沃爾瑪 (WMT) 2023 Q3 法說會逐字稿

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

問候。歡迎來到沃爾瑪 2023 財年第三季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。

I'll now turn the conference over to [Steph Wissink], Senior Vice President, Investor Relations. Steph, you may begin.

我現在將會議轉交給投資者關係高級副總裁 [Steph Wissink]。斯蒂芬，你可以開始了。

Thank you. Welcome to Walmart's Third 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。歡迎來到沃爾瑪 2023 財年第三季度財報電話會議。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 Judith McKenna；山姆俱樂部總裁兼首席執行官 Kath McLay。

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

稍後，Doug 和 John David 將為您提供最新的業務信息並討論第三季度的業績。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.

在我把電話轉給道格之前，讓我提醒你，今天的電話正在錄音中，將包括前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述存在重大差異。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，了解有關前瞻性陳述的警示性聲明以及我們的整個安全港聲明和非 GAAP 調節。

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, everyone, and thanks for joining us to discuss our results for the third quarter. Let me highlight what you'll hear from us this morning.

大家早上好，感謝您加入我們討論我們第三季度的業績。讓我重點介紹您今天早上將從我們這裡聽到的內容。

First, it was a good quarter. We delivered strong results on the top line across our segments, and our value proposition is resonating with customers and members around the world. We see this in our grocery business in stores and online in key markets like the U.S. and Mexico. Customers that came to us less frequently in the past are now shopping with us more often, including higher-income customers.

首先，這是一個很好的季度。我們在各個細分市場的營收上取得了強勁的業績，我們的價值主張引起了全球客戶和會員的共鳴。我們在美國和墨西哥等主要市場的商店和網上的雜貨業務中看到了這一點。過去來我們這裡頻率較低的客戶現在更頻繁地來我們這裡購物，包括高收入客戶。

Second, we're being thoughtful and balanced about inventory levels by category and expenses as we work through the fourth quarter and position ourselves for next year. There are places where we'll remain aggressive and others where we're being more conservative.

其次，我們在第四季度工作並為明年做好準備時，正在按類別和費用考慮和平衡庫存水平。有些地方我們會保持積極進取，有些地方我們會更加保守。

Third, while we prioritize retail fundamentals, we're also connecting and scaling newer, naturally related capabilities to our larger business so they become mutually reinforcing. Marketplace, fulfillment services and advertising are examples. As it relates to the third quarter, it began with top-line momentum from the back-to-school season in the U.S. and Mexico, and that continued through festivals in India, China and through early Deals for Days events in the U.S. Walmex had a great quarter and so did Sam's Club in the U.S. as we continued our string of double-digit comp club sales growth. Kath and the team at Sam's have run double-digit comps for almost 3 years. We like the way those numbers compound.

第三，在我們優先考慮零售基礎的同時，我們也在將更新的、自然相關的功能連接和擴展到我們更大的業務中，使它們相互加強。市場、履行服務和廣告就是例子。就第三季度而言，它始於美國和墨西哥返校季的頂級勢頭，並持續到印度、中國的節日和美國的早期特賣活動。一個偉大的季度，美國的 Sam's Club 也是如此，因為我們繼續保持兩位數的 comp Club 銷售額增長。 Kath 和 Sam's 的團隊近 3 年來一直保持兩位數的收入。我們喜歡這些數字複合的方式。

As a total company, we're seeing strength in stores, clubs and e-commerce. Transactions are positive, and our penetration of e-commerce sales continues to climb. So far this year, 13% of our total sales as a company now start in a digital fashion, and that's led by Walmart International, which is already at 20%.

作為一家整體公司，我們看到了商店、俱樂部和電子商務的實力。交易積極，我們的電子商務銷售滲透率繼續攀升。今年到目前為止，我們公司總銷售額的 13% 現在是從數字時尚開始的，其中以沃爾瑪國際為首，已經達到 20%。

With the cost of everyday items still stubbornly high in too many categories, more customers and members are choosing us for the value and assortment we're known for and they're responding to the changes we've made to save them time. With this in mind, we're focusing on earning repeat business from customers who are now shopping with us more frequently than before.

由於日常用品的成本在太多類別中仍然居高不下，越來越多的客戶和會員選擇我們是因為我們眾所周知的價值和分類，他們正在響應我們為節省時間所做的更改。考慮到這一點，我們專注於從現在比以前更頻繁地與我們一起購物的客戶那裡贏得回頭客。

For example, a strong presentation throughout fresh and apparel are priorities, along with executing pickup and delivery to create a delightful experience that saves them time. And in the case of Walmart U.S., it also means selling more Walmart+ memberships. As more people look to us for value, we want them to see that the experience of shopping with us is also compelling due to the new capabilities we develop.

例如，優先考慮對生鮮和服裝進行強有力的展示，同時執行取貨和送貨以創造愉快的體驗，從而節省他們的時間。就沃爾瑪美國而言，這也意味著銷售更多的 Walmart+ 會員資格。隨著越來越多的人向我們尋求價值，我們希望他們看到，由於我們開發的新功能，與我們一起購物的體驗也很吸引人。

Our app experiences around the world are a place where we introduce these newer capabilities. As our app becomes more a part of daily life for our customers and members, they find that they can do so much with it, like easily build a shopping cart, schedule a time to pick up an order or have it delivered when it's convenient for them, skip the line with scan & go or find an item in their local store. As you would expect, we're helping families stretch their dollars as we head into the holidays. The Walmart U.S. team has set the retail prices for a typical Thanksgiving meal the same as last year. We're removing inflation on a basket of traditional Thanksgiving food items, including whole turkeys for under $1 per pound.

我們在世界各地的應用程序體驗是我們引入這些新功能的地方。隨著我們的應用程序越來越成為我們客戶和會員日常生活的一部分，他們發現他們可以用它做很多事情，比如輕鬆構建購物車、安排取貨時間或在方便的時候送貨他們，跳過掃描並開始的行或在他們當地的商店中查找商品。正如您所預料的那樣，我們正在幫助家庭在假期來臨之際增加開支。沃爾瑪美國團隊已將典型感恩節大餐的零售價設定為與去年相同。我們正在消除一籃子傳統感恩節食品的通貨膨脹，包括每磅不到 1 美元的整隻火雞。

The members' dollar's going further at Sam's Club, too, with racks of lamb and lobster tails priced more than 40% lower than last year. We're also making the everyday shopping trip better by lowering the price of the cafe hot dog combo by nearly 10% to $1.38.

Sam's Club 的會員價格也進一步上漲，羊排和龍蝦尾的價格比去年低了 40% 以上。我們還通過將咖啡館熱狗組合的價格降低近 10% 至 1.38 美元，讓日常購物之旅變得更好。

Around the world, our teams have this type of mindset. In Mexico, we've widened the price gaps in our popular Bodega format by 100 basis points this year. It's incredible value at a time when customers need it most. We're finding creative ways to relieve pressure for families across our merchandise categories and countries. I'm proud of how our associates continue to step up. We're grateful for how they've navigated our inventory challenges this year and continued to prioritize the customer and member experience while doing so. During my store club and DC visits, they inspire me by the way they work together, the way they serve others and how they're embracing change and contributing ideas to improve our business.

在世界各地，我們的團隊都有這種心態。在墨西哥，今年我們將廣受歡迎的 Bodega 格式的價格差距擴大了 100 個基點。在客戶最需要它的時候，它具有不可思議的價值。我們正在尋找創造性的方法來減輕我們商品類別和國家/地區的家庭壓力。我為我們的同事如何繼續進步而感到自豪。我們感謝他們今年如何應對我們的庫存挑戰，並在這樣做的同時繼續優先考慮客戶和會員體驗。在我的商店俱樂部和 DC 訪問期間，他們的合作方式、他們為他人服務的方式以及他們如何擁抱變革並貢獻想法以改善我們的業務，這些都激勵著我。

Looking ahead, we updated our outlook for the year on results from Q3, yet we remained balanced in our approach to the rest of Q4 and next year. Inflation is being especially stubborn in some categories like dry grocery. Living with high prices through this year has a cumulative impact on our customers, especially for those that are most budget-conscious, and so we're focused on bringing our costs and prices down as quickly as possible by item and category. Regardless of income levels, families are more price-conscious now. So it's as important as ever that we earn their trust with value.

展望未來，我們根據第三季度的結果更新了今年的展望，但我們對第四季度剩餘時間和明年的做法保持平衡。某些類別的通貨膨脹尤其頑固，例如乾貨。忍受今年的高價對我們的客戶產生了累積影響，尤其是對於那些最精打細算的客戶，因此我們專注於按項目和類別盡快降低成本和價格。無論收入水平如何，現在的家庭都更加註重價格。因此，我們以價值贏得他們的信任與以往一樣重要。

In just a minute, John David will share more about the guidance we gave this morning. We're working to position ourselves to succeed regardless of demand levels through value and the experience we offer and the way we're positioning inventory and expenses. We're into the details, business by business. This is not a time to paint with a broad brush. We're focused on the things we can control. We delivered good expense leverage during the quarter across our segments. Strong sales growth helps, but we're also doing a good job of managing costs, and we're doing it in a sustainable way. We can keep costs in line and continue to invest in our people and technology, including supply chain automation, and continue to deliver value for customers, members and shareholders.

稍後，約翰·戴維 (John David) 將分享更多關於我們今天早上提供的指導的信息。無論需求水平如何，我們都在努力通過價值和我們提供的經驗以及我們定位庫存和費用的方式來定位自己以取得成功。我們逐項深入細節。現在不是用粗筆劃畫的時候。我們專注於我們可以控制的事情。我們在本季度的各個部門都提供了良好的費用槓桿。強勁的銷售增長有所幫助，但我們在管理成本方面也做得很好，而且我們正在以可持續的方式進行。我們可以控製成本並繼續投資於我們的人員和技術，包括供應鏈自動化，並繼續為客戶、成員和股東創造價值。

We've made good progress to improve our inventory position. Globally, inventory is up 13% for the quarter, including 12.4% for Walmart U.S. and 2.5% for International. Inflation drives the majority of the increase rather than units. In-stock on replenishable items and active management of seasonal item quantities and sell-throughs are the priorities. We expect this progress to continue through the fourth quarter and that will end the year in even better shape.

我們在改善庫存狀況方面取得了良好進展。在全球範圍內，本季度庫存增長了 13%，其中沃爾瑪美國增長 12.4%，國際增長 2.5%。通貨膨脹推動了大部分增長，而不是單位。優先考慮可補貨商品的庫存以及對季節性商品數量和銷售量的積極管理。我們預計這一進展將持續到第四季度，並將以更好的狀態結束今年。

Our merchants have taken an item-by-item, category-by-category approach to match inventory with demand. We've worked through a unique period in history as we chased inventory in 2020 and 2021 and were too heavy in some general merchandise categories this year. Given where inflation remains and that economic uncertainty seems higher than normal, the quantity choice our merchants make is even more crucial than in a more normal time back when there was such a thing as a more normal time.

我們的商家採取了逐項、逐類的方法來使庫存與需求相匹配。我們經歷了一個獨特的歷史時期，因為我們在 2020 年和 2021 年追逐庫存，並且今年在某些一般商品類別中過於沉重。考慮到通貨膨脹仍然存在並且經濟不確定性似乎高於正常水平，我們的商家做出的數量選擇比在更正常的時間更重要，當時有更正常的時間這樣的事情。

We can be more aggressive on shorter lead time items like food and consumables, but we're especially sensitive to quantity decisions on longer-lead time items that are imported. We're thankful to have so many experienced and talented merchants. They've accomplished a lot these past few quarters. Just like John, Kath, Judith and the rest of the team have done, they've demonstrated good judgment and a lot of hustle.

我們可以更積極地處理食品和消耗品等交貨時間較短的商品，但我們對進口交貨時間較長的商品的數量決定尤其敏感。我們很感謝有這麼多經驗豐富、才華橫溢的商人。在過去的幾個季度裡，他們取得了很多成就。就像 John、Kath、Judith 和團隊的其他成員所做的那樣，他們表現出了良好的判斷力和大量的努力。

Our flywheel continues to take shape. We're scaling our newer businesses and connecting them to our larger, established retail businesses, primarily by how we design digital interactions. One example is how our growth in e-commerce, especially the Marketplace, fuels our ad business. More items and sellers drive GMV and improved customer satisfaction. And it also drives success in advertising, they're mutually reinforcing.

我們的飛輪繼續成形。我們正在擴展我們的新業務，並將它們與我們更大、更成熟的零售業務聯繫起來，主要是通過我們設計數字交互的方式。一個例子是我們在電子商務（尤其是市場）方面的增長如何推動我們的廣告業務。更多商品和賣家推動 GMV 並提高客戶滿意度。它也推動了廣告的成功，它們是相輔相成的。

If we double-click on advertising with Walmart Connect in the U.S., we see it's benefiting from growth in e-commerce and from improvements made within the business itself, and we've seen strong growth in return on ad spend over last year. In turn, this helped drive the highest ad spend all year for sponsored search in Q3. These improvements underscore Connect's strengths and position the business for continued growth.

如果我們在美國雙擊 Walmart Connect 的廣告，我們會看到它受益於電子商務的增長和業務本身的改進，而且我們看到廣告支出回報率比去年強勁增長。反過來，這幫助推動了第三季度贊助搜索的全年最高廣告支出。這些改進凸顯了 Connect 的優勢，並為業務的持續增長奠定了基礎。

We also continue to see strong growth with Flipkart Ads in India. Like much of what we're doing, advertising is working for us globally because we have something unique to offer media buyers, and these businesses create momentum for each other.

我們還繼續看到 Flipkart Ads 在印度的強勁增長。就像我們正在做的很多事情一樣，廣告在全球範圍內為我們服務，因為我們可以為媒體購買者提供一些獨特的東西，而且這些業務可以為彼此創造動力。

As with advertising, growing our Marketplace business also unlocks fulfillment services opportunities through both fulfillment centers and last-mile delivery. We're scaling these businesses in the U.S., and we're starting to ramp up in Mexico and Canada. The team in Mexico increased the number of sellers on our Marketplace by 20% during the quarter. In the U.S., the Marketplace on Walmart.com now offers about 370 million SKUs. That's an increase of more than 50% from Q2.

與廣告一樣，發展我們的市場業務也通過履行中心和最後一英里交付釋放了履行服務的機會。我們正在美國擴大這些業務，並開始在墨西哥和加拿大擴大規模。墨西哥團隊在本季度將我們市場上的賣家數量增加了 20%。在美國，Walmart.com 上的商城現在提供約 3.7 億個 SKU。這比第二季度增長了 50% 以上。

Many of these sellers want to leverage our fulfillment network. They also want to use our advertising capabilities to drive demand, and we're making that easier for them. We recently shared that all new Marketplace sellers in the U.S. will be automatically onboarded onto our self-service ad platform. We believe this seamless integration will help both businesses scale even faster.

其中許多賣家希望利用我們的配送網絡。他們還想利用我們的廣告功能來推動需求，而我們正在讓他們更容易做到這一點。我們最近宣布，美國所有新的 Marketplace 賣家都將自動加入我們的自助廣告平台。我們相信這種無縫集成將幫助兩家企業更快地擴大規模。

What you see in our results is that we can run compelling stores and clubs, scale a first- and third-party e-commerce business and connect them together in an omnichannel fashion that saves customers and members money and time. Our strategy unlocks growth opportunities for us in a thread that runs from digital retail to fulfillment and advertising and opens up even more opportunities with health and wellness and financial services. This quarter demonstrates, again, that we can navigate short-term challenges and build for the long term simultaneously.

您在我們的結果中看到的是，我們可以經營引人注目的商店和俱樂部，擴展第一方和第三方電子商務業務，並以全渠道方式將它們連接在一起，從而為客戶和會員節省金錢和時間。我們的戰略在從數字零售到履行和廣告的一條主線中為我們釋放增長機會，並在健康和保健以及金融服務方面開闢更多機會。本季度再次表明，我們可以應對短期挑戰，同時為長期發展做好準備。

It's been my experience over all these years that Walmart is a well-positioned business and is inherently hedged. When times are good, we have room to grow. When things are more difficult, we sell things people want and need at a value and in ways they want to shop. And with new levers for growth across our flywheel, we're becoming even stronger and more resilient.

這些年來，根據我的經驗，沃爾瑪是一家定位良好的企業，並且在本質上是對沖的。時機成熟時，我們就有成長的空間。當事情變得更加困難時，我們會以人們想要的價值和他們想要的購物方式出售他們想要和需要的東西。借助我們飛輪的新增長槓桿，我們變得更加強大和更有彈性。

I'll close today by saying thank you for your interest in our company. We like the momentum we are creating in our business, and we recognize the need for a balanced approach in the near term given continued strains on our customers and members. Our team is focused and alert. Happy holidays, everybody.

今天結束時，我要感謝您對我們公司的關注。我們喜歡我們在業務中創造的勢頭，並且我們認識到鑑於我們的客戶和會員持續承受壓力，在短期內需要採取平衡的方法。我們的團隊專注且警覺。大家節日快樂。

Here's John David.

這是約翰大衛。

Thanks, Doug. I'd like to start by thanking our customers, associates and partners for helping us deliver a strong quarter. I will focus my comments on the themes Doug mentioned. First, our sales momentum and share gains. Second, operational actions we're taking to improve inventory and supply chain. Third, progress we're making to further connect our alternative value streams to our core business. And lastly, our guidance for the balance of the year.

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了強勁的季度業績。我將重點關注 Doug 提到的主題。首先，我們的銷售勢頭和份額增長。其次，我們為改善庫存和供應鏈而採取的運營行動。第三，我們在進一步將我們的替代價值流與我們的核心業務聯繫起來方面正在取得進展。最後，我們對今年餘下時間的指導。

Our Q3 results exceeded our expectations due to sales upside with operating expense leverage across all 3 business segments. While we're encouraged by our position and our confidence in our business remains high, the macro backdrop remains challenging as persistent inflation is impacting the consumer and our business.

我們第三季度的業績超出了我們的預期，因為銷售增長以及所有 3 個業務部門的運營費用槓桿。儘管我們對我們的立場感到鼓舞並且我們對我們業務的信心仍然很高，但宏觀背景仍然充滿挑戰，因為持續的通貨膨脹正在影響消費者和我們的業務。

As I discuss our results, it's important to note the charges related to the opioid legal settlement framework affect year-over-year comparisons. So my comments regarding Q3 results will focus on the business, excluding adjusted items.

在我討論我們的結果時，重要的是要注意與阿片類藥物法律和解框架相關的費用會影響同比比較。因此，我對第三季度業績的評論將集中在業務上，不包括調整後的項目。

Total constant currency revenue grew 9.8% as our omni model and strong value proposition continue to resonate with customers during this period of broad inflationary pressures.

由於我們的全方位模式和強大的價值主張在廣泛的通脹壓力期間繼續引起客戶的共鳴，固定貨幣總收入增長了 9.8%。

Each of our segments delivered strong sales results. Walmart U.S. comp sales accelerated sequentially to 8.2% growth with increases in average ticket size as well as transactions. Constant currency sales in Walmart International were strong, up 13.3% led by Flipkart and Walmex, while Sam's Club U.S. delivered its 11th consecutive quarter of double-digit comps with growth of 10.3%, excluding fuel and tobacco.

我們的每個部門都取得了強勁的銷售業績。隨著平均票價和交易量的增加，沃爾瑪美國同店銷售額環比增長 8.2%。沃爾瑪國際的固定貨幣銷售額強勁，在 Flipkart 和 Walmex 的帶動下增長了 13.3%，而美國山姆會員店連續第 11 個季度實現兩位數增長，增長率為 10.3%，不包括燃料和煙草。

Our purpose of saving people money has never been more important as inflation remains consistently high. High fuel prices and mid-teens food inflation have forced consumers to manage household budgets more tightly, making frequent trade-offs and biasing spending toward everyday essentials. We continue to manage pricing in a way that preserves our price gaps while gaining market share profitably.

由於通貨膨脹率一直居高不下，我們為人們省錢的目的從未如此重要。高油價和十幾歲的食品通脹迫使消費者更嚴格地管理家庭預算，頻繁權衡取捨並將支出偏向日常必需品。我們繼續以保持價格差距的方式管理定價，同時有利地獲得市場份額。

Walmart is well positioned to serve customers and gain greater trip frequency during tougher economic periods, and we have even more tools to do so in this cycle. For example, we've continued to gain grocery market share from households across income demographics, with nearly 3/4 of the share gain coming from those exceeding $100,000 in annual income. This quarter, our private brand penetration in food categories increased about 130 basis points, reflecting customers' increased focus on quality products at value prices.

沃爾瑪處於有利地位，可以在經濟困難時期為客戶提供服務並獲得更高的出行頻率，而且我們在這個週期中有更多的工具可以做到這一點。例如，我們繼續從不同收入人群的家庭中獲得雜貨市場份額，其中近 3/4 的份額增長來自年收入超過 100,000 美元的家庭。本季度，我們的自有品牌在食品類別中的滲透率增加了約 130 個基點，反映出客戶更加關注物美價廉的產品。

We observed incremental trade down in categories, including proteins, baking goods, baby and dog food. We're working hard to keep prices low and help ease the burden to make customers' lives better. This includes working with vendors to reduce product cost and minimize inflation impacts on final goods' pricing.

我們觀察到蛋白質、烘焙食品、嬰兒食品和狗糧等類別的貿易量逐漸減少。我們正在努力保持低價，幫助減輕負擔，讓顧客的生活更美好。這包括與供應商合作以降低產品成本並最大限度地減少通貨膨脹對最終產品定價的影響。

Consolidated gross margin rate decreased 89 basis points. More than half of the decline was due to markdowns and sales mix in the U.S. The remaining headwind reflects a $113 million LIFO charge at Sam's Club due to inflation and the timing of sales events in International, including Flipkart's Big Billion Days.

綜合毛利率下降 89 個基點。下降的一半以上是由於美國的降價促銷和銷售組合。剩餘的不利因素反映了山姆會員店因通貨膨脹和國際銷售活動的時間安排而產生的 1.13 億美元的 LIFO 費用，包括 Flipkart 的 Big Billion Days。

Notably, the rate of decline in gross margin improved from 2Q as inventory remediation efforts are progressing. We've been very targeted in reducing certain categories of inventory in our system and our actions included canceling orders and increasing the level of markdowns. The team has done a really good job addressing our inventory situation, as reflected by Q3 inventory being up only 13% versus last year, including 12.4% growth in Walmart U.S. In aggregate, this level represents a more than 10 percentage point improvement versus the end of Q2.

值得注意的是，隨著庫存整治工作的推進，毛利率的下降速度較二季度有所改善。我們一直非常有針對性地減少系統中某些類別的庫存，我們的行動包括取消訂單和提高降價幅度。該團隊在解決我們的庫存狀況方面做得非常好，正如第三季度庫存與去年相比僅增長 13% 所反映的那樣，其中包括美國沃爾瑪的 12.4% 總體而言，這一水平比年底提高了 10 個百分點以上Q2的。

Notably, about 70% of the year-over-year increase relates to inflation. We feel good about our ability to sell through the majority of this in Q4 and expect continued year-over-year improvement even when including the effects of inflation.

值得注意的是，約 70% 的同比增長與通貨膨脹有關。我們對我們在第四季度銷售大部分產品的能力感到滿意，並預計即使考慮到通貨膨脹的影響，我們也會繼續同比改善。

We saw stronger expense leverage this quarter as selling, general and administrative expenses leveraged 75 basis points due primarily to higher sales and lower COVID cost. We're focused on what we can control and continue to work down inventory levels and manage general and administrative expenses tightly.

本季度我們看到了更強的費用槓桿，因為銷售、一般和管理費用槓桿化了 75 個基點，這主要是由於銷售額增加和 COVID 成本降低。我們專注於我們可以控制的事情，並繼續降低庫存水平並嚴格管理一般和行政費用。

Taking all this together, adjusted operating income on a constant currency basis increased 4.6%. GAAP EPS was a loss of $0.66 but adjusted EPS was $1.50. The difference between adjusted and GAAP EPS reflects a $1.11 impact from unrealized losses on equity investments, primarily JD.com and a $1.05 charge related to the opioid litigation settlement framework. We're pleased that our adjusted EPS outperformed the guidance we provided in August due primarily to better operating expense leverage on higher sales across the business.

綜上所述，按固定匯率計算的調整後營業收入增長了 4.6%。 GAAP 每股收益虧損 0.66 美元，但調整後每股收益為 1.50 美元。調整後每股收益與 GAAP 每股收益之間的差異反映了 1.11 美元的未實現股權投資損失影響，主要是京東，以及與阿片類藥物訴訟和解框架相關的 1.05 美元費用。我們很高興我們調整後的每股收益優於我們在 8 月份提供的指導，這主要是由於更好的運營費用槓桿對整個業務銷售額的提高。

Operating cash flow for the year-to-date period decreased $600 million to $15.7 billion primarily due to the timing of certain payments and a decrease in operating income, partially offset by moderated inventory purchases.

年初至今的經營現金流減少 6 億美元至 157 億美元，這主要是由於某些付款的時間安排和營業收入的減少，部分被適度的庫存採購所抵消。

During the quarter, we returned $4.5 billion to shareholders through dividend and share repurchases. We're committed to continuing to provide strong cash returns to shareholders while still appropriately investing in our business for the long term. And our Board has just approved a new $20 billion share repurchase authorization that we expect to utilize over the next several years.

本季度，我們通過股息和股票回購向股東返還了 45 億美元。我們致力於繼續為股東提供豐厚的現金回報，同時仍對我們的業務進行長期適當投資。我們的董事會剛剛批准了一項新的 200 億美元的股票回購授權，我們預計將在未來幾年內使用該授權。

Let me briefly reference key highlights by segment. For Walmart U.S., comp sales momentum accelerated in Q3 with a 2-year stack of 17.4%, up 570 basis points from Q2. Monthly sales gains were relatively consistent throughout the quarter. Food sales continued to lead with mid-teens growth. We're particularly encouraged to see year-over-year growth in food units sold after experiencing a slight decline last quarter. We also continue to make good progress on improving in-stock levels in our grocery business despite the heavy volumes we're experiencing.

讓我按細分簡要參考主要亮點。對於沃爾瑪美國公司，第三季度的複合銷售勢頭加速，2 年堆棧為 17.4%，比第二季度增長 570 個基點。整個季度的月度銷售增長相對穩定。食品銷售繼續領先，增長處於中等水平。在上個季度略有下降後，我們特別高興地看到食品銷量同比增長。儘管我們的業務量很大，但我們在提高雜貨業務的庫存水平方面也繼續取得良好進展。

Inflation remained high, up mid-teens percentage in food categories reflecting an 80 basis point step-up compared to levels at the end of Q2. We've seen incremental levels of inflation month-over-month be less significant, but it's not clear if this represents a sustainable trend. However, we believe our strong price positioning is contributing to share gains as we attract value-seeking customers across the household income spectrum.

通貨膨脹率仍然很高，食品類別的通貨膨脹率達到中等水平，反映出與第二季度末的水平相比上升了 80 個基點。我們已經看到通貨膨脹率逐月遞增，但並不明顯，但尚不清楚這是否代表了一種可持續的趨勢。然而，我們相信我們強大的價格定位有助於股票收益，因為我們吸引了家庭收入範圍內的尋求價值的客戶。

General merchandise sales declined low single digits with softness in electronics, home and apparel. E-commerce accelerated sequentially to 16% growth, even as store transactions continued to grow. We experienced strength in pickup and delivery from stores, Marketplace, fulfillment services and advertising.

由於電子產品、家居用品和服裝的疲軟，一般商品銷售額下降了低個位數。電子商務連續加速增長至 16%，而商店交易量繼續增長。我們在商店、市場、履行服務和廣告方面的取貨和送貨方面表現出色。

Gross profit rate decreased 77 basis points due primarily to higher markdowns and product mix headwinds, but the team delivered strong SG&A expense leverage of 60 basis points, reflecting higher sales and lower COVID costs. As a result, we delivered better-than-expected operating income growth of nearly 5%.

毛利率下降了 77 個基點，這主要是由於更高的降價幅度和產品組合的逆風，但該團隊提供了 60 個基點的強大 SG&A 費用槓桿，反映出更高的銷售額和更低的 COVID 成本。因此，我們實現了近 5% 的好於預期的營業收入增長。

Walmart International delivered strong sales results, with sales up 13.3% in constant currency despite continued macro headwinds. E-commerce sales on a constant currency basis were exceptionally strong, up 46% in the quarter. The earlier timing of Flipkart's Big Billion Days event was also a benefit to sales results.

沃爾瑪國際取得了強勁的銷售業績，儘管宏觀逆風持續，但按固定匯率計算銷售額增長了 13.3%。按固定匯率計算的電子商務銷售額異常強勁，本季度增長了 46%。 Flipkart Big Billion Days 活動的較早時間安排也有利於銷售業績。

Currency negatively affected reported sales results by about $1.5 billion. Each of our major markets delivered positive comp sales, led by a great quarter from Walmex, with comp sales growth of 11.7%, reflecting strong performance in Bodega stores, Sam's Clubs and 17% growth in e-commerce.

貨幣對報告的銷售業績產生了約 15 億美元的負面影響。我們的每個主要市場都實現了積極的同店銷售，其中 Walmex 的一個偉大季度領先，同店銷售額增長 11.7%，反映了 Bodega 商店、Sam's Clubs 的強勁表現和電子商務 17% 的增長。

In China, comp sales were up 5.6%, reflecting strong e-commerce growth as well as strength at Sam's Club. E-commerce sales grew 63% and penetration reached 41% of sales.

在中國，同款銷售額增長了 5.6%，反映了電子商務的強勁增長以及山姆會員店的實力。電子商務銷售額增長 63%，滲透率達到銷售額的 41%。

Canada comp sales increased more than 5%. And in October, we launched Walmart fulfillment services in Canada, where sellers of all sizes on the digital Marketplace can now contract with us to take care of their inventory storage and logistics needs. The new offering will provide faster shipping of customer orders within a 2-day window to 95% of Canadians.

加拿大 comp 銷售額增長超過 5%。 10 月，我們在加拿大推出了沃爾瑪履行服務，數字市場上各種規模的賣家現在都可以與我們簽訂合同，以處理他們的庫存存儲和物流需求。新產品將在 2 天內將客戶訂單更快地運送到 95% 的加拿大人。

In India, Flipkart had a great quarter with strong customer response to our Big Billion Days event, which moved forward into Q3 this year from Q4 last year. We had over 1 billion visits to our site during the 8-day event and, importantly, saw more than 60% of those customers coming from Tier 2 and Tier 3 cities.

在印度，Flipkart 有一個很棒的季度，客戶對我們的 Big Billion Days 活動反應強烈，該活動從去年的第四季度提前到今年的第三季度。在為期 8 天的活動期間，我們的網站訪問量超過 10 億次，重要的是，我們看到超過 60% 的客戶來自二線和三線城市。

PhonePe also continues to perform well with annualized total payment volume, or TPV, now over $920 billion and reaching a record level of monthly transactions to about $3.6 billion. This was the first time PhonePe had a quarter with more than 10 billion transactions.

PhonePe 的年度總支付額 (TPV) 也繼續表現良好，目前已超過 9200 億美元，每月交易額達到創紀錄的約 36 億美元。這是 PhonePe 首次有一個季度的交易量超過 100 億。

International segment operating income was better than expected and increased 3.2% in constant currency, led by Walmex and China.

在 Walmex 和中國的帶動下，國際部門營業收入好於預期，按固定匯率計算增長 3.2%。

In Sam's Club U.S., we had another strong quarter with comp sales up more than 10%, excluding fuel and tobacco, and an increase of more than 25% on a 2-year stack. Both comp transactions and average ticket increased about 5%. And e-commerce sales grew 20% with strength in curbside orders and ship to home. Membership income was up 8% with another record high quarter in overall member counts, at an all-time high, plus member penetration.

在 Sam's Club U.S.，我們有另一個強勁的季度，不包括燃料和煙草，銷售額增長超過 10%，並且在 2 年的堆棧中增長超過 25%。補償交易和平均票價均增長了約 5%。電子商務銷售額增長了 20%，路邊訂單和送貨上門業務表現強勁。會員收入增長了 8%，會員總數再創歷史新高，加上會員滲透率。

Sam's leveraged expenses 68 basis points due primarily to higher sales. This helped offset a decline in gross profit rate due primarily to a 53 basis point or $113 million inflation-related LIFO charge.

山姆的槓桿費用為 68 個基點，主要原因是銷售額增加。這有助於抵消主要由於 53 個基點或 1.13 億美元與通貨膨脹相關的後進先出費用導致的毛利率下降。

For the quarter, Sam's operating income increased more than 18% with fuel and nearly 8% excluding fuel and including the impact of the LIFO charge.

本季度，Sam 的營業收入增加了 18% 以上，包括燃料在內，不包括燃料和後進先出費用的影響，增加了近 8%。

Combining these results with my comments about International, you can see Sam's Club is performing well around the world, and we're pleased with the leverage we see across markets with Member's Mark as an example.

將這些結果與我對國際的評論結合起來，您可以看到山姆俱樂部在全球範圍內表現良好，我們對以會員馬克為例的跨市場槓桿作用感到滿意。

As we navigate changes to our external environment, we continue to advance our strategic initiatives that were enabled by our omnichannel retail capabilities. Globally, as we're building a larger e-commerce business, we're scaling our Marketplace which unlocks and strengthens our fulfillment and advertising businesses and expands the number of families that choose to be members.

隨著我們應對外部環境的變化，我們繼續推進我們的全渠道零售能力所支持的戰略計劃。在全球範圍內，隨著我們建立更大的電子商務業務，我們正在擴展我們的市場，這將解鎖並加強我們的履行和廣告業務，並擴大選擇成為會員的家庭數量。

Across our segments, e-commerce is enabling deeper engagement with customers and members that helps drive strategic growth in our alternative value streams. New sellers in our U.S. Marketplace are contributing to our advertising growth and we added more than 8,000 sellers in Q3.

在我們的各個細分市場中，電子商務使我們能夠與客戶和會員進行更深入的互動，這有助於推動我們替代價值流的戰略增長。我們美國市場的新賣家為我們的廣告增長做出了貢獻，我們在第三季度增加了 8,000 多個賣家。

Third-party build-out helps diversify and strengthen our product assortment, which now includes more than 370 million SKUs.

第三方擴建有助於豐富和加強我們的產品種類，現在包括超過 3.7 億個 SKU。

Strong digital advertising growth continued this quarter, increasing over 30% on a global basis, led by 40% growth in Walmart Connect in the U.S. and Flipkart Ads in India.

本季度數字廣告繼續強勁增長，在全球範圍內增長超過 30%，其中美國的 Walmart Connect 和印度的 Flipkart Ads 增長了 40%。

As we focus on membership, our ability to leverage our data improves, so we continue to sign on more customers to our data ventures offering, Walmart Luminate, and the number of Walmart+ memberships continues to grow. We gained some of these new Walmart+ members after expanding our last mile delivery capabilities through a fourfold increase since January and the number of pickup points serviced by the Spark Driver platform.

由於我們專注於會員，我們利用數據的能力得到提高，因此我們繼續吸引更多客戶使用我們的數據風險產品 Walmart Luminate，並且 Walmart+ 會員的數量持續增長。自 1 月以來，我們通過四倍增長和 Spark Driver 平台服務的提貨點數量擴展了我們的最後一英里交付能力，從而獲得了一些新的 Walmart+ 會員。

We're making good progress in fulfillment and automation. The Spark Driver platform now serves customers in all 50 states for more than 10,000 pickup points with the ability to reach 84% of all U.S. households. This coverage includes a growing revenue stream from businesses utilizing Walmart GoLocal. Our delivery-as-a-service offering, has already made over 1 million deliveries since launching last year.

我們在履行和自動化方面取得了良好進展。 Spark Driver 平台現在為所有 50 個州的客戶提供 10,000 多個取件點，能夠覆蓋 84% 的美國家庭。這種覆蓋範圍包括使用 Walmart GoLocal 的企業不斷增長的收入流。自去年推出以來，我們的交付即服務產品已交付超過 100 萬次。

Building Walmart fulfillment services in the U.S., Mexico and now also in Canada has been an important asset in growing our seller base as they seek an integrated omni sales and fulfillment solution. For example, almost 30% of orders on Walmex' marketplace are now being fulfilled using Walmart fulfillment services which was launched a year ago.

在美國、墨西哥和現在的加拿大建立沃爾瑪履行服務一直是擴大我們的賣家群的重要資產，因為他們尋求集成的全方位銷售和履行解決方案。例如，Walmex 市場上近 30% 的訂單現在使用一年前推出的沃爾瑪履行服務來履行。

In September, we opened a next-gen fulfillment center in Illinois. This 1.1 million square foot facility features robotics, machine learning and automated storage, resulting in increased productivity and a better service for our customers at faster delivery times.

9 月，我們在伊利諾伊州開設了下一代運營中心。這個 110 萬平方英尺的設施採用機器人技術、機器學習和自動存儲，從而提高了生產力，並以更快的交貨時間為我們的客戶提供更好的服務。

And last week, we acquired Alert Innovation as we expand our market fulfillment center build-out. MFCs are positioned inside or attached to Walmart supercenters and use robotics and AI to fill online orders more quickly. We're putting the building blocks in place to deliver powerful, mutually reinforcing ecosystem that not only benefits customers and partners, but also shareholders, with more durable and diversified earnings streams.

上週，隨著我們擴大市場履行中心的建設，我們收購了 Alert Innovation。 MFC 位於沃爾瑪超級中心內或附屬於沃爾瑪超級中心，並使用機器人技術和人工智能來更快地完成在線訂單。我們正在構建基石，以提供強大的、相互加強的生態系統，這不僅有利於客戶和合作夥伴，也有利於股東，具有更持久和多樣化的收益流。

Turning to guidance. In this period of macroeconomic uncertainty, we believe that we are well equipped to continue gaining market share in an environment where consumers need to stretch their dollars further. We will continue to advocate for customers and work with our supplier partners to maintain strong price gaps and deliver lower relative pricing versus competitors. We're also navigating real inflation on our own cost structure and continue to seek ways to reduce cost and improve leverage potential.

轉向指導。在這個宏觀經濟不確定的時期，我們相信我們有能力在消費者需要進一步花錢的環境中繼續獲得市場份額。我們將繼續為客戶提倡並與我們的供應商合作夥伴合作，以保持巨大的價格差距並提供比競爭對手更低的相對價格。我們還在根據自己的成本結構應對實際通脹，並繼續尋找降低成本和提高槓桿潛力的方法。

With these considerations in mind, we're maintaining a balanced approach to our guidance, incorporating a cautious view on the consumer together with our confidence in our ability to execute. We're updating fiscal year '23 guidance to reflect the Q3 upside and leaving our sales and profit assumptions for Q4 unchanged. Despite a good start to Q4, our guidance assumes that the consumer could slow spending, especially in general merchandise categories, given persistent inflationary pressures in food and consumables. Our guidance provides flexibility to compete in a promotional environment, accounts for pricing action to reduce remaining excess inventory and anticipates ongoing mix pressure.

考慮到這些因素，我們對我們的指導保持一種平衡的方法，將對消費者的謹慎觀點與我們對執行能力的信心結合起來。我們正在更新 23 財年的指引，以反映第三季度的上行趨勢，並保持我們對第四季度的銷售和利潤假設不變。儘管第 4 季度開局良好，但我們的指引假設消費者可能會放緩支出，尤其是在一般商品類別，因為食品和消費品的通脹壓力持續存在。我們的指南提供了在促銷環境中競爭的靈活性，說明了減少剩餘過剩庫存的定價行動，並預測了持續的混合壓力。

For Q4, we expect net sales growth of about 3%, including comp sales growth of about 3% for Walmart U.S., with food and consumables growth continuing to outpace general merchandise. We expect year-over-year operating income within a range of a 1% increase to a 1% decrease. And adjusted EPS is expected to decrease 3% to 5%, including higher year-over-year tax and interest expenses.

對於第四季度，我們預計淨銷售額增長約 3%，其中沃爾瑪美國的銷售額增長約 3%，食品和消費品增長繼續超過一般商品。我們預計營業收入同比增長 1% 至下降 1%。調整後的每股收益預計將下降 3% 至 5%，其中包括同比增加的稅收和利息支出。

For the full year, incorporating the Q3 upside, we now expect net sales growth of about 5.5%, including comp sales growth of 5.5% for Walmart U.S. On an adjusted basis, we expect operating income to decline 6.5% to 7.5% and EPS to decline 6% to 7%. Excluding the effect of divestitures and on an adjusted basis, this would translate into net sales growth of 6.5% and a decline in operating income of 5.5% to 6.5% and a decline in EPS of 5% to 6%.

對於全年，考慮到第三季度的上行趨勢，我們現在預計淨銷售額增長約 5.5%，其中沃爾瑪美國的銷售額增長 5.5%。在調整後的基礎上，我們預計營業收入將下降 6.5% 至 7.5%，每股收益將下降 6.5% 至 7.5%下降 6% 至 7%。排除資產剝離的影響，在調整後的基礎上，這將轉化為淨銷售額增長 6.5%，營業收入下降 5.5% 至 6.5%，每股收益下降 5% 至 6%。

Looking beyond Q4, we know some of the unanticipated costs experienced this year shouldn't repeat next year. That said, we're planning our business with the assumption that inflation remains somewhat elevated. In addition, we've had significant currency headwinds this year. Based on year-to-date results and current FX rates, we estimate a year-over-year sales headwind for this fiscal year of $4.1 billion from currency and a potential sales headwind of about $3 billion next year.

展望第四季度之後，我們知道今年經歷的一些意外成本明年不應該重演。也就是說，我們在假設通貨膨脹率仍然較高的情況下規劃我們的業務。此外，今年我們遇到了重大的貨幣逆風。根據年初至今的業績和當前的匯率，我們估計本財年匯率帶來的同比銷售逆風為 41 億美元，明年的潛在銷售逆風約為 30 億美元。

Also, as we've had $236 million in LIFO charges this year at Sam's Club, we're likely to experience LIFO charges in Walmart U.S. as well next year. Based on current assumptions, these LIFO charges next year for both Walmart U.S. and Sam's Club could approximate roughly $1 billion of gross profit headwind. It's important to note that inflation, inventory levels and additional factors that are challenging to predict will influence the aggregate amount. We're committed to providing you ongoing updates to the assumptions as we report our quarterly results.

此外，由於我們今年在山姆俱樂部收取了 2.36 億美元的後進先出費用，我們明年也可能在美國沃爾瑪經歷後進先出費用。根據目前的假設，明年沃爾瑪美國和山姆俱樂部的這些 LIFO 費用可能會造成大約 10 億美元的毛利潤逆風。需要注意的是，通貨膨脹、庫存水平和其他難以預測的因素都會影響總量。我們致力於在報告季度業績時為您提供對假設的持續更新。

And with that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) And our first question comes from the line of Kate McShane with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Kate McShane 與高盛的合作。

We wanted to focus on inventories. We just wondered how much remains from the spring inventory, how you would describe your in-stocks for Q4 versus last year. And you also mentioned you'd be aggressive in some places when it came to inventories. Is that just in the shorter lead time categories? Or can it be anywhere else?

我們想專注於庫存。我們只是想知道春季庫存還有多少，您如何描述與去年相比第四季度的庫存。你還提到在庫存方面你會在某些地方變得激進。這只是在較短的交貨時間類別中嗎？或者它可以在其他任何地方嗎？

We should answer that question across all 3 segments. But John, why don't you go first?

我們應該在所有 3 個細分市場中回答這個問題。但是約翰，你為什麼不先走呢？

Sure. Kate, a couple of things on inventory. First, I think the team here and the merchants, supply chain teams have done a really nice job improving the year-on-year results from second quarter into the end of third quarter. As we said earlier, up about 12.4%. That's down from just over 26% at the end of the second quarter.

當然。凱特，庫存中有幾樣東西。首先，我認為這裡的團隊和商家、供應鏈團隊在改善第二季度到第三季度末的同比業績方面做得非常好。正如我們之前所說，增長了約 12.4%。這比第二季度末略高於 26% 的水平有所下降。

The first thing I think is important to consider, if you look back over the quarters of the year, in Q1 when we were the highest, the majority of the extra inventory was in supply chain and part of the backlog problem, then the second quarter that balanced more evenly between stores and the total, and in this quarter, at the end of Q3, what we see is an increase of 12.4%, but the stores are still heavy. So the inventory has moved from the supply chain to a balanced and now it's in the store. And when you look at the dollar amount that's up, about 70% of it, 3/4 of it roughly is inflation and the rest we can approximate to pretty significant improvements in in-stock over last year. Last year, we were quite low. So we see a really decent improvement in in-stock.

我認為首先要考慮的是重要的事情，如果你回顧一年中的各個季度，在我們最高的第一季度，大部分額外庫存在供應鏈中，部分積壓問題，然後是第二季度商店和總數之間的平衡更加均衡，在本季度，在第三季度末，我們看到增長了 12.4%，但商店仍然很重。所以庫存已經從供應鏈轉移到平衡狀態，現在它在商店裡。當你看美元上漲的金額時，大約有 70%，其中 3/4 大致是通貨膨脹，其餘的我們可以近似為庫存比去年有相當顯著的改善。去年，我們很低。因此，我們看到庫存有了非常可觀的改善。

And then specifically on your last question, probably around something just under $1 billion, around $1 billion would be what will we consider excess. That's down pretty significantly, about 1/3 of where we were at the end of Q2. So we're making improvements. Apparel and certain categories in GM are the heavy categories, and we'll continue to work through those.

然後特別是關於你的最後一個問題，可能大約不到 10 億美元，大約 10 億美元將是我們認為超額的。這下降了很多，大約是第二季度末的 1/3。所以我們正在改進。服裝和 GM 中的某些類別是重類別，我們將繼續努力解決這些問題。

And just a reminder, we said at the beginning of Q1, we needed a couple of quarters to work through the inventory and we continue to do that. And then John David did mention in his commentary that there is room in our forecast to continue making progress on inventory.

提醒一下，我們在第一季度初說過，我們需要幾個季度來完成庫存，我們會繼續這樣做。然後約翰大衛在他的評論中確實提到我們的預測有空間繼續在庫存方面取得進展。

But I was in an import center last week, and the inbound is in really good shape. The orders are in line. So I think the team have done a really nice job adjusting to the end of the year.

但上週我在一個進口中心，入境情況非常好。訂單是一致的。所以我認為團隊在調整到年底時做得非常好。

Yes. For International, we're up just 2.5% for the quarter. While there's some helpful tailwinds in that from currency, the underlying quarter-on-quarter has reduced over the last 3 quarters, and we're in a pretty healthy shape across all of the markets around the world.

是的。對於國際，本季度我們僅增長了 2.5%。雖然貨幣有一些有利的推動因素，但在過去 3 個季度中，潛在的季度環比有所下降，而且我們在全球所有市場都處於相當健康的狀態。

Of course, there are a couple of pockets here and there that we'll continue to focus on as we go through Q4. But I'm actually really pleased from an in-stock level, because last holiday season, we definitely had areas where we were light. And I'm encouraged to see each market being in a good place going through to this holiday season.

當然，這里和那裡有幾個口袋，我們將在第四季度繼續關注這些口袋。但實際上我對庫存水平感到非常滿意，因為上個假期，我們肯定有一些地方我們很輕。我很高興看到每個市場都處於這個假期的好地方。

Yes. And from a Sam's perspective, our inventory is up 36%. I think 50% of that increase is actually being in-stock to your question. So as Doug and John David talked about, we've had 11 consecutive quarters of double-digit comp growth. We have been chasing in-stock for the last 2.5 years, and we're in -- we're finally in a great position from an in-stock going into the -- into the holiday event period. So strong in-stock, 50% of it. 30% of it is inflation. And the rest is kind of some big best we did going into kind of Christmas.

是的。從 Sam 的角度來看，我們的庫存增加了 36%。我認為增加的 50% 實際上是針對您的問題的庫存。因此，正如道格和約翰大衛所說，我們已經連續 11 個季度實現兩位數的收入增長。在過去的 2.5 年裡，我們一直在追逐庫存，我們正處於 - 我們終於處於從庫存進入 - 進入假期活動期間的有利位置。如此強大的庫存，50%。其中30%是通貨膨脹。剩下的就是我們進入聖誕節時所做的一些最好的事情。

So we're really happy with the quality of our inventory and kind of leaning forward into the rest of the year.

因此，我們對我們的庫存質量非常滿意，並且有點傾向於今年餘下的時間。

Kate, this is Doug. Thanks for the question. I would just point out that we handle inventory and think about inventory in different categories. The first category is replenishable merchandise, where we want to be in-stock all the time. We -- even though we were heavy in inventory through the course of this year so far, we did not let up on trying to get in-stock on replenishable goods and wouldn't want to do that.

凱特，這是道格。謝謝你的問題。我只想指出，我們處理庫存並考慮不同類別的庫存。第一類是可補貨商品，我們希望始終有貨。我們 - 儘管今年到目前為止我們的庫存很重，但我們並沒有放棄嘗試獲得可補充商品的庫存，也不想這樣做。

That second category of nonreplenishable items, which are often features, we're managing that aggressively category by category and don't want to get too conservative. There are some places where we should still play offense through this quarter and into next year.

第二類不可補充的項目，通常是功能，我們正在逐個類別積極地管理它，不想變得過於保守。從本季度到明年，在某些地方我們仍然應該進攻。

And then lastly, I think it was appropriate for us the last couple of quarters to break out how much inventory we wish we didn't have. That number is getting down to the point where we probably won't be talking about that going forward, because we always have some inventory we don't want, even in a more normal circumstance. So we've made a lot of progress, feeling a lot better about it.

最後，我認為在過去的幾個季度中，我們應該打破我們希望沒有的庫存量。這個數字正在下降到我們可能不會再談論它的地步，因為我們總是有一些我們不想要的庫存，即使在更正常的情況下也是如此。所以我們取得了很大的進步，對此感覺好多了。

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

我們的下一個問題來自古根海姆的 Bob Drbul。

Just following up a little bit on the inventory side. A couple of things. Can you talk about sort of the vendor reception to reducing product costs that you mentioned on the call? And I guess, the other piece of this is, I think it was $1 billion LIFO charge or the expectation. Can you just talk about your assumptions around inflation over the coming quarters and what the offsets are as you think about that as we proceed throughout the next year?

只是在庫存方面跟進一點。幾件事。你能談談你在電話中提到的降低產品成本的供應商接待嗎？我想，另一部分是，我認為這是 10 億美元的後進先出費用或預期。您能否談談您對未來幾個季度通貨膨脹的假設，以及在我們明年繼續進行時您所考慮的抵消是什麼？

I'll take the supplier question first. we're not really changing what we've always done. We are trying to find ways with our current suppliers to get costs down, provide value to customers and members, and we're trying to be creative about it. And in some instances, some suppliers are more aggressive than others, and we welcome that. And we're going to try to do the best job we can category by category, item by item of getting prices down as we head through next year. That's been consistent. That's the way we always behave, and there's not really anything different as it relates to that.

我先回答供應商問題。我們並沒有真正改變我們一直在做的事情。我們正在努力尋找與現有供應商合作的方法來降低成本，為客戶和會員提供價值，並且我們正在努力發揮創意。在某些情況下，一些供應商比其他供應商更具侵略性，我們對此表示歡迎。我們將盡我們所能，逐個類別，逐項降低價格，直到明年。那是一致的。這就是我們一貫的行為方式，並且與此相關並沒有什麼不同。

Sure, Bob. This is John, David. I'll take the LIFO aspect of your question. First, I'd say the core business is continuing to perform pretty well in the face of a difficult macro environment. But we do have headwinds next year, as we called out, both currency as well as the LIFO charge.

當然，鮑勃。這是約翰，大衛。我會回答你問題的 LIFO 方面。首先，我要說的是，面對困難的宏觀環境，核心業務繼續表現良好。但正如我們所說，明年我們確實遇到了不利因素，包括貨幣和 LIFO 費用。

The LIFO charge is a result of the inflationary environment that we're in, and it's heavily dependent upon what our inflation and inventory assumptions are next year. For planning purposes, we're basically assuming that prices stay where they are. The result on a year-over-year basis from an inflation perspective would be a little north of 3%, it's a little greater than 3%. And to the extent that, that changes, that affects that $1 billion estimate.

LIFO 費用是我們所處的通貨膨脹環境的結果，它在很大程度上取決於我們明年的通貨膨脹和庫存假設。出於計劃目的，我們基本上假設價格保持不變。從通貨膨脹的角度來看，同比結果將略高於 3%，略高於 3%。在某種程度上，這種變化會影響 10 億美元的估計。

But I think it's important to note that to the extent that we get back to a deflationary retail cost environment, this $1 billion headwind actually reverses out as a benefit in latter periods.

但我認為重要的是要注意，就我們回到通貨緊縮的零售成本環境而言，這 10 億美元的逆風實際上會在後期逆轉為一個好處。

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。

Great quarter. Just actually I had two questions. One, just a follow-up. I think, Doug, you might have mentioned a strong start to the fourth quarter. The others have sort of mentioned maybe a slower start to the holiday shopping season because of the COVID last year. And I was just curious if you could give any color on if you're seeing any of that kind of behavior.

偉大的季度。實際上我有兩個問題。一，只是一個跟進。我想，道格，你可能提到了第四季度的強勁開局。其他人提到，由於去年的 COVID，假日購物季的開始可能會較慢。我很好奇，如果您看到任何此類行為，您是否可以給出任何顏色。

And then my second question, just a separate question, which is private label was called out. Could -- can you all remind us the private label capabilities at Walmart U.S. and how much that could grow from here?

然後是我的第二個問題，只是一個單獨的問題，這是私人標籤。可以 - 你們都可以提醒我們沃爾瑪美國的自有品牌能力以及從這裡可以增長多少？

As it relates to the strong start, Robby, this is Doug, and then I'll toss it to John. The quarter just started, and as John David said in his remarks, we're trying to build in some conservatism. I think the fact that we're strong in food and consumables is relevant here, and we mentioned that annual event activity that we've experienced so far is in the range of what we would expect generally. So it's just early days, we'll see how the rest of the quarter goes.

因為這與良好的開局有關，羅比，這是道格，然後我會把它扔給約翰。本季度剛剛開始，正如約翰大衛在他的評論中所說，我們正在努力建立一些保守主義。我認為我們在食品和消耗品方面的實力很強這一事實與此相關，我們提到到目前為止我們所經歷的年度活動活動在我們普遍預期的範圍內。所以現在才剛剛開始，我們將看看本季度剩餘時間的情況。

Robby, let me talk about private brand, but more broadly first, we want to be positioned for customers whatever they want, whenever they want it between the stores, pickup, delivery, e-commerce, Walmart InHome, we're prepared and positioned well to serve a variety of customers. And that would include merchandise strategies like private brand.

羅比，讓我談談自有品牌，但更廣泛地說，首先，我們希望在商店、提貨、送貨、電子商務、沃爾瑪 InHome 之間為客戶提供他們想要的任何東西，我們已經準備好並定位很好地服務於各種客戶。這將包括商品策略，如自有品牌。

And we've been pretty open over the years that we don't necessarily manage private brand to a specific target, but what we do in private brand is develop great quality items and great values and then we are there for customers in whatever situation that they're in. And we've seen some customers this year trade into private brands more than they did in the previous year. That's not necessarily true of all customers. Customers shop differently, depending on the position that they're in. And one of the things John David said that's important is a large percentage, the majority of our share gains in the last quarter have come from high-end customers.

多年來我們一直非常開放，我們不一定要為特定目標管理自有品牌，但我們在自有品牌中所做的是開發優質的產品和巨大的價值，然後我們會在任何情況下為客戶服務他們進來了。而且我們看到今年一些客戶比去年更多地購買自有品牌。並非所有客戶都如此。客戶的購物方式不同，具體取決於他們所處的位置。John David 說的其中一個重要因素是很大一部分，我們上個季度的大部分份額收益來自高端客戶。

So we want to be ready to serve customers with great quality, great value, private brand items. We also want to be able to serve customers well with premium items. And we definitely see that in channels like e-commerce and pickup.

因此，我們希望為客戶提供優質、超值的自有品牌商品。我們還希望能夠為客戶提供優質商品。我們肯定會在電子商務和取貨等渠道中看到這一點。

Our next question comes from the line of Corey Tarlowe with Jefferies.

我們的下一個問題來自 Corey Tarlowe 與 Jefferies 的合作。

Congratulations on the strong quarter. So I have a 2-part question, first on International for Judith and second on Sam's Club for Kath.

祝賀強勁的季度。所以我有一個分為兩部分的問題，首先是 Judith 的 International，其次是 Kath 的 Sam's Club。

So firstly, on International, net sales were up a strong 13%. I know you highlighted Flipkart. But can you further unpack maybe what drove that growth and what you see driving continued success in this segment ahead?

首先，在國際市場，淨銷售額強勁增長了 13%。我知道你強調了 Flipkart。但是，您能否進一步分析是什麼推動了這種增長，以及您認為是什麼推動了未來這一領域的持續成功？

And then secondly, on Sam's Club, I believe the company has driven close to 11 consecutive quarters of double-digit comp growth or close to 3 years. What do you attribute this continued and consistent growth to? And how should we be thinking about this momentum as we head into holiday and next year? And then could you also touch a little bit on how you're seeing memberships trend? I know you mentioned that there's an uptick there that continues to be strong as memberships are reaching record levels.

其次，在 Sam's Club 上，我相信該公司已經連續 11 個季度實現兩位數的收入增長或接近 3 年。您將這種持續不斷的增長歸功於什麼？當我們進入假期和明年時，我們應該如何考慮這種勢頭？然後你能否也談談你如何看待會員趨勢？我知道你提到過，隨著會員人數達到創紀錄水平，那裡的增長勢頭會持續強勁。

Yes. Let me start with the International business and thank you for the question. Yes, we saw a really strong quarter for international at 13%. Sales growth was encouraging.

是的。讓我從國際業務開始，謝謝你的提問。是的，我們看到了 13% 的國際市場非常強勁的季度。銷售增長令人鼓舞。

The real stories in here are that we are really starting to see the benefits of the diversification and portfolio work that we did over the last few years. That's led us to being able to focus where it matters across the International portfolio. And I'm definitely seeing the benefit of that as we look across the last couple of quarters of growth and profitability that we've seen.

這裡的真實故事是，我們真的開始看到過去幾年我們所做的多元化和投資組合工作的好處。這使我們能夠專注於整個國際投資組合中重要的地方。當我們回顧過去幾個季度的增長和盈利能力時，我肯定看到了這樣做的好處。

For the quarter specifically, maybe 2 markets to call out. We called out Flipkart, but to give you a little bit of color on that. The Big Billion Days event fell into Q3 for this year. It was in Q4 last year. That created some kind of differences in our results between Q3 and Q4, which we've called out. But that is an event which is designed to try to bring new customers onboard for Flipkart. And it looks to have been successful in doing that again. A billion visits over the 8 days of the event shows you the amount of traffic that, that generates and those customers shopping many of them for the first time. So Flipkart continues to meet our expectations, and we've been pleased with the quarter.

具體來說，對於本季度，可能需要調用 2 個市場。我們召集了 Flipkart，但為了給你一點顏色。 Big Billion Days 活動今年進入了第三季度。那是去年第四季度。這在我們已經指出的第三季度和第四季度的結果中造成了某種差異。但這是一項旨在為 Flipkart 吸引新客戶的活動。它看起來再次成功地做到了這一點。活動 8 天內的 10 億次訪問向您展示了產生的流量以及那些首次購買其中許多商品的客戶。因此 Flipkart 繼續滿足我們的期望，我們對本季度感到滿意。

The other market I would call out is Mexico. So a really strong result from Mexico. They saw double-digit sales growth and strong profit growth as well. What's really encouraging there is not only their focus on their core business, but equally the focus that they're having on building up solutions for customers across their ecosystem. So their cash e-payment business that bites telecom business, the emerging health care businesses are all helping drive that customer connectivity back into the business. And they're proving to be a real powerhouse for the International segment.

我要提到的另一個市場是墨西哥。墨西哥的結果非常強勁。他們看到了兩位數的銷售額增長和強勁的利潤增長。真正令人鼓舞的是，他們不僅專注於核心業務，而且同樣專注於為整個生態系統中的客戶構建解決方案。因此，他們的現金電子支付業務取代了電信業務，新興的醫療保健業務都在幫助推動客戶連接重新回到業務中。他們被證明是國際市場的真正強者。

Across the other markets, maybe the only other market that I would highlight is China, which leads the way from an e-commerce perspective. So our e-commerce penetration for the quarter was 23%. But we also saw in China a 41% e-commerce penetration, and we're learning a lot from that market about how to deal with those kind of volumes, of deliveries and e-commerce as well in Sam's Club and is a real great format therefore in sharing much of the private brand and much of the innovation that Sam's Club in the U.S. is bringing through.

在其他市場中，也許我要強調的唯一其他市場是中國，從電子商務的角度來看，它處於領先地位。因此，我們本季度的電子商務滲透率為 23%。但我們在中國也看到了 41% 的電子商務滲透率，我們從該市場學到了很多關於如何處理這種數量、交付和電子商務以及山姆俱樂部的知識，這真的很棒因此，在分享美國山姆會員店帶來的大部分自有品牌和創新方面。

I think it is that focus on the core business, making sure that our omnichannel capabilities around the world that are strong and also in looking at how we can make sure that we build out these ecosystems which are mutually reinforcing is what will help drive us for the future, too.

我認為專注於核心業務，確保我們在全球範圍內的全渠道能力強大，並研究如何確保我們建立這些相互加強的生態系統，這將有助於推動我們未來也是。

And thank you for the question about Sam's growth. I think we have a pretty simple flywheel that's been sitting at the heart of driving the growth over the last 3 years. And it all starts with creating a member-obsessed culture. If you do that, you can't help but create items and services that members love. If you create items members love, you can buy deep and get cost advantages that you pass on to the member.

感謝您提出有關 Sam 成長的問題。我認為我們有一個非常簡單的飛輪，它在過去 3 年中一直處於推動增長的核心。這一切都始於創造一種以會員為中心的文化。如果您這樣做，您就會情不自禁地創造出會員喜愛的商品和服務。如果你創造了會員喜愛的項目，你可以深入購買並獲得你傳遞給會員的成本優勢。

And if you have great items at disruptive prices and you open up the channels of access like Judith talked about, then you can't help but drive membership income. And as we've driven that, we've been able to take some of the funds back and invest it in our associates who then help create this member-obsessed culture. And that is the flywheel that's just been fueling the 11 quarters of double-digit comp.

而且，如果您以顛覆性的價格擁有優質商品，並且像 Judith 所說的那樣打開了訪問佢道，那麼您將不得不增加會員收入。當我們推動這一點時，我們已經能夠收回部分資金並將其投資於我們的員工，然後他們幫助創造這種以會員為中心的文化。那就是剛剛為 11 個季度的兩位數 comp 提供燃料的飛輪。

I think as you kind of look at that, you can also see our membership income has been up kind of high single digits over the -- kind of over the 3-year period as well. And so it's really just reinforcing flywheel.

我想當你看到這一點時，你也可以看到我們的會員收入在過去 3 年期間也以高個位數增長。所以它實際上只是加強飛輪。

If you think about Member's Mark, our Member's Mark item is actually made with and for our members. So we have 40,000 members who give us counsel on the items before we launch them to market, which means that they always launch successfully and we end up with about a 4.2 star rating minimum on our Member's Mark items. That's creating items that members love and they ensure that they're successful when they're launched. That's part of the magic that's sitting in that growth of 11 quarters.

如果您想到 Member's Mark，我們的 Member's Mark 項目實際上是與我們的會員一起製作的，也是為我們的會員製作的。因此，我們有 40,000 名會員在我們將產品推向市場之前就這些產品向我們提供建議，這意味著它們總是成功推出，並且我們的會員標記產品最終獲得了大約 4.2 星的最低評級。那就是創建成員喜歡的項目，並且他們確保在發佈時取得成功。這是 11 個季度的增長所帶來的魔力的一部分。

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

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

Wanted to just talk a little bit about the general merchandise business at Walmart U.S. Just curious how you think you're performing on that side from a market share perspective and if there's strategies to better leverage the very strong traffic on the grocery side of the business.

想談談美國沃爾瑪的日用商品業務。只是想知道從市場份額的角度來看，您認為自己在這方面的表現如何，以及是否有策略可以更好地利用業務雜貨店方面非常強勁的流量.

And also, just how do you think the promotional activity continued -- or contributed to the performance there? Because it looks like some of the categories that did perform well, lawn and garden, automotive, were maybe the categories that were not quite as promotional. But maybe you could just help us understand how that played out in the quarter?

而且，您認為促銷活動是如何繼續進行的——或者對那裡的業績有何貢獻？因為看起來某些類別表現不錯，草坪和花園、汽車等類別可能沒有那麼促銷。但也許你可以幫助我們了解這在本季度的表現如何？

First, I think something you said that is really important, the traffic that comes from food and consumables is where a lot of our shopping journeys begin. And over the last few years, we've positioned the business to have a strong online pickup delivery business from stores, which includes an omnichannel approach, which enables customers to shop the entire business any way that they want to.

首先，我認為你說的很重要，來自食品和消費品的流量是我們很多購物旅程的起點。在過去的幾年中，我們將業務定位為擁有強大的商店在線提貨業務，其中包括全渠道方法，使客戶能夠以他們想要的任何方式購買整個業務。

In the last quarter specifically, I think there's been really good progress with a number of items that have come on to the Marketplace, including the number of sellers. The offering has grown pretty significantly just in the last quarter. The count of item's up about 50% which positions us well in categories like apparel as we look forward and also other strong categories like home.

特別是在上個季度，我認為 Marketplace 上的許多商品都取得了很好的進展，包括賣家的數量。僅在上個季度，該產品的增長就非常顯著。商品數量增加了約 50%，這使我們在我們期待的服裝等類別以及家居等其他強大類別中處於有利地位。

On the share point, I think the categories you mentioned, in one of our reports would show share gains and others, we feel pretty good about the overall market share remaining in a positive position through the quarter.

在份額方面，我認為你提到的類別，在我們的一份報告中會顯示份額增長和其他，我們對本季度整體市場份額保持在積極位置感到非常滿意。

So for the next 3 months, we're really focused on delivering and executing well for all of our customers. There will be a lot of holiday spending as people prepare for gifts. Doug mentioned earlier that our first annual event was basically in line with expectations. But there's a lot of daylight between now and the end of the quarter, still 75 days to go. So we're really focused on the next few weeks as we lead into December and get ready for the holiday period.

因此，在接下來的 3 個月裡，我們真正專注於為所有客戶提供和執行良好的服務。人們準備禮物時會有很多假期消費。 Doug 之前提到，我們的第一次年度活動基本符合預期。但是從現在到本季度末還有 75 天的時間。因此，我們真正關注接下來的幾週，因為我們將進入 12 月並為假期做好準備。

Our next question is 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 Simeon Gutman。

Two-part question. First, on the third quarter. You had set it up conservatively and this came in much better. Can you talk about what's changed? Is it clearing of inventory? Inflation definitely picked up but your transactions did, too. And maybe -- it seems like you have some pricing power.

兩部分的問題。首先，關於第三季度。你已經保守地設置了它，結果好多了。你能談談有什麼變化嗎？是清庫存嗎？通貨膨脹肯定會上升，但您的交易也會上升。也許——你似乎有一定的定價權。

And then the second question is maybe to John David, the timing of LIFO. Is it -- a lot of companies experienced a lot of LIFO pressure during '22 because of how high inflation was. Why has it lagged? Is it because you lagged the pricing that [let grow] into your price? Is it other -- is there some other dynamic with LIFO that you had some reserves? Anyway, just wondering why it's hitting you next year.

然後第二個問題可能是約翰大衛，LIFO 的時間安排。是嗎——由於通貨膨脹率很高，許多公司在 22 年期間經歷了很多後進先出法的壓力。為什麼它落後了？是因為你的定價滯後 [讓增長] 進入你的價格嗎？是不是其他 - 後進先出法是否還有其他動態，您有一些儲備？無論如何，只是想知道為什麼明年它會打擊你。

Sure, Simeon. I'll take both those pieces. On 3Q, I think there's a couple of things that stand out in terms of the performance relative to our guidance. First is, as we talked about it in our prepared remarks, we gained share during the period, which in this time of high inflation that's putting pressure on the consumers, it shows that our value proposition is more relevant than ever.

當然，西蒙。我會把這兩件都拿走。在第三季度，我認為相對於我們的指導，在表現方面有幾件事很突出。首先，正如我們在準備好的評論中談到的那樣，我們在此期間獲得了份額，在這個給消費者帶來壓力的高通脹時期，這表明我們的價值主張比以往任何時候都更重要。

At the same time, there's also been an extreme focus on the expense side of the business. And so you see that we leveraged by almost 80 basis points in the quarter as we're continuing to focus on providing the best products to our customers but in the most efficient way that we can. And so those will be the 2 areas that I would call out that are most notable in terms of the outperformance.

與此同時，企業的費用方面也受到了極大的關注。因此，您會看到我們在本季度利用了近 80 個基點，因為我們繼續專注於以最有效的方式為客戶提供最好的產品。因此，這些將是我要指出的在出色表現方面最顯著的兩個領域。

With respect to LIFO, what we've experienced this year with the over $200 million of LIFO charges has been entirely related to Sam's. Sam's uses the weighted average cost method for their inventory accounting. Walmart uses RAM, a retail inventory method. And so there's a slight nuance difference there that results in the lag. But our expectation, given that we think that these prices will persist, is that Walmart U.S. will then -- will soon begin incurring these charges as well.

關於後進先出法，我們今年所經歷的超過 2 億美元的後進先出法費用完全與山姆有關。 Sam's 使用加權平均成本法進行存貨核算。沃爾瑪使用 RAM，一種零售庫存方法。因此，那裡存在細微差別，導致滯後。但鑑於我們認為這些價格將持續存在，我們的預期是沃爾瑪美國將很快也將開始收取這些費用。

In terms of the timing of next year, it's more front-loaded than the back half of the year.

就明年的時間而言，它比今年下半年更重要。

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

下一個問題來自 Chuck Grom 和 Gordon Haskett 的對話。

Congrats to the team. Doug, in your prepared remarks, you said customers that came to us less frequently in the past are now shopping with us more often. Can you flesh that comment out a little bit more for us. I think it's interesting. I'm curious the time frame that you're speaking to.

恭喜球隊。道格，在你準備好的發言中，你說過去來我們這裡的顧客不那麼頻繁，現在來我們這裡購物的頻率更高了。你能為我們充實一下評論嗎？我覺得很有趣。我很好奇你所說的時間範圍。

And then regionally, just curious if there was any call-outs in the quarter, particularly in California with the rebate checks paid out in the month of October.

然後是區域性的，只是好奇本季度是否有任何召集，特別是在加利福尼亞州，10 月份支付了回扣支票。

Yes. I'll respond to the first one, and then John, you can help. As it relates to customers shopping with us more frequently, this share gain with people making more than $100,000 household income is what I was referring to. As you would expect, just about everybody, if I think about the U.S., it's probably true in Mexico and other places, too, shops at Walmart at some point. A lot of people may come to us for Tide or come to us for bananas, but they may not buy a T-shirt or a sweater. We've got really high market shares in some general merchandise categories which would tell you a lot of America shops at Walmart.

是的。我會回复第一個，然後是 John，你可以幫忙。因為它與更頻繁地與我們一起購物的客戶有關，所以我指的是家庭收入超過 100,000 美元的人的這種份額收益。正如你所料，幾乎每個人，如果我想到美國，墨西哥和其他地方可能也是如此，有時在沃爾瑪購物。很多人可能是為了潮牌來找我們，或者是為了香蕉來找我們，但他們可能不會買一件T卹或一件毛衣。我們在某些一般商品類別中擁有非常高的市場份額，這可以告訴您沃爾瑪有很多美國商店。

And during a period of time when people are more sensitive to price, it makes sense that they would increase the amount of their wallet that would be coming to Walmart because of value. So that's what's happening.

在人們對價格更加敏感的時期，他們會因為價值而增加錢包數量，這是有道理的。這就是正在發生的事情。

So that leads you to the second question, which is can you keep them? And I think some of the things John mentioned a minute ago, like pickup and delivery help. But as I mentioned in my remarks, fresh food and apparel are other areas, home's another one, where if we can stand tall during this period of time, we think they'll keep coming back to us because we do have quality, we do have value and we've created a lot more ways for them to save time in the store and we pick up in delivery. So that's what we're out to do.

那麼這就引出了第二個問題，你能保留它們嗎？我想約翰剛才提到的一些事情，比如取貨和送貨有幫助。但正如我在發言中提到的，生鮮食品和服裝是其他領域，家是另一個領域，如果我們能在這段時間站得住腳，我們認為他們會繼續回到我們身邊，因為我們確實有品質，我們做到了有價值，我們已經為他們創造了更多的方式來節省他們在商店裡的時間，我們在送貨上提貨。這就是我們要做的。

Yes, exactly right. Chuck, yes, the business has really positioned itself to be an omni business. So we are ready for customers however they want to shop. Certainly, I would just repeat that in higher income customer groups, we're seeing more and more often. We're also seeing more digital engagements with customers, more app downloads, more users, people shopping more frequently. And I think that speaks to the strength of the flexibility of what we've built.

是的，完全正確。 Chuck，是的，這家公司確實將自己定位為一家全方位的公司。因此，我們已為顧客準備好他們想要的任何購物方式。當然，我只想重複一遍，在高收入客戶群體中，我們看到的次數越來越多。我們還看到與客戶更多的數字互動、更多的應用程序下載、更多的用戶、更頻繁的購物者。我認為這說明了我們所構建的靈活性的優勢。

And for a long time, we talked about the value of a store customer plus shopping on e-com, how much more valuable that was. We see that accelerate when it's pickup, e-commerce and stores. So going forward, you'll hear us talk about this more and more as an omni offer which is really flexible for the customer and doing things like having options for Thanksgiving meal that are priced the same as last year are really helpful at a time when customers are feeling the pressure of inflation.

很長一段時間，我們都在談論實體店客戶的價值加上在電子商務上購物的價值，這更有價值。我們看到在提貨、電子商務和商店方面加速。因此，展望未來，您會聽到我們越來越多地將此作為全方位服務進行討論，這對客戶來說非常靈活，並且做一些事情，比如選擇與去年價格相同的感恩節大餐，在這個時候真的很有幫助客戶感受到通貨膨脹的壓力。

And then the last thing, regionally, no real differences to report in the third quarter across the geographies. We saw strength in many geographies. So I wouldn't say that there's anything that would be a real standout in terms of one region being much stronger than others. The formats were strong across the board, and we saw consistency throughout the quarter.

然後最後一件事，在區域上，第三季度跨地區報告沒有真正的差異。我們在許多地區都看到了實力。因此，我不會說就一個地區比其他地區強大得多而言，有什麼會真正脫穎而出。格式全面強大，我們看到整個季度的一致性。

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

我們的下一個問題來自瑞銀集團的 Michael Lasser。

I have two questions. First for Doug. At the start of your prepared remarks, Doug, you mentioned that you're aiming to bring down prices for consumers. As we move into next year, it's likely that some of the pressures that caused all the inflation in consumer goods will start to recede. How is Walmart going to handle that? Could you actually see prices come down? And that's important given that Walmart tends to be the price-setter across a lot of consumer goods, and you're going to have this growing pool of alternative profit from what you can actually support lower prices into next year.

我有兩個問題。首先是道格。道格，在你準備好的發言開始時，你提到你的目標是為消費者降低價格。隨著我們進入明年，導致消費品所有通脹的一些壓力可能會開始消退。沃爾瑪將如何處理？你真的能看到價格下降嗎？這一點很重要，因為沃爾瑪往往是許多消費品的定價者，而且你將從實際支持較低價格的東西中獲得不斷增長的替代利潤池，直到明年。

And then my follow-up question is for John David. John David, you provided a couple of [least] parameters for how to think about 2023 between the $1 billion LIFO headwind to gross margin and the $3 billion of FX drag to sales next year. Does that mean we should expect that 2023 is going to be a sub algo year for Walmart of achieving 4% top line growth and 4.5% operating income growth? And then you'll get that back in 2024 and some of those headwinds we see such that the combination of those 2 years should produce the algorithm.

然後我的後續問題是給 John David 的。約翰大衛，你提供了幾個[最少]參數來說明如何在 10 億美元的 LIFO 逆風對毛利率和 30 億美元的外匯拖累明年的銷售之間思考 2023 年。這是否意味著我們應該預計 2023 年將是沃爾瑪實現 4% 的收入增長和 4.5% 的營業收入增長的子算法年？然後你會在 2024 年得到它，我們看到的一些逆風使得這兩年的結合應該產生算法。

Yes, Michael, this is Doug. The algorithm is the first thing that came to mind when you asked the question about how we'll approach prices. The 4% and greater than 4% numbers are certainly on our mind, and that indicates that we think we can grow the operating income percentage of the company over time.

是的，邁克爾，這是道格。當您問及我們將如何處理價格的問題時，首先想到的是算法。 4% 和大於 4% 的數字當然在我們的腦海中，這表明我們認為我們可以隨著時間的推移增加公司的營業收入百分比。

As we navigate next year, that will be one factor that we're thinking about. Obviously, we'll be thinking about customers and members as well and driving top line and growing share. So we'll be navigating it basically week to week, month to month as things change. And commodities like protein categories have already started to respond. They move quickly based on demand, there'll be volatility in categories like fresh food. The general merchandise categories have started to move as demand softens.

在我們明年航行時，這將是我們正在考慮的一個因素。顯然，我們也在考慮客戶和會員，並推動收入增長和份額增長。因此，隨著情況的變化，我們基本上會每週、每月進行導航。蛋白質類別等商品已經開始做出反應。他們根據需求迅速行動，新鮮食品等類別會出現波動。隨著需求疲軟，一般商品類別開始發生變化。

And things like transportation cost change. We've seen some downward movement in general merchandise. And I think that will continue, trying to guess, in the next year to some degree. And we'll manage margins in a price gap in general merchandise department by department, category by category as we always do, but have an eye towards leading down while protecting profitability as much as we can.

諸如運輸成本之類的事情也會發生變化。我們已經看到一般商品出現了一些下滑趨勢。而且我認為這種情況將在明年某種程度上繼續下去，試圖猜測。我們將一如既往地逐個部門、逐個類別地管理一般商品的價格差距中的利潤率，但要著眼於降低成本，同時盡可能地保護盈利能力。

I think dry grocery and consumables will be more stubborn. Wage rates have gone up, and that won't change. And some input costs have been high for those categories. That's the area where we need to partner even more with our suppliers and come up with more creative solutions and try to do the best we can of relieving that pressure for customers and members.

我覺得乾雜貨和消耗品會比較頑固。工資率已經上漲，而且不會改變。這些類別的一些投入成本很高。在這方面，我們需要與供應商進行更多合作，提出更具創意的解決方案，並儘我們所能為客戶和會員減輕壓力。

When you add it all up, we'll watch our price gaps. We like where our price gaps are. As you've heard us say many times, we understand where price gaps need to be to drive our sales. And then we manage the rest of the pieces to consider operating income and return on investment.

當你把它全部加起來時，我們會觀察我們的價格差距。我們喜歡我們的價格差距所在。正如您多次聽到我們所說的那樣，我們了解價格差距需要在哪裡才能推動我們的銷售。然後我們管理其餘部分以考慮營業收入和投資回報。

Michael, with the second part of that question, while I wasn't here when we first talked about the growth algorithm, I'm quite certain that the team did not contemplate the $1 billion LIFO charge in that number or the FX headwind. So I would encourage you to think about that over a multiyear basis. That's a framework to think about the opportunity that we have in our business. We're calling that out now because it's a headwind that we recognize we're going to encounter.

邁克爾，關於這個問題的第二部分，雖然我們第一次談論增長算法時我不在場，但我很確定團隊沒有考慮到該數字中 10 億美元的後進先出費用或外匯逆風。所以我鼓勵你在多年的基礎上考慮這個問題。這是一個思考我們在業務中擁有的機會的框架。我們現在宣布這一點，因為這是我們認識到我們將要遇到的逆風。

But shouldn't take away from the tremendous growth opportunities that we have with our changing business model, moving more to a scaled omnichannel retailer as we invest in things like Marketplace, advertising, fulfillment services. And so all of those things give us a lot of conviction that, that growth algorithm is well in place. But I would encourage you to think about that over a multiyear period.

但不應該剝奪我們不斷變化的商業模式所帶來的巨大增長機會，隨著我們投資於市場、廣告、履行服務等領域，更多地轉向規模化的全渠道零售商。因此，所有這些都讓我們堅信，增長算法已經到位。但我鼓勵你在多年的時間裡考慮這個問題。

Could I clarify that one, please? If you're expecting the $1 billion headwind to gross margin from LIFO in, let's say, the next 2 or 3 quarters, does that mean you would get it back in the subsequent 2 or 3 quarters based on everything that you know today?

我可以澄清一下嗎？如果您預計後進先出法的毛利率將在接下來的 2 或 3 個季度出現 10 億美元的逆風，這是否意味著您將根據您今天所知道的一切在隨後的 2 或 3 個季度收回它？

That's the right way to think about it, Michael. I don't want to be so specific as to say the number of quarters or which quarters. But over the past, call it 35 years, we've generally been, either because of our business model of everyday low prices or just what's happening with retail prices, in general, we've generally been in a deflationary cost environment.

這是正確的思考方式，邁克爾。我不想具體到說有多少個季度或哪些季度。但在過去，也就是 35 年，我們通常都處於通貨緊縮的成本環境中，要么是因為我們的日常低價商業模式，要么就是零售價格正在發生的事情。

We don't expect to live in this era of high inflation forever. I certainly hope not. And so if we do get back to what we've seen over the last 3 decades, you would expect that to reverse out in a reasonably quick time period. So this is not something that if we get back to a normal environment, it's going to take years to reverse out. So what you said is generally correct. I can't be so specific as to be, say, which quarters they're going to happen though.

我們不希望永遠生活在這個高通脹的時代。我當然希望不會。因此，如果我們確實回到過去 3 年所看到的情況，您會期望這種情況會在相當短的時間內逆轉。因此，如果我們回到正常環境，這不會需要數年時間才能扭轉。所以你說的大體上是對的。我不能具體到，比如說，他們會在哪個季度發生。

Next question comes from the line of Peter Benedict with Baird.

下一個問題來自 Peter Benedict 與 Baird 的對話。

Just a couple of quick ones. First, just John David, maybe you guys -- you talked a lot about the flywheel new capabilities. Understanding that those are all integrated into the business in different ways, how should we be thinking about the impact that can have on the business, either currently or over the next few years? Any way you can help us frame that?

只是幾個快速的。首先，只有約翰大衛，也許你們 - 你談到了很多關於飛輪新功能的問題。了解這些都以不同的方式整合到業務中，我們應該如何考慮當前或未來幾年可能對業務產生的影響？你有什麼辦法可以幫助我們構建框架嗎？

And then the second question is just around the trade down and the increase in private brand penetration. Just curious how the pace and magnitude of that shift that you guys are seeing compares to maybe past periods where we've had economic stress? Is it similar? Is it happening more acutely? Just those are my 2 questions.

然後第二個問題是圍繞貿易下降和自有品牌滲透率的增加。只是好奇你們所看到的這種轉變的速度和幅度與我們可能經歷過經濟壓力的過去時期相比如何？相似嗎？它發生得更嚴重嗎？這就是我的兩個問題。

Sure. I'll take the first part of that and then pass it on to John for the second part of the question. One of the things, Peter, that excites me the most about this business is the opportunity that we have going forward with a changing business model that is really reflective of where consumers -- consumer patterns are shifting to. We've seen the world move more online. I think we are unique in our ability to be a skilled omnichannel retailer. And so when you consider things like advertising or fulfillment services, these are areas of our business that not only are faster-growing, they have a higher margin associated with them.

當然。我將回答第一部分，然後將其傳遞給 John 以解決問題的第二部分。彼得，讓我對這項業務最感興趣的一件事是，我們有機會推進一種不斷變化的商業模式，這種模式真正反映了消費者——消費者模式正在向何處轉變。我們已經看到世界越來越在線。我認為我們在成為熟練的全渠道零售商方面是獨一無二的。因此，當您考慮諸如廣告或履行服務之類的事情時，我們的業務領域不僅增長更快，而且與之相關的利潤率更高。

And so that's included when we contemplate our growth algorithm. So hopefully, we look up a number of years from now and we've got a much more diverse and durable earnings stream that also there's a different multiple ascribed to those earning streams than what exists today. We're quite excited about the opportunity in front of us.

所以當我們考慮我們的增長算法時，這就包括在內了。因此，希望從現在開始的幾年後，我們會有一個更加多樣化和持久的收入流，而且這些收入流的倍數也與今天存在的不同。我們對擺在我們面前的機會感到非常興奮。

And Peter, it's John. I'll just talk about private brand for a second. What we've seen really for the last 3 years up until Q1 of this year was a flat private brand penetration, not much movement in '19, '20, '21. And then the movement, the trading to private brands from other brands really started in about March of this year. And then as we said in the quarter, it's increased its penetration in the food categories by about 130 basis points. So a relatively decent amount has moved into private brands.

彼得，是約翰。我只想談談自有品牌。在今年第一季度之前的過去 3 年裡，我們真正看到的是自有品牌滲透率持平，在 19 年、20 年、21 年沒有太大變化。然後是運動，從其他品牌到自有品牌的交易真正開始於今年 3 月左右。然後正如我們在本季度所說，它在食品類別中的滲透率提高了約 130 個基點。因此，相對可觀的數量進入了自有品牌。

As far as comparisons to prior periods, I think the last time we would be able to say anything about this is probably 12 to 13 years ago. So I don't think I have anything today to offer with specificity other than what we've seen in the last 3 quarters is quite a bit of switching amongst some consumers. Now there are other consumers that are trading to Walmart that are not trading in private brands. They're branded customers and they're buying more premium items.

至於與之前時期的比較，我認為我們最後一次能夠對此發表任何看法可能是在 12 到 13 年前。所以我認為我今天沒有什麼可以提供的，除了我們在過去 3 個季度看到的一些消費者之間的相當多的轉變。現在有其他消費者正在與沃爾瑪進行交易，而不是在交易自有品牌。他們是品牌客戶，他們正在購買更多優質商品。

So again, I would just repeat the fact that we positioned ourselves in terms of merchandising in the portfolio and with the channels by which we serve customers in a very flexible way so that we can help customers in whatever economic situation they're in and we'll be ready for the rest of the year.

因此，我想再次重申一個事實，即我們將自己定位於產品組合中的商品推銷以及我們以非常靈活的方式為客戶提供服務的渠道，以便我們可以在客戶所處的任何經濟形勢下為他們提供幫助，我們將為今年餘下的時間做好準備。

I think what you guys have done on the Thanksgiving meal is a great example of how we're helping relieve pressure. There, Peter, a group of items that make up kind of the scratch cooking aspects of Thanksgiving, 25 items for $88, the same as last year, that's one basket. We've looked at Thanksgiving baskets in different ways and taken other actions on products that are more convenient, not scratched, like our $71 for 17 different items. That alleviates the need to switch. These are -- some of these are branded items. I think that's a great example of how we can step up and absorb some of this to help families that need it most. And I'm really pleased to see you guys take that action.

我認為你們在感恩節大餐上所做的就是我們如何幫助緩解壓力的一個很好的例子。那裡，彼得，一組構成感恩節臨時烹飪方面的物品，25 件 88 美元，和去年一樣，那是一個籃子。我們以不同的方式審視了感恩節籃子，並對更方便、不易刮花的產品採取了其他措施，例如我們的 17 種不同商品售價 71 美元。這減輕了切換的需要。這些是——其中一些是品牌商品。我認為這是一個很好的例子，說明我們如何加強和吸收其中的一些來幫助最需要它的家庭。我真的很高興看到你們採取這樣的行動。

Our next question is from the line of Scott Mushkin with R5 Capital.

我們的下一個問題來自 R5 Capital 的 Scott Mushkin。

So I guess I wanted to get back to the idea of next year and what Michael was talking about with the inflation receding. I guess the big wildcard in that is if we get a big inflation going away, where does demand -- underlying demand would suggest maybe underlying demand is being destroyed potentially. And so how do you guys think of your business as we -- if we move through that type of environment?

所以我想我想回到明年的想法，以及邁克爾所說的隨著通貨膨脹的消退。我想這其中的一個大通配符是，如果我們的通貨膨脹率大幅下降，那麼需求——潛在需求將表明潛在需求可能正在被破壞。那麼，如果我們經歷那種環境，你們如何看待我們的業務？

Sure. I'll start and others can jump in. This is John David. Look, one of the biggest impacts in our business this year has been the change in mix, particularly as we think about the U.S. business, where the margin profile is different on general merchandise versus food and consumables. We don't have an assumption that, that bounces back rapidly next year. And with continued high prices, the consumer continuing to be pressured, we expect to have that mix effect effects prolong into next year.

當然。我先開始，其他人可以加入。我是 John David。看，今年我們業務的最大影響之一是組合的變化，特別是當我們考慮美國業務時，一般商品與食品和消耗品的利潤率不同。我們沒有假設明年會迅速反彈。由於價格持續高企，消費者繼續承受壓力，我們預計這種混合效應將持續到明年。

So I know there's hope that things would bounce back. And certainly, some of the onetime costs that we've incurred this year related to supply chain are not going to repeat next year, but the consumer is stressed. One of the things that's assisted that thus far is relatively strong balance sheets among consumers assisted by stimulus payments. That's not going to last forever. So that's why we take a rather cautious view on the consumer.

所以我知道有希望事情會反彈。當然，我們今年與供應鏈相關的一些一次性成本明年不會重複，但消費者壓力很大。到目前為止，其中一項得到幫助的事情是在刺激支付的幫助下，消費者的資產負債表相對強勁。這不會永遠持續下去。所以這就是為什麼我們對消費者持相當謹慎的看法。

But at the same time, as all of us have mentioned, this is when our value proposition really shines, when customers are looking for value. And it's not just value, it's also product assortment. One of the things that John mentioned, and I think it's worth repeating, but it's not just the 370 million SKUs that we're offering between first-party and third-party e-commerce, it's the acceleration of that. That's a 50% increase quarter-over-quarter. And it shows you that not only are we providing products at the price point that customers want, we're providing additional products and assortment for them to buy.

但與此同時，正如我們所有人都提到的那樣，這是我們的價值主張真正閃耀的時候，客戶正在尋找價值。這不僅僅是價值，它也是產品分類。 John 提到的其中一件事，我認為值得重複，但這不僅僅是我們在第一方和第三方電子商務之間提供的 3.7 億個 SKU，而是它的加速。環比增長 50%。它向您表明，我們不僅以客戶想要的價格提供產品，而且還提供額外的產品和分類供他們購買。

Scott, the thing I would add, and I agree what John David said, really 3 parts of this. First, we have to focus on what we can control in any environment. And that would consist of great merchants; positioning our sales for value, which is relative value and taking a longer-term approach to the consumer; and then finally, strong execution.

Scott，我要補充的是，我同意 John David 所說的，實際上分為 3 個部分。首先，我們必須關注在任何環境中我們可以控制的內容。那將由大商人組成；將我們的銷售定位為價值，即相對價值，並對消費者採取更長期的方法；最後，強大的執行力。

We've made some progress with inventory, as we said, quarter-to-quarter, from high 20s to just over 12% over the last year. So having an inventory position that's strong going into the year with some flexibility is a really important part to be able to maneuver any environment that we get into. So we'll continue to focus on those 3, and we'll be ready for customers in any scenario that we find ourselves in, in the next couple of years.

正如我們所說，我們在庫存方面取得了一些進展，從去年的 20% 上升到剛剛超過 12%。因此，擁有一個具有一定靈活性的強大庫存位置是能夠操縱我們進入的任何環境的一個非常重要的部分。因此，我們將繼續專注於這 3 個，並且在未來幾年內，我們將在我們發現自己所處的任何情況下為客戶做好準備。

So as a follow-up up to that, John, like if you look at the U.S. business ex LIFO, do you anticipate EBIT growth?

因此，作為對此的後續行動，約翰，如果你看看美國業務 ex LIFO，你預計息稅前利潤會增長嗎？

We're not prepared to give guidance for next year yet. We'll talk about that more on the fourth quarter call.

我們還沒有準備好為明年提供指導。我們將在第四季度電話會議上更多地討論這個問題。

So a really good try, though, Scott.

不過，這是一次非常好的嘗試，斯科特。

We were all tempted to jump in and say something, but I think John David gave you the appropriate answer.

我們都想插嘴說些什麼，但我認為 John David 給了你合適的答案。

Our final question today comes from the line of Paul Lejuez with Citigroup.

我們今天的最後一個問題來自花旗集團的 Paul Lejuez。

Just curious, you mentioned again seeing a higher-income consumer trading into your store. I'm curious that you're seeing them shop other parts of your store outside of food and grocery. Are you seeing them show up in general merchandise? And I'm kind of curious, just as you look out to the competitive environment for holiday, what do you expect in terms of the promotional cadence out there? And maybe just talk about the opportunities that you have for holiday this year as well as challenges.

只是好奇，您再次提到看到一位高收入消費者進入您的商店進行交易。我很好奇您是否看到他們在食品和雜貨店以外的其他地方購物。您是否看到它們出現在一般商品中？而且我有點好奇，就像您關注假期的競爭環境一樣，您對那裡的促銷節奏有何期望？也許只是談談你今年假期的機會和挑戰。

People, what's exciting about the rest of the season is we still have a couple of big events this month. We're excited about Thanksgiving next week because of the way we prepared in the food business. And then we have an event in December that we're looking forward to as well.

各位，本賽季餘下的比賽令人興奮的是本月我們還有幾場大型賽事。由於我們在食品行業的準備方式，我們對下週的感恩節感到興奮。然後我們在 12 月舉辦了一場我們也很期待的活動。

The customers that are trading into the brand, as I said earlier, it's a mix, which is great. We're seeing more customers more often. We're seeing them in more categories. Historically, in the last quarter, we do see a lot of new customers who come in via food and consumables. And then through the digital experience, what we did over the last really 12 months was integrate the original Walmart grocery shopping app and the Walmart.com app into one place. So the entire assortment, up to 350-plus million items, are all there in 1 place. So I think we're positioned well to be able to navigate.

正如我之前所說，正在交易該品牌的客戶是混合體，這很棒。我們看到更多的客戶更頻繁。我們在更多類別中看到它們。從歷史上看，在上個季度，我們確實看到很多新客戶是通過食品和消費品進來的。然後通過數字體驗，我們在過去真正的 12 個月裡所做的是將原來的沃爾瑪雜貨店購物應用程序和 Walmart.com 應用程序整合到一個地方。因此，整個分類，多達 350 多萬件商品，都集中在一個地方。所以我認為我們的定位很好，能夠導航。

As far as promotions, as we said earlier, the guidance would include the ability to react to a more promotional environment, but we don't know yet. It's still mid-November, and there's a lot of room between now and the end of the holidays, including New Year. So again, we'll be prepared for any environment that emerges over the next few weeks.

至於促銷，正如我們之前所說，該指南將包括對更具促銷性的環境做出反應的能力，但我們還不知道。現在還是 11 月中旬，從現在到假期結束（包括新年）之間還有很多空間。因此，我們將再次為未來幾週出現的任何環境做好準備。

More promotional than normal. Late -- some seasons are later than others. Christmas is a day later. This will be one of those years where we're watching sales closely up until the last minute of Christmas Eve. And then we'll do a lot of business after Christmas. We don't finish until January 31. And sometimes these quarters work out where the very end of December and January end up being stronger when people are particularly price-sensitive. So that's kind of what I'm expecting.

促銷力度比平時大。晚 - 有些季節比其他季節晚。聖誕節是一天后。這將是我們密切關註銷售情況直到平安夜最後一分鐘的年份之一。然後我們會在聖誕節後做很多生意。我們要到 1 月 31 日才結束。有時這些季度會在 12 月末和 1 月結束時變得更強勁，因為人們對價格特別敏感。這就是我所期待的。

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

謝謝你。至此，我們的問答環節已經結束。我會把電話轉給 Doug McMillon 作結束語。

As always, thanks for your interest in the company. We are pleased that we had a stronger quarter. I think there's a lot to look at in the metrics that we shared, we've shared a lot of information this morning, that would indicate not only are kind of the key short-term operational metrics being managed well, but we are building a different business model. John David talked a bit about that in his prepared remarks. We're excited to see progress in terms of how Marketplace is scaling and how these businesses connect to each other.

一如既往，感謝您對公司的關注。我們很高興我們有一個更強勁的季度。我認為我們分享的指標有很多值得關注的地方，我們今天早上分享了很多信息，這表明不僅一些關鍵的短期運營指標得到了很好的管理，而且我們正在建立一個不同的商業模式。約翰大衛在他準備好的發言中談到了一點。我們很高興看到在 Marketplace 如何擴展以及這些業務如何相互連接方面取得進展。

So we're not just focused on the short term, but we are focused on the short term as we build for the long term. The key issue has been inventory management, and I'm really thankful to have a team with a lot of experience and able to consume a lot of data to make good choices about where we position inventory by country, by category, for the rest of this quarter and into next year. I'm sure there will be some things that surprise us, but we are engineered for flexibility.

因此，我們不僅關注短期，而且在著眼於長期發展的同時也關注短期。關鍵問題是庫存管理，我真的很感謝擁有一支經驗豐富且能夠使用大量數據的團隊，以便為我們按國家/地區、按類別、為其餘部分的庫存位置做出正確的選擇本季度和明年。我敢肯定會有一些事情讓我們感到驚訝，但我們的設計具有靈活性。

And as I mentioned in my remarks, one of the things I love about this business, there's a long list of things I love, but one of the things I love are all the natural hedges. If they don't want to buy something, we'll sell them something else. If the price needs to be a little lower, we'll figure that out. If a problem needs to be dealt with, we'll deal with it, and there'll be something else going well that helps us manage the total portfolio. That's the way that I think about it. I'm excited about this holiday and the challenges in front of us, and I hope you guys have a great holiday yourselves. Thank you all.

正如我在發言中提到的，我喜歡這個行業的一件事是，有一長串我喜歡的東西，但我喜歡的其中一件事就是所有的天然樹籬。如果他們不想買東西，我們會賣給他們別的東西。如果價格需要低一點，我們會想辦法的。如果有問題需要處理，我們會處理它，並且會有其他事情進展順利，幫助我們管理整個投資組合。我就是這麼想的。我對這個假期和我們面前的挑戰感到興奮，我希望你們自己度過一個愉快的假期。謝謝你們。

This will conclude 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。