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.

大家好！歡迎參加沃爾瑪2023財年第一季財報電話會議。 （操作員指示）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.

現在，我將會議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。早安，歡迎參加沃爾瑪2023財年第一季財報電話會議。我的同事包括沃爾瑪總裁兼執行長道格·麥克米倫 (Doug McMillon)、執行副總裁兼首席財務官布雷特·比格斯 (Brett Biggs)、沃爾瑪美國總裁兼首席執行官約翰·弗納 (John Furner)、沃爾瑪國際總裁兼首席執行官朱迪思·麥肯納 (Judith McKenna) 以及山姆會員商店兼首席執行官山姆·麥克萊 (KathLay)。稍後，道格和布雷特將向大家介紹公司業務的最新進展，並討論第一季業績，之後將進入問答環節。

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

在我將電話會議轉交給Doug之前，請允許我提醒您，今天的電話會議將被錄音，並將包含前瞻性陳述。這些陳述受風險和不確定性的影響，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性包括但不限於我們向美國證券交易委員會（SEC）提交的文件中確認的因素。請查看我們的新聞稿和隨附的幻燈片演示文稿，以了解有關前瞻性陳述的警示性聲明，以及我們網站stock.walmart.com上的完整安全港聲明和非公認會計準則（Non-GAAP）對帳表。

It 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.

早安.感謝您加入我們，聆聽我們的業績報告。從營收角度來看，我們本季表現良好。本季所有部門的銷售額均超出預期，我們對第二季迄今的成長動能感到滿意。淨利潤低於預期，主要原因是三個方面對我們美國業務（沃爾瑪和山姆會員店）的營業收入產生了負面影響。這三個面向分別約占我們整體利潤損失的三分之一。

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。由於本季上半段奧米克朗變異株病例數量迅速下降，更多因新冠疫情休假的員工比我們預期更快復工。去年年底，我們僱用了更多員工來填補休假員工的空缺，導致我們出現了數週的人員過剩。這個問題在本季度得到了解決，主要透過自然減員的方式。

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.

第二項與我們的日用百貨庫存水準有關，主要是沃爾瑪美國分部的庫存。第一季度，每日百貨佔總銷售額的比例較低，導致毛利率結構不佳。我們的貨櫃和倉儲成本也較高，我們已經並正在採取措施，將這些成本壓力控制在今年上半年。

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。以上就是這三項。現在我將對每一項進行更詳細的說明，以便於理解。

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.

至於美國地區的薪資和人員配置，我們幾乎所有因新冠疫情休假的員工都在2月復工。我們預期Omicron的銷售額會大幅下降，但考慮到1月份我們需要更多員工來填補空缺，所以在3月和4月，我們花了一些時間才使工資成本與銷售額持平。我們現在的人員配置足以支撐我們的營收表現。就沃爾瑪美國百貨銷售而言，我們知道我們去年面臨著經濟刺激計劃帶來的資金壓力，但食品價格的通膨率從通用汽車拉動的資金比我們預期的要多，因為消費者需要為食品價格的通膨買單。我們很高興看到庫存增加，因為我們的側櫃需要大量的庫存，但32%的增幅高於我們的預期。我們將在接下來的幾季內處理掉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，我們開始積極削減服裝等產品的銷售。即使降價，服裝利潤率仍然有助於我們整體的產品組合。在管理本季的過程中，我們通常將供應商的成本上漲按商品類別成本轉嫁出去，但本季燃料成本的上漲速度超過了我們轉嫁的速度，造成了時間問題。本季美國燃料成本比我們預期高出 1.6 億美元。隨著季度的推進，我們在調整價格以適應增加的成本方面取得了進展。雖然我們預計第二季的毛利率會面臨一些壓力，但我們預計會比第一季有所改善。我們對本季的利潤表現並不滿意，並且已經採取了行動，尤其是在季度後半段，在成本談判、人員配備和定價方面，同時也在管理我們的價格差距。

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.

雖然多年來，我們的國際市場經歷了高通膨，但美國食品和日用百貨市場的通膨如此之高且波動如此之快，實屬罕見。我們將控制力所能及的因素，降低庫存水平，並儘可能保持低價，尤其是在高價位食品方面，同時提高利潤表現。通膨正在影響我們的營收和利潤，而通膨變化的速度給我們在第一季帶來了時間安排上的問題。我們正在根據產品組合變化和營運成本進行調整。

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，我們預計強勁的營收表現將持續下去，並且我們正在製定全年銷售指導。顧客和會員都來我們這裡尋求價值。我想特別強調一下我們的國際團隊及其表現。我們取得了強勁的營收表現，並在各個市場出色地管理了本季。我們最大的國際壓力點與中國的新冠疫情封鎖有關，這帶來了營運和財務壓力。我們的團隊出色地完成了轉型，透過外送服務顧客和會員。隨著門市和俱樂部關閉以及外賣需求激增，他們積極應對。整體而言，國際業務又一個季度表現良好。

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.

我們在執行策略方面正在取得進展。我們正在建造的飛輪對客戶和會員更加有利，而更加多元化的盈利方式也使公司更加強大。我們對新業務以及大部分供應鏈自動化的計劃感到興奮。我們致力於實現4%的營收成長和4%以上的利潤成長。儘管我們目前正經歷動盪，但我們的策略和中長期財務計畫仍將支持這一目標。

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成長，我們持續建立新的、相互促進的業務，從而推動了配送服務和廣告收入的成長。我們的B2C關係促進了互補的B2B關係，從而增強了我們的損益表。我們的市場賣家數量持續成長，本季Walmart Connect和Flipkart的廣告成長強勁。 Walmart GoLocal持續為我們的配送平台增加新的合作夥伴，目前我們在美國已擁有超過1,600個配送點。我們最近將Walmart Plus的燃油優惠提高到最高0.10美元，並將參與的加油站數量擴展到超過14,000個，包括埃克森美孚和移動加油站。

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，我們宣布將沃爾瑪健康 (Walmart Health) 擴展到佛羅裡達州，已開設 [40] 家門市，另有 1 家即將開業。在印度，在收購線上藥局平台 SastaSundar.com 之後，我們推出了 Flipkart Health Plus，這使我們能夠在該國擴大平價醫療服務的覆蓋範圍。該團隊最近推出了 Flipkart Health Plus 應用程序，該應用程式可在低頻寬環境下運行，因此更多城市的更多人可以使用。

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，我們正在將初級保健診所數量增至87家，並與TELUS Health合作推出數位藥局服務。我們的金融服務也正在取得進展。在印度，PhonePe最近單日處理了超過1億筆交易，年化支付總額約7,700億美元。它是該領域成長最快的企業之一。

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.

我也很喜歡我們在墨西哥推出的數位錢包 Cashi。在美國，我們透過與 River Capital 成立的合資企業，完成了對兩家金融科技公司和一家金融公司的收購，並將這些業務整合到一個品牌之下。在全球範圍內，我們能夠幫助我們的客戶和會員無縫地進行數位化交易，並幫助他們改善財務狀況。

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，我將簡要介紹每個部分，然後再添加更多細節。在沃爾瑪美國公司，我們的銷售業績超出計劃，我們在食品雜貨領域的份額繼續增長。通貨膨脹推高了平均票價，我們門市的交易筆數與去年相比略有上升。正如您所預期的那樣，整體購物籃規模有所增加，但每個購物籃的單位數量略有下降。價格領先現在尤其重要，一站式購物不僅僅是方便，人們每加侖燃油的支出超過 4 美元。整體而言，本季電子商務成長率約為 1%。隨著庫存的改善，我們在電子商務體驗方面正在取得進展，團隊也在繼續改進應用程式和網站體驗、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.

本季初，我們的電商營運受到了影響，因為我們最大的一個配送中心遭遇火災，這導致我們的成本效率低下。建築物被摧毀，但值得慶幸的是，最重要的是，沒有人受傷。然而，這次損失確實給我們的系統帶來了壓力。團隊迅速做出反應，利用我們的門市，並將訂單量分攤到其他配送中心來履行電商訂單。我為團隊如此迅速地行動，確保訂單源源不絕地送達客戶而感到自豪。

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.

說到山姆會員商店美國分部，我們持續保持強勁的可比銷售額，第一年和第二年銷售額均有所增長，大多數品類均表現強勁。第一季交易金額成長，會員總數持續成長，Plus會員滲透率再創歷史新高，電商業務也實現了良好的成長。盈利能力受到我之前提到的這些領域的負面影響。

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.

沃爾瑪國際延續去年的強勁勢頭，各市場同店銷售額強勁成長，電商業務也實現強勁成長。自今年年初以來，我多次拜訪我們在墨西哥和加拿大的團隊和門市。他們在建造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，到市場拓展和廣告投放，各個團隊都在快速行動。此外，以墨西哥為例，我們為顧客提供每月200墨西哥比索的無限流量套餐，幫助他們享受數位經濟的許多好處，否則他們將需要支付三倍的價格。

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.

總而言之，在全球範圍內，我們仍然處於新冠疫情肆虐的環境中，並努力應對經濟和其他方面的影響，為客戶和會員提供服務。一如既往，我們的員工表現出色，我們對此深表感謝。我們將繼續變革和強化公司，為強勁的未來做好準備。

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。我們希望在幾週後的年度員工和股東慶典上與您相見。在將時間交給Brett之前，我想先表達我最誠摯的謝意。多年來，Brett為我們公司在各個業務領域做出了卓越的貢獻。他出色地代表了我們的員工、投資者和公司。他的知識、敏銳的判斷力和人格魅力，使他成為我們合作的愉快夥伴。謝謝您，合作夥伴。

With that, I give you Mr. Biggs.

好了，我把比格斯先生介紹給你。

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。第一季度，我們面臨一些新的挑戰，也有一些挑戰比預期的更為普遍。當然，兩年多來，我們一直處於一個非常動盪的環境中，我為公司在此期間的表現感到自豪。第一季所有部門的銷售都表現強勁，這種強勁勢頭在第二季初也得以延續，鞏固了沃爾瑪即使在最特殊的環境下也能贏得客戶的信任。第一季是迄今為止最具挑戰性的時期之一，這與供應鏈中斷、成本上升以及持續的高通膨有關。

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.

第一季存在一些特殊情況，例如由於美國員工結束新冠疫情休假後復工速度快於預期，導致勞動力調度效率低下，此外，還有一些問題可能比我們年初給出的業績指引時預期的持續時間更長。正如Doug所提到的，在本季度，尤其是在季度中期，我們未能完全解決或轉嫁部分成本成長，導致利潤受到的影響超出預期。我們現在正在管理這些成本，並更有效地轉嫁它們。

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.

美國庫存和燃油價格相關的成本將對第二季產生一定影響，但與調度相關的成本已得到緩解。庫存和相關成本的增加大部分與過去幾季的採購有關，採購重點在於庫存，目前我們正處於短期庫存優化階段。目前的銷售強勁和美國天氣變暖讓我們有信心能夠快速且有策略地解決這個問題。

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.

我們的市場地位穩固，我們的商業模式旨在應對客戶即時決策日益增加的當下。我們始終為他們服務，並將繼續提供卓越的價值，同時以有利於股東的方式管理業務。我們將繼續盡可能地降低成本，並以保持競爭性價格差距的方式管理定價，同時管理利潤，並將成本轉嫁到那些並非臨時性成本的地方。

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.

我們對營收和利潤成長演算法的預期在結構上保持不變。在應對當前環境的同時，我們在建立飛輪和執行長期策略方面繼續取得巨大進展。例如，第一季全球廣告業務成長超過30%。隨著我們在客戶生活的各個領域更加積極地與他們互動，並深化這些關係，我對未來以及這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.

現在讓我們進一步了解第一季的一些細節。需要提醒的是，我今天的評論將排除去年國際業務剝離的影響。我們在第一季取得了強勁的營收業績，以固定匯率計算的總營收成長超過6%，反映出各部門的健康成長。儘管抵消了去年美國經濟刺激計劃帶來的顯著效益，沃爾瑪美國公司食品雜貨市場份額和平均票價仍有所增長。國際業務以墨西哥和加拿大為主導，而山姆會員商店美國分部則連續第九個季度實現了兩位數的同店銷售額增長（不包括燃油和煙草）。

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.

第一季毛利率較去年同期下降89個基點，部分原因是山姆會員商店面臨供應鏈成本、燃油結構、通貨膨脹以及庫存延遲導致的降價壓力。沃爾瑪美國毛利率下降38個基點，其中超過四分之三的降幅與高於預期的供應鏈、燃油和電商配送成本有關。雖然我們在本季初確實看到供應鏈有所改善，但烏克蘭戰爭以及包括中國在內的世界各地持續的新冠疫情影響，帶來了更多挑戰。

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.

雖然第一季銷售超出預期，但美國市場的品類組合中食品和消費品佔比更高，支出略微從非必需品中轉移，包括受異常寒冷天氣影響的服裝、戶外家具和園林綠化用品等品類。我們仍然非常看好食品和消費品業務。消費者正感受到通膨壓力，食品雜貨自有品牌滲透率的提高就是明證。品類組合的變化，加上庫存的增加（其中一些庫存延遲到貨），導致日用百貨的利潤率高於正常水準。第一季度，意外降價給沃爾瑪美國公司的毛利造成了約1億美元的壓力。我們預計，隨著第二季的到來，庫存狀況將有所改善。

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.

銷售、一般及行政費用 (SG&A) 去槓桿化了 39 個基點，主要原因是美國工資成本增加，但與去年相比，新冠疫情總成本下降部分抵消了這一影響。由於去年宣布提高員工時薪，我們預計沃爾瑪美國的勞動成本將會上升。如前所述，第一季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。造成這現象的因素有很多，包括：庫存金額增加（其中約一半增幅歸因於通貨膨脹）、營業收入減少以及由於庫存延遲導致某些款項和應付款項的支付時間安排。鑑於我們對庫存銷售的信心，我相信營運現金流將在全年重回正軌。

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.

現在我們來討論一下各部門的表現。沃爾瑪美國同店銷售額（不包括燃油）成長了3%，兩年累計成長了9%，反映出食品銷售額強勁成長，實現了低兩位數的成長。如前所述，日用百貨銷售額有所下降，但兩年累計仍實現了高個位數的成長。交易額與去年持平，平均單價成長了3%。由於顧客不斷回購門市，電子商務銷售額在去年強勁成長的基礎上成長了1%。

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.

我們在許多新的高利潤率項目上取得了顯著進展。隨著我們拓展自助服務功能和產品，Walmart Connect 廣告業務持續擴張。隨著越來越多的供應商合作夥伴與商家合作，利用我們平台上新的客戶洞察，我們新的數據貨幣化業務 Walmart Luminate 繼續加速發展，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.

我們也繼續拓展沃爾瑪 GoLocal 配送即服務業務，並於第一季宣布了新的合作夥伴關係。此外，我們在佛羅裡達州舉辦了 4 家新的沃爾瑪健康中心盛大開幕儀式，並將於下個月再開設一家，以持續擴大平價優質醫療服務的覆蓋範圍。

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.

一是，我們與Ribbit Capital達成的策略金融科技合作，已完成ONE Finance及交易，這為成長奠定了基礎。這些舉措共同代表著未來幾年龐大的收入和獲利機會。毛利率壓力和費用去槓桿導致營業收入下降約18%。由於通貨膨脹和過去幾季的積極庫存採購，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%.

國際銷售額強勁成長，以固定匯率計算成長8%，其中墨西哥和加拿大領先。電商銷售額以固定匯率計算成長22%，延續去年強勁成長動能，兩年累計成長86%。墨西哥同店銷售額成長9%，實體店銷售額和電商銷售額均強勁成長，第一季電商銷售額成長近20%，兩年累計成長185%。加拿大同店銷售額成長7.7%，而中國市場成長低於預期，但同店銷售額仍成長超過4%，其中電商銷售額成長近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 本季銷售表現優異，每月活躍客戶和用戶數量維持穩健成長。我們也對 PhonePe 的強勁成長感到欣喜，其年化總價值 (TPV) 超過 7500 億美元，同時該團隊持續推出新的客戶服務，例如近期將保險產品擴展至涵蓋健康、汽車和全地形車 (ATV) 保險。以固定匯率計算，國際營業利潤下降近 13%，主要原因是中國市場毛利下降，這反映了本季降價幅度加大、電商滲透率提高以及整個產品組合對電商的投資。

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.

山姆會員店本季銷售表現強勁，扣除燃油及菸草後，同店銷售額成長10.6%，兩年累計成長約21%。交易量成長10%，票面收入略為成長。電商銷售額成長22%。會員收入成長10.5%，會員數再創歷史新高。營業利潤下降20%，因為我之前提到的毛利率壓力被會員收入、燃油利潤和費用槓桿的增加部分抵銷。

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.

現在讓我們談談業績指引，我們將在不考慮資產剝離的情況下進行討論。雖然我們通常不會在第一季末更新業績指引，但考慮到當前的環境和第一季利潤未達預期，我們認為現在更新是合適的。我們今年的業績落後於預期，但今年才剛開始一個季度，我們還有時間和選擇。團隊的重點仍然是最初的利潤指引。基於我們持續強勁的營收，我們對實現全年銷售額成長超過最初指引的能力充滿信心。我們目前預計，不包括資產剝離的合併淨銷售額成長率將達到4.5%至5%。我們預期沃爾瑪美國公司全年銷售額成長率約為3.5%，而最初指引的成長率略高於3%。然而，由於第一季成本高於預期，並且預計部分成本將持續成長，因此，實現營業收入超過最初指引並超過銷售額成長具有挑戰性。我們目前預計營業收入和每股盈餘將與去年同期基本持平。按照慣例，我們會在第二季結束後向您報告進度。我們預計第二季淨銷售額將成長5%以上，其中沃爾瑪美國公司的同店銷售額將成長4%至5%。隨著我們對更有效管理成本成長的能力的信心增強，預計營業利潤和每股盈餘將持平或略有上升。

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，我對我們整個業務的營收成長動能感到滿意。雖然第一季的利潤低於預期，但在當前充滿活力和挑戰的環境下，我們的團隊仍然專注於服務客戶和維護股東利益，我對此感到自豪。

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

現在我們很高興開始回答您的問題。

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

（操作員指示）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後續問題。我的第一個問題是關於消費者健康狀況的。想知道如果消費者只是略微減弱，或者基本上保持不變，您對此有何看法？您提到本季產品組合發生了一些變化，但您也提到正在調整價格，並上調了銷售預期。所以看起來消費者似乎沒有減弱？

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.

Simeon，我是Doug。 John 或 Brett 可能會想補充一些細節。我認為重要的是要認識到消費者不只一個。我們服務於整個國家。我想你指的是美國。所以我們的客戶範圍很廣，他們的行為也各不相同。正如我們在預先錄製的發言中所說，對於某些客戶來說，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.

西緬，我是約翰。我再次重申道格所說，我們確實服務於廣泛的客戶群體，並且確實看到了消費者的強勁成長。最近隨著天氣變暖，遊戲機等高價商品的銷量有所增長，戶外家具、燒烤架、園藝用品和雜貨也表現強勁，但我們也確實看到一些消費者正在轉向其他品類，例如熟食、午餐肉、培根、乳製品，我們看到消費者從品牌轉向自有品牌。所以，我們看到這兩種情況同時發生。但隨著我們公佈強勁的營收業績，我們也看到了消費者行為的多樣性。

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.

也許是關於指引變更和第一季情況的後續行動。在第四季度，公司給人的印像是管理相當靈活。你能夠適應更高的成本，然後提高價格。是在第一季成本上漲太快了嗎？還是你在第四季猶豫要不要把價格調整到像第四季那樣的程度？第四季和第一季的管理方式有很大差異，儘管你不是每季都管理得當——但最終還是如此。所以我認為，這就是為什麼利潤未達預期令我們感到意外的原因。

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，西緬，速度比別的問題更重要。本季後半段進展很快。正如你所提到的，這有時會造成時間安排上的問題。所以，人生並非始於季度的開始和結束，我們會在全年過程中逐步解決這個問題。但管理階層的思考方式和能力並沒有改變。

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

（操作員指示）下一個問題來自巴克萊銀行的凱倫‧肖特 (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?

我想問一下庫存問題。我想問的是，您在多大程度上充分考慮了消費進一步疲軟的風險？因此，在這種情況下，考慮到您的高庫存水平，以及如果消費進一步疲軟，銷售、一般及行政費用（SG&A）進一步去槓桿的風險，您未來有多大能力調整損益表來管理美國毛利率進一步下降的風險？

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。 Karen，我是John。首先，我重申一下，第一季的營收表現強勁，我們對營收的預期也反映了我們對營收成長的信心。具體到第一季的情況，我們確實增加了庫存，但最近我們看到日用百貨的銷售強勁。考慮到天氣變暖，我們目前有大量的庫存回落，而且客戶對這兩方面都反應良好。我之前說過，我們在耐用品和硬線產品等高價商品方面表現強勁，而且我們也確實看到了一些轉換。

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.

就庫存而言，我們尤其成長了約33%，這主要反映了通貨膨脹和庫存配置的變化，這使得庫存供應逐季改善，我們對此感到滿意。此外，我們還有一些庫存，也就是剩餘的增量部分，需要在接下來的幾季處理和銷售。

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。 Karen，我是Brett。我對我們處理庫存回滾的及時性感到滿意。至於定價問題，正如我們在準備好的發言中所說，我認為在接下來的一兩個季度裡，我們會逐步解決這個問題，但我對我們處理這個問題的方式感到滿意。

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

我們的下一個問題來自古根漢的鮑勃·德布爾。

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。我的問題是，你能談談與供應商的溝通嗎？鑑於他們業績強勁，你是否更傾向於談判？你能不能幫我們了解一下你目前的心態？

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，我承認，我是約翰。正如我們所說，我們的庫存確實有所增加。其中很大一部分是計劃內的。但當然，考慮到我之前提到的一些產品轉換以及其他因素，我們對此的看法是，我提到了熟食、午餐肉、乳製品、培根等品類，我們看到這些品類正在轉換。我們的團隊和供應商需要竭盡所能降低成本，以便為客戶提供有意義的價值。這就是公司的宗旨。無論經濟狀況好壞，我們都有能力做好。因此，我們將做好充分的準備，在未來更好地服務客戶。我們的團隊和供應商都需要付出更多努力來幫助客戶。

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?

我們有一個後續問題，關於您在本季度觀察到的情況，或者說您觀察到的情況。您認為消費者購物籃中有什麼顯著的實質變化嗎？我知道您提到了產品組合向食品雜貨的轉變。但是，有沒有跡象表明，隨著本季的進展，消費者的反應與您的預期不同？

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。就第一季的商品而言，由於去年刺激措施的抵消，我們確實受到了一定的影響。去年一個季度我們表現非常強勁，是我們有史以來最強勁的一個季度。因此，進入本季時，我們預計日用百貨商品會受到影響。隨著季度的推進，我們確實看到食品類商品的銷量有所回升，然後到本季度末，再到五月初，日用百貨商品的銷量也出現了增長。我認為這是全國天氣變暖和我們實施的降價措施的共同作用。就消費者本身而言，我們看到高收入、中等收入和低收入消費者的消費都出現了強勁增長，但我們也確實看到高價商品的銷售明顯增長。正如我所說，我們確實看到一些消費者和其他消費者的購買行為發生了轉變，其中包括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 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是什麼推動了籃子價格上漲並導致庫存下降。所以這是一個問題。但我想，如果我們看看這個季度，有沒有辦法知道通膨和商品組合的水平是多少？我記得你提到過銷量下降了。你能給我們一個具體數字嗎？然後，就庫存而言，我們是否應該預期未來幾季會有1億美元的降價？我們如何看待這個節奏？

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，關於購物籃，首先，我們目前看到的是客流量和訂單量的成長。第一季度，我們確實看到每籃商品的銷量略有下降。我們認為這是之前提到的一些轉換措施以及去年刺激措施抵消的影響。我們在受刺激措施影響的品類中表現強勁。至於庫存，美國市場的成長定位大約是33%。正如我之前所說，這絕大部分是通貨膨脹加上我們在過去幾季做好準備並有意採購的供應改善所致。然後，正如我之前所說，我們需要在接下來的一兩個季度中處理掉一部分庫存。顧客對庫存減少的反應非常好。我們在第三季末，也就是第一季度，服裝類商品開始減少庫存，然後在第二季度繼續減少庫存，我們看到這兩個類別的反應都很好。因此，我們認為，在接下來的一個或兩個季度中，我們將銷售剩餘的庫存，也就是目前賬面上的增加的庫存，正如您在布雷特的準備好的發言中聽到的那樣，我們確實提高了今年剩餘時間的營收預期。

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麥可‧拉瑟 (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，恭喜你。我的問題是，沃爾瑪面臨的成本壓力來自於亞馬遜本身面臨的利潤壓力。那麼，這些發展在多大程度上反映了沃爾瑪和亞馬遜之間競爭加劇？這是否意味著隨著宏觀不確定性的增加，經營成本正在上升？作為這個問題的一部分，我們是否應該假設，如果這些只是時間差異的反映，那麼所有這些成本和利潤壓力在明年第一季和第二季都會得到彌補？

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，我是道格。我認為這更多的是關於市場動態，而不是競爭，我希望隨著時間的推移，這些因素能夠得到恢復。正如我們之前提到的，本季後半段情況發展迅速，只是需要一點時間來調整。正如我們在準備好的發言中提到的，從定價的角度來看，我們正在以產品層面進行管理。但在毛利率線以下，有一些與燃料相關的成本，以及我們提到的人員配備問題，這些都需要解決，但我們認為這些問題與本季無關。

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

我們的下一個問題來自貝爾德公司的彼得·本尼迪克特。

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。我的問題是，今年的利潤預期在第一季明顯下降，第二季也下降了一些，那麼是否可以認為下半年的利潤預期基本上保持不變？我只是好奇，您對今年稍後假期的看法有什麼變化嗎？您是否相應地調整了訂單？

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，我是布雷特。謝謝。是的，我們－當你看全年業績指引時，我會用季度環比的方式描述它。我可能因為說季度環比利潤率很難預測而聞名。但我對全年業績指引感到滿意。我認為，如果你仔細研究利潤和損益表，你會發現那裡有很多變量，而且由於我們處理外部環境，變數比平常要多。你會觀察所有這些變數的一系列結果。當你把這些加起來，你就會得到一個底線，這就是我們對全年業績的感受。季度環比如何則更難預測。我們給了第二季的季度指引。顯然，這個數字更接近實際數字。但就全年而言，我對這個指引感到滿意，這在某種程度上暗示了我們對第三季和第四季業績的預期。正如我們在第二季結束時所做的那樣，我們將向您更新我們對當時世界的看法。

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凱特·麥克沙恩。

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?

我只是想問一下食品雜貨的價格差距。考慮到通貨膨脹率，您對目前的價格差距是否仍然滿意？您提到了從傳統食品雜貨轉向自有品牌，但我只是好奇，從傳統食品雜貨轉向沃爾瑪食品雜貨，您是否看到新顧客進店了？

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。我來回答第一個問題。關於價差，我們當然每週、每天都會關注，我們與客戶合作，確保客戶能夠找到物有所值的日常用品。我認為我的團隊，尤其是在我們的供應基地，需要加強成本控制力度，確保我們能夠在零售領域為客戶提供物超所值的商品。我提到了蛋白質和乳製品類別，我們觀察了消費者購物籃的動態，發現這些類別確實在改變。所以我認為我們還需要做一些工作來確保提供正確的價值，我們將在第二季以及今年剩餘時間內繼續努力。

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

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

I 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。所以，零售業幾乎所有類別的價格結構都相當合理。您是否看到傳統食品雜貨商在恢復到新冠疫情之前的水平方面發生了變化，例如價格比以前更高、更低？關於您提到的價格回落以及作為消費者權益倡導者，這些價格回落是集中在庫存較重的季節性類別嗎？還是在業務的消耗品方面也出現了一些價格回落？

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.

本季度幾週，我們確實看到了食品雜貨業務的強勁成長。季度末，營收有所成長，並在5月初保持強勁，這得益於市場定位的有利因素。與前幾季相比，我們對庫存水準更加滿意。隨著天氣變暖，我們看到了消費者對食品雜貨類別的反應。具體到庫存回檔方面，我們將超過1萬個回檔點定位在季節性商品和日用百貨類別。我之前提到過，庫存水準成長了33%，其中約一半以上——這主要是由於通貨膨脹，也得益於整個網路供應的改善。此外，我們先前已經實施的庫存回撤和其他措施，將在接下來的幾個季度中完成一部分庫存的回撤。

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，您對電子商務的前景有何看法？人們會回歸實體店嗎？我們該如何看待這一點？我記得您提到全球廣告業務成長了30%。這與預期相比如何？未來我們又該如何看待這項成長？

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.

就電商業務而言，我們第一季成長了約1%，與去年第四季持平。考慮到各種刺激措施和消費者行為的變化，我們的成長在過去一兩年確實有所加快。第一季實體店表現強勁。但截至目前，我們在5月看到的是兩個管道都表現強勁。因此，至少到目前為止，成長似乎更加均衡。就廣告業務而言，我們對美國市場的表現和成長感到滿意。 Walmart Connect團隊持續取得進展，並擴展我們的廣告業務。我們覺得這是我們正在做的事情中令人興奮的一部分，我們一直關注的事情之一是重塑業務，建立一個（聽不清楚）既能服務客戶，又能幫助公司提高收入和水平，從而使我們能夠降低客戶成本的體系。

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.

這位是山姆會員商店的凱瑟琳。我的意思是，我們很高興看到我們的電商業務增長了 22%，這是 18 個月前我們推出的路邊取貨和直接到家服務的完美結合，而且 [clot] 的流量增長了 10%。所以，會員透過所有管道購物的效果非常好。這是由於國際業務的類似趨勢帶來的，看到世界各地一些 2 年期電商堆疊的成長，我們感到非常鼓舞。沃爾瑪 2 年期堆疊成長了 185%；中國成長了 149%；加拿大成長了 112%。類似的情況也讓我們看到人們回到了我們的商店。團隊在電商方面保持著良好的發展動能。從廣告科技和廣告收入的角度來看，尤其是 Flipkart，他們在建立平台、支援小型賣家以及開拓新業務和新收入來源方面做得非常出色。因此，他們看到了該領域同比增長的良好勢頭，我們也從他們那裡學到了很多該領域的東西。

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

下一個問題來自 Cowen 的 Oliver Chen。

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.

在準備好的發言中，您多次提到了時機策略。我們正在考慮時機選擇和管理通貨膨脹，並以此來衡量您在營收方面的能力。我希望在我們的模型中聽到更多關於這方面的內容。其次，關於沃爾瑪 Plus 和飛輪計劃，我想問一個更宏觀的問題，請問您在這方面有什麼進展嗎？看起來您取得了很大的進步，也恭喜 Brett。

Thanks, Oliver.

謝謝，奧利佛。

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.

關於時間安排，奧利佛，我們確實提到了本季發生的一些事情，當然，商品成本方面出現了通貨膨脹，然後是之前提到的燃油成本費用，它在2月底3月初快速上漲。此外，在Omicron事件之後，2月的薪資壓力也很大。總的來說，我對我們目前的成本配置方式感到滿意。當然，考慮到市場的動態，它可能會有所調整。在整個飛輪中，Plus是飛輪的重要組成部分。如果你觀察飛輪並退一步來看，你會發現我們有實體店業務，有電商業務，包括市場平台。我們在醫療保健和金融服務領域也取得了進展，我們成功完成了一些收購，並將其整合到同一個品牌下。此外，Plus、Walmart Connect和資料業務都是飛輪的重要組成部分。非常高興看到團隊在拓展自提業務、提供更多車位、提高靈活性以及提升NPS評分等方面取得的進展。看到團隊取得這些進步，我們感到非常高興。

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

下一個問題來自奧本海默的 Rupesh Parikh。

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?

我只是想問沃爾瑪如何緩解你們目前看到的通膨水平。您能量化一下食品雜貨和通用汽車的通膨水準嗎？目前，有沒有跡象顯示部分通膨壓力可能已經開始見頂？

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，我插話。約翰，我想你想說什麼都可以。但在食品方面，我們看到了兩位數的通膨，我擔心通膨可能會繼續上升。在通用汽車方面，通膨在今年可能會加速上升。所以，當你查看我們的庫存數據時，正如我們之前提到的，導致庫存上升的部分原因是食品價格上漲。我們會管理庫存，管理特色產品和食品，想想日用百貨方面，把它分成服裝和日用百貨。在服裝方面，我們在年初就庫存水準採取了適度激進的策略。正如我們之前提到的，我們可以像以前一樣降低服裝價格，這從利潤率組合的角度來看仍然有益。如果有必要，我們會在第二季及以後解決這個問題。

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，我們迎來了夏天。我不確定他們是否會在三月和四月遇到這些問題，以及在季末遇到這些問題。在日用百貨方面，情況也差不多。我們基本商品的庫存充足，需要保持強勁。對於我們主打的非基本商品，我們會管理這些庫存水平，在某些情況下進行回滾，以控制總庫存。隨著顧客在食品上的支出增加，他們的日用百貨行為將是我們將密切關注的。我們不僅會關注部分顧客在食品方面的開盤價和包裝尺寸變化，以及轉向自有品牌的情況，還會關注這對日用百貨業務的影響。

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，正如道格所說，我對這些降價措施和適當的展示方式感到非常滿意。我們在門店裡看到了這一點——我去過全國各地的門市。門市對降價措施感到興奮，顧客也反應熱烈。執行力很強。正如道格所提到的，隨著第一季食品通膨的成長，我也對全國以及我們的團隊、我們的供應基地的價格上漲速度感到擔憂。我們需要採取更多措施來降低成本。對於從品牌轉向自有品牌的情況，我們會繼續關注，以更好地服務客戶群，但我們必須更加努力地為美國消費者保持低價格。

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

我們的下一個問題來自 D.A. Davison 的 Michael Baker。

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。完美地過渡到我的問題。我只是想跟進一下。我的意思是，我聽到了一些抵消性措施，我想正如我所說，有很多不同的產品類別，但您談到的是保持低價並逐步降低價格，我認為，在通膨環境下，您的使命始終是確保消費者仍然能夠負擔得起基本需求。但您也談到了開始——採取——我想您指的是在我們推進的過程中採取更多價格上漲，現金（聽不清楚）以及一些價格上漲的時機。那麼，如果您願意的話，能否幫助平衡這些抵銷性措施帶來的利益？

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，很高興能就此展開更多討論。當商品成本等因素上漲時，我們會與供應商做出決策，如果情況合適，這些成本上漲確實會反映在零售價格中。但第一季有些事情發生得非常快。我們提到了Omicron變種病毒爆發後的勞動力問題，我們之前因為休假而排班過長、人員過剩，現在又有相當多的員工同時返工。 2月底3月初燃料價格上漲得非常快，諸如此類的事情，以及——我們提到了供應鏈費用，然後發生了火災，我們的團隊做得非常出色，保護了員工的安全，並將他們疏散到現場，但我們失去了那些中心。這些成本來得非常快，我們認為它們在第一季比較孤立，其中一些成本沒有反映到零售價格中，因為我們認為它們是短期的。因此，我們會繼續在適當的時機進行必要的成本轉移。但布雷特之前說了一些非常重要的話。在如此多動態變化的環境下，逐季管理利潤率非常困難。從長遠來看，我們的團隊完全有能力管理本季度，而且我們已經這樣做了很長時間，但並非所有成本和變化都會在季度開始和結束時發生。

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.

零售業最有趣、最有趣的部分之一，就是利潤管理和商品組合的整合。我始終記得，我最初的採購職責之一是食品採購。很久以前，我們地區的領導就跟我們談過當月或當季的利潤，說我們需要提高獲利能力。於是我們問了採購員，我是其中之一，要他們拿出一個計劃，說明當天下班前要降價多少。我頓了頓，[嗯]，我們打算透過降價來提高利潤，因為我當時還很新，是個菜鳥。但回過頭來看看哪些商品可能有彈性，利潤率高於平均水平，然後降價來彌補損失，這真的很酷。

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.

所以，部分原因在於食品通膨正在上升，但我們也關注服裝等日用百貨類別以及一些輕工業產品類別。其妙處在於，現在的消費者對價格更敏感，他們會密切注意油價和食品價格。因此，當體育用品或硬體等其他類別的價格下降時，他們會比以前更加敏感，這會導致彈性影響與其他類別不同，從而將各種因素混合在一起。所以我們最終會遇到一群買家，他們是投資組合經理。

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羅伯特·莫斯科 (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?

順著這個軼事問下去，這難道不是在說，實際上你不需要在食品價格上做太多事情，因為消費者似乎已經很好地消化了食品價格上漲的影響，將更多的支出轉移到食品上，而不是一般商品上嗎？那麼，在這種環境下，你認為在食品定價和自有品牌方面真正需要採取多大的積極措施？聽起來你想更專注於一般商品的定價？

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.

我們會同時管理兩者。我的意思是，價格差距很重要，我們知道該如何控制價格差距以實現獲利成長。所以我們會積極地管理兩者。我們確實希望消費者能夠以更低的價格購買食品，我們也希望能銷售更多日用百貨。因此，我們會與食品和消費品方面的供應商合作，努力降低這些成本。任何日用百貨類別的交貨週期都會更長。 Peter 之前問過關於第四季的情況，顯然，我們現在正在考慮按類別劃分的銷售量。但在我們做出這些銷售量決策時，許多銷售量在某種程度上都被誇大了。所以，我們在管理資金的同時也在管理銷售量以獲得最終結果。我們會積極地管理這兩個面向。

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以平庸的方式管理客戶資訊。我們服務的客戶眾多，不同的客戶來自不同的地方，我們希望為全國各地和不同地區的客戶提供周到的服務，確保所有客戶都能在沃爾瑪購物時獲得他們所期望的價值。

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.

並非所有球迷都無力承擔這些損失。他們正是需要我們的幫助。正如我們之前提到的，我們專注於開拓新價格點的食品，例如一條麵包、一加侖牛奶、一罐金槍魚、芝士通心粉和蛋白質食品，我們是否能夠幫助收入較低的球迷在通脹時期養家糊口？考慮到去年實施的經濟刺激計劃，其中一些人獲得了一些好處，但這些好處正在逐漸消失。展望今年剩餘時間的表現，我們一直在思考這個問題。

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

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

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?

Brett，再次恭喜你。單從數位業務來看，成長了1%。你提到了一些產能問題。能否談談這一點，並推出一些新的內容？我們該如何看待未來幾季數位業務的銷售走勢？

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，我是約翰。正如我們所說，第一季的成長率為1%，與第四季相同。就產能而言，印第安納波利斯發生的事件對團隊來說是一次艱難的經歷。我們的團隊在保障人員安全方面做得很好。所有人都在不到5分鐘的時間內撤離了大樓，但大樓本身造成了損失。它是我們網路中一個大型的配送中心。積極的一面是，我們有很多門市，還有其他配送中心，大約72小時就能完成。團隊能夠將大部分訂單重新安排到美國其他地方。由於配送中心規模很大，這樣做肯定會產生一些物流成本，但他們的行動相對較快。

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.

你可以想像，每個中心都會受到一些營收影響，尤其是我們的產品組合，包括我們的配送服務，每個中心都有獨特的商品。正如道格所說，我們的工作時間很長，而且是日用百貨，或是我們供應商和賣家的商品。所以這方面確實會受到一些影響。但就最近的業務來看，正如我們談到的 Walmart Connect 和其他商業部門一樣，現在已經進入第二季度，考慮到5月份氣溫有所回升，季節性品類確實開始復蘇，其中包括 Walmart.com 和我們的電商業務。

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?

您提到第二季的毛利率壓力比第一季小。我很好奇，您是否預計這種環比改善的勢頭會在今年剩餘時間的每個季度持續下去？與此相關，我很好奇您認為本季高利潤率成長業務帶來了哪些影響？您是否預計這些業務會在今年接下來的時間內帶來更實質的正面影響？

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.

我認為第二季的利潤率與第一季相比有所下降，我們仍然面臨一個問題：我們必須與供應商竭盡所能地管理成本，以便將食品價格保持在對消費者有利的水平。我們每天都在思考價格差距，每週每天討論這個問題，並謹慎地管理它。我們需要做的是與供應商合作，在蛋白質和乳製品等類別中，我們看到一些供應商從品牌轉向自有品牌。正如今天早上提到的，我們看到一些供應商從一加侖牛奶轉向半加侖淡牛奶。我們必須在這些品類中盡我們所能地保持低成本。

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.

我認為與第二季到第四季的毛利率相關的最大問題將是好壞參半。第一季的天氣狀況並不理想，隨著氣溫回升，通用汽車（包括服裝）的銷售額有所成長。因此，我們之前提到第二季的壓力看起來會較小，原因之一是我們認為第二季的業績組合將與第一季有所不同。

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

我們的下一個問題來自史蒂芬斯的本‧比恩維努 (Ben Bienvenu)。

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?

布雷特，我還要向你表示祝賀。我想問一下，從第二季開始，你覺得自己在哪些方面對業務的掌控最好？你仍然看到的最大挑戰是什麼？然後你提到，今年剩餘時間你的目標是回到最初的預期，為了實現這個目標，你認為你最有可能如何實現這個目標？

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.

我們先回到保羅的話題。我想我們漏掉了他問題的後半部分，我們稍後再討論。他詢問了像 Walmart Connect 這樣的高利潤成長業務，以及我們是否預計這些業務會繼續成長。我們了解到，第一季成長了約 30%。美國和全球的輔助業務正在成長，我們預計這種成長將持續下去。我們對此感到興奮。坦白說，當我看到第一季的業績時，我理解人們對未達預期的反應，但我希望人們不會完全忽視商業模式正在形成的一些潛在改善，因為我認為這種改善將會持續下去，並將使公司在盈利方面更具韌性，業務也更加多元化。

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.

就我們目前的綜合狀況而言，自第一季末以來，我們的業績確實取得了不錯的改善。我們之前提到服裝業務的回落，這些高利潤業務對總收入有增值作用。所以回落是存在的。這些回落仍然有助於提升我們的銷售額和利潤率。此外，我們對門市季節性商品的銷售業績非常非常滿意，而且隨著天氣轉暖，隨著第二季的到來，我們認為業務表現非常強勁。

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.

本，你問到關於那條評論——我之前說過，我們仍然專注於最初的指引。我認為這反映了我在公司內部看到的、我一直以來所了解的，公司高度的緊迫感，擁有真正聰明的員工，能夠應付任何挑戰。我們在過去兩年半裡已經看到了這一點。我認為我們在過去兩年半做得非常好。所以我們仍然專注於年初時所說的目標，但我覺得根據第一季的數據正式下調指引是合適的，但這只是一年中的一個季度，我們仍然有很多可以利用的槓桿。這就是我發表那則評論的原因。

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

我們的下一個問題來自 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?

所以，上次我們看到自有品牌集中度提高導致消費者疲軟，現在這種情況開始自我應驗，這意味著消費者更加關注自有品牌，因此你提供了更多的貨架空間來生產自有品牌產品，從而推動了更多自有品牌的銷售，如此反复。所以，考慮到當前的環境以及供應商試圖轉嫁的價格上漲，我們是否應該預期未來幾季自有品牌的商品組合會繼續增加？

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，我不希望看到我們大幅調整貨架配置。這主要是為了維持庫存，讓顧客自己決定。

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，我完全同意。我們服務於廣泛的消費者群體，並在不同的地方為他們提供服務。我們在店內服務，在收銀台服務，在顧客自提點服務。我們在家裡、冰箱裡提供服務，並且直接送貨上門。所以我認為，我們提供的產品種類如此豐富，足以讓我們好好服務所有消費者。如果顧客購買的某件商品比另一件多，我們也會透過這種方式補貨。但我認為我們仍然能夠服務廣泛的消費者群體。

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 進行結束語。

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，這裡有很多像丹一樣的人。沒問題。首先我要感謝布雷特，布雷特多年來在公司上下都做得非常好。他是一位非常棒的合作夥伴，不僅對我，對我們所有人來說都是如此。他的判斷力、他的性格、他對公司的了解，以及他作為一個人的身份。成為沃爾瑪的財務長是一項偉大的成就，你做得非常出色，我們會想念你的。我希望我們能在一個很棒的季度結束，而且現在仍然非常（聽不清楚）。所以，當情況好轉時，你可以坐在便宜的座位上發表你的看法。

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.

說到情況好轉，我們的目標是取得一個真正強勁的一年。我的意思是，我們正在了解當前的環境，並努力向大家傳達我們對未來發展的展望。我們期待客戶和會員繼續光顧。我們將繼續保持整體成長。我們將繼續擴大市場份額，並將改變公司的商業模式，以提高獲利能力。本季發生的一些事情與我們預期不同，我們正努力對這些事情保持高度透明。然後，我們將透過業績表現贏得大家的信任，繼續前進，並儘可能將此事作為一個獨立問題處理。

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.

未來充滿不確定性，情勢瞬息萬變。我知道你們每天都在收集訊息，我們也是。我與全國各地乃至世界各地的人們交流時發現，在一個充滿變數的環境中，不確定性似乎更多了。所以我們會努力應對。我們熱愛手中的這手牌。我們擁有優秀的資產，優秀的人才。當情況更加艱難時，我們應該會表現得更好。因此，我們第一季的業績讓我們感到失望，但我們會克服它，迎接強勁的一年。

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.

期待與你們見面！ 6月3日，能來參加會議的各位，我們將前往費耶特維爾，屆時我們將與眾多同事見面，恢復疫情前的那種狀態，我們都對此充滿期待，期待在那裡見到你們。謝謝大家。

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。您可以掛斷電話了。感謝您的參與。