in the consumer basket that you think is notable? I know you called out mix shift towards grocery. But any signs that the consumer as the quarter progressed, reacted differently than you expected?

我們有一個關於您在本季度中看到的或看到的內容的後續問題。您認為消費籃子的任何重大變化是顯著的嗎？我知道你呼籲混合轉向雜貨店。但是有任何跡象表明隨著季度的進展，消費者的反應與您的預期不同嗎？

Yes. So on the basket, in the first quarter, we definitely had an impact due to the offsetting of stimulus from last year. We had a very strong quarter last year, one of the strongest quarters we've ever had. So expected an impact in general merchandise as we went into the quarter. And we did see increased strengthening in food as the quarter went along and then late in the quarter and then to the beginning of the month of May, we've seen strengthening in general merchandise. I think it's a combination of warmer weather across the country and the response to the rollbacks that we put in place. In terms of the consumer themselves, we've seen strong growth with higher income consumers, middle income and lower income, but we do see a definite strength with high-ticket items, as I said, with some consumers and others, we do see some switching, which would include switching specifically from brands to private brands

是的。所以在籃子上，在第一季度，由於去年刺激措施的抵消，我們肯定會產生影響。去年我們有一個非常強勁的季度，這是我們有史以來最強勁的季度之一。因此，當我們進入本季度時，預計會對一般商品產生影響。我們確實看到隨著季度的過去，食品價格走強，然後在季度末，然後到 5 月初，我們看到一般商品走強。我認為這是全國變暖的天氣和對我們實施的回滾的反應的結合。就消費者本身而言，我們看到了高收入消費者、中等收入和低收入消費者的強勁增長，但我們確實看到了高價商品的明顯優勢，正如我所說，對於一些消費者和其他消費者，我們確實看到了一些轉換，包括專門從品牌轉向自有品牌

The next question comes from the line of Greg Melich with Evercore ISI.

下一個問題來自與 Evercore ISI 的 Greg Melich。

My question was really about what's driving the basket and working down the inventory. So it's one question. But I guess if we look at this quarter, is there a way to say how much was inflation and mix. I think you mentioned units were down. Could you give us a number to that? And then really on inventories, should we expect $100 million of markdowns in the next couple of quarters? How do we think about that cadence?

我的問題實際上是關於推動籃子和減少庫存的因素。所以這是一個問題。但我想如果我們看看這個季度，有沒有辦法說通貨膨脹和混合有多少。我想你提到的單位下降了。你能給我們一個數字嗎？然後真的在庫存方面，我們是否應該期望在接下來的幾個季度中降價 1 億美元？我們如何看待這種節奏？

Greg, on the basket, first of all, what we're seeing right now is an increase in traffic and ticket. We did see units per basket slightly lower in the first quarter. We think that's a combination of some of the switching that we mentioned earlier, but also the offset of stimulus from last year. We had significant strength in categories that were affected by stimulus. As far as the inventory positioning the growth in the U.S., specifically about 33%. As I said earlier, the vast majority of that is inflation plus the improvements in availability that we have prepared for and intentionally purchase over the last few quarters. And then as I said, there is a portion of the inventory that we'll need the next quarter or 2 to work through. Customers responding very well to the rollbacks. We began those late in apparel in the third -- or the first quarter and then extended more rollbacks into the second, and we're seeing a good response from both of those. So we think that over the next quarter or 2, we'll sell through the remaining inventory, the increase that we have on the books right now, and as you heard from Brett in the prepared remarks, we did raise guidance for the rest of the year on the top line.

格雷格，在籃下，首先，我們現在看到的是流量和門票的增加。我們確實看到第一季度每籃子的單位略有下降。我們認為這是我們之前提到的一些轉變的結合，也是去年刺激措施的抵消。我們在受刺激影響的類別中具有顯著優勢。就庫存定位而言，美國的增長率約為 33%。正如我之前所說，其中絕大多數是通貨膨脹加上我們在過去幾個季度準備並有意購買的可用性的改善。然後正如我所說，我們需要在下一季度或第二季度完成部分庫存。客戶對回滾的反應非常好。我們在第三季度或第一季度開始了那些後期的服裝，然後將更多的回滾延伸到第二季度，我們看到了這兩個方面的良好反應。因此，我們認為在下一季度或第二季度，我們將出售剩餘庫存，即我們現在賬面上的增加量，正如您在準備好的評論中從布雷特那裡聽到的那樣，我們確實提高了對剩餘庫存的指導最重要的年份。

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

我們的下一個問題來自瑞銀的 Michael Lasser。

Brett, congratulations. My question is the cost pressures that Walmart has encountered come from the queue of Amazon facing its own margin pressure. So to what extent are these developments reflective of increased competition between Walmart and Amazon? And does it suggest the cost of doing business is rising as the macro uncertainty increases? And as part of that question, should we assume that if these are just reflective of timing differences that you get all of these costs and margin pressures back in the first and second quarter of next year when you lap them?

布雷特，恭喜。我的問題是，沃爾瑪遇到的成本壓力來自亞馬遜自身面臨的利潤率壓力。那麼，這些發展在多大程度上反映了沃爾瑪和亞馬遜之間日益激烈的競爭？這是否表明隨著宏觀不確定性的增加，經商成本正在上升？作為該問題的一部分，我們是否應該假設，如果這些只是時間差異的反映，那麼當您在明年第一季度和第二季度完成所有這些成本和利潤壓力時，您會得到回報嗎？

Michael, this is Doug. I think it's more about market dynamics than it is relative to competition, and I would expect to get these things back over time. As we mentioned earlier, things moved quickly in the back half of the quarter, and it just takes a little bit of time to adjust. And as we mentioned in the prepared remarks, we're managing things at an item level from a pricing point of view. But below that gross margin line, there were costs related to fuel and then the staffing issue that we mentioned that just need to be resolved, but we see those as being isolated to the quarter.

邁克爾，這是道格。我認為這更多的是關於市場動態而不是相對於競爭，我希望隨著時間的推移這些東西會回來。正如我們之前提到的，事情在本季度後半段迅速發展，只需要一點時間來調整。正如我們在準備好的評論中提到的那樣，從定價的角度來看，我們正在對項目級別進行管理。但在該毛利率線以下，有與燃料相關的成本，然後是我們提到的人員配備問題，需要解決，但我們認為這些與本季度無關。

Our next question comes from the line of Peter Benedict from Baird.

我們的下一個問題來自 Baird 的 Peter Benedict。

Congrats, Brett. So my question is just really on the profit guide for the year coming down clearly first quarter and then some in the second, is it right to view the second half profit guide largely intact here? Just curious kind of that your view on the holidays later this year have changed at all? And if you've adjusted any orders accordingly?

恭喜，布雷特。所以我的問題只是關於今年第一季度的利潤指南明顯下降，然後是第二季度的一些，在這裡看下半年利潤指南基本完好是否正確？只是好奇你對今年晚些時候假期的看法發生了變化嗎？如果您相應地調整了任何訂單？

Peter, it's Brett. Appreciate it. Yes, we -- when you look at the full year guidance, the way I would describe it, on quarter-to-quarter, I'm probably go out being known for saying quarter-to-quarter margin is tough to predict. But I feel good about the guidance for the full year. I think if you work down through the profit, the P&L statement. There's a lot of variables there and more variables than typical because of what we're doing with an external environment. And you look at a range of outcomes of all those variables. When you add that up, you get to a bottom line, and that's what we felt for the full year. How that comes quarter-to-quarter is a little more challenging to see. We gave quarterly guidance for the second quarter. Obviously, that's a little closer in. But for the year, I feel good about the guidance, and that kind of implies where we think we'll be in Q3, Q4. And as we always do as we come out of Q2, we'll update you of how we see the world at that point.

彼得，是布雷特。欣賞它。是的，我們 - 當您查看全年指導時，我會按季度描述它，我可能會因為很難預測季度利潤率而出名。但我對全年的指導感覺很好。我認為，如果您通過利潤、損益表進行計算。由於我們在外部環境中所做的事情，那裡有很多變量並且比典型變量更多。你會看到所有這些變量的一系列結果。當你把它加起來時，你就會得到一個底線，這就是我們全年的感受。這是如何逐季出現的，更具挑戰性。我們給出了第二季度的季度指引。顯然，這更接近了。但就這一年而言，我對指導感覺很好，這暗示了我們認為我們將在第三季度和第四季度處於什麼位置。正如我們在第二季度結束時所做的那樣，我們將向您更新我們當時如何看待世界。

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

我們的下一個問題來自高盛的 Kate McShane。

I just wanted to ask about price gaps in grocery. If you're still happy with where you are with regards to price gaps in light of the level of inflation? And you mentioned trade down to private label, but just curious in terms of maybe trade down from traditional grocery to Walmart Grocery, are you -- have you been seeing new customers come into the store?

我只是想問一下雜貨店的價格差距。鑑於通貨膨脹水平，您是否仍然對價格差距感到滿意？你提到了降價到自有品牌，但只是好奇從傳統雜貨店降價到沃爾瑪雜貨店，你 - 你有沒有看到新客戶進入商店？

Kate, it's John. Let me take the first question. On price gaps, this is, of course, something that we look at every week, every day, and our role with our customers to make sure that customers can find values on everyday goods. I think that my team specifically in our supply base, we need to do more to control costs to ensure that we can provide great value in retail for our customers. I mentioned a group of categories in proteins and dairy, where we definitely see switching as we look at what's happening in the baskets. So I think we have some work to do in terms of ensuring that we're providing the right values, and we're going to do that across the second quarter going into the rest of the year.

凱特，我是約翰。讓我回答第一個問題。關於價格差距，這當然是我們每週、每天都會關注的問題，也是我們與客戶的角色，以確保客戶能夠在日常商品中找到價值。我認為我的團隊特別是在我們的供應基地，我們需要做更多的事情來控製成本，以確保我們能夠為我們的客戶提供巨大的零售價值。我提到了蛋白質和乳製品中的一組類別，當我們查看籃子中發生的事情時，我們肯定會看到這些類別發生了變化。所以我認為在確保我們提供正確的價值觀方面我們還有一些工作要做，我們將在第二季度到今年剩餘時間裡做到這一點。

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 had a follow-up to that last question. So the price architecture across retail has been pretty rational in pretty much every category. Are you seeing any change from the traditional grocers in terms of maybe they're becoming more high low than they had been in getting back to where they were pre-COVID? And related to -- you mentioned rollbacks and being an advocate for the consumer, are the rollbacks focused in seasonal category where the inventory is heavy? Or is there some rollbacks also occurring on the consumables side of the business?

我對最後一個問題進行了跟進。因此，幾乎每個類別的零售價格架構都非常合理。您是否看到傳統雜貨店的任何變化，因為它們可能變得比以前更高的更低，因為它們回到了 COVID 之前的位置？並且與 - 您提到回滾並作為消費者的倡導者有關，回滾是否集中在庫存大量的季節性類別？還是在業務的消耗品方面也發生了一些回滾？

We've really seen strengthening in grocery over the weeks in the quarter. The quarter strengthened on the top line later into the quarter and remained strong early in the month of May, favored by positioning. We're happier with our inventory levels versus where we have been in previous quarters. And then with warmer weather, we've seen a reaction from the consumer in the grocery categories. In terms of the rollbacks, specifically, we position those over 10,000 rollbacks in seasonal and general merchandise categories. I mentioned earlier, the inventory level up 33%, about more than half of that -- the majority of that is not only inflation, but it is improvement in availability across the entire network. And then there's a portion of the inventory that the rollbacks and other things that we have in place already was all though over the next couple of quarters.

在本季度的幾週內，我們確實看到雜貨店的表現有所加強。該季度在本季度後期的收入增長，並在 5 月初保持強勁，受到定位的青睞。與前幾個季度相比，我們對庫存水平感到滿意。然後隨著天氣變暖，我們看到了雜貨類消費者的反應。具體而言，在回滾方面，我們將超過 10,000 次回滾定位在季節性商品和普通商品類別中。我之前提到，庫存水平上升了 33%，大約是其中的一半以上——其中大部分不僅是通貨膨脹，而且是整個網絡可用性的提高。然後有一部分庫存在接下來的幾個季度中已經全部完成。

Our next question is from the line of Robby Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

I want to ask just what you are seeing in the eCommerce outlook from here? Are people shifting back to stores? How should we think about that? And I think you mentioned the global advertising business was up 30%. How was that versus expectations? And how should we think about that going forward as well?

我想問一下您從這裡的電子商務前景中看到了什麼？人們是否會回到商店？我們應該怎麼想？我認為你提到全球廣告業務增長了 30%。與預期相比如何？我們應該如何看待未來的發展？

In terms of eCommerce, we had about a 1% increase in the first quarter, which is similar to Q4 last year. We definitely had pulled forward in growth over the last year or 2 given all the stimulus and changing consumer behavior. Stores were strong in the first quarter. But what we're seeing so far in the month of May is strength in both channels. So it's like the growth is more evenly spread at least up to this point. On advertising, we're pleased with the performance and the growth in the U.S. market. The Walmart Connect team continue to make progress and grow our advertising business. And we feel like that's an exciting part of what we're doing is one of our things that we stay focused on is the reshaping of the business and building a (inaudible) that will serve customers but also help the company raise income and levels that enable us to lower cost for our customers.

在電子商務方面，我們在第一季度增長了約 1%，與去年第四季度相似。鑑於所有刺激措施和不斷變化的消費者行為，我們肯定在過去一兩年中實現了增長。第一季度商店表現強勁。但到目前為止，我們在 5 月份看到的是兩個渠道的實力。因此，至少到目前為止，增長的分佈更加均勻。在廣告方面，我們對美國市場的表現和增長感到滿意。 Walmart Connect 團隊不斷取得進步並發展我們的廣告業務。我們覺得這是我們正在做的一個令人興奮的部分，我們一直關注的事情之一是重塑業務並建立一個（聽不清），為客戶提供服務，同時幫助公司提高收入和水平使我們能夠為客戶降低成本。

And this is Kathryn from Sam's Club. I mean we have been happy to see our eCom growth by 22%, which is a really nice blend of curbside, which we launched 18 months ago and as well as direct-to-home and traffic really strong into the [clot] at 10%. So really nice blend of members shopping us across all channels. It's due to pay from international similar trends across the international business, really encouraged at looking at some of the 2-year eCommerce stacks that we're seeing around the world. So Walmex at 185% 2-year stack; China, 149%; and Canada 112%. Similar blend, we have seen people coming back into our stores as well. The team are keeping momentum in eCommerce. From an ad tech perspective and advertising revenue, Flipkart in particular, doing a really nice job here in building out that platform and supporting small sellers as well as and that business and new revenue streams. So they saw some good growth year-on-year in that, and we're taking a lot of learnings from them in that space as well.

這是山姆會員店的凱瑟琳。我的意思是我們很高興看到我們的 eCom 增長了 22%，這是我們 18 個月前推出的路邊的一個非常好的組合，以及直接到家和流量在 10 點進入 [凝塊] 非常強勁%。非常好的會員在所有渠道購物我們。這是由於國際業務中的國際類似趨勢所付出的代價，看看我們在世界各地看到的一些 2 年電子商務堆棧真的很受鼓舞。因此，Walmex 的 2 年籌碼量為 185%；中國，149%；和加拿大 112%。類似的混合，我們也看到人們回到我們的商店。該團隊在電子商務中保持勢頭。從廣告技術和廣告收入的角度來看，特別是 Flipkart，在構建該平台和支持小賣家以及該業務和新的收入來源方面做得非常好。所以他們在這方面看到了一些良好的增長，我們也在這個領域從他們那裡學到了很多東西。

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

下一個問題來自 Oliver Chen 和 Cowen 的對話。

In the prepared remarks, you called out timing strategy a few times. As we think about timing and managing the inflation relative to what you can do on the top line. I would love to hear more about that in our modeling. And second, just a bigger picture question on Walmart Plus and the flywheel, would love any updates there? It looks like you're making lots of great progress, congrats Brett as well.

在準備好的評論中，你多次提到了計時策略。當我們考慮與您在頂線上可以做的事情相關的時間和管理通貨膨脹時。我很想在我們的建模中聽到更多關於這一點的信息。其次，關於 Walmart Plus 和飛輪的一個更大的問題，會喜歡那裡的任何更新嗎？看起來你取得了很大的進步，也祝賀 Brett。

Thanks, Oliver.

謝謝，奧利弗。

On timing, Oliver, a few things that happened in the quarter that we did mention, of course, there was inflation that came through the quarter in terms of cost of goods, then there was the fuel cost charges that we mentioned that came in at very fast rate, really late February, early March. And then there was the pressure on wages that was really in the month of February after the Omicron environment. And for the most part, I feel good about the way we have those costs positioned for now. Of course, it could change given that how dynamic the market is. And then on the entire flywheel, Plus is an important piece of the flywheel. When you look at the flywheel and step back, we have the business at stores. We have our eCommerce business, including marketplace. We're making progress in health care and financial services with the acquisitions that we managed to complete and have under the one banner. And then Plus along with Walmart Connect and data ventures are all important pieces of the flywheel. Really pleased with the progress the team has made in terms of growing the pickup business and offering more slots for customers, becoming more flexible and our NPS scores are improving those categories. It's great to see the team make the progress they've made.

關於時機，奧利弗，我們確實提到了本季度發生的一些事情，當然，在商品成本方面出現了本季度的通貨膨脹，然後是我們提到的燃料成本費用速度很快，真的是二月底，三月初。然後是在 Omicron 環境之後的 2 月份的工資壓力。在大多數情況下，我對我們目前定位這些成本的方式感到滿意。當然，鑑於市場的動態性，它可能會發生變化。然後在整個飛輪上，Plus是飛輪的重要組成部分。當您查看飛輪並退後一步時，我們在商店有業務。我們有我們的電子商務業務，包括市場。我們在醫療保健和金融服務方面取得了進展，我們設法完成並在一個旗幟下進行了收購。然後 Plus 以及 Walmart Connect 和數據企業都是飛輪的重要組成部分。非常高興團隊在發展皮卡業務和為客戶提供更多插槽方面取得的進展，變得更加靈活，我們的 NPS 分數正在改善這些類別。很高興看到團隊取得了他們所取得的進步。

The next question is from the line of Rupesh Parikh with Oppenheimer.

下一個問題來自 Rupesh Parikh 和 Oppenheimer 的觀點。

I just wanted to ask on the Walmart ease the inflation levels you guys are seeing. Is there any way you can quantify the level of inflation you're seeing across both grocery and GM? And at this point, any signs that maybe some of the inflationary pressures are starting to peak?

我只是想問問沃爾瑪緩解你們所看到的通貨膨脹水平。有什麼方法可以量化你在雜貨店和通用汽車看到的通貨膨脹水平？在這一點上，是否有跡象表明某些通脹壓力可能開始見頂？

Yes. I'll jump in. I think, John, you can add what you want. But on the food side, we're seeing double-digit inflation and I'm concerned that, that inflation may continue to increase. And then on the GM side, may see that turn faster during the course of the year. So when you look at our inventory numbers, part of what's driving the inventory up as we mentioned earlier, is that food is just inflated. So we'll manage in stock, we'll manage features and food and you think about the general merchandise side, break that into apparel and hardlines. Apparel, we were appropriately aggressive as we started the year in terms of our inventory levels. And as we mentioned before, we can roll back prices in apparel as we've done and still be helpful from a margin mix point of view. And we'll work through that as we go through the second quarter and beyond, if necessary.

是的。我會加入。我想，約翰，你可以添加你想要的。但在食品方面，我們看到了兩位數的通脹，我擔心通脹可能會繼續上升。然後在通用汽車方面，可能會在一年中看到這種轉變更快。因此，當您查看我們的庫存數量時，正如我們之前提到的那樣，導致庫存增加的部分原因是食品只是膨脹了。所以我們將管理庫存，我們將管理功能和食品，您會考慮一般商品方面，將其分解為服裝和硬線。服裝方面，我們在年初的庫存水平方面採取了適當的激進措施。正如我們之前提到的，我們可以像我們所做的那樣回滾服裝價格，並且從利潤率組合的角度來看仍然是有幫助的。如有必要，我們將在第二季度及以後完成這一工作。

But the good news is we've got the summer in front of us. I'm not sure they have these issues in March and April and have them later in the season. And then on the hardline side, kind of the same thing. We've got basic side counter in stock that needs to be strong. And on the nonbasic goods that we feature. We'll manage those inventory levels, take rollbacks in some cases, to manage through the total. And as the customer pays more for food, their GM behavior is something that we'll watch closely. We'll not only watch kind of the opening price point and pack size change on the food side for some customers, the move to private brands, but we'll also watch what that means for the general merchandise side of the business.

但好消息是我們已經迎來了夏天。我不確定他們在 3 月和 4 月是否有這些問題，並在本賽季晚些時候出現。然後在強硬派方面，類似的事情。我們有庫存需要強大的基本側櫃檯。以及我們特色的非基本商品。我們將管理這些庫存水平，在某些情況下進行回滾，以管理總量。隨著客戶為食品支付更多費用，我們將密切關注他們的轉基因行為。我們不僅會關註一些客戶在食品方面的開盤價和包裝尺寸變化，轉向自有品牌，還會關注這對業務的一般商品方面意味著什麼。

Yes, as Doug said, I feel really good about the rollbacks and the right presentations. We see in stores -- I've been in stores all over the country. The store is excited about the rollbacks and the customers are responding. The execution has been strong. And as Doug mentioned, with food inflation with the growth we've seen in the first quarter, I'm also concerned about the rate at which prices have risen in the country and our team, our supply base. We need to do more to keep costs low. And where we see the switching from brands to private brands, we'll continue to watch that for a group of customers, but we've got to all work harder to keep prices low for the American consumer.

是的，正如 Doug 所說，我對回滾和正確的演示感覺非常好。我們在商店裡看到——我去過全國各地的商店。商店對回滾感到很興奮，顧客也做出了回應。執行力很強。正如道格所提到的，隨著我們在第一季度看到的食品價格上漲，我還擔心該國以及我們的團隊和我們的供應基地的價格上漲速度。我們需要做更多的工作來保持低成本。在我們看到從品牌轉向自有品牌的情況下，我們將繼續為一群客戶觀察這種情況，但我們必須更加努力地為美國消費者保持低價。

Our next question comes from the line of Michael Baker with D.A. Davison.

我們的下一個問題來自邁克爾貝克與 D.A.戴維森。

Yes. Perfect segue into my question. Just following up on that. I mean there's some countervailing things that I'm hearing, and I guess as said there are a lot of different product categories, but you're talking about keeping prices low and rolling back and that's really, I think, always been your mission in inflation environment is to make sure the consumer can still afford basic needs. But then you also were talking about starting -- taking -- I think you were saying taking more price increases as we go ahead, cash (inaudible) and some of the timing on some price increases. So can you help square those countervailing wins, if you would?

是的。完美解決我的問題。只是跟進。我的意思是我聽到了一些抵消性的東西，我猜有很多不同的產品類別，但你說的是保持低價並回滾，我認為這真的是你的使命通脹環境是為了確保消費者仍能負擔得起基本需求。但是你也談到了開始 - 採取 - 我認為你是在說隨著我們繼續進行更多的價格上漲，現金（聽不清）和一些價格上漲的時機。那麼，如果你願意，你能幫助解決那些抵消性的勝利嗎？

Yes. Happy to talk more about that. When things like cost of goods increase and we make decision with our supply base, if that's appropriate, then those types of increases do flow through retail pricing. But there were some things in the first quarter that happened very quickly. We mentioned the labor after the Omicron variant, we had a significant number of people come back where we had been over scheduling and overstaffing due to leaves, all came back at the same time. The fuel increase that happened so quickly at the end of February, early in the March, those kinds of things, along with -- we mentioned charges in supply chain and then we had this fire, which our team did a wonderful job, keeping associates safe and getting them out of the building, but we lost those centers, those were costs that came in very quickly that we feel are more isolated in the first quarter and some of those costs did not flow through because we believe they were short term in nature. So we'll continue to flow what we need to flow at the right timing. But Brett said something earlier that's really important. It's very difficult in an environment that's had so many dynamic changes to manage the margins quarter-to-quarter. Over the longer term, our team is very capable of managing this quarter, and we've done that for a long time, but not all the costs and changes happen when the quarter begins and when the quarter ends.

是的。很高興能更多地談論這一點。當諸如商品成本之類的事情增加並且我們與我們的供應基地做出決定時，如果這是合適的，那麼這些類型的增加確實會通過零售定價產生。但是第一季度有些事情發生得很快。我們提到了 Omicron 變體之後的勞動力，我們有很多人回到了我們因休假而過度安排和人滿為患的地方，所有人都同時回來了。 2 月底 3 月初發生的燃料增加如此之快，這些事情，以及 - 我們提到了供應鏈中的費用，然後我們發生了火災，我們的團隊做得很好，留住了員工安全並讓他們離開大樓，但我們失去了那些中心，這些成本很快就出現了，我們覺得在第一季度更加孤立，其中一些成本沒有通過，因為我們認為它們是短期的自然。因此，我們將繼續在正確的時間流動我們需要流動的東西。但布雷特早些時候說了一些非常重要的話。在一個有如此多動態變化的環境中，很難按季度管理利潤率。從長遠來看，我們的團隊非常有能力管理這個季度，而且我們已經這樣做了很長時間，但並不是所有的成本和變化都發生在季度開始和季度結束時。

One of the more fun and interesting parts of retail is the management of margin and blending the portfolio of items. And I always remember one of my first buying responsibilities was in food and the leader in our area talk to us is quite a long time ago about profit for the month or profit for the quarter and that we needed to raise profitability. And so we asked the buyers, I was one of them to come back with a plan on what prices we were going to reduce by the end of the day. And I pause for a second and [huh], we're going to raise profit by reducing prices because I was pretty new, a rookie, but it's really cool to go back and look at which items may be elastic that have above average margins, bring those prices down to make yourself up.

零售中更有趣和有趣的部分之一是利潤管理和項目組合的混合。我一直記得我的第一個採購職責是食品，我們地區的領導者很久以前就與我們談論過本月利潤或本季度利潤，我們需要提高盈利能力。所以我們問了買家，我是他們中的一員，他們回來製定了我們將在一天結束前降低哪些價格的計劃。然後我停頓了一下，[嗯]，我們將通過降低價格來提高利潤，因為我還很新，一個菜鳥，但回頭看看哪些項目可能具有彈性且利潤率高於平均水平真的很酷，降低這些價格以彌補自己。

So part of what's at play here is you've got food inflation moving up, but we've got general merchandise categories like apparel and some of our hardlines categories to play with. And the beauty of it is customers are even more price sensitive right now, they're paying close attention, fuel prices are high food prices are high. And so when you bring something down in sporting goods or hardware, one of these other categories, they noticed even more than they would notice before, and that makes the elasticity impact be different than it would be otherwise, which blends the mix up. So we basically end up with a bunch of buyers that are portfolio managers.

因此，這裡起作用的部分原因是食品通脹上升，但我們有服裝等一般商品類別和我們的一些強硬派類別可供選擇。它的美妙之處在於客戶現在對價格更加敏感，他們正在密切關注，燃料價格高食品價格高。因此，當您在體育用品或硬件（這些其他類別之一）中降低某些東西時，他們注意到的甚至比以前註意到的還要多，這使得彈性影響與其他情況不同，這混合了混合。所以我們基本上最終得到了一群作為投資組合經理的買家。

Our next question is coming from the line of Robert Moskow from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Robert Moskow。

As a follow-up to that anecdote, isn't that also saying that really, there's not much you need to do on food prices that the consumer seems to be absorbing those higher food prices very well, shifting more of their spending to food instead of gen merch. So how aggressive do you think you really need to be on food pricing and private label in this environment? It sounds like you want to focus more on the pricing in general merch?

作為該軼事的後續，這不是說真的，你不需要對食品價格做太多事情，消費者似乎很好地吸收了那些較高的食品價格，將更多的支出轉移到食品上的商品。那麼，您認為在這種環境下，您真的需要在食品定價和自有品牌方面採取多大的積極性？聽起來您想更多地關註一般商品的定價？

We'll manage both. I mean, price gaps matter, and we know where to put our price gap to grow profitable growth. So we'll manage both actively. And we do want customers to have lower prices on food, and we want to sell more general merchandise. And so we'll partner with the suppliers on the food and consumable side to try and bring those costs down. The lead times in any general merchandise categories are longer. So Peter asked earlier about the fourth quarter, obviously, we're thinking about units by category right now. But as we make those unit decisions, many of those are inflated in some ways. So you're managing dollars at the same time you're managing units to get an outcome. And we'll actively manage both sides of it.

我們將管理兩者。我的意思是，價格差距很重要，我們知道將價格差距放在哪里以實現盈利增長。因此，我們將積極管理兩者。我們確實希望客戶的食品價格更低，我們希望銷售更多的普通商品。因此，我們將與食品和消費品方面的供應商合作，努力降低這些成本。任何一般商品類別的交貨時間都更長。所以彼得早些時候詢問了第四季度，顯然，我們現在正在按類別考慮單位。但是當我們做出這些單位決策時，其中許多在某些方面被誇大了。因此，您在管理單位以獲得結果的同時管理美元。我們將積極管理它的兩面。

And we want to ensure that we don't manage the customer message as an average. We serve a lot of customers and different customers are in different places, and we want to be thoughtful about customers all across the country and in different geographies, ensuring that all customers can get the value that expect from shopping with Walmart.

我們希望確保我們不會將客戶信息作為平均水平來管理。我們服務的客戶很多，不同的客戶在不同的地方，我們想為全國各地、不同地區的客戶考慮周到，確保所有客戶都能從沃爾瑪購物中獲得期望的價值。

Not all of them can't afford to absorb this. That's where they need our help. And so we do, as we mentioned earlier, stay focused on opening price point food items, loaf of bread, a gallon of milk, a can of tuna, Mac and Cheese, protein categories, are we helping a fan that's at the lower end of the income scale, be able to afford to feed their families during this inflationary time. And given that stimulus checks happened last year, there was some benefit to some of those folks that is eroding over time. And as we look at the rest of the year, that's something that's on our mind.

並非所有人都承受不起。這就是他們需要我們幫助的地方。因此，正如我們之前提到的，我們一直專注於開放價格點食品、一條麵包、一加侖牛奶、一罐金槍魚、通心粉和奶酪、蛋白質類別，我們是否在幫助處於低端的粉絲收入規模，在這個通貨膨脹時期有能力養家糊口。鑑於去年發生了刺激檢查，隨著時間的推移，這些人中的一些人獲得了一些好處。當我們回顧今年剩下的時間時，這就是我們的想法。

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

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

Brett, congrats again. Just on the digital side, up 1%. You talked about some capacity issues. Can you talk about that to push out a little bit new? And how we should think about the trajectory of digital sales over the next couple of quarters?

布雷特，再次恭喜。僅在數字方面，上漲 1%。你談到了一些容量問題。你能談談這個以推出一些新的東西嗎？以及我們應該如何看待未來幾個季度的數字銷售軌跡？

Chuck, it's John. As we said, the growth rate in Q1 was 1%, same as the fourth quarter. As far as capacity, what happened in Indianapolis was a tough event for the team to go through. Our team did a great job of keeping people safe. Everyone was out of the building in less than 5 minutes, but the building was a loss. It was a large fulfillment center in our network. The positive out of that is we have a lot of stores, and we have other fulfillment centers and went that about 72 hours. The team was able to reroute the majority of the orders into other places in the country. There are certainly some logistics costs with doing so because it was such a big center, but they moved relatively quickly.

查克，是約翰。正如我們所說，第一季度的增長率為 1%，與第四季度相同。就容量而言，印第安納波利斯發生的事情對球隊來說是一場艱難的比賽。我們的團隊在確保人們安全方面做得很好。不到5分鐘，所有人都走出了大樓，但大樓卻是一片茫然。這是我們網絡中的一個大型履行中心。積極的一面是我們有很多商店，我們還有其他履行中心，大約 72 小時。該團隊能夠將大部分訂單重新路由到該國的其他地方。這樣做肯定會產生一些物流成本，因為它是一個如此大的中心，但他們移動得相對較快。

There was some top line impact, as you can imagine in each of these centers, particularly with our assortment, including our fulfillment services, there are unique items that are in each of those facilities. And as Doug said, just like our hourly times are long and general merchandise or that of our suppliers and our sellers. So there's some impact there. But looking at the business most recently, as we talked about with Walmart Connect and other parts of commerce, now that we're into the second quarter, early signs of May are given some of the increases in temperature, the seasonal categories have really taken off and that would include Walmart.com and our eCommerce business.

正如您可以想像的那樣，在這些中心中的每一個都產生了一些頂線影響，特別是在我們的分類中，包括我們的履行服務，每個設施中都有獨特的項目。正如道格所說，就像我們每小時的時間很長，一般商品或我們的供應商和賣家的時間。所以那裡有一些影響。但是看看最近的業務，正如我們與 Walmart Connect 和其他商業部門討論的那樣，現在我們已經進入第二季度，5 月的早期跡象表明溫度有所上升，季節性類別確實已經採取關閉，這將包括 Walmart.com 和我們的電子商務業務。

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

我們的下一個問題來自花旗銀行的 Paul Lejuez。

You mentioned less gross margin pressure in 2Q versus 1Q leave. I'm curious if you would expect that sequential improvement to continue in each quarter for the remainder of the year? And related to that, I'm just curious what sort of impact did you see from your higher-margin growth businesses this quarter? And do you expect those businesses to have a more material positive impact as we move through the year?

你提到第二季度的毛利率壓力比第一季度的休假要小。我很好奇您是否希望在今年剩餘時間的每個季度繼續這種連續改善？與此相關的是，我只是好奇你從本季度利潤率較高的增長業務中看到了什麼樣的影響？您是否預計這些業務會在我們度過這一年時產生更實質性的積極影響？

I think on margins in Q2 versus 1, and we still have this issue where we've got to make sure we're doing everything we can with our suppliers to manage our costs so that we can keep food pricing in a great spot for our consumers. We think about our price gaps every day. We talk about it every day, every week, and we manage those carefully. And what we need to do is work together with our supply base in categories like we mentioned, in proteins and dairy, where we see some switching from brands to private brands. And we see switching from gallons of milk to half gallons of mild as said this morning. We've got to do what we can in those categories to keep costs low.

我認為在第二季度與第一季度的利潤率方面，我們仍然存在這個問題，我們必須確保我們與供應商盡我們所能來管理我們的成本，以便我們可以將食品定價保持在我們的最佳位置消費者。我們每天都在考慮我們的價格差距。我們每天、每週都會談論它，並且我們會仔細管理這些內容。我們需要做的是在我們提到的蛋白質和乳製品等類別中與我們的供應基地合作，我們看到一些從品牌轉向自有品牌的領域。正如今天早上所說，我們看到從加侖牛奶轉變為半加侖牛奶。我們必須在這些類別中盡我們所能來保持低成本。

I think the biggest issue as it relates to gross margin Q2 through Q4 will be mixed. And we didn't have favorable weather in the first quarter as the temperatures warmed up, we saw stronger sales in GM, apparel included. And so one of the reasons why we mentioned that Q2 looks like it will have less pressures that we think the mix will be different in Q2 than it was in Q1.

我認為與第二季度至第四季度毛利率有關的最大問題將是喜憂參半。由於氣溫回升，我們在第一季度沒有遇到有利的天氣，我們看到通用汽車的銷售強勁，包括服裝。因此，我們提到第二季度看起來壓力較小的原因之一是我們認為第二季度的組合將與第一季度不同。

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。

And Brett, I'll add my congratulations. I want to ask with the start to 2Q, where do you feel like you have the best handle on the business, where the biggest challenges you're still seeing? And then you noted your goal for the remainder of the year is to get back to your original guidance, going to achieve that goal, how do you think you're most likely to do that?

還有布雷特，我要祝賀你。我想從第 2 季度開始問，您覺得自己在業務上最擅長的地方在哪裡，您仍然看到的最大挑戰在哪裡？然後你指出你今年剩餘時間的目標是回到你原來的指導，去實現那個目標，你認為你最有可能做到這一點嗎？

Let's go back to Paul for just a second. I think we missed the second half of his question, and we'll come back. He asked about the higher-margin growth businesses like Walmart Connect and whether we expect those to continue to grow. We shared that Q1 was up about 30%. Those ancillary businesses in the U.S. and around the world are growing, and we expect that to continue. And we're excited about that. Frankly, when I look at the Q1 results, I understand the response to a miss, but I hope that some of the underlying improvement that's happening in the shaping that's taken placed with the business model isn't totally lost on people because I think that's going to continue, and it will result in a company that's more resilient and more diversified on the bottom line.

讓我們先回到保羅身上。我想我們錯過了他問題的後半部分，我們會回來的。他詢問了 Walmart Connect 等利潤率較高的增長業務，以及我們是否預計這些業務會繼續增長。我們分享說，第一季度上漲了約 30%。美國和世界各地的這些輔助業務正在增長，我們預計這種情況會繼續下去。我們對此感到興奮。坦率地說，當我查看第一季度的結果時，我理解對失誤的反應，但我希望商業模式的塑造中發生的一些潛在改進不會完全被人們忽視，因為我認為那是將繼續下去，這將導致公司在底線上更具彈性和更加多元化。

And on the mix as far as where we are now, really good improvements since late in Q1, we mentioned the rollbacks in apparel those are high-margin businesses that are accretive to the total. So the rollbacks are there. The rollbacks still help the business in terms of sales and margin. And then really, really pleased with the results in commerce in stores regarding seasonal merchandise and what we're seeing as we get into the second quarter now that we've got some warmer weather it looks really strong from our view.

就我們現在的情況而言，自第一季度末以來確實有很好的改進，我們提到了服裝業的回滾，這些高利潤業務增加了總額。所以回滾就在那裡。在銷售和利潤方面，回滾仍然有助於業務。然後真的，真的很高興商店中季節性商品的商業結果以及我們進入第二季度時所看到的情況，因為我們已經有了一些溫暖的天氣，從我們的角度來看，它看起來非常強勁。

And Ben, you asked about the comment -- I made the comment about being focused still on our original guidance. And I think that's the statement to what I see inside the company, what I've always known the company be high sense of urgency really smart people able to work on in any kind of challenge. We've seen that over the last 2.5 years. I think we've managed incredibly well in the last 2.5 years. So we're still focused on what we said at the first of the year, but felt that appropriate to reduce the guidance officially based on the first quarter, but it's one quarter to the year, and there's still a lot of leverage to pull. So that's why I made that comment.

Ben，你問到了評論——我評論說仍然專注於我們最初的指導。我認為這就是我在公司內部看到的聲明，我一直都知道公司有高度的緊迫感，真正聰明的人能夠應對任何挑戰。在過去的 2.5 年中，我們已經看到了這一點。我認為我們在過去的 2.5 年裡管理得非常好。所以我們仍然專注於我們在今年第一季度所說的話，但認為在第一季度的基礎上正式降低指導是合適的，但這是一年中的一個季度，還有很多槓桿可以拉動。所以這就是我發表評論的原因。

Our next question comes from the line of Scot Ciccarelli with Truist Securities.

我們的下一個問題來自於 Truist Securities 的 Scot Ciccarelli。

So the last time we saw consumer weakness in greater private label concentration, it's starting to become self-fulfilling, meaning consumers were focusing on private label and so you provide more shelf space to produce label, which drove more private label sales, so on and so forth. So when you look at today's environment and the price increases vendors are trying to pass on, should we expect private label mix to continue to increase in the coming quarters?

因此，上次我們看到消費者在自有品牌集中度下降時出現疲軟，它開始變得自我實現，這意味著消費者專注於自有品牌，因此您提供了更多的貨架空間來生產標籤，從而推動了更多的自有品牌銷售，依此類推，等等。因此，當您查看今天的環境以及供應商試圖轉嫁的價格上漲時，我們是否應該期望自有品牌組合在未來幾個季度繼續增加？

Yes, I wouldn't want to see us adjust shelf allocation much. This is more about just staying in stock and letting the customer decide.

是的，我不希望看到我們過多地調整貨架分配。這更多是關於保持庫存並讓客戶決定。

Yes. I have the exactly same to say. We serve a broad range of consumers and we serve them in different places. We serve customers in the store, we serve them at the curve, they pick up. We serve them in their home and their refrigerator and we deliver direct. So I think we just have such a broad range of offering that we can serve all consumers well. And if customers buy one item more than the other, we'll replenish it that way. But I see us staying in a position to be able to serve a wide range of consumers.

是的。我也有同樣的說法。我們服務於廣泛的消費者，我們在不同的地方為他們服務。我們在店里為顧客服務，我們在拐彎處為他們服務，他們來取貨。我們在他們家和冰箱里為他們提供服務，我們直接送貨。因此，我認為我們提供的產品範圍如此廣泛，以至於我們可以很好地為所有消費者服務。如果客戶購買一件商品多於另一件商品，我們將以這種方式補貨。但我認為我們能夠為廣泛的消費者提供服務。

At this time, we've reached the end of our question-and-answer session, and I'll turn the call back to Dan McMillon for closing remarks.

此時，我們的問答環節已經結束，我將把電話轉回給 Dan McMillon 做閉幕詞。

There are a lot of Dans around here though. No problem. I'll start by thanking Brett, and Brett has done an outstanding job for a lot of years all over the company. He's been a great partner, not just to me, but to all of the us. His judgment, his character, his knowledge of the company, just who he is, as a person. It's a great accomplishment to become the CFO of Walmart and you've done a great job, and we're going to miss you. I wish we'd gone out on a great quarter, and it still pretty (inaudible) in that way. So you can chime in from the cheap seats when things get better.

不過這裡有很多丹人。沒問題。首先我要感謝 Brett，Brett 多年來在整個公司都做得非常出色。他是一個很好的合作夥伴，不僅對我，對我們所有人都是如此。他的判斷力，他的性格，他對公司的了解，他是誰，作為一個人。成為沃爾瑪的首席財務官是一項偉大的成就，你做得很好，我們會想念你的。我希望我們度過了一個美好的季度，並且以這種方式仍然很漂亮（聽不清）。因此，當情況好轉時，您可以從便宜的座位上插話。

Speaking of things getting better, we're motivated to have a really strong year. I mean we are understanding the environment, trying to convey to you all what we see going forward. But we expect customers and members to come our way. We're going to keep growing overall. We're going to keep growing our share, and we're going to change the business model of the company to be more profitable. And there were some things that happened during the quarter that were different than what we expected, and we're trying to be very transparent about those things. And then with performance, earn your trust and just keep moving forward and make this as isolated of an issue as we can.

說到事情變得更好，我們有動力度過一個非常強勁的一年。我的意思是我們正在了解環境，試圖向您傳達我們所看到的所有未來。但我們希望客戶和會員能如願以償。我們將繼續整體增長。我們將繼續擴大我們的份額，我們將改變公司的商業模式以提高盈利能力。本季度發生的一些事情與我們的預期不同，我們正努力對這些事情保持透明。然後憑藉表現，贏得您的信任並繼續前進，並儘可能將其與問題隔離開來。

There is a lot of uncertainty looking forward. Things are very fluid. I know you all are gathering information every day and so are we. And as I talk to people across the country and across the world. There seems to be more uncertainty now in a very fluid environment. And so we'll just -- we'll deal with that. And we like the hand that we've got to play. We've got a great set of assets. We've got a great set of people. And when things are more difficult, we should outperform. And so our first quarter performance is a disappointment to us, and we're going to put it behind us and have a strong year.

未來有很多不確定性。事情很流暢。我知道你們每天都在收集信息，我們也是。當我與全國和世界各地的人們交談時。在一個非常不穩定的環境中，現在似乎有更多的不確定性。所以我們將 - 我們將處理這個問題。我們喜歡我們必須玩的手。我們擁有大量資產。我們有一群很棒的人。當事情變得更加困難時，我們應該表現出色。因此，我們第一季度的表現令我們失望，我們將把它拋在腦後，度過一個強勁的一年。

Looking forward to seeing you in person, those of you that can make it to the meeting on June 3, will be down in Fayetteville, and we're going to have a bunch of associates and kind of get back to pre-pandemic type week, which we're all excited about, and we hope to see you there. Thank you all.

期待親自見到你，你們中能夠參加 6 月 3 日會議的人將在費耶特維爾下來，我們將有一群同事，有點回到大流行前類型的一周，我們都很興奮，我們希望在那裡見到你。謝謝你們。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。