沃爾瑪 (WMT) 2023 Q2 法說會逐字稿

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

問候。歡迎參加沃爾瑪 2023 財年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

此時，我將把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 Second Quarter Fiscal 2023 Earnings Call. I'm joined by members of our executive team, including Doug McMillon, Walmart's President and CEO; John David Rainey, 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.

謝謝你，羅布。早上好，歡迎參加沃爾瑪 2023 財年第二季度財報電話會議。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； John David Rainey，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)。

In a few moments, Doug and John David will provide you an update on the business and discuss second quarter results. That will be followed by our question-and-answer session.

稍後，Doug 和 John David 將為您提供業務更新並討論第二季度業績。接下來是我們的問答環節。

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

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

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

現在我很高興將電話轉給 Doug McMillon。

Good morning, and thanks for joining us. A few weeks ago, we updated you on our expectations for how we would perform in Q2 and for the year.

早上好，感謝您加入我們。幾週前，我們向您更新了我們對第二季度和全年表現的預期。

The second quarter finished stronger than we had anticipated, and John David will touch on that in a moment and provide more detail for the back half of the year. Our sales were well ahead of plan, with inflation lifting our average transaction size, but we know that the amount and persistence of inflation is negatively affecting many families.

第二季度的表現比我們預期的要好，John David 稍後會談到這一點，並為下半年提供更多細節。我們的銷售遠遠超出了計劃，通貨膨脹提高了我們的平均交易規模，但我們知道通貨膨脹的數量和持續性正在對許多家庭產生負面影響。

From the U.S. to Mexico to Canada to Chile, they're prioritizing how they spend their money. We're pleased to see more families from a variety of income levels choose us as they look for value. Our purpose is to save people money and help them live better, and that's especially important right now.

從美國到墨西哥，從加拿大到智利，他們都在優先考慮如何花錢。我們很高興看到更多不同收入水平的家庭在尋求價值時選擇了我們。我們的目的是為人們省錢並幫助他們過上更好的生活，這在現在尤為重要。

After the first quarter, we shared how the environment had changed. The cost of food and fuel, a heavier mix of sales in food and consumables and excess inventory in general merchandise categories, were among the most challenging items for us at the time. As we move through Q2, food inflation continued to tick up, and we continue to see a heavier mix of sales in food and consumables in many of our markets, and that put pressure on margins overall.

第一季度之後，我們分享了環境的變化。食品和燃料的成本、食品和消耗品的銷售以及一般商品類別的過剩庫存，是當時對我們來說最具挑戰性的項目之一。隨著我們進入第二季度，食品通脹繼續上升，我們繼續看到我們許多市場的食品和消費品銷售組合更加嚴重，這給整體利潤率帶來壓力。

Food comps in the U.S. were up mid-teens for the quarter, with units in food slightly negative and about flat exiting the quarter even with double-digit inflation. Another weight on margins has been the number of markdowns we've taken. Starting back in March, we knew we needed to act quickly and aggressively in some categories, and we have. We've made good progress to reduce inventory levels where we focused and taken markdowns. The aggressive approach we took to move through apparel, in particular, put financial pressure on us, but it helped relieve pressure on our stores and through our supply chain.

本季度美國的食品價格上漲了 10 多歲，食品單位略有負數，即使通貨膨脹率達到兩位數，本季度也基本持平。利潤率的另一個影響因素是我們採取的降價措施的數量。從三月份開始，我們就知道我們需要在某些類別中迅速而積極地採取行動，而且我們已經做到了。我們在降低庫存水平方面取得了良好進展，我們關注並採取了降價措施。尤其是我們在服裝領域採取的激進做法給我們帶來了財務壓力，但它有助於減輕我們商店和供應鏈的壓力。

We're making good progress to reduce costs. We've reduced the number of shipping containers in our system, for example, by more than half from the Q1 level and are now much closer to our historical averages. We're also managing pricing to reflect our fully landed costs. The merchants are adjusting by category to reflect where we expect demand to be.

我們在降低成本方面取得了良好進展。例如，我們將系統中的集裝箱數量比第一季度減少了一半以上，現在更接近我們的歷史平均水平。我們還在管理定價以反映我們的完全到岸成本。商家正在按類別進行調整，以反映我們預期的需求水平。

We had our U.S. store manager meeting last week. And amongst other topics, we shared examples of items where we're holding prices down or rolling them back. Those tend to be opening price point, private brand, food and consumables items. We want to help families put meals on the table with great value in our other private brands to relieve the pressure they're feeling. The quality, value and convenience we offer makes Walmart a smart choice, and we're seeing more middle- and higher-income shoppers choose us.

上週我們召開了美國商店經理會議。在其他主題中，我們分享了我們壓低或回滾價格的商品示例。這些往往是開盤價、自有品牌、食品和消耗品。我們希望幫助家庭在我們的其他自有品牌中提供物超所值的飯菜，以減輕他們的壓力。我們提供的質量、價值和便利性使沃爾瑪成為明智的選擇，我們看到越來越多的中高收入購物者選擇我們。

As I've been in U.S. stores recently, I'm pleased how we've executed back-to-school. As we finish it off in some markets, we've transitioned back-to-college in the appropriate stores with items like mini refrigerators, floor-length mirrors and futons. In July, I got to visit our associates in India. After visits to Flipkart, Myntra and PhonePe, a Flipkart fulfillment center and a kirana to see how they're using PhonePe, I left even more excited about what's happening in these businesses and what's to come.

因為我最近在美國商店，我很高興我們如何執行返校。當我們在一些市場完成這項工作時，我們已經在適當的商店中轉回大學，提供迷你冰箱、落地鏡和蒲團等物品。七月，我拜訪了我們在印度的同事。在參觀了 Flipkart、Myntra 和 PhonePe、Flipkart 履行中心和 kirana 以了解他們如何使用 PhonePe 之後，我對這些業務中正在發生的事情以及即將發生的事情感到更加興奮。

Having visited several of our international markets this year, I'm pleased by how connected we are now and how so much of what we're building is common across markets as we scale Marketplace businesses and fulfillment, advertising and financial services and take steps to make a bigger difference in health care.

今年訪問了我們的幾個國際市場後，我很高興我們現在的聯繫程度以及我們正在建立的許多市場在我們擴展 Marketplace 業務和履行、廣告和金融服務方面是多麼普遍，並採取措施在醫療保健方面發揮更大的作用。

As I look ahead, I expect a strong finish to the back-to-school season, and we'll quickly transition to the holidays. Our fall and holiday products look great. There's a lot of newness, and we've got a strong position in opening price points across categories. From Halloween to Christmas to Flipkart's Big Billion Days, we'll be ready. We'll have a cleaner inventory position and we'll have a strong seasonal presence. We expect inflation to continue to influence the choices that families make, and we're adjusting to that reality so we can help them more.

展望未來，我預計返校季會圓滿結束，我們將很快過渡到假期。我們的秋季和假日產品看起來很棒。有很多新事物，我們在跨類別開放價格點方面處於強勢地位。從萬聖節到聖誕節再到 Flipkart 的 Big Billion Days，我們都會做好準備。我們將擁有更清潔的庫存位置，並且我們將擁有強大的季節性存在。我們預計通貨膨脹將繼續影響家庭做出的選擇，我們正在適應這一現實，以便為他們提供更多幫助。

Regardless of the inflation level and as we work through the places we have too much inventory, we continue to make progress on our strategy. We're becoming more digital, even more relevant as an omnichannel retailer; and the related businesses, like fulfillment and advertising, continue to grow. We're building a different business, and we're making progress.

無論通貨膨脹水平如何，並且當我們在庫存過多的地方工作時，我們都會繼續在我們的戰略上取得進展。我們正變得更加數字化，作為全渠道零售商更加重要；相關業務，如履約和廣告，繼續增長。我們正在建立一個不同的業務，並且我們正在取得進展。

Let's move on to our operating segments. I'll start with Walmart U.S. The strong comps we see in food and consumables are leading to market share gains. Pickup and delivery are strong. Growth is improving on Walmart.com, including the Marketplace, and more people are choosing to be a Walmart+ member or step up to InHome.

讓我們繼續我們的運營部門。我將從美國沃爾瑪開始。我們在食品和消耗品中看到的強勁組合正在導致市場份額增加。取貨和送貨很強大。 Walmart.com 的增長正在改善，包括 Marketplace，越來越多的人選擇成為 Walmart+ 會員或加入 InHome。

Walmart+ is an important component of our plan, and we announced the addition of a streaming benefit. Walmart+ members will receive a Paramount+ subscription at no additional cost as part of their Walmart+ membership in September. The premium streaming service offers a broad content offering with original series, movies, family shows and live sports. We're excited about the coming launch, and we know our members will be, too.

Walmart+ 是我們計劃的重要組成部分，我們宣布增加流媒體福利。作為 Walmart+ 會員資格的一部分，Walmart+ 會員將在 9 月免費獲得派拉蒙+ 訂閱。優質流媒體服務提供廣泛的內容，包括原創劇集、電影、家庭節目和體育直播。我們對即將推出的產品感到興奮，我們知道我們的成員也會如此。

Beyond membership, the team is also working on getting items to customers faster, while lowering the cost of delivery through a significant increase in the number of orders fulfilled by stores. We've increased this volume by nearly 40% from a year ago. Speed matters, whether it's how quickly we get items to customers or how quickly we scale new businesses. Our white-label delivery platform service, Walmart GoLocal, will celebrate its 1-year anniversary later this month. Powered by our Spark Driver platform, I'm excited about the growth I've seen so far and the expectations looking ahead. We passed 1 million deliveries so far with GoLocal. We expect to have about 5,000 pickup locations by year-end and client satisfaction scores are strong. We continue to sign up larger scale customers, and we're making strides on the bigger unlock, which are small- and medium-sized businesses.

除了會員資格之外，該團隊還致力於更快地將商品送到客戶手中，同時通過顯著增加商店完成的訂單數量來降低交付成本。我們比一年前增加了近 40%。速度很重要，無論是我們將物品交付給客戶的速度，還是我們擴展新業務的速度。我們的白標配送平台服務 Walmart GoLocal 將於本月晚些時候慶祝其成立一周年。在我們的 Spark Driver 平台的支持下，我對迄今為止所看到的增長和對未來的期望感到興奮。到目前為止，我們使用 GoLocal 的交付量已超過 100 萬次。我們預計到年底將有大約 5,000 個取貨地點，並且客戶滿意度得分很高。我們繼續簽約更大規模的客戶，並且我們在更大的解鎖方面取得了長足的進步，即中小型企業。

Our technology and expertise will help so many of these businesses grow while contributing to our operating margins over time. Advertising is also performing well. In Walmart U.S., the Walmart Connect team continues to deliver more value to the suppliers and sellers who advertise with us.

我們的技術和專業知識將幫助其中許多業務增長，同時隨著時間的推移為我們的營業利潤率做出貢獻。廣告也表現不錯。在美國沃爾瑪，Walmart Connect 團隊繼續為與我們一起做廣告的供應商和賣家提供更多價值。

Improvements to search and our large first-party shopper data have led to performance improvements for our advertisers, both year-over-year and sequentially. We've seen the number of active advertisers investing with us increased 121% over last year. Even more encouraging, these improvements have supported the overall site experience for our customers by helping them find the right products or discover new ones that are most relevant to them. As you've heard us say before, advertising is a global priority for us. We continue to see strong growth in markets outside the U.S., like India and Mexico.

搜索的改進和我們龐大的第一方購物者數據為我們的廣告客戶帶來了同比和環比的業績提升。我們看到與我們一起投資的活躍廣告客戶數量比去年增加了 121%。更令人鼓舞的是，這些改進通過幫助我們的客戶找到合適的產品或發現與他們最相關的新產品，為客戶的整體網站體驗提供了支持。正如您之前聽到我們所說，廣告是我們的全球優先事項。我們繼續看到美國以外市場的強勁增長，如印度和墨西哥。

Turning to Sam's Club in the U.S. Comp sales were strong again for Q2, up 10%, marking the 10th consecutive quarter of double-digit comp growth. Similar to Walmart, gross profit was pressured for the quarter on higher-than-normal markdown activity to clear through excess inventory. We'll continue to make progress as we move through Q3, and we'll be in good shape as we enter the holiday season. We like what we see in terms of membership. Total accounts are up about 9% over last year, and the penetration of Plus members continues to climb.

轉向美國的山姆會員店，第二季度的銷售再次強勁，增長 10%，連續第 10 個季度實現兩位數的增長。與沃爾瑪類似，本季度毛利潤受到壓力，原因是降價活動高於正常水平，以清理過剩庫存。隨著我們進入第三季度，我們將繼續取得進展，並且隨著我們進入假日季節，我們將處於良好狀態。我們喜歡我們在會員方面看到的東西。賬戶總數比去年增長了約 9%，Plus 會員的滲透率繼續攀升。

Moving on to Walmart International, where we performed well again in Q2, with sales up nearly 10%, including double-digit comps in the 3 largest markets of Mexico, Canada and China. We're also accelerating our digital businesses, including strong eCommerce growth over the last 2 years. Mexico is up 31%; Canada, 32%; and China, 152%.

繼續前進到沃爾瑪國際，我們在第二季度再次表現良好，銷售額增長了近 10%，包括墨西哥、加拿大和中國這 3 個最大市場的兩位數。我們還在加速我們的數字業務，包括過去 2 年的強勁電子商務增長。墨西哥上漲 31%；加拿大，32%；中國，152%。

We see this growth even as customers choose to do more in-person shopping. It really shows the power of operating across multiple channels. Like the U.S., we see the effects of inflation come through in how people are shopping. In Mexico, we saw all formats perform well, and Bodega was especially strong with comps above the overall Walmex average. We widened our price gaps for Bodega by 140 basis points in Q2, and we're seeing more customers shopping this format.

即使客戶選擇進行更多的面對面購物，我們也看到了這種增長。它確實顯示了跨多個渠道運營的力量。與美國一樣，我們看到通貨膨脹的影響體現在人們的購物方式中。在墨西哥，我們看到所有格式都表現良好，而 Bodega 的表現尤其強勁，其組合高於 Walmex 的整體平均水平。我們在第二季度將 Bodega 的價格差距擴大了 140 個基點，我們看到越來越多的客戶購買這種形式。

While inflation remains high, most of our markets are growing comps ahead of inflation. I'm proud that we're helping families access the things they need at more affordable prices. I'll close today by thanking our associates for all they do every day to support our customers and members. I'd also like to welcome John David for his first earnings call with us.

雖然通貨膨脹率仍然很高，但我們的大多數市場都在通貨膨脹之前增長。我很自豪我們正在幫助家庭以更實惠的價格獲得他們需要的東西。今天結束時，我要感謝我們的員工每天為支持我們的客戶和會員所做的一切。我還想歡迎約翰大衛與我們的第一次財報電話會議。

And with that, I'll turn it over to him.

有了這個，我會把它交給他。

Thanks, Doug. I'd like to start by thanking our customers, associates and partners for helping us deliver another strong sales quarter. We're moving a lot of volume through our business, and I'm proud of how our associate team has responded in serving customers as we manage through this unique period.

謝謝，道格。首先，我要感謝我們的客戶、員工和合作夥伴幫助我們實現又一個強勁的銷售季度。我們正在通過我們的業務轉移大量業務，我為我們的員工團隊在這個獨特時期的管理中在為客戶提供服務方面做出的反應感到自豪。

We delivered strong top line growth with total constant currency revenue up more than 9% in the second quarter. Sales were strong across all segments, particularly in food and consumables. Customers are increasingly choosing Walmart to help them save money as they deal with broad inflationary pressures.

我們實現了強勁的收入增長，第二季度總固定貨幣收入增長了 9% 以上。所有細分市場的銷售都很強勁，尤其是在食品和消耗品方面。客戶越來越多地選擇沃爾瑪來幫助他們在應對廣泛的通脹壓力時省錢。

As we navigate the current environment, we know that we're not immune to large macroeconomic shifts. We're facing similar cost pressures that others are seeing related to excess inventory, fuel prices and supply chain. But our business model is structurally sound and our market position is strong. As the year has progressed, we've seen more pronounced consumer shifts and trade-down activity.

在我們駕馭當前環境時，我們知道我們無法免受宏觀經濟的巨大變化的影響。我們面臨著其他人看到的與庫存過剩、燃料價格和供應鏈相關的類似成本壓力。但我們的商業模式結構合理，市場地位穩固。隨著時間的推移，我們看到了更明顯的消費者轉變和降價活動。

As an example, instead of deli meats at higher price points, customers are increasing purchases of hot dogs as well as canned tuna or chicken. Private brand penetration has also inflected higher. And in food category, specifically the private brand growth rate doubled compared to Q1 levels. We'll continue to manage pricing for customers in a way that preserves our price gaps and allows us to earn market share profitably.

例如，顧客不再購買價格較高的熟食肉類，而是增加購買熱狗以及罐裝金槍魚或雞肉。自有品牌滲透率也有所提高。而在食品品類，特別是自有品牌的增長率與第一季度相比翻了一番。我們將繼續為客戶管理定價，以保持我們的價格差距並讓我們以有利可圖的方式贏得市場份額。

We've been very focused on managing controllable costs and consequently achieved expense leverage across all 3 segments in Q2, even though we haven't fully lapped the wage investments implemented last year. During the quarter, we also made progress reducing inventory, managing prices to reflect certain supply chain costs and inflation and reducing storage costs associated with the backlog of shipping containers.

我們一直非常專注於管理可控成本，因此在第二季度實現了所有 3 個部門的費用槓桿，儘管我們還沒有完全完成去年實施的工資投資。在本季度，我們還在減少庫存、管理價格以反映某些供應鏈成本和通貨膨脹以及降低與集裝箱積壓相關的存儲成本方面取得了進展。

We're encouraged by the initial steps taken by some suppliers to help us reduce product acquisition costs. We've taken similar steps to manage our support and overhead cost, too, and we're achieving significant savings in procurement of goods not for resale. In our stores and fulfillment and distribution centers, we've seen labor productivity metrics improve. We're finding efficiencies and reducing expenses while still focusing on operational excellence.

一些供應商為幫助我們降低產品採購成本而採取的初步措施令我們感到鼓舞。我們也採取了類似的措施來管理我們的支持和間接成本，並且我們在採購非轉售商品方面實現了顯著節省。在我們的商店、履行和配送中心，我們看到勞動生產率指標有所提高。我們正在尋找效率並減少開支，同時仍專注於卓越運營。

I want to spend a moment discussing inventory. As a backdrop, the shifts that we've seen in consumer behavior through the pandemic, shifting from in-store to online, along with big swings in the purchase of goods versus services and then the reversion back to pre-pandemic norms, have been sharp and difficult to predict. These trends have been exacerbated by inflationary pressure on the consumer that many of us have not experienced in our lifetime, the effect of which has recently changed consumption patterns in certain categories for us, notably general merchandise.

我想花一點時間討論庫存。作為背景，我們在大流行期間看到了消費者行為的轉變，從店內轉向在線，以及購買商品與服務的大幅波動，然後恢復到大流行前的規範，已經尖銳且難以預測。通脹壓力加劇了這些趨勢，這是我們許多人一生中從未經歷過的，其影響最近改變了我們某些類別的消費模式，特別是普通商品。

The result of all of this put pressure on our inventory levels that peaked in the last quarter. Importantly, the team has a deep understanding of our inventory levels and content and have made a lot of progress during the last quarter. In-stock levels have improved about 250 basis points since Q1 in our grocery business alone, despite the heavy sales volumes we're experiencing.

所有這些的結果給我們在上個季度達到頂峰的庫存水平帶來了壓力。重要的是，團隊對我們的庫存水平和內容有深刻的了解，並在上個季度取得了很大進展。自第一季度以來，僅在我們的雜貨業務中，庫存水平就提高了約 250 個基點，儘管我們正在經歷大量銷售。

We also made progress selling through excess inventory, especially in hardline categories. At the end of Q2, Walmart U.S. inventory growth was 26% versus last year, reflecting over 750 basis points of improvement from Q1 levels. Notably, about 40% of the year-over-year increase relates to inflation.

我們還通過過剩庫存在銷售方面取得了進展，特別是在強硬類別中。在第二季度末，沃爾瑪美國的庫存比去年增長了 26%，比第一季度的水平提高了 750 多個基點。值得注意的是，約 40% 的同比增長與通貨膨脹有關。

General merchandise inventory growth rates are down more than 15 percentage points from Q1, but still with more work to do. We've cleared most summer seasonal inventory, but we are still focused on reducing exposure to other areas such as electronics, home and sporting goods.

一般商品庫存增長率較第一季度下降超過 15 個百分點，但仍有更多工作要做。我們已經清理了大部分夏季季節性庫存，但我們仍然專注於減少對電子產品、家居和體育用品等其他領域的敞口。

We've also canceled billions of dollars in orders to help align inventory levels with expected demand. We estimate that only about 15% of our total inventory growth in Q2 is still above optimal levels, and our actions in Q3 will allow us to make significant progress toward rationalizing absolute levels and mix, which will enable our stores to be well positioned ahead of the holiday season.

我們還取消了數十億美元的訂單，以幫助使庫存水平與預期需求保持一致。我們估計第二季度總庫存增長中只有約 15% 仍高於最佳水平，我們在第三季度的行動將使我們在合理化絕對水平和組合方面取得重大進展，這將使我們的門店能夠在假期。

Despite the short-term challenges we're facing this year, we continue to advance our flywheel strategy and diversify our income streams. For example, the global advertising business grew nearly 30% in Q2, led by Walmart Connect and Flipkart, as new advertisers turn to Walmart to deepen relationships with customers.

儘管我們今年面臨短期挑戰，但我們繼續推進我們的飛輪戰略並多元化我們的收入來源。例如，在 Walmart Connect 和 Flipkart 的帶動下，全球廣告業務在第二季度增長了近 30%，因為新的廣告商轉向沃爾瑪以加深與客戶的關係。

We now have over 240 million items in our U.S. eCommerce assortment, and our Marketplace seller count has increased about 60% year-over-year. We continue to sign on more customers to our data ventures offering and the number of Walmart+ memberships continues to grow.

現在，我們的美國電子商務分類中有超過 2.4 億件商品，我們的 Marketplace 賣家數量同比增長了約 60%。我們繼續為我們的數據企業提供更多客戶，並且 Walmart+ 會員的數量繼續增長。

We're also excited about the build-out of automation and technology throughout our business and how it will continue to help drive greater efficiency. Through my first couple of months here, I've been able to get out and visit our stores and see our distribution and fulfillment centers and witness the supply chain automation and technology that we're putting in our stores and centers. One example is the VizPick technology that we've rolled out to our associates across U.S. stores. This tool uses augmented reality to speed the inventory management process, enabling associates to get needed product from the backroom to the sales floor more efficiently. This not only saves associate time, but also helps avoid missing sales through side counter out-of-stocks. It's a win-win.

我們也對在整個業務中構建自動化和技術以及它將如何繼續幫助提高效率感到興奮。在我在這裡的頭幾個月裡，我已經能夠走出去參觀我們的商店，參觀我們的配送和履行中心，並見證我們在商店和中心投入的供應鏈自動化和技術。一個例子是我們在美國商店向我們的員工推廣的 VizPick 技術。該工具使用增強現實來加快庫存管理流程，使員工能夠更有效地從後台獲取所需的產品到銷售場所。這不僅節省了員工時間，還有助於避免因櫃檯缺貨而錯過銷售。這是雙贏的。

In summary, our business is resilient. And with the omni capabilities we've built, we're better positioned now than we were in prior periods of economic softness. Now let's get to some additional Q2 financial details.

總之，我們的業務具有彈性。憑藉我們建立的全方位能力，我們現在的定位比之前經濟疲軟時期更好。現在讓我們來看看一些額外的第二季度財務細節。

As mentioned previously, each of our segments delivered strong sales growth. Walmart U.S. comp sales accelerated to 6.5% growth, reflecting strong grocery sales at a higher average ticket size. International constant currency sales were up 9.9% with strength in Mexico, Canada and China, while Sam's Club U.S. delivered comps of 10%, excluding fuel and tobacco. Consolidated gross margin rate decreased 132 basis points, reflecting increased markdowns and unfavorable mix shifts in our U.S. businesses. Sam's Club gross profit was also negatively affected by a LIFO charge due to higher inflation. On the expense side, selling, general and administrative expenses leveraged 45 basis points, helped by higher sales, partially offset by the U.S. wage investments implemented last year.

如前所述，我們的每個部門都實現了強勁的銷售增長。沃爾瑪美國公司的銷售額加速增長至 6.5%，反映出平均門票規模較高的雜貨店銷售強勁。墨西哥、加拿大和中國的國際固定貨幣銷售額增長了 9.9%，而美國山姆會員店的銷售額增長了 10%，不包括燃料和煙草。綜合毛利率下降 132 個基點，反映了我們美國業務的降價幅度增加和不利的組合轉變。由於通脹上升，山姆會員店的毛利也受到後進先出法收費的負面影響。在費用方面，銷售、一般和管理費用增加了 45 個基點，這得益於銷售額增加，部分被去年實施的美國工資投資所抵消。

Operating income decreased 6.8% and adjusted EPS was $1.77. Two discrete items positively affected our results. Operating income benefited from a favorable insurance settlement of $173 million during the quarter. Adjusted EPS also benefited from this as well as a $182 million special dividend from one of our equity investments. Operating cash flow was $9.2 billion, reflecting lower operating income, higher inventory amounts due in part to inflation and the timing of certain payments.

營業收入下降 6.8%，調整後每股收益為 1.77 美元。兩個離散項目對我們的結果產生了積極影響。營業收入受益於本季度 1.73 億美元的有利保險結算。調整後的每股收益也受益於這一點，以及我們一項股權投資的 1.82 億美元特別股息。經營現金流為 92 億美元，反映了較低的營業收入、較高的庫存量，部分原因是通貨膨脹和某些付款的時間。

During the quarter, we returned $4.9 billion to shareholders through dividend and share repurchase. Through Q2, we are ahead of pace on our original share repurchase plan for this year and now expect to repurchase $10 billion to $11 billion in shares for fiscal year 2023.

在本季度，我們通過股息和股票回購向股東返還了 49 億美元。通過第二季度，我們領先於我們今年最初的股票回購計劃，現在預計將在 2023 財年回購 100 億至 110 億美元的股票。

Now let's discuss segment results. Walmart U.S. comp sales momentum continued, with growth excluding fuel of 11.7% on a 2-year stack. Food sales were especially strong with mid-teens growth while general merchandise sales were soft, particularly in electronics, apparel and home.

現在讓我們討論分段結果。沃爾瑪美國公司的銷售勢頭持續，不包括燃料的增長在 2 年中增長了 11.7%。食品銷售特別強勁，青少年增長，而一般商品銷售疲軟，尤其是在電子產品、服裝和家居領域。

Transactions increased 1%, while average ticket increased 5.5%. We were pleased to see eCommerce sales growth improve sequentially, up 12% year-over-year in Q2 and 18% on a 2-year stack. SG&A expenses leveraged 21 basis points, reflecting higher sales and lower COVID costs, partially offset by the wage investments.

交易量增加了 1%，而平均票數增加了 5.5%。我們很高興看到電子商務銷售增長環比增長，第二季度同比增長 12%，兩年增長 18%。 SG&A 費用增加了 21 個基點，反映了更高的銷售額和更低的 COVID 成本，部分被工資投資所抵消。

The team did a nice job pivoting the expense structure, so the scheduling challenges from Q1 did not repeat. Gross margin pressure led to a decline in operating income of about 7%. International had another really good quarter. Sales were strong, up 9.9% in constant currency.

該團隊在調整費用結構方面做得很好，因此第一季度的調度挑戰沒有重複。毛利率壓力導致營業收入下降約7%。國際有另一個非常好的季度。銷售額強勁，按固定匯率計算增長 9.9%。

Currency headwinds negatively affected reported sales results by about $1 billion. Each of our major markets delivered positive comp sales, with Mexico and China leading the way. eCommerce sales on a constant currency basis grew 15% on top of strong gains last year. Comp sales in Mexico increased nearly 11%, with strong growth in stores as well as eCommerce sales, which grew 18%. The team is doing a good job reinforcing our price message and positioning, as customers manage through this inflationary period.

貨幣逆風對報告的銷售業績產生了約 10 億美元的負面影響。我們的每個主要市場都實現了正向銷售，其中墨西哥和中國處於領先地位。在去年強勁增長的基礎上，以固定貨幣計算的電子商務銷售額增長了 15%。墨西哥的 Comp 銷售額增長了近 11%，商店和電子商務銷售額增長了 18%，增長強勁。隨著客戶度過這個通貨膨脹時期，該團隊在加強我們的價格信息和定位方面做得很好。

In China, comp sales were up more than 14%, with strong growth in eCommerce sales, which increased 77% in the quarter and more than 150% on a 2-year stack. eCommerce penetration continues to climb in both our Sam's Clubs and hypermarket stores, as customers increasingly choose omni solutions to meet their shopping needs.

在中國，comp 銷售額增長超過 14%，電子商務銷售額增長強勁，本季度增長 77%，兩年累計增長超過 150%。隨著客戶越來越多地選擇全方位解決方案來滿足他們的購物需求，我們的山姆會員店和大型超市的電子商務滲透率繼續攀升。

Canada comp sales increased more than 10%, even as higher levels of inflation are starting to pressure consumer spending in discretionary and general merchandise categories. Flipkart continues to meet our expectations, and the team is gearing up for Big Billion Days. I traveled to India last month and was impressed by how the Flipkart and PhonePe teams are innovating for the customer and driving growth.

即使較高的通貨膨脹水平開始對非必需品和一般商品類別的消費者支出造成壓力，加拿大的複合銷售額仍增長了 10% 以上。 Flipkart 繼續滿足我們的期望，團隊正在為 Big Billion Days 做準備。上個月我去了印度，對 Flipkart 和 PhonePe 團隊如何為客戶進行創新和推動增長印象深刻。

PhonePe continued to see strong growth with annualized TPV of over $830 billion, reaching a record level of monthly transactions of about 3.1 billion. International operating income in constant currency increased more than 28%, partially attributable to the previously mentioned insurance recovery for prior operational disruptions in Chile.

PhonePe 繼續保持強勁增長，年化 TPV 超過 8300 億美元，達到創紀錄的月交易量約 31 億美元。以固定匯率計算的國際營業收入增長超過 28%，部分歸因於前面提到的智利先前運營中斷的保險賠償。

Sam's Club had another strong sales quarter with comp sales up 10%, excluding fuel and tobacco, an increase of more than 20% on a 2-year stack. Transactions increased 9.8%. eCommerce sales grew 25%, with strong contributions from both curbside and ship-to-home orders. Membership income was up nearly 9%, with another record high quarter in overall member counts and continued growth in Plus member penetration.

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%，連續 2 年增長了 20% 以上。交易量增長 9.8%。電子商務銷售額增長了 25%，其中路邊和送貨上門訂單的貢獻很大。會員收入增長了近 9%，整體會員人數再創新高，Plus 會員滲透率持續增長。

Sam's added more new members in Q2 than any other quarter in recent years, benefiting from membership campaigns. Sam's leveraged expenses 131 basis points, including fuel and 72 basis points excluding fuel, due primarily to higher sales and lower COVID costs. But gross margins were down as elevated markdowns, supply chain and fulfillment cost and a 70 basis point inflation-related LIFO charge pressured profitability. As a result, operating income declined about 35%.

得益於會員活動，Sam's 在第二季度增加的新會員數量比近年來任何其他季度都多。 Sam 的槓桿費用為 131 個基點，包括燃料和 72 個基點，不包括燃料，這主要是由於更高的銷售額和更低的 COVID 成本。但毛利率下降，因為降價、供應鍊和履行成本以及與通脹相關的 70 個基點的 LIFO 費用給盈利能力帶來壓力。結果，營業收入下降了約35%。

Now let's turn to guidance. With the updated financial guidance we released last month, we outlined the pressures that led us to take a more conservative outlook for the current year profitability. Let me take a minute to provide you with more detail. When we provided guidance 3 months ago, we didn't expect food and fuel inflation to accelerate to the levels that we experienced in Q2. In fact, Walmart U.S. food inflation was up double digits year-over-year, and we saw a nearly 400 basis points step-up as the quarter progressed compared to levels at the end of Q1. The rising cost for essential items and customers' reprioritization of spending led to significant mix shifts in our business.

現在讓我們轉向指導。隨著我們上個月發布的最新財務指引，我們概述了導致我們對本年度盈利能力採取更為保守的展望的壓力。讓我花一點時間為您提供更多細節。當我們 3 個月前提供指導時，我們預計食品和燃料通脹不會加速到我們在第二季度經歷的水平。事實上，沃爾瑪美國食品通脹同比上升了兩位數，與第一季度末的水平相比，隨著本季度的進展，我們看到了近 400 個基點的上升。必需品成本的上漲和客戶重新調整支出優先級導致我們業務的組合發生重大變化。

Grocery sales mix increased nearly 300 basis points, whereas general merchandise sales mix decreased more than 350 basis points. This resulted in additional general merchandise markdowns in our U.S. business, particularly in apparel at a time when inventory clearance was already higher than expected in the industry. Higher fuel prices also pressured our supply chain expense. We finished the quarter on a strong note, however, and ahead of our updated Q2 guidance provided last month, and the Q3 back-to-school season is off to a solid start. Contributing factors to the better performance included strong sales at the end of the month, with good flow-through to the bottom line and lower-than-expected supply chain cost.

雜貨銷售組合增加了近 300 個基點，而一般商品銷售組合下降了 350 多個基點。這導致我們美國業務的一般商品降價幅度更大，尤其是在庫存清倉率已經高於行業預期的服裝領域。較高的燃料價格也給我們的供應鏈費用帶來壓力。然而，我們以強勁的勢頭結束了本季度，並且在我們上個月提供的更新的第二季度指導之前，第三季度的返校季開局良好。業績較好的因素包括月末銷售強勁，盈利良好，供應鏈成本低於預期。

We're taking additional pricing actions in Q3 to improve inventory levels in the back half of the year, and we built in more conservative category mix assumptions within our guidance. Our sales and profit view reflects trends we've seen year-to-date as well as the uncertainty around inflation and consumer spending in the coming quarters.

我們將在第三季度採取額外的定價措施，以提高下半年的庫存水平，並在我們的指導中建立了更保守的類別組合假設。我們的銷售和利潤觀點反映了我們今年迄今所看到的趨勢以及未來幾個季度通脹和消費者支出的不確定性。

We've updated our fiscal year '23 guidance to reflect the better Q2 results versus the guidance we provided in July. We continue to believe the sales and profit guidance we provided at the time for the back half of the year appropriately reflects elevated uncertainty in this environment and is our best view of expected performance.

我們更新了我們的 23 財年指導，以反映第二季度的業績優於我們在 7 月份提供的指導。我們仍然認為，我們當時提供的下半年銷售和利潤指引適當地反映了這種環境下的不確定性增加，並且是我們對預期業績的最佳看法。

For Q3, we expect net sales growth of about 5%, including comp sales growth of about 3% for Walmart U.S. We're expecting operating income to decline 8% to 10% and adjusted EPS to decline 9% to 11%. For fiscal year '23, we expect net sales growth of about 4.5%, including comp sales growth of about 4% for Walmart U.S. We expect adjusted operating income and EPS to decline 9% to 11%. Excluding the effect of divestitures, this would translate into net sales growth of 5.5% and a decline in adjusted operating income and EPS of 8% to 10%.

對於第三季度，我們預計淨銷售額增長約 5%，其中沃爾瑪美國的複合銷售額增長約 3%。我們預計營業收入將下降 8% 至 10%，調整後的每股收益將下降 9% 至 11%。對於 23 財年，我們預計淨銷售額增長約 4.5%，其中沃爾瑪美國公司的銷售額增長約 4%。我們預計調整後的營業收入和每股收益將下降 9% 至 11%。排除資產剝離的影響，這將轉化為 5.5% 的淨銷售額增長以及調整後的營業收入和每股收益下降 8% 至 10%。

Before I close, I'd like to share my perspective as someone that is new to Walmart in meeting many of you for the first time. I'm excited to join the company at such an opportunistic and transformational time. Certainly, retail broadly is being pressured right now, but that shouldn't detract from the incredible opportunity that we have in front of us. It starts with our mission of helping people save money so they can live better. We do that every day at a scale that is unmatched by helping people be able to buy the things that they want and they need.

在結束之前，我想分享一下我作為沃爾瑪新手第一次見到你們中的許多人的觀點。我很高興能在這樣一個機會主義和轉型時期加入公司。當然，零售業目前普遍面臨壓力，但這不應減損我們面前令人難以置信的機會。它始於我們的使命，即幫助人們省錢，讓他們過上更好的生活。我們每天都在以無與倫比的規模這樣做，幫助人們購買他們想要和需要的東西。

This mission permeates our culture in everything that we do. I've joined an exceptional leadership team. Their history of operational excellence, their strategy, the drive to win is simply something that I wanted to be a part of. And you combine that with the resources we have and the investments we're making in things like supply chain automation, improving our eCommerce capabilities and diversifying our portfolio with higher-margin products and services like data and advertising that will result in more durable earnings streams as they scale.

這一使命滲透到我們所做的每一件事中。我加入了一個傑出的領導團隊。他們卓越運營的歷史、他們的戰略、取勝的動力正是我想成為的一部分。您將其與我們擁有的資源和我們在供應鏈自動化等方面的投資相結合，提高我們的電子商務能力，並通過數據和廣告等利潤率更高的產品和服務使我們的產品組合多樣化，從而帶來更持久的收入流隨著它們的擴展。

We have the potential to not only be relevant in the next chapter of retail but help define it. And when we execute on these things, we have the ability to appreciably increase our shareholder value over time. I believe that some of the best days of Walmart are in front of us.

我們不僅有可能與下一章零售相關，而且有助於定義它。當我們執行這些事情時，我們有能力隨著時間的推移顯著增加我們的股東價值。我相信沃爾瑪最好的日子就在我們面前。

I look forward to working with you, and now we'd be happy to take any of your questions. Thank you.

我期待與您合作，現在我們很樂意回答您的任何問題。謝謝你。

(Operator Instructions) And our first question is from the line of Bob Drbul with Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根海姆證券公司的 Bob Drbul。

John David, welcome. Congratulations.

約翰大衛，歡迎。恭喜。

Thank you.

謝謝你。

Maybe two quick questions, if I could. The first one, I think, Doug, you mentioned that sort of middle- and higher-income shoppers are choosing Walmart. Just wondering if you can elaborate some more on the trade into Walmart that is allowing you to take market share in grocery.

如果可以的話，也許是兩個簡單的問題。第一個，我想，道格，你提到那種中等收入和高收入的購物者正在選擇沃爾瑪。只是想知道您是否可以詳細說明與沃爾瑪的交易，這使您可以在雜貨店佔據市場份額。

And the second question is just wondering if you could give us a little bit more flavor on what you're seeing -- what you saw sort of with sales late in the quarter and what you're really seeing so far early Q3.

第二個問題只是想知道您是否可以讓我們對您所看到的內容有更多了解-您在本季度末看到的銷售情況以及到目前為止第三季度初您真正看到的情況。

Bob, this is Doug. I'll kick it off and then ask John to comment. In the Walmart U.S. business, we have seen mid- to higher-income customers come to Walmart looking for value. As you would expect, food and consumables, in particular, are places where they're looking to save some money. That's not a total surprise. I think the strength of it is encouraging.

鮑勃，這是道格。我會先開始，然後請約翰發表評論。在沃爾瑪美國業務中，我們看到中高收入客戶來到沃爾瑪尋找價值。正如您所料，食品和消耗品尤其是他們希望省錢的地方。這並不完全令人驚訝。我認為它的力量是令人鼓舞的。

And then as it relates to the end of the quarter, there were several things going on. Fuel prices started to move a little bit. Back-to-school was strong. And then this income phenomenon that you pointed to also provided some strength to the last week or so of the last month of the quarter, which was a little different than the pattern that we had seen in the first 2 months of the quarter.

然後，由於它與本季度末有關，發生了幾件事。燃油價格開始小幅波動。返校勢頭強勁。然後你指出的這種收入現像也為該季度最後一個月的最後一周左右提供了一些力量，這與我們在該季度前兩個月看到的模式略有不同。

Yes, Doug, it was a bit different than May and June, for sure, and it led -- it has led to the beginning of Q3 being stronger in places like back-to-school. Food and consumables continue their momentum. And I think the [big number] really changed in late Q3, early -- sorry, late Q2, early Q3 was traffic count was a bit stronger than what we've seen in the preceding 2 months.

是的，道格，當然，這與 5 月和 6 月有些不同，而且它領先 - 它導致第三季度的開始在返校等地方變得更強大。食品和消費品繼續保持增長勢頭。而且我認為 [大數字] 在第三季度末，早 - 抱歉，第二季度末，第三季度初的流量確實比我們在前兩個月看到的要強一些。

We were laughing before the call started today about some of the anecdotal stuff that's going on. It won't surprise you that backpacks are strong, for example, but it does surprise us how strong men's flannel is. And we've got a program that's just under $12. I bought 2 of them personally, and it's a great value.

在今天的電話會議開始之前，我們一直在笑關於正在發生的一些軼事。例如，背包很結實不會讓您感到驚訝，但男士法蘭絨的堅固程度確實讓我們感到驚訝。我們有一個不到 12 美元的程序。我個人買了2個，很划算。

And at the same time, some of our clearance price points have gotten really low. We're trying to work through what we would call a [season 2 apparel], and we've got new stuff selling well. So it's almost like you can point to different areas to kind of make the case for what you want the sales story to be.

同時，我們的一些清倉價格點變得非常低。我們正在努力完成我們所謂的[第 2 季服裝]，而且我們的新產品賣得很好。所以幾乎就像你可以指出不同的領域來說明你想要的銷售故事。

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

我們的下一個問題來自高盛的 Kate McShane。

Our question is centered around markdowns. We're curious if the level of markdowns that plan to be taken in Q3 will be at a similar level as what you did for Q2.

我們的問題集中在降價。我們很好奇計劃在第三季度採取的降價水平是否會與您在第二季度所做的水平相似。

And it sounds like inventory will be much cleaner by Q4, but it seems like there's still a lot of inventory in the industry and the consumer that might need to be motivated by promotions given the amount of inflation. How should we think about the markdown environment then in Q4 even in the context of cleaner inventory at Walmart?

聽起來庫存到第四季度會變得更加清潔，但考慮到通貨膨脹的程度，行業和消費者可能需要通過促銷來激勵庫存。即使在沃爾瑪更清潔的庫存背景下，我們應該如何看待第四季度的降價環境？

Kate, this is Doug. Thanks for the question. I think what we should do is hear from all 3 segments as it relates to that. We've made progress. John, why don't you go first, but let's also hear from Kath and from Judith.

凱特，這是道格。謝謝你的問題。我認為我們應該做的是聽取與此相關的所有 3 個部分的意見。我們取得了進展。約翰，你為什麼不先走，但讓我們也聽聽凱絲和朱迪思的來信。

I'll start with the second quarter, from the end of Q1 to the end of Q2, there was some definite progress in inventory, about 750 basis points of improvement. We view Q2 as being most urgent to clear through the apparel and some are seasonal that we needed out of the way and sold before Q3 really began to arrive.

我將從第二季度開始，從第一季度末到第二季度末，庫存有一定的進步，大約改善了 750 個基點。我們認為 Q2 是最迫切需要清理服裝的，有些是季節性的，我們需要在 Q3 真正開始到來之前將其出售。

We certainly made progress in apparel. There's more work to be done in inventory in general with a 25% increase and about 40% of that inflation, then the remaining, there's 2 things. One, it helps us. In terms of in-stock, we were out of stock last year all throughout the year. So we have made improvements on in-stock. I think our results in many categories reflect improvements in availability in-stock. But then there is some backlog that we continue to work through.

我們當然在服裝方面取得了進展。總體而言，庫存方面還有更多工作要做，增加 25% 和大約 40% 的通貨膨脹，然後剩下的，有兩件事。一，它幫助我們。在庫存方面，我們去年全年都缺貨。因此，我們對庫存進行了改進。我認為我們在許多類別的結果反映了庫存可用性的提高。但是，我們會繼續處理一些積壓的工作。

At the end of Q1, we said this would take a couple of quarters to work through. I would just reiterate that, that remains true. And we'll continue to leave room to make sure that we manage our inventory levels well and head into a position in Q4 at the end of the year that we'll be proud of.

在第一季度末，我們說這需要幾個季度才能完成。我只想重申，這仍然是正確的。我們將繼續留出空間，以確保我們能夠很好地管理我們的庫存水平，並在今年年底的第四季度進入我們會引以為豪的位置。

I think the fact that we were so lean last year, combined with how much inflation impacted the number, has kind of been lost in the story a bit. It's true that we've got too much inventory and that, that created a markdown pressure, particularly in Walmart U.S. apparel.

我認為我們去年如此精益的事實，再加上通貨膨脹對這個數字的影響，有點被故事忽略了。確實，我們的庫存過多，這造成了降價壓力，尤其是在沃爾瑪美國服裝領域。

But when we look at the overall inventory, as John David has already commented today, it's not like the vast majority of it is merchandise that we didn't want. We just were turning goods a year ago and the year before that, frankly, at such a high level that we needed that inventory just to fill side counters and to fill our features.

但是，當我們查看整體庫存時，正如約翰大衛今天已經評論的那樣，其中絕大多數不是我們不想要的商品。坦率地說，我們一年前和前一年只是在周轉貨物，水平如此之高，以至於我們需要這些庫存來填充側櫃檯並填充我們的功能。

That's right. In 2020, 2021, we would have had record sell-throughs in seasonal categories with very few markdowns at the end of seasons. And so of course, there is some normalization to get back to where we might have been before the pandemic would be in. But again, we still have -- we still need some time to work to the remaining excess inventory.

這是正確的。在 2020 年和 2021 年，我們將在季節性類別中實現創紀錄的銷售量，而在季節結束時幾乎沒有降價。因此，當然，有一些正常化可以恢復到大流行之前我們可能處於的狀態。但同樣，我們仍然有——我們仍然需要一些時間來處理剩餘的過剩庫存。

We're repeating ourselves, but the level of and the pace at which inflation changed in the first quarter, and that continued in food and consumables into the second, just caused behavior to flip fast and that caused apparel to be more difficult than what we anticipated. And that's where the dollars markdown pressure came from. Kath, do you want to go next?

我們在重複自己，但第一季度通脹的水平和速度變化，食品和消費品的這種變化一直持續到第二季度，只是導致行為快速轉變，導致服裝比我們更困難預計。這就是美元降價壓力的來源。凱絲，你想下一個嗎？

Yes. I'd probably just say, if I look at our inventory position at the moment, for the last 2 years, like we talked about, we've had 10 quarters of double-digit comps. For the last 2 years, we've struggled to stay in front of having enough inventory.

是的。我可能會說，如果我看一下我們目前的庫存狀況，在過去的 2 年中，就像我們談到的那樣，我們有 10 個季度的兩位數比較。在過去的 2 年裡，我們一直在努力保持足夠的庫存。

And then so we're off a deflated base when you look at what our current position is. This year, then obviously have the contraction with inflation. But what we've seen is that we've got really good quality inventory. We're really happy with what the seasonal sets we've got. Halloween looks fantastic, back-to-school, back-to-college has been good. Tailgating has been great.

然後，當您查看我們當前的位置時，我們的基礎就已經縮水了。今年，則明顯有收縮與通貨膨脹。但我們看到的是，我們擁有非常優質的庫存。我們對我們擁有的季節性套裝感到非常滿意。萬聖節看起來很棒，返校，返校都很好。尾隨一直很棒。

I think what I would say is in our number in this quarter, a portion of it has been markdowns and a portion of it is actually an inventory reserve because we wanted to get in front of it and just make sure that we put aside the money for Q3 so that we can have a really strong Q3 kind of results. So that's how we've addressed markdowns in Q2.

我想我要說的是我們本季度的數字，其中一部分是降價，一部分實際上是庫存儲備，因為我們想搶在它前面，只是確保我們把錢放在一邊對於第三季度，我們可以有一個非常強大的第三季度結果。這就是我們在第二季度解決降價問題的方式。

For International, we saw some good progress on inventory quarter-on-quarter. Some of that helped by the FX position on that, but underlying as well. I think as I look at it, about 75% of our increase year-on-year is absolutely planned for. And as you've heard that leanness that we had last year is really coming through. And I think that's a theme for everybody. We just didn't have enough inventory at that time.

對於國際，我們看到庫存季度環比取得了一些良好進展。其中一些得益於外匯頭寸，但也是潛在的。我認為，在我看來，我們每年約 75% 的增長是絕對有計劃的。正如你所聽說的那樣，我們去年的精益求精確實正在發生。我認為這是每個人的主題。當時我們只是沒有足夠的庫存。

That leaves about 25% of it, which is some GM categories in a couple of markets, specifically, which would be Chile and Canada. But I'm very comfortable with the way that the market have dealt with that. And just as a reminder, for at least Chile, our quarter end is a month earlier than the enterprise quarter end. So we're already seeing some of that clearance happening for that market.

剩下的大約 25% 是幾個市場中的一些 GM 類別，特別是智利和加拿大。但我對市場處理這個問題的方式感到非常滿意。提醒一下，至少對於智利來說，我們的季度末比企業季度末早一個月。因此，我們已經看到該市場正在發生一些清除。

The next question comes from the line of Peter Benedict with Baird.

下一個問題來自 Peter Benedict 和 Baird 的台詞。

Just want to talk a little bit about grocery, the strength there, particularly in food. Can you talk about pricing, how you're managing that? I know units, it looks like they were down for the quarter, but improving to, I guess, flattish as you exited the quarter. Just how are you thinking about pricing relative to units? What's the promotional environment you're seeing within grocery and just how the grocery strength is split in-store versus online and curbside?

只想談談雜貨店，那裡的實力，尤其是在食品方面。你能談談定價，你是如何管理的嗎？我知道單位，看起來他們在本季度有所下降，但我猜，當你退出本季度時，它們會變得平淡。您如何考慮相對於單位的定價？您在雜貨店看到的促銷環境是什麼？雜貨店的實力如何在店內與在線和路邊分開？

Peter, it's John. Let me take your question in parts for just a second here. I mean first, value is always top of mind when it comes to us in deciding how we want to serve customers. So we'll always lean on the value for the customers above other things.

彼得，是約翰。讓我在這裡把你的問題分成幾部分。我的意思是，首先，在決定如何為客戶服務時，價值始終是我們的首要考慮因素。因此，我們將始終將客戶價值置於其他事物之上。

And what we want to do and what we try to do throughout this entire period is go up as late as possible. We certainly have been passing prices through when we see things like landed cost of goods going up, those have to be passed through.

在整個期間，我們想做的和嘗試做的就是盡可能晚地上升。當我們看到諸如貨物到岸成本上升之類的東西必須通過時，我們當然一直在傳遞價格。

We're managing our supply costs as well as we can. Units did strengthen throughout the quarter, particularly in July, of late July. I think you heard that earlier. So seeing some positive units there was refreshing given how we had started the quarter.

我們正在盡我們所能管理我們的供應成本。整個季度，尤其是在 7 月下旬的 7 月，單位確實有所增強。我想你之前聽說過。因此，鑑於我們本季度的開始方式，看到一些積極的單位令人耳目一新。

Fuel prices were coming down. So we think that could have had some of an impact as well. In terms of the market, we're really focused on everyday low price. We have a strong rollback campaign all across the store, which would include food, consumables and general merchandise. And then in general, just across the food categories, our availability improvements, I think you can see in stores more consistently and across categories. Just if you remember this time last year, we had pockets of out-of-stocks that kept emerging. That's the only one that we really faced. And in the second quarter in a big way was baby formula, which is now improving.

燃油價格正在下降。所以我們認為這也可能產生一些影響。就市場而言，我們真正專注於日常低價。我們在整個商店都開展了強有力的回滾活動，其中包括食品、消耗品和一般商品。然後總的來說，就食品類別而言，我們的可用性改進，我認為你可以在商店中看到更一致的跨類別。就像你記得去年的這個時候一樣，我們有一些不斷出現的缺貨。那是我們真正面對的唯一一個。在第二季度，嬰兒配方奶粉佔了很大比重，現在情況正在好轉。

The unit story is one. The transaction count being up a little in this environment is also important to call out. The average basket was way up, but it's great to see transactions grow in the Walmart U.S. business also.

單元故事是一個。在這種環境下，交易數量增加一點也很重要。平均購物籃數量大幅上升，但很高興看到沃爾瑪美國業務的交易量也在增長。

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。

I wanted to follow up, Doug, on your comments regarding how the basket is shifting for consumers. I think you mentioned in the proteins category and even some areas of private label strengthening. Maybe take us into the household budgeting that you're seeing with respect to your transaction structure.

道格，我想跟進你關於購物籃如何為消費者轉移的評論。我想你提到了蛋白質類別，甚至是自有品牌強化的一些領域。也許讓我們了解您所看到的與您的交易結構相關的家庭預算。

And then as you're looking at your guidance for the back half, maybe a follow-up would be what you're assuming in terms of the basket composition like class of good or even within private label versus national brand?

然後，當您查看您對後半部分的指導時，您可能會在籃子構成方面假設後續行動，例如商品類別，甚至在自有品牌與國家品牌之間？

Yes. John, you jump in here, too. I think what you should take away from Q3 and Q4 guidance is that we're expecting the environment to look a lot like Q2. And as it relates to the choices people are making, the thing I would call out, John, is variety, that you've got all kinds of income levels shopping in different ways and we've seen strength in some categories. It's really encouraging.

是的。約翰，你也跳進來。我認為你應該從第三季度和第四季度的指導中得到的是，我們預計環境看起來很像第二季度。由於它與人們所做的選擇有關，約翰，我要說的是多樣性，你有各種收入水平的人以不同的方式購物，我們在某些類別中看到了優勢。這真的很令人鼓舞。

For those that are under the most pressure, that are most price-sensitive, private brands are stronger, pack sizes are different. Opening price points, John, you might talk a little bit about what you saw at the holiday meeting, looking at for things like the Thanksgiving meal. The team's doing a great job of protecting opening price points for people that are most price-conscious.

對於那些壓力最大、對價格最敏感、自有品牌更強大、包裝尺寸不同的人來說。開價點，約翰，你可以談談你在假日會議上看到的東西，看看感恩節大餐之類的東西。該團隊在保護最注重價格的人的開盤價方面做得很好。

Steph, as thinking back, one of the meetings we had in New York in 2020, we talked a lot about serving customers flexibly as we develop the different businesses. And so just to tag on to Doug's comments, serving customers in store is something we have pressed ourselves on a long time. Our pickup business continues to grow. Delivery is growing with Walmart+. So the variety of ways that we can serve customers, I think it's been helpful, especially given the number of shifts customers have had in their lives the last couple of years from working at home and then, in many cases, back out into the workplace.

斯蒂芬回想起來，我們 2020 年在紐約舉行的會議之一，我們談了很多關於在發展不同業務時靈活地為客戶服務的問題。因此，僅附上 Doug 的評論，在店內為顧客服務是我們長期以來一直在強調的事情。我們的皮卡業務繼續增長。 Walmart+ 的交付量正在增長。因此，我們可以通過多種方式為客戶提供服務，我認為這很有幫助，尤其是考慮到過去幾年客戶在生活中經歷了多次輪班，從在家工作，然後在很多情況下又回到工作場所.

So as customers change, we can serve them in a number of ways. When you then click into products, our wide portfolio of products, both in eCommerce and in stores, including the numbers you heard from John David earlier in Marketplace, gives us the ability to serve a wide range of customers.

因此，隨著客戶的變化，我們可以通過多種方式為他們服務。然後，當您點擊產品時，我們在電子商務和商店中的廣泛產品組合，包括您早些時候在 Marketplace 從 John David 那裡聽到的數字，使我們能夠為廣泛的客戶提供服務。

And then as Doug mentioned last week, we had all of our managers together in Denver, which is always a fun, exciting experience to get the team together. But what I heard consistently is as the team is doing a very nice job balancing out how to improve quality and sell higher price points and remaining focused on opening price points.

然後正如道格上週提到的，我們所有的經理都在丹佛聚在一起，這總是一種有趣、令人興奮的體驗，可以讓團隊團結起來。但我一直聽到的是，團隊在平衡如何提高質量和銷售更高的價格點以及繼續專注於開盤價點方面做得非常好。

So having Thanksgiving meals in a position where you can buy an entire meal for under $50 for a family of 4 is exciting. So there's a value play and there's a quality play. And wherever the customer goes and how things shifts, we'll be ready to serve them and we're building the capabilities to be able to do that at will.

因此，在這樣一個位置吃感恩節大餐，您可以以不到 50 美元的價格為一個 4 口之家購買一整頓飯，這很令人興奮。所以有一個價值遊戲，有一個質量遊戲。無論客戶走到哪裡，無論情況如何變化，我們都準備好為他們服務，我們正在構建能夠隨意做到這一點的能力。

Steph, I would just add. This is John David. As it relates to our guidance, see in the back half of the year, the swings that we've seen in consumer behavior have been difficult to predict and the pace at which they've happened has been sharp. And so our guidance for the back half really just assumes no change in what we're seeing in the second quarter in terms of mix changes in our business.

斯蒂芬，我想補充一下。這是約翰大衛。由於它與我們的指導有關，請參見今年下半年，我們在消費者行為中看到的波動很難預測，而且它們發生的速度非常快。因此，我們對後半部分的指導實際上只是假設我們在第二季度看到的業務組合變化沒有變化。

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

我們的下一個問題來自瑞銀的 Michael Lasser。

Welcome, John David.

歡迎，約翰大衛。

Thank you.

謝謝你。

Walmart's been experiencing some discrete and arguably temporary factors that are weighing on its profitability this year, including staffing issues in 1Q and the well-documented inventory issues.

沃爾瑪今年一直在經歷一些影響其盈利能力的離散且可以說是暫時的因素，包括第一季度的員工問題和有據可查的庫存問題。

So looking towards next year, when some of these inflationary pressures, inflationary cost pressures are going to seemingly roll back and you'll have moved through some of the challenges and the underlying drivers of the operating -- alternative operating profit growth should continue, why wouldn't Walmart be in a position to generate growth above its long-term algorithm in 2023?

因此，展望明年，當其中一些通脹壓力、通脹成本壓力似乎會回落時，您將克服一些挑戰和運營的潛在驅動因素——替代的運營利潤增長應該會繼續，為什麼沃爾瑪在 2023 年不會有能力實現超過其長期算法的增長嗎？

Sure. I'll take that, Michael. Thanks for the question. You're right. Certainly, we've incurred some costs this year that are more, call it, onetime in nature related to the supply chain and higher inflation, but it's difficult to predict how long that will persist.

當然。我會接受的，邁克爾。謝謝你的問題。你是對的。當然，我們今年已經承擔了更多的成本，稱其為一次性與供應鍊和更高的通貨膨脹有關的成本，但很難預測這種情況會持續多久。

Certainly, the inventory situation has gotten better. But the effect on the mix changes in our business that are largely the result of higher inflation, and that may persist for some time. And so we're being cautious with respect to the outlook. We're obviously not giving guidance for next year right now.

當然，庫存情況已經好轉。但對我們業務組合變化的影響主要是通脹上升的結果，而且這種情況可能會持續一段時間。因此，我們對前景持謹慎態度。我們現在顯然沒有為明年提供指導。

But look, what I'd point you to is the conviction that we have in our long-term plan has not changed, has not wavered. When you look at the long-term plan that was laid out by the management team previously in terms of what we're doing with the flywheel strategy, the ability to grow operating income faster than revenue, when you look at that over a multiyear basis, we have as much conviction today as we did when we laid that out. So very excited about the future. But the short-term period, this is a moment in time, and we're being cautious with respect to the outlook because there's a lot that we don't know.

但是看，我要指出的是，我們在長期計劃中的信念沒有改變，也沒有動搖。當您查看管理團隊之前製定的長期計劃時，就我們在飛輪戰略中所做的事情而言，當您在多年的基礎上查看時，營業收入增長速度快於收入的能力，我們今天的信念與我們提出這一點時一樣多。對未來感到非常興奮。但在短期內，這是一個時刻，我們對前景持謹慎態度，因為有很多我們不知道的事情。

Our next question is from the line of Edward Yruma with Piper Sandler.

我們的下一個問題來自 Edward Yruma 和 Piper Sandler。

John David, curious on your perspective, given your most recent stop on Walmart's advertising and fintech businesses, I know you have a lot of experience from PayPal on that. How do you assess kind of where they're at today? And kind of how do you think about the longer-term growth opportunity?

約翰大衛，對你的觀點很好奇，鑑於你最近在沃爾瑪的廣告和金融科技業務上的停留，我知道你在這方面從 PayPal 獲得了很多經驗。你如何評估他們今天所處的位置？您如何看待長期增長機會？

Sure. I appreciate the question. Well, certainly, I am a believer in what's happening in digital payments, fintech broadly, and the secular tailwinds that exist there with consumer behavior, moving more digital, more online.

當然。我很欣賞這個問題。好吧，當然，我相信數字支付、廣泛的金融科技領域正在發生的事情，以及隨著消費者行為而存在的長期順風，使人們更加數字化、更加在線化。

And if you look at the investments that Walmart has been making, they're in those areas, whether it be expanding their e-commerce capabilities, their marketplaces, even getting into financial services. As I have an early peek into what the company is doing, I've got to say I'm very impressed with the broad capabilities and the resources devoted to this. And so I think it's a huge opportunity for Walmart going forward. And frankly, one of the reasons that I'm so excited to join, to be part of this and help shape this outcome.

如果你看看沃爾瑪一直在進行的投資，他們就在這些領域，無論是擴大他們的電子商務能力、市場，甚至進入金融服務。由於我對公司正在做的事情有初步了解，我不得不說我對廣泛的能力和為此投入的資源印象深刻。所以我認為這對沃爾瑪來說是一個巨大的機會。坦率地說，這是我很高興加入的原因之一，成為其中的一部分並幫助塑造這一結果。

Maybe it's worth adding on Financial Services, PhonePe in India. You heard that we were there recently, and John David, you were there with us as well and got to visit the business there. It was -- you'll have seen from the scripts that we had today that they grew their annualized transacted TPV to $830 billion. Last quarter, that was $770 billion. So really good progress there, and they're also now got monthly transactions of 3.1 billion a month, which is incredible.

也許值得在印度的金融服務、PhonePe 上添加。你聽說我們最近在那裡，約翰大衛，你也和我們一起在那裡，並參觀了那裡的業務。從我們今天的腳本中你會看到，他們的年度交易 TPV 增長到 8300 億美元。上個季度，這一數字為 7700 億美元。那裡的進展非常好，他們現在每月的交易量也達到了 31 億，這令人難以置信。

I think what's really encouraging with the way that they're approaching this space is they're looking not only at payments but also at merchant services, and that 2-sided network is an important part of that.

我認為他們接近這個領域的方式真正令人鼓舞的是，他們不僅關注支付，還關注商家服務，而雙面網絡是其中的重要組成部分。

But equally, starting to expand into financial services as well with a real focus at the moment on insurance and pushing that. And their knowledge and their ability to share that knowledge around the world and help other markets such as Mexico from a best practices, what they should be looking at, has been incredibly invaluable and one of the real benefits of being a global company.

但同樣，也開始擴展到金融服務領域，目前真正關注保險並推動這一點。他們的知識和他們在世界各地分享這些知識並通過最佳實踐幫助墨西哥等其他市場的能力，他們應該關注什麼，是非常寶貴的，也是成為一家全球公司的真正好處之一。

I'll just add, Judith, that I shared the excitement that we all had when we went to India and met with the team. To put it in perspective, what PhonePe is doing, and if you look at the largest digital payments companies outside of China and the world, PhonePe, after a very brief history, is already roughly 2/3 of the size of that and what is going to be the largest market in the world in a very short period of time. So it's a really exciting opportunity.

朱迪思，我要補充一點，當我們去印度與團隊會面時，我分享了我們所有人的興奮。換個角度來看，PhonePe 正在做什麼，如果你看看中國和世界以外最大的數字支付公司，PhonePe 在很短的歷史之後，已經大約是其規模的 2/3，什麼是將在很短的時間內成為世界上最大的市場。所以這是一個非常令人興奮的機會。

Sure. I think you also asked about advertising. The relationship between digital growth, marketplace growth, advertising is something that we're trying to take advantage of.

當然。我想你也問了關於廣告的問題。數字增長、市場增長、廣告之間的關係是我們試圖利用的東西。

In the case of the U.S. business, the ability to attribute sales later on to in-store transactions makes us uniquely positioned. And we've made a few enhancements lately for people that are consuming advertising from us.

就美國業務而言，稍後將銷售歸因於店內交易的能力使我們處於獨特的地位。我們最近為消費我們廣告的人們做了一些改進。

We have, Doug, and knowing more about customers and the way they shop, knowing more about them in retail is important, and the growth in pickup and delivery and the growth in Plus, the growth in Marketplace and eCommerce all help us be able to identify the right sellers and suppliers that we can connect, hence the term -- the name Walmart Connect. We can connect them together to have an environment where not only is it accretive to the profit and loss statement, but more importantly, accretive to the customer experience and help them get to exactly what they're looking for.

我們有，Doug，並且更多地了解客戶和他們的購物方式，更多地了解他們在零售業是很重要的，提貨和送貨的增長以及 Plus 的增長、市場和電子商務的增長都幫助我們能夠確定我們可以連接的合適的賣家和供應商，因此這個術語 - Walmart Connect 的名稱。我們可以將它們連接在一起，創造一個環境，不僅可以增加損益表，更重要的是，可以增加客戶體驗並幫助他們獲得他們想要的東西。

I can't remember a business with the margin structure of the advertising business here at Walmart, and having 30% growth for the quarter was nice to have.

我不記得在沃爾瑪的廣告業務的利潤率結構中，本季度實現 30% 的增長真是太好了。

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

我們的下一個問題來自 BMO Capital Markets 的 Kelly Bania。

And I'll add my welcome to you, John David.

我會歡迎你，約翰大衛。

Thank you, Kelly.

謝謝你，凱利。

A lot of comments on the inventory, but just had a couple of more. Can you clarify the dollar amount of inventory that you estimate would be excess? And can you help us understand how much of that is in apparel or other categories and the magnitude of markdown that you expect to clear through that and the timing of when you expect to get back to a clean position?

對庫存有很多評論，但只有一些評論。你能澄清一下你估計會過剩的存貨金額嗎？您能否幫助我們了解其中有多少是在服裝或其他類別中的，以及您希望通過此清除的降價幅度以及您希望何時回到干淨的位置？

And I guess to follow up on that, do you at all think that this discounting from you and others in the industry could pull forward some demand through from the second half? And have you considered that into your second half guidance?

我想跟進這一點，您是否認為您和業內其他人的這種折扣可以從下半年拉動一些需求？您是否在下半年的指導中考慮了這一點？

Sure. I'll take a stab at that, Kelly. So if you think about -- just take the U.S. inventory increase in the second quarter of $11 billion. If you decompose that, about 40% of that is due to inflation. So don't think units, think just dollars.

當然。凱利，我會試一試。因此，如果您考慮一下-僅以美國第二季度 110 億美元的庫存增加為例。如果你分解它，其中大約 40% 是由於通貨膨脹。所以不要考慮單位，只考慮美元。

And then you look, as Doug noted, at things like the fact that we're growing as a company that we've got less in stock next year and you normalize for all of that, you really whittle that down to about $1.5 billion of inventory that if we can just wave a magic wand, we'd make go away today.

然後你看看，正如道格所說，我們正在成長為一家公司，明年我們的庫存減少了，你把所有這些都正常化了，你真的把它削減到大約 15 億美元如果我們可以揮動一根魔杖，我們今天就會離開。

And the fact is we'll sell that. But if we were to start from scratch, that's what we'd get rid of. In terms of the types, as John noted, the inventory issues were most acute in apparel in the second quarter. As we look into the third quarter, I'd say it's home, electronics and apparel are probably the areas that stand out the most.

事實是我們會賣掉它。但如果我們要從頭開始，那就是我們要擺脫的東西。正如約翰所說，就類型而言，第二季度服裝的庫存問題最為嚴重。展望第三季度，我想說的是家居、電子產品和服裝可能是最突出的領域。

Our next question is coming from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

Still focusing on gross margin. The U.S. gross was down about 106 or so or 107 in the second quarter. Can you comment how much is mix versus markdown? And to us, it looks like the mix is not getting any worse, if that's fair. And then the clearance levels in Q3 versus Q2, will the clearance/markdown occupy a greater proportion in the third quarter versus the second?

仍然關注毛利率。美國第二季度的總票房下降了約 106 或 107。你能評論一下混合與降價的比例是多少嗎？對我們來說，如果公平的話，看起來情況並沒有變得更糟。那麼Q3和Q2的清倉水平，清倉/降價在第三季度的佔比會比第二季度更大嗎？

Sure. Simeon, I'll take a stab at that as well, and John might want to jump in. So if -- I'll just point you to the 132 basis point decline overall in gross margins. And there's really 3 things that I would say in order of magnitude that contributed to about, call it, 2/3 to 75% of that. So number one would be markdowns; number two is mix; and number three is the LIFO charge that we talked about in Sam's. And then there's all the various puts and takes that round out the balance of that.

當然。西蒙，我也會嘗試一下，約翰可能想加入。所以，如果——我只是指出你的毛利率整體下降了 132 個基點。實際上，我會按數量級說三件事，這大約佔其中的 2/3 到 75%。所以第一是降價；第二是混合；第三是我們在 Sam's 中談到的 LIFO 收費。然後是所有各種看跌期權，並以此平衡。

As it relates to markdowns in the third quarter, look, we feel like we're in a better inventory position and those are obviously very related. And so we would hope that we're not going to see the level of markdowns that we experienced in the second quarter. But we also -- that's assuming that nothing changes with the consumer. So as we noted, we're being cautious on the outlook, and we'll wait and see what happens.

由於它與第三季度的降價有關，看，我們覺得我們的庫存狀況更好，而且這些顯然非常相關。因此，我們希望我們不會看到我們在第二季度經歷的降價水平。但我們也 - 這是假設消費者沒有任何變化。因此，正如我們所指出的，我們對前景持謹慎態度，我們將拭目以待。

In the U.S. -- Simeon, this is John. In the U.S., we did not have the LIFO charge, so a larger percentage of our markdown issue would have been in apparel. We still have a bit more to work through, but we're close if you compare to where we might have been before 2 years ago. So we're getting close to a position where apparel is behind us. And that was the issue that throughout Q2, we spent the most time worrying about because we need to move through it because the goods have been purchased a long way out.

在美國——西蒙，這是約翰。在美國，我們沒有 LIFO 費用，因此我們的降價問題中有很大一部分是在服裝方面。我們還有更多工作要做，但如果與 2 年前相比，我們已經接近了。因此，我們正在接近服裝落後於我們的位置。這就是整個第二季度我們花費最多時間擔心的問題，因為我們需要通過它，因為貨物已經購買了很長的路要走。

Regarding the rest, in Q1 and then in Q2, as the backlog of containers worked itself through, that has created a lot of what the issue is today, where we felt good that we would have liked to have had months ago, and then this season is all here at the same time. So we've ingested all that inventory.

關於其餘的，在第一季度和第二季度，隨著容器的積壓自行解決，這造成了今天的很多問題，我們感覺很好，我們本來希望幾個月前就有，然後這個季節都在同一時間。所以我們已經消化了所有的庫存。

We've largely gotten out of the container storage and movement business. We have the inventory in the network. So we have a good handle on what we own, where it is. And then as I said earlier in the call, at the end of Q1, we need a couple of quarters to work through it, and that's exactly what we did.

我們基本上已經退出了集裝箱存儲和運輸業務。我們在網絡中有庫存。所以我們可以很好地掌握我們擁有的東西，它在哪裡。然後正如我之前在電話會議中所說，在第一季度末，我們需要幾個季度來完成它，而這正是我們所做的。

So John David's right. We'll sell it. We'll work through it. Yes, there will be some liability in it. But apparel was definitely the issue that we had that was most skewed and would have really hurt us had we not addressed it (inaudible).

所以約翰大衛是對的。我們會賣掉它。我們會努力解決的。是的，會有一些責任。但服裝絕對是我們遇到的最扭曲的問題，如果我們不解決它會真正傷害我們（聽不清）。

Sorry, Douglas. I was going to say, Simeon, on your mix question, if you go into our filings, you'll see our mix change year-over-year, and you'll see that in Q2 as well when we file our Q. At the end of Q1, it was a fairly significant shift as we were lapping stimulus spending.

對不起，道格拉斯。我想說的是，西蒙，關於你的混合問題，如果你進入我們的文件，你會看到我們的混合逐年變化，當我們提交 Q 時，你也會在第二季度看到這一點。在第一季度末，這是一個相當大的轉變，因為我們正在考慮刺激支出。

We recalibrated our expectations at the end of Q1, and then it was even worse than we expected for Q2. So that's what you're seeing get reflected in our view as we move to the back half. We don't want to kind of get ahead of ourselves just because sales have been strengthening at the end of the quarter.

我們在第一季度末重新調整了我們的預期，然後它甚至比我們對第二季度的預期還要糟糕。因此，當我們移至後半部分時，這就是您所看到的反映在我們的觀點中。我們不想僅僅因為本季度末的銷售一直在走強，就超越了自己。

Yes. I was going to kind of double click on that a little bit more, too. Fuel coming down in recent weeks is helpful. It's still about 27% inflated per gallon versus a year ago nationally.

是的。我也打算再雙擊一下。最近幾週燃料下降是有幫助的。與一年前相比，全國每加侖汽油仍膨脹約 27%。

So the absolute spend that an American family is deploying the fuel is still high, not only is the amount of food inflation. And I think Q4 last year is the moment where we started to see U.S. food inflation tick up. It was kind of low to mid-single digits.

因此，美國家庭使用燃料的絕對支出仍然很高，不僅是食品通脹量。我認為去年第四季度是我們開始看到美國食品通脹上升的時刻。這是一種低到中個位數的數字。

So when you get to Q4, you start to anniversary a food inflation number against a food inflation number. So the 2-year stack of food inflation will be something that we'll be keeping an eye on. If you told us that fuel was going to continue to tick down and that food inflation was going to moderate, that influences how we think about general merchandise inventory.

因此，當您到達第四季度時，您開始將食品通脹數字與食品通脹數字進行週年紀念。因此，我們將密切關注為期 2 年的食品通脹。如果您告訴我們燃料將繼續下降，食品通脹將放緩，這會影響我們對一般商品庫存的看法。

And as we worked with the merchants over the last few weeks, it's been kind of fascinating to think through how you make choices item by item and item by -- and category by category because you don't want to go into too much of a defensive mode. And we were looking at Halloween decor last week, John, and there are some things, outdoor decor, in particular like inflatables, that are really fun, cool, new items.

在過去幾週我們與商家合作時，思考如何逐項、逐項、逐項地做出選擇是一件很有趣的事情，因為你不想進入太多的防禦模式。上週我們在看萬聖節的裝飾，約翰，有些東西，戶外裝飾，特別是充氣玩具，真的很有趣，很酷，新的東西。

And when you see them, you're like, we can sell all, you can buy that. Like we're going to blow out of some of those. And we want the buyers in some categories to have that mentality and be aggressive. In other places, we want to be more conservative so that we don't repeat the mistakes that we've had in the first half of this year.

當你看到它們時，你會說，我們可以賣掉所有，你可以買那個。就像我們要炸掉其中的一些。我們希望某些類別的買家具有這種心態並積極進取。在其他地方，我們希望更加保守，以免重蹈今年上半年的覆轍。

That's such an interesting thing to work through. It takes a lot more leadership from our merchant team, for example, than it might ordinarily. We think we have made some good decisions subcategory by subcategory for the back half of this year, canceled some orders, trying to get that right area by area so that we don't end up being too conservative in places where we shouldn't be.

這是一件非常有趣的事情。例如，我們的商人團隊需要比平常更多的領導力。我們認為我們在今年下半年按子類別做出了一些正確的決定，取消了一些訂單，試圖逐個區域獲得正確的結果，這樣我們就不會在不應該的地方過於保守.

Our next question comes 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 think a follow-up on that, Doug. I think it's probably harder for you guys to predict where fuel prices are going, but you have some visibility on food inflation given how large you are a player in that.

我認為這是一個後續行動，道格。我認為你們可能更難預測燃料價格的走勢，但考慮到你們在食品通脹方面的影響有多大，你們對食品通脹有一定的了解。

It accelerated a lot in the second quarter. Has that continued in the third quarter? And I guess, does the guidance, it assumes it stays at the level of the second quarter? Or do you think it could be up more in 3Q before maybe it fades against the comparisons in the fourth? Any kind of color on what you're assuming would be great.

它在第二季度加速了很多。這種情況在第三季度是否繼續？我猜，指導是否假設它保持在第二季度的水平？或者你認為它可能會在第三季度上漲更多，然後它可能會在第四季度的比較中消失？你假設的任何顏色都會很棒。

And a quick second for Kath is just the home and apparel comps were much stronger at Sam's. Was that all clearance? Or is there something different between Sam's and Walmart U.S. in terms of home and apparel sales?

對 Kath 來說，第二個就是家，而 Sam's 的服裝組合要強得多。那是所有的許可嗎？或者山姆和沃爾瑪美國在家居和服裝銷售方面有什麼不同？

Robby, it's John. I'll take the first part of your question. In relation to -- as it relates to food inflation, it definitely moved up in the second quarter and moved up in the months of the second quarter. So July was higher than June, June was higher than May.

羅比，是約翰。我會回答你問題的第一部分。關於 - 因為它與食品通脹有關，它肯定在第二季度上升，並在第二季度的幾個月裡上升。所以七月高於六月，六月高於五月。

I think it's too early into the third quarter to try to make a call if this is where we'll be, if it will go higher or go down. So for now, we're assuming that this is the level we're at and it could continue. And some of the factors though to consider is one of the costs that are part of the way we price food is the cost of moving food. So diesel fuel and fuel continue to move down, that could be a tailwind related to inflation.

我認為，如果這是我們將要去的地方，如果它會走高或走低，那麼在第三季度嘗試打電話還為時過早。所以現在，我們假設這是我們所處的水平並且它可以繼續。儘管要考慮的一些因素是我們為食品定價的成本之一，那就是運輸食品的成本。因此柴油燃料和燃料繼續下降，這可能是與通貨膨脹有關的順風。

However, there's still some commodities up. We do see a few categories in the store where prices are starting to come down, but there are other categories where we're still rising. So I think it's just too early to call in the quarter. Certainly hope that some of these larger macroeconomic conditions would lead to lower prices in food, but we're not able to say that we see that happening just yet.

然而，仍有一些商品上漲。我們確實在商店中看到一些類別的價格開始下降，但還有其他類別的價格仍在上漲。所以我認為在本季度打電話還為時過早。當然希望這些更大的宏觀經濟條件中的一些會導致食品價格下降，但我們不能說我們看到這種情況正在發生。

And it's Kathryn, Sam's. On the home and apparel, what I would say is it's actually a multiyear story. So it's not clearance. It's been the investments we've made in the quality that we've had in home, apparel and seasonal, and we're seeing better quality brands, and we've seen that resonate with our member base, and that has continued through into this year.

是凱瑟琳，山姆的。關於家居和服裝，我想說的是這實際上是一個多年的故事。所以不是清關。這是我們在家居、服裝和季節性產品質量方面所做的投資，我們看到質量更好的品牌，我們已經看到這與我們的會員群產生了共鳴，並且一直持續到今年。

Also a higher income member than the profile you'd see in Walmart U.S.

也是比您在美國沃爾瑪看到的個人資料更高的成員。

Yes.

是的。

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。

So first on the markdown front, I was curious if you can at all comment on what you view as excess markdowns as we try to think about next year? And then secondarily, on Sam's Club gross margins, declined nearly 300 basis points. I want to get a sense of if you expect any of that to be structural? Or do you expect that to recover, the margin decline over time?

所以首先在降價方面，我很好奇你是否可以評論一下你認為明年我們試圖考慮的過度降價？其次，山姆會員店的毛利率下降了近 300 個基點。我想了解您是否希望其中任何一個是結構性的？還是您預計利潤率會隨著時間的推移而恢復？

On markdowns, I kind of break it into pieces. Last year and the year before, there weren't really many markdowns to speak of because we were chasing demand. And in many cases, the end of the seasons were very clean.

在降價促銷時，我把它分成幾塊。去年和前一年，因為我們在追逐需求，所以並沒有多少降價可言。在許多情況下，季節結束時非常乾淨。

So returning to a point where there are in the season markdowns is a pretty normal thing that we would experience. And the way we're trying to manage these sell-throughs season by season as compared to historical rates back in 2018, 2019. And of course, things are always going to be different, but it's like a barometer that determine where we land.

因此，回到季節降價的地步是我們會經歷的非常正常的事情。與 2018 年和 2019 年的歷史比率相比，我們試圖逐季管理這些銷售量的方式。當然，情況總是會有所不同，但這就像一個晴雨表，決定了我們的著陸點。

The second, the business is much larger than it was in 2019. So these volume levels continue to improve, which then leads to the dynamic of how much you purchase, which ultimately amount you purchase versus demand will lead you to your sell-through and markdown numbers.

其次，該業務比 2019 年要大得多。因此，這些銷量水平會繼續提高，這會導致您購買多少的動態，最終您購買的數量與需求之間的關係將引導您實現銷售和降價數字。

So for the fourth quarter, we mentioned we've canceled billions in orders. We feel much better about the back half of the year. We still have the inventory to work through and ingest from the backlogs, as we said. So we need a couple of quarters to do that.

所以在第四季度，我們提到我們已經取消了數十億的訂單。我們對下半年感覺好多了。正如我們所說，我們仍然有庫存來處理和從積壓中提取。所以我們需要幾個季度來做到這一點。

And then heading into the next year, we'll have purchasing levels that are more in line with the way we see demand as it's going today. Of course, a lot can change. We need to know more about fuel pricing and inflation. In the state of the consumers, we get there, but we have definitely had more time and more success in getting purchasing in line with our current inventory levels and the way we see demand going in terms of mix today.

然後進入明年，我們的採購水平將更符合我們對當今需求的看法。當然，很多東西都可以改變。我們需要更多地了解燃料定價和通貨膨脹。在消費者的狀態下，我們做到了，但我們肯定有更多的時間和更多的成功來根據我們當前的庫存水平以及我們今天看到的需求組合方式進行採購。

And for the Sam's part of the question, I would say if you look at our GP rate, there's 2 major things going on there. One is the LIFO charge of $123 million, and the other one is what we had called markdowns. But there's 2 things at play there.

對於 Sam 的部分問題，我想說，如果你看看我們的 GP 率，那裡發生了 2 件大事。一個是 1.23 億美元的 LIFO 費用，另一個是我們所說的降價。但是那裡有兩件事在起作用。

The largest part of that amount is a strategic decision we made to create an inventory reserve for Q3. And so that's really pulling forward those markdowns from Q3 into Q2 to set ourselves up for success and to make sure that we're really competitive going into Q3. So I don't see that as a trend. I see that as just this quarter, the impact on this quarter.

該金額的最大部分是我們為第三季度創建庫存儲備所做的戰略決策。因此，這確實將這些降價從第三季度推進到第二季度，為成功做好準備，並確保我們在進入第三季度時真正具有競爭力。所以我不認為這是一種趨勢。我認為這只是本季度，對本季度的影響。

Our next question is coming from the line of Joe Feldman with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢集團的 Joe Feldman。

Wanted to check in on what you're seeing with the supply chain these days. I mean I know fuel cost has come down, and we're hearing container cost prices have come down. But are you getting a more regular flow of inventory as you need at this point? Or just your view of the global supply chain would be really helpful.

想了解一下您最近在供應鏈中看到的情況。我的意思是我知道燃料成本已經下降，而且我們聽說集裝箱成本價格已經下降。但是，此時您是否獲得了更規律的庫存流量？或者只是你對全球供應鏈的看法會很有幫助。

Joe, it's John. First, let me just say a big thank you to our supply chain team, our merchants. They have been through a lot. The environment has been extremely dynamic, and they have really just made a huge difference for the entire company.

喬，是約翰。首先，讓我非常感謝我們的供應鏈團隊，我們的商家。他們經歷了很多。環境非常活躍，他們確實為整個公司帶來了巨大的變化。

The last couple of quarters, what's it been like. There was the backlog of containers that really started last fall when the ports backed up. We've worked those through. In terms of container costs, they are down from where they were, but they are still higher than they were a year ago and a year ago was higher than -- it was higher than they were the year before that.

最後幾個季度，情況如何。去年秋天，當端口備份時，真正開始積壓的容器。我們已經解決了這些問題。就集裝箱成本而言，它們比以前有所下降，但仍高於一年前，一年前高於 - 高於前一年。

So still inflated, and those costs are flowing through. Fuel costing, as Doug said earlier, fuel has come down from its peak at the end of Q1, early Q2, but it still remains elevated. And those are real costs that are passed through and customers will see those prices at the counter and on the site.

所以仍然膨脹，這些成本正在流動。正如 Doug 早些時候所說，燃料成本已經從第一季度末第二季度初的峰值回落，但仍處於高位。這些是通過的真實成本，客戶將在櫃檯和網站上看到這些價格。

So in general, we see better flow. We see better availability. Our availability rates in food, consumables and then our consumable portions of general merchandise are much better than they were a year ago. But I still think we have work to do to get back to where we were back in 2019, but still uneven in places.

所以總的來說，我們看到了更好的流動性。我們看到更好的可用性。我們在食品、消耗品以及普通商品的消耗品部分的可用率比一年前要好得多。但我仍然認為我們還有工作要做，才能回到 2019 年的狀態，但在一些地方仍然不平衡。

And any time in retail, that inventories back up the way they did, it does cause pressure on being able to get the right inventory at the right location in front of the customer. So optimistic that can improve as these inventories come down, but it's going to take a few more months to work through the backlog of the inventory that's in the network.

並且在零售業的任何時候，庫存都會像以前那樣回升，這確實會給在客戶面前的正確位置獲得正確庫存帶來壓力。如此樂觀，可以隨著這些庫存的下降而改善，但還需要幾個月的時間才能解決網絡中積壓的庫存。

Joe, I would just add from a P&L perspective and you think about the cadence of earnings from 3Q to 4Q, we started experiencing more pronounced supply chain costs in 4Q last year. So from a cost side, that makes the comps a little bit easier if you're thinking about operating income in the fourth quarter versus the third quarter.

喬，我只想從損益表的角度補充一下，你想想從第三季度到第四季度的收益節奏，我們在去年第四季度開始經歷更明顯的供應鏈成本。因此，從成本方面來看，如果您考慮第四季度與第三季度的營業收入，這會使比較容易一些。

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。

Welcome, John David. When you unpack the factors behind the better back-to-school and strong finish in July, and it sounds like in August so far, I guess how would you rank the key contributors? Lower gas prices, there was a big uptick in state tax holidays this year versus last. And I guess has the improvement altered your view of the upcoming holiday season in any way in terms of how you think the consumer is going to react?

歡迎，約翰大衛。當你解開 7 月份更好的返校和強勁成績背後的因素時，聽起來好像是在 8 月份，我猜你會如何對主要貢獻者進行排名？較低的天然氣價格，與去年相比，今年的州稅假期大幅上升。而且我想，就您認為消費者將如何反應而言，這種改善是否以任何方式改變了您對即將到來的假日季節的看法？

I think there are probably 3 factors that stand out, and you'll see this in the numbers. One is there are more customers shopping in the brand than what we've seen previously, including better traffic numbers. Fuel prices did come down throughout the month of July. And I think the third that's important is school attendance levels, we think, will be higher. There are very few instances of schools that are remote at this point, and there were some of those last year. So things like backpacks and lunch boxes.

我認為可能有 3 個突出的因素，你會在數字中看到這一點。一是購買該品牌的顧客比我們以前看到的要多，包括更好的客流量。整個 7 月份的燃油價格確實有所下降。我認為第三個重要的是學校出勤率，我們認為，會更高。在這一點上，很少有學校偏遠，去年也有一些。所以像背包和午餐盒之類的東西。

And then there are other programs where some school lunches were paid for last year that this year will be funded by families and parents. So there's a shift in all of those factors that are leading to more spending late in July and early in the third quarter.

還有其他一些項目，去年支付了一些學校午餐，今年將由家庭和家長資助。因此，所有這些因素都發生了變化，導致 7 月底和第三季度初的支出增加。

As far as how it relates to the rest of the year, again, still a lot of unknowns as we get into the rest of the year. Fuel prices are still moving, but they continue to move down, that would be a great thing. And we'll have to watch the shape of the consumer and see how they're buying. But I would just reiterate what John David said earlier, we are really committed to the long-term plan and our long-term view of the business. And it's been great to see some of the improvements in the areas on the flywheel that are adjacent to retail that will help the overall business over the long term.

至於它與今年剩餘時間的關係，再次，當我們進入今年剩餘時間時，仍然有很多未知數。燃料價格仍在波動，但它們繼續下降，那將是一件好事。我們必須觀察消費者的形態，看看他們是如何購買的。但我只想重申約翰大衛早些時候所說的話，我們真的致力於長期計劃和我們對業務的長期看法。很高興看到飛輪上與零售相鄰的區域的一些改進將有助於長期的整體業務。

John, I would add, as it relates to better-than-expected performance for 2Q. As noted, supply chain cost came in better than we expected. And in any quarter, when you close, you're going to have some puts and takes at the end of the quarter. Some may fall in your favor. Some may work against you. In the first quarter, supply chain costs came in worse than what we expected when we closed the quarter.

約翰，我想補充一下，因為它與第二季度好於預期的表現有關。如前所述，供應鏈成本比我們預期的要好。在任何一個季度，當你關閉時，你都會在季度末進行一些看跌期權。有些人可能對你有利。有些可能對你不利。在第一季度，供應鏈成本比我們在本季度結束時的預期還要糟糕。

And so when we updated our guidance at the end of last month, we had a similar expectation. It actually fell the other way in our favor, and so that contributes to the better-than-expected performance relative to our guidance at the end of last month.

因此，當我們在上月底更新我們的指導時，我們也有類似的期望。它實際上對我們有利，因此相對於我們上月底的指導而言，這有助於表現好於預期。

I would just add, when you're thinking about supply chain costs, and we're getting invoices all quarter end-to-end, a lot of the things that we were experiencing these last several quarters have been unusual, container fines and excess fuel charges and things like that.

我想補充一下，當您考慮供應鏈成本時，我們在整個季度都收到端到端的發票，過去幾個季度我們經歷的很多事情都是不尋常的，集裝箱罰款和超額燃油費之類的。

So there was -- it was a higher -- an expectation of higher cost and it just came -- it felt favorably.

所以有 - 這是一個更高的 - 對更高成本的期望，它剛剛到來 - 感覺很好。

Our final question will be from the line of Ben Bienvenu with Stephens.

我們的最後一個問題將來自 Ben Bienvenu 和 Stephens 的觀點。

I want to ask, when you move through a cycle like this with the consumers trading down [in between prices] and you gain market share and pick up new customers, how sticky does that share end up being on the other side of this inflation? Might we see this bolster your long-term share position and maybe leave you guys coming out of this environment in a stronger position with the consumer?

我想問，當你經歷這樣一個週期，消費者在[價格之間]進行交易時，你獲得了市場份額並吸引了新客戶，這種份額最終在通脹的另一邊有多大的粘性？我們是否會看到這會增強您的長期份額地位，並可能讓你們走出這種環境，在消費者中處於更有利的地位？

And then as a follow-up, you noted you're seeing middle- and higher-income households trading into Walmart. What are you seeing from lower-income households? Are you seeing any trading down away from Walmart?

然後作為後續行動，你注意到你看到中等收入和高收入家庭進入沃爾瑪。你從低收入家庭看到了什麼？您是否看到沃爾瑪有任何交易下降？

Yes. We certainly hope to hold share around the world, and I think this inflationary environment is going to last for a while. So people are going to be value conscious, which plays to our strengths.

是的。我們當然希望在全球範圍內佔有一席之地，我認為這種通脹環境將持續一段時間。因此，人們將具有價值意識，這對我們的優勢發揮了作用。

The e-commerce experience end to end is a focus of ours. We want to continue to grow our pickup and delivery businesses around the world. We, of course, want to grow and maintain share of customer spend in the stores as well. Moving away, I think if any of you want to comment, you can. I think we are holding at the lower end and adding at the upper end, generally speaking.

端到端的電子商務體驗是我們的重點。我們希望繼續在全球發展我們的取貨和送貨業務。當然，我們也希望增加並保持客戶在商店中的消費份額。離開，我想如果你們中的任何人想發表評論，你可以。一般來說，我認為我們在低端持有並在高端增加。

Doug, I think that's exactly right. And in relation to the first part of your question, Ben, what have we seen in previous cycles. We did see some pickup in the last cycle, that was a downturn in 2008, '09. But there are a few things that are different now that I think I'd like to point out.

道格，我認為這是完全正確的。關於你問題的第一部分，Ben，我們在之前的周期中看到了什麼。我們確實在上一個週期看到了一些回升，那是 2008 年 09 年的低迷期。但是現在我想指出一些不同的事情。

And in that time period, we had our store business and a small e-commerce business. We did not have food pickup. We didn't do delivery from stores. We didn't deliver groceries. We did not have Walmart InHome. We didn't have Walmart+. So our ability to serve customers more flexibly -- in a more flexible manner than what we could have 13, 14 years ago was pretty dramatic. So definitely a lot of work to do to ensure that we're taking care of those customers and we're focused every week on satisfaction scores and accuracy of delivery and things like first-time pick rate, which is an indicator of did we get your entire order right at the very first time we try to deliver it. Those will all be important in terms of being able to hold on to new customers.

在那個時期，我們有我們的商店業務和一個小型電子商務業務。我們沒有食物接送。我們沒有從商店送貨。我們沒有提供雜貨。我們沒有 Walmart InHome。我們沒有沃爾瑪+。因此，我們以比 13、14 年前更靈活的方式為客戶提供服務的能力非常引人注目。所以肯定有很多工作要做，以確保我們照顧到這些客戶，我們每週都專注於滿意度得分和交付的準確性以及諸如首次提貨率之類的事情，這是我們得到的指標我們第一次嘗試交付您的整個訂單。就能夠留住新客戶而言，這些都非常重要。

But we definitely have a number of ways that we can serve customers today that just, quite frankly, did not exist the last time we went through a downturn.

但是，我們今天肯定有多種方式可以為客戶提供服務，坦率地說，這些方式在我們上次經歷低迷時並不存在。

Planning to sell some more Walmart+ memberships to help solidify those relationships, and the Paramount announcement should help us do that.

計劃出售更多的 Walmart+ 會員資格以幫助鞏固這些關係，而派拉蒙的公告應該可以幫助我們做到這一點。

Yes, we're excited about the announcement, Doug. The brand, Paramount, has a lot of programming for kids. It has live sports. There are other movies and drama. So it's a wide variety of content that I think our members will enjoy. And that was, quite frankly, a member-led research.

是的，Doug，我們對這個消息感到很興奮。派拉蒙這個品牌有很多兒童節目。它有現場體育賽事。還有其他電影和戲劇。所以我認為我們的會員會喜歡各種各樣的內容。坦率地說，這是一項由會員主導的研究。

When we talk to members and ask what are the benefits they were looking for, the #1 feature outside of delivery of product from both stores and eCommerce was an entertainment benefit. And there were others they talked about, but entertainment was at the top of the list, and that's what led to the decision to add this benefit to the program.

當我們與會員交談並詢問他們正在尋找什麼好處時，除了從商店和電子商務交付產品之外，排名第一的功能是一種娛樂好處。他們還談到了其他人，但娛樂是最重要的，這就是導致決定將這種好處添加到該計劃中的原因。

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

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

Yes. As usual, thanks for your attention. We appreciate you focusing on our company. I'll just wrap up with maybe 3 points. The first one is hopefully, you're seeing in the results and hearing from us that we're making progress. We're addressing our inventory issues. We're pricing to reflect our cost structure.

是的。像往常一樣，感謝您的關注。感謝您關注我們公司。我會以 3 分結束。第一個希望是，您會看到結果並從我們那裡聽到我們正在取得進展。我們正在解決我們的庫存問題。我們定價以反映我們的成本結構。

Secondly, more people are choosing Walmart and Sam's Club and our brands around the world. Bodega business in Mexico, for example, is really strong. So being able to attract more and more customers and a more diverse set of customers is a positive for us.

其次，越來越多的人在全球範圍內選擇沃爾瑪和山姆會員店以及我們的品牌。例如，墨西哥的 Bodega 業務非常強大。因此，能夠吸引越來越多的客戶和更多樣化的客戶群對我們來說是一件好事。

And then third, we're continuing to change the business, execute our strategy, our eCommerce growth, our digital transformation, growing the marketplace, growing these related businesses that are unlocked by this digital transformation that's happening in the company is something that we're focused on. Regardless of the short-term pressures, we're making progress towards the longer term.

第三，我們將繼續改變業務，執行我們的戰略，我們的電子商務增長，我們的數字化轉型，發展市場，發展這些相關業務，這些相關業務是由公司發生的數字化轉型解鎖的，這是我們的事情重新關注。不管短期壓力如何，我們都在朝著更長期的方向前進。

We certainly hope to put the pressures that we've had in the first half behind us as quickly as we can, claw back the operating income percentage delta that we've experienced in the first half to the extent possible, as fast as possible. But as you can see in our guidance, we acknowledge reality.

我們當然希望盡快把上半年的壓力拋在腦後，盡可能快地收回上半年的營業收入百分比增量。但正如您在我們的指導中看到的那樣，我們承認現實。

The world around -- around the world is feeling various pressures, most pronounced from inflation, of course. So we think we put ourselves in a good spot to continue to make progress and value. When customers and members are focused on values is something that plays to our strengths. So we'll take full advantage of that. Thank you, all.

世界各地——世界各地都在感受到各種壓力，當然，通貨膨脹最為明顯。因此，我們認為我們將自己置於一個繼續取得進步和價值的好地方。當客戶和會員專注於價值觀時，我們的優勢就會發揮出來。所以我們將充分利用這一點。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。