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。歡迎參加沃爾瑪 2023 財年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將會議交給投資人關係資深副總裁 [Steph Wissink]。史蒂芬，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。歡迎參加沃爾瑪 2023 財年第三季財報電話會議。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執行長 Doug McMillon；約翰‧大衛‧雷尼 (John David Rainey)，執行副總裁兼財務長；約翰‧弗納（John Furner），沃爾瑪美國公司總裁兼執行長；朱迪絲‧麥肯納 (Judith McKenna)，沃爾瑪國際公司總裁兼執行長；以及山姆會員店總裁兼執行長凱絲·麥克萊 (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，道格和約翰大衛將為您提供業務最新資訊並討論第三季業績。接下來將是我們的問答環節。

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，請允許我提醒您，今天的電話會議正在錄音，並將包含前瞻性陳述。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有重大差異。這些風險和不確定性包括但不限於我們向 SEC 提交的文件中確定的因素。請在我們的網站 stock.walmart.com 上查看我們的新聞稿和隨附的幻燈片演示，以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公認會計原則對帳。

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

現在我很高興將電話轉給道格·麥克米倫。

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.

大家早安，感謝您加入我們討論第三季的業績。讓我重點介紹一下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，這是一個不錯的季度。我們在各個細分市場中取得了強勁的業績，我們的價值主張與世界各地的客戶和會員產生了共鳴。我們在美國和墨西哥等主要市場的商店和線上雜貨業務中看到了這一點。過去較少來我們這裡購物的客戶現在越來越頻繁地在我們這裡購物，其中包括高收入客戶。

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，在第四季度工作並為明年做好定位時，我們正在按類別和費用對庫存水準進行深思熟慮和平衡。在某些地方我們將保持積極進取，而在其他地方我們將更加保守。

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知識的同時，我們還將更新的、自然相關的能力與我們更大的業務聯繫起來並擴展，使它們相輔相成。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的返校季節的營收勢頭，並持續到印度、中國的節日以及美國的早期促銷活動。如此，我們繼續保持兩位數的銷售額成長。 Kath 和 Sam's 團隊近三年來的業績保持兩位數。我們喜歡這些數字的複合方式。

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%.

作為一家綜合性公司，我們看到了商店、俱樂部和電子商務領域的優勢。交易積極，我們的電子商務銷售滲透率持續攀升。今年到目前為止，我們公司總銷售額的 13% 是從數位化方式開始的，其中以沃爾瑪國際公司為首，比例已達 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.

由於許多類別的日常用品成本仍然居高不下，越來越多的客戶和會員因為我們眾所周知的價值和品種而選擇我們，並且他們對我們為節省時間而做出的改變做出了回應。考慮到這一點，我們專注於從現在比以前更頻繁地在我們這裡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，優先考慮在生鮮和服裝方面進行強有力的展示，同時執行提貨和送貨以創造令人愉悅的體驗，從而節省時間。就沃爾瑪美國而言，這也意味著銷售更多的沃爾瑪+會員資格。隨著越來越多的人尋求我們的價值，我們希望他們看到，由於我們開發的新功能，在我們這裡購物的體驗也很有吸引力。

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式體驗中引入了這些新功能。隨著我們的應用程式越來越成為客戶和會員日常生活的一部分，他們發現可以用它做很多事情，例如輕鬆建立購物車、安排取貨時間或在方便時送貨。前往」跳過排隊，或在當地商店尋找商品。正如您所料，我們正在幫助家庭在假期到來之際節省開支。沃爾瑪美國團隊將典型感恩節大餐的零售價格設定為與去年相同。我們正在消除一籃傳統感恩節食品的通貨膨脹，其中包括每磅不到 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.

山姆會員店的會員費也進一步上漲，羊排和龍蝦尾的價格比去年下降了 40% 以上。我們還透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加美好。

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。在客戶最需要的時候，它具有令人難以置信的價值。我們正在尋找創意的方法來減輕我們的商品類別和國家的家庭壓力。我為我們的員工不斷進步而感到自豪。我們感謝他們今年如何應對我們的庫存挑戰，並在此過程中繼續優先考慮客戶和會員體驗。在我參觀商店俱樂部和 DC 期間，他們的合作方式、為他人服務的方式以及他們如何擁抱變革和貢獻想法來改善我們的業務，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，我們根據第三季的業績更新了今年的展望，但我們對第四季度剩餘時間和明年的方法保持平衡。乾貨雜貨等某些類別的通膨尤其頑固。今年的高價格對我們的客戶產生了累積影響，尤其是那些最注重預算的客戶，因此我們致力於盡快按商品和類別降低成本和價格。無論收入水平如何，家庭現在都更加重視價格。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，約翰大衛將分享更多有關我們今天早上提供的指導的資訊。無論需求水平如何，我們都致力於透過我們提供的價值和經驗以及我們定位庫存和費用的方式來使自己取得成功。我們專注於細節，逐一業務。現在不是大刀闊斧地作畫的時候。我們專注於我們可以控制的事情。本季我們在各部門實現了良好的費用槓桿。強勁的銷售成長有所幫助，但我們在成本管理方面也做得很好，而且我們正在以可持續的方式做到這一點。我們可以控製成本，繼續投資我們的人員和技術，包括供應鏈自動化，並繼續為客戶、會員和股東創造價值。

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。全球範圍內，本季庫存成長 13%，其中沃爾瑪美國庫存成長 12.4%，國際庫存成長 2.5%。通貨膨脹推動了大部分成長，而不是單位。可補充商品的庫存以及季節性商品數量和銷售量的積極管理是首要任務。我們預計這一進展將持續到第四季度，並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.

我們的商家採取逐項、逐類的方式來匹配庫存和需求。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，今年在某些日用百貨類別上的庫存過多。考慮到通貨膨脹仍然存在，而且經濟不確定性似乎高於正常水平，我們的商人做出的數量選擇甚至比更正常時期更為重要，當時有一個更正常的時期。

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.

我們可以對食品和消費品等交貨時間較短的商品採取更積極的態度，但我們對進口交貨時間較長的商品的數量決策尤其敏感。我們很感謝有這麼多經驗豐富、才華洋溢的商人。過去幾季他們取得了許多成就。就像約翰、凱絲、朱迪思和團隊其他成員所做的那樣，他們表現出了良好的判斷力和拼搏精神。

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.

我們的飛輪不斷成形。我們正在擴展我們的新業務，並將它們與我們更大的、成熟的零售業務連接起來，主要是透過我們設計數位互動的方式。一個例子是我們的電子商務（尤其是市場）的成長如何推動我們的廣告業務。更多的商品和賣家可以提高 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.

如果我們雙擊美國 Walmart Connect 的廣告，我們會發現它受益於電子商務的成長和業務本身的改進，而且我們看到廣告支出回報比去年強勁增長。反過來，這有助於推動第三季贊助搜尋的廣告支出達到全年最高水準。這些改進凸顯了 Connect 的優勢，並為業務的持續成長奠定了基礎。

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.

我們也繼續看到 Flipkart Ads 在印度的強勁成長。就像我們正在做的許多事情一樣，廣告在全球範圍內為我們服務，因為我們可以為媒體買家提供獨特的東西，而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，我們的市場業務的發展也透過履行中心和最後一哩交付釋放了履行服務機會。我們正在美國擴大這些業務，並開始擴大在墨西哥和加拿大的業務。本季度，墨西哥團隊將我們市場上的賣家數量增加了 20%。在美國，Walmart.com 的市場目前提供約 3.7 億個 SKU。較第二季成長超過 50%。

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履行網絡。他們也希望利用我們的廣告功能來推動需求，而我們正在讓他們變得更容易。我們最近透露，美國所有新的 Marketplace 賣家都將自動加入我們的自助廣告平台。我們相信這種無縫整合將幫助兩家公司更快地擴展規模。

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，擴大第一方和第三方電子商務業務，並以全通路方式將它們連接在一起，從而節省客戶和會員的金錢和時間。我們的策略為我們釋放了從數位零售到履行和廣告的成長機會，並在健康和保健以及金融服務方面開闢了更多機會。本季再次證明，我們可以應對短期挑戰，同時建立長期目標。

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.

根據我多年來的經驗，沃爾瑪是一家定位良好的企業，本質上是對沖的。當情勢好的時候，我們就有成長的空間。當事情變得更加困難時，我們以人們想要的價格和方式來銷售他們想要和需要的東西。借助飛輪上新的成長槓桿，我們變得更強大、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興趣。我們喜歡我們在業務中創造的勢頭，我們認識到，鑑於我們的客戶和會員面臨持續的壓力，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。我將集中評論道格提到的主題。首先，我們的銷售動能和份額成長。其次，我們正在採取改善庫存和供應鏈的營運行動。第三，我們在進一步將替代價值流與核心業務連結起來的進展。最後，我們對今年剩餘時間的指導。

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.

由於所有 3 個業務部門的銷售成長和營運費用槓桿，我們第三季的業績超出了我們的預期。儘管我們對我們的地位感到鼓舞，並且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.

當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這個普遍的通膨壓力時期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。隨著平均門票金額和交易量的增加，沃爾瑪美國公司銷售額較上季成長 8.2%。以固定匯率計算，沃爾瑪國際銷售額強勁，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 個季度實現兩位數銷售額增長（不包括燃料和煙草），增長率為10.3%。

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.

由於通貨膨脹率持續居高不下，我們為人們省錢的目的變得前所未有的重要。高油價和十幾歲左右的食品通膨迫使消費者更嚴格地管理家庭預算，頻繁地進行權衡，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，同時獲得有利可圖的市場份額。

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，並且在這個週期中我們擁有更多的工具來做到這一點。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，反映出客戶越來越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下降。我們努力維持低價格，幫助減輕負擔，讓客戶的生活更美好。這包括與供應商合作降低產品成本並儘量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。一半以上的下降是由於美國的降價促銷和銷售組合造成的。 1.13 億美元的後進先出費用。

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，隨著庫存修復工作的進展，毛利率下降幅度較第二季有所改善。我們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水準。團隊在解決我們的庫存狀況方面做得非常好，第三季的庫存僅比去年增加了13%，其中沃爾瑪美國公司的庫存成長了12.4%。了10 個百分點以上。

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% 的年成長與通貨膨脹有關。我們對第四季度大部分銷售的能力感到滿意，並預計即使考慮到通貨膨脹的影響，仍將繼續實現同比改善。

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.

我們看到本季的費用槓桿更強，銷售、一般和管理費用槓桿增加了 75 個基點，這主要是由於銷售額增加和新冠疫情成本降低。我們專注於我們可以控制的事情，並繼續降低庫存水準並嚴格管理一般和管理費用。

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.

綜合考慮，以固定匯率計算的調整後營業收入成長了 4.6%。 GAAP 每股盈餘虧損 0.66 美元，但調整後每股盈餘為 1.50 美元。調整後每股收益與公認會計準則每股收益之間的差異反映了股權投資（主要是京東）未實現損失 1.11 美元的影響，以及與阿片類藥物訴訟和解框架相關的 1.05 美元費用。我們很高興調整後的每股收益優於我們 8 月提供的指導，這主要是由於整個業務銷售額增加帶來了更好的營運費用槓桿。

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.

今年迄今的營運現金流減少了 6 億美元，至 157 億美元，主要是由於某些付款的時間表和營運收入的減少，但部分被庫存採購減少所抵消。

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，我們透過股利和股票回購向股東返還 45 億美元。我們致力於繼續為股東提供強勁的現金回報，同時仍對我們的業務進行適當的長期投資。我們的董事會剛剛批准了一項新的 200 億美元股票回購授權，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.

讓我按細分市場簡要介紹一下主要亮點。對沃爾瑪美國公司來說，第三季同業銷售動能加速，兩年成長 17.4%，比第二季成長 570 個基點。整個季度的月度銷售成長相對穩定。食品銷售繼續以十幾歲左右的速度領先。我們尤其感到鼓舞的是，在經歷了上個季度的小幅下降之後，食品銷售量同比增長。儘管我們的貨量很大，但我們在提高雜貨業務的庫存水準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.

通貨膨脹仍然很高，食品類別的通貨膨脹率上升了 10%，與第二季末的水平相比上升了 80 個基點。我們發現通膨逐月增量水準不那麼顯著，但尚不清楚這是否代表了永續趨勢。然而，我們相信，由於我們吸引了各個家庭收入範圍內追求價值的客戶，我們強大的價格定位有助於股票收益。

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、家居和服裝的疲軟，一般商品銷售額下降了個位數。儘管商店交易持續成長，但電子商務仍繼續加速成長 16%。我們在商店、市場、履行服務和廣告方面的取貨和送貨方面擁有豐富的經驗。

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，主要是由於降價幅度加大和產品組合不利因素，但該團隊的 SG&A 費用槓桿達到了 60 個基點，反映了銷售額的增加和新冠疫情成本的降低。因此，我們實現了近 5% 的優於預期的營業收入成長。

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.

沃爾瑪國際公司的銷售業績強勁，儘管宏觀經濟逆風持續，但以固定匯率計算，銷售額成長了 13.3%。以固定匯率計算的電子商務銷售額異常強勁，本季成長了 46%。 Flipkart Big Billion Days 活動的提前舉辦也有利於銷售表現。

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.

匯率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品銷售，其中 Walmex 季度業績表現出色，同品銷售增長 11.7%，反映了 Bodega 商店、山姆會員店的強勁表現以及電子商務 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，商品銷售額成長了 5.6%，反映出電子商務的強勁成長以及山姆會員店的實力。電子商務銷售額成長 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.

加拿大公司銷售額成長超過 5%。十月，我們在加拿大推出了沃爾瑪履行服務，數位市場上各種規模的賣家現在都可以與我們簽訂合同，以滿足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給 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 的季度業績表現出色，客戶對我們的 Big Billion Days 活動反應強烈，該活動從去年第四季度推進到了今年的第三季度。在為期 8 天的活動中，我們的網站流量超過 10 億次，重要的是，其中超過 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 也持續表現良好，年化總支付額 (TPV) 目前已超過 9,200 億美元，每月交易達到創紀錄的水平，達到約 36 億美元。這是 PhonePe 首次單季交易量超過 100 億筆。

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

國際部門營業收入優於預期，以固定匯率計算成長 3.2%，其中 Walmex 和中國領先。

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.

在美國山姆會員店，我們又經歷了一個強勁的季度，公司銷售額增長了 10% 以上（不包括燃料和煙草），並且在 2 年的基礎上增長了 25% 以上。贈品交易和平均票價均增加了約 5%。隨著路邊訂單和送貨上門的強勁增長，電子商務銷售額增長了 20%。會員收入成長 8%，會員總數再創新高，會員滲透率也創歷史新高。

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.

Sam 的槓桿支出上升了 68 個基點，主要是因為銷售額增加。這有助於抵消主要由於 53 個基點或 1.13 億美元的通貨膨脹相關後進先出費用造成的毛利率下降。

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 的燃料營業收入成長了 18% 以上，不包括燃料並包括 LIFO 費用的影響則增加了近 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，您可以看到山姆會員店在全球範圍內表現良好，我們對我們在各個市場上看到的槓桿作用感到滿意，以會員標記為例。

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，我們繼續推動由全通路零售能力支持的策略性舉措。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，這解鎖並加強了我們的履行和廣告業務，並擴大了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，有助於推動我們替代價值流的策略成長。美國市場的新賣家為我們的廣告成長做出了貢獻，第三季我們增加了 8,000 多名賣家。

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，目前產品種類已超過 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.

本季數位廣告持續強勁成長，全球成長超過 30%，其中美國的 Walmart Connect 和印度的 Flipkart Ads 成長了 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.

隨著我們專注於會員資格，我們利用數據的能力提高，因此我們繼續吸引更多客戶加入我們的數據企業產品 Walmart Luminate，並且 Walmart+ 會員數量持續增長。自 1 月以來，我們的最後一哩配送能力增加了四倍，並且 Spark Driver 平台提供的取貨點數量增加了四倍，因此我們獲得了一些新的 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 平台目前為全美 50 個州的 10,000 多個取貨點的客戶提供服務，能夠覆蓋 84% 的美國家庭。此涵蓋範圍包括使用 Walmart GoLocal 的企業不斷成長的收入來源。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、墨西哥以及現在在加拿大建立沃爾瑪履行服務一直是我們擴大賣家基礎的重要資產，因為他們尋求整合的全方位銷售和履行解決方案。例如，Walmex 市場上近 30% 的訂單現在是使用一年前推出的沃爾瑪履行服務來履行的。

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.

九月，我們在伊利諾州開設了下一代履行中心。這座佔地 110 萬平方英尺的設施採用機器人技術、機器學習和自動儲存技術，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了更好的服務。

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部或附屬於沃爾瑪超級中心，並使用機器人和人工智慧更快地完成線上訂單。我們正在建立建立強大、相輔相成的生態系統，不僅有利於客戶和合作夥伴，也有利於股東，帶來更持久和多元化的收益流。

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，在消費者需要進一步增加資金的環境中，我們有能力繼續獲得市場份額。我們將繼續為客戶辯護，並與我們的供應商合作夥伴合作，保持巨大的價格差距，並提供比競爭對手更低的相對價格。我們也正在根據自己的成本結構來應對實際通膨，並繼續尋求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，我們對指導保持平衡的態度，將對消費者持謹慎態度，同時對我們的執行能力充滿信心。我們正在更新 23 財年的指引，以反映第三季的成長，並保持第四季的銷售和利潤假設不變。儘管第四季開局良好，但我們的指引假設，鑑於食品和消費品方面持續存在的通膨壓力，消費者可能會放緩支出，尤其是一般商品類別的支出。我們的指導提供了在促銷環境中競爭的靈活性，考慮了定價行動以減少剩餘的過剩庫存，並預測持續的混合壓力。

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，我們預計淨銷售額將成長約 3%，其中沃爾瑪美國公司的銷售額將成長約 3%，其中食品和消費品成長持續超過一般商品。我們預計營業收入年增幅將在 1% 至下降 1% 之間。調整後每股盈餘預計將下降 3% 至 5%，其中包括同比較高的稅收和利息支出。

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%.

考慮到第三季的上行趨勢，我們目前預計全年淨銷售額將增長約5.5%，其中沃爾瑪美國公司的同業銷售額增長5.5%。股收益將下降6.5% 至7.5%。排除資產剝離的影響，在調整後的基礎上，這將意味著淨銷售額增長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.

展望第四季之後，我們知道今年經歷的一些意外成本明年不會再出現。也就是說，我們在規劃業務時假設通膨仍處於一定水準。此外，今年我們也遇到了重大的貨幣阻力。根據年初至今的業績和當前匯率，我們預計本財年因匯率因素而產生的年比銷售阻力將達到 41 億美元，而明年的潛在銷售阻力將達到約 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，由於今年山姆會員店的後進先出費用為 2.36 億美元，明年美國沃爾瑪也可能會出現後進先出費用。根據目前的假設，沃爾瑪美國公司和山姆會員店明年的這些後進先出費用可能會帶來約 10 億美元的毛利逆風。值得注意的是，通貨膨脹、庫存水準和其他難以預測的因素將影響總量。我們致力於在報告季度業績時向您提供有關假設的持續更新。

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高盛的 Kate McShane。

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剩多少，您如何描述第四季度的庫存與去年相比。您還提到，在庫存方面，您會在某些地方採取激進的做法。這只是在較短的交貨時間類別中嗎？或可以在其他地方嗎？

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

我們應該在所有三個部分回答這個問題。但是約翰，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，我認為這裡的團隊以及商家、供應鏈團隊做得非常好，從第二季到第三季末，業績年增了。正如我們之前所說，上漲約 12.4%。這比第二季末略高於 26% 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，如果你回顧一年中的各個季度，在我們最高的第一季度，大部分額外庫存都在供應鏈中，並且是積壓問題的一部分，然後是第二季度商店和總數之間的平衡更加平衡，在本季度，即第三季度末，我們看到增加了12.4%，但商店仍然很重。所以庫存已經從供應鏈轉移到了平衡，現在在商店裡。當你看一下上漲的美元金額時，你會發現其中大約 70%，大約 3/4 是通貨膨脹，其餘的我們可以近似認為庫存比去年有相當大的改善。去年，我們的水平相當低。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.

然後具體到你的最後一個問題，可能大約在 10 億美元左右，大約 10 億美元將是我們認為過剩的金額。下降幅度相當大，約為第二季末的 1/3。所以我們正在做出改進。服裝和 GM 中的某些類別是重點類別，我們將繼續解決這些問題。

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，我們在第一季初說過，我們需要幾個季度的時間來處理庫存，我們將繼續這樣做。然後約翰大衛在他的評論中確實提到，我們的預測還有繼續在庫存方面取得進展的空間。

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.

但上週我去了一個進口中心，入境狀況非常好。訂單已排好隊。所以我認為團隊在年底的調整方面做得非常好。

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。對於國際業務，本季僅成長 2.5%。雖然貨幣帶來了一些有益的推動力，但過去三個季度的基礎季度環比有所下降，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，在第四季度，我們將繼續關註一些地方。但實際上我對庫存水準感到非常滿意，因為上個假期，我們確實有一些區域庫存較少。看到每個市場在這個假期期間都處於良好狀態，我感到很鼓舞。

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%。我認為成長的 50% 實際上是針對你的問題的庫存。正如 Doug 和 John David 所說，我們已經連續 11 個季度實現兩位數的複合成長。在過去 2.5 年裡，我們一直在追求庫存，現在我們終於處於一個有利的位置，從庫存進入到假期活動期間。庫存非常充足，有50%。其中30%是通貨膨脹。剩下的就是我們在聖誕節前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，我們對庫存品質非常滿意，並且對今年剩餘時間有所期待。

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。謝謝你的提問。我只想指出，我們處理庫存並考慮不同類別的庫存。第一類是可補充商品，我們希望始終有庫存。我們——儘管今年到目前為止我們的庫存量很大，但我們並沒有放棄嘗試獲得可補充商品的庫存，並且不想這樣做。

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.

第二類不可補充的物品通常是功能，我們正在逐一類別地積極管理，並且不想變得過於保守。從本季到明年，有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，我們應該詳細說明我們希望沒有太多庫存。這個數字已經下降到我們可能不會再談論這個問題的地步，因為我們總是有一些我們不需要的庫存，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，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鮑勃·德布爾 (Bob Drbul) 與古根漢 (Guggenheim) 的合作。

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?

只是在庫存方面進行一些跟進。有幾件事。您能否談談您在電話中提到的供應商對降低產品成本的反應？我想，另一部分是，我認為這是 10 億美元的 LIFO 費用或預期。您能否談談您對未來幾季通膨的假設，以及我們在明年的進展中考慮的抵銷因素是什麼？

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.

我先回答供應商的問題。我們並沒有真正改變我們一直以來所做的事情。我們正在努力與現有供應商一起尋找降低成本、為客戶和會員提供價值的方法，我們正在努力發揮創意。在某些情況下，有些供應商比其他供應商更積極，我們對此表示歡迎。我們將盡力在明年逐一類別、逐項降低價格。這是一致的。這就是我們一貫的行為方式，與此並沒有什麼不同。

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，鮑伯。這是約翰，大衛。我會考慮你問題的後進先出面。首先，我想說，面對困難的宏觀環境，核心業務持續表現良好。但正如我們所指出的，明年我們確實會遇到阻力，無論是貨幣還是後進先出費用。

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.

後進先出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。出於規劃目的，我們基本上假設價格保持不變。從通膨角度來看，年比結果將略高於 3%，略高於 3%。在某種程度上，這種變化會影響 10 億美元的預估。

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.

但我認為值得注意的是，當我們回到通貨緊縮的零售成本環境時，這 10 億美元的逆風實際上會在後期逆轉為收益。

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羅比·歐姆斯 (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.

很棒的季度。實際上我有兩個問題。一，只是後續行動。我想，道格，你可能提到了第四季的強勁開局。其他人提到，由於去年的新冠疫情，假期購物季的開局可能會較慢。我只是好奇如果你看到任何此類行為，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?

然後我的第二個問題，只是一個單獨的問題，就是自有品牌被提出。你們能否提醒我們沃爾瑪美國公司的自有品牌能力以及從這裡可以成長多少？

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.

因為這與強勁的開局有關，羅比，這是道格，然後我會把它扔給約翰。本季剛剛開始，正如約翰大衛在演講中所說，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實力雄厚這一事實與此相關，我們提到迄今為止我們經歷過的年度活動活動在我們普遍預期的範圍內。所以現在還處於早期階段，我們將看看本季剩餘時間的進展。

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，我們希望為客戶提供任何他們想要的定位，無論他們何時想要在商店之間、取貨、送貨、電子商務、沃爾瑪家居，我們都做好了準備和定位能夠很好地服務各類客戶。這將包括自有品牌等商品策略。

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，我們不一定要根據特定目標來管理自有品牌，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，然後我們在任何情況下都會為客戶服務他們加入了。 我們看到今年一些客戶對自有品牌的交易量比去年更多。並非所有客戶都一定如此。客戶的購物方式有所不同，具體取決於他們所處的位置。

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，我們希望做好準備，為客戶提供優質、超值的自有品牌產品。我們也希望能夠為客戶提供優質的產品。我們在電子商務和提貨等管道中確實看到了這一點。

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

我們的下一個問題來自科里·塔洛和傑弗里斯的對話。

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.

恭喜季度表現強勁。我有一個由兩部分組成的問題，首先是關於朱迪思的國際問題，其次是關於凱思的山姆會員店問題。

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，國際業務淨銷售額強勁成長 13%。我知道您重點介紹了 Flipkart。但您能否進一步解釋一下推動這一成長的因素以及您認為推動這一領域持續成功的因素是什麼？

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，在山姆會員店，我相信該公司已連續近 11 個季度實現兩位數的複合成長率，接近 3 年。您將這種持續穩定的成長歸因於什麼？當我們進入假期和明年時，我們應該如何看待這種勢頭？那麼您能否談談您對會員資格趨勢的看法？我知道您提到過，隨著會員數量達到創紀錄的水平，該領域的成長勢頭仍然強勁。

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，我們看到國際市場的季度表現非常強勁，達到 13%。銷售成長令人鼓舞。

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，我們真正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國際投資組合中重要的領域。當我們回顧過去幾個季度的成長和獲利能力時，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.

具體到本季，可能有兩個市場值得關注。我們點名了 Flipkart，但目的是為了讓您對此有一些了解。 Big Billion Days 活動今年已進入第三季。這是去年第四季的事。這導致第三季和第四季的結果有某種差異，我們已經指出了這一點。但這是一個旨在為 Flipkart 吸引新客戶的活動。看起來它再次成功地做到了這一點。活動 8 天內的 10 億次造訪量向您展示了活動產生的流量以及其中許多是首次購物的客戶。因此，Flipkart 繼續滿足我們的期望，我們對本季感到滿意。

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。墨西哥的成績非常強勁。他們的銷售額實現了兩位數的成長，利潤也強勁成長。真正令人鼓舞的不僅是他們對核心業務的關注，而且同樣是他們對跨生態系統的客戶建構解決方案的關注。因此，他們的現金電子支付業務侵蝕了電信業務，新興的醫療保健業務正在幫助推動客戶連接重新融入業務。事實證明，他們是國際市場真正的強大力量。

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，也許我唯一要強調的另一個市場是中國，從電子商務的角度來看，中國處於領先地位。因此，本季我們的電子商務滲透率為 23%。但我們也看到中國的電子商務滲透率為 41%，我們從該市場學到了很多關於如何處理山姆會員店的此類數量、交付和電子商務的知識，這確實是一個很棒的市場因此，我們分享了美國山姆會員店所帶來的大部分自有品牌和創新。

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，確保我們在世界各地強大的全通路能力，以及如何確保我們建立這些相輔相成的生態系統，將有助於推動我們前進未來也是如此。

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，它在過去三年中一直是推動成長的核心。一切都始於創造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。如果您創造了會員喜歡的商品，您就可以深入購買並獲得成本優勢，並將其傳遞給會員。

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.

如果你以顛覆性的價格擁有優質商品，並且像朱迪思談到的那樣打開了訪問渠道，那麼你就會情不自禁地增加會員收入。在我們的推動下，我們已經能夠收回部分資金並將其投資於我們的員工，然後他們幫助創建這種以會員為中心的文化。這就是飛輪，剛剛為 11 個季度的兩位數業績提供動力。

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.

我認為，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 年期間也以較高的個位數成長。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.

如果您考慮會員標記，我們的會員標記商品實際上是與我們的會員一起製作並為我們的會員製作的。因此，我們有 40,000 名會員，他們在我們將商品推向市場之前為我們提供建議，這意味著它們總是能成功推出，最終我們的會員標記商品的最低星級約為 4.2 星。這就是創造會員喜愛的產品，並確保產品推出後獲得成功。這是 11 個季度成長的魔力之一。

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

下一個問題來自 BMO 資本市場的 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.

我想簡單談談沃爾瑪美國的百貨業務。

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?

另外，您認為促銷活動的持續性或對績效的貢獻為何？因為看起來一些表現良好的類別，例如草坪和花園、汽車，可能是促銷力度不大的類別。但也許您可以幫助我們了解本季的情況如何？

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，我認為你說的話非常重要，來自食物和消耗品的流量是我們許多購物旅程的起點。在過去的幾年裡，我們將業務定位為擁有強大的商店線上取貨送貨業務，其中包括全通路方法，使客戶能夠以任何他們想要的方式在整個業務中購物。

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，我認為市場上的許多商品（包括賣家數量）都取得了非常好的進展。就在上個季度，該產品的成長相當顯著。商品數量增加了約 50%，這使我們在服裝等類別以及家居等其他強勢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，我認為您在我們的報告中提到的類別將顯示份額增長和其他方面，我們對整個季度的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良好的交付和執行服務。當人們準備禮物時，將會有許多假期消費。 Doug前面提到，我們的第一場年度活動基本上符合預期。但從現在到本季末還有很多時間，還有 75 天。因此，我們真正關注的是接下來的幾週，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西蒙·古特曼。

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。首先是第三季。你已經保守地設定了它，現在效果好多了。能說說有什麼改變嗎？是清庫存嗎？通貨膨脹肯定會加劇，但您的交易也會加劇。也許——看起來你有一定的定價權。

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.

第二個問題可能是問約翰大衛，後進先出的時機。是嗎？ 由於通貨膨脹率很高，許多公司在 22 年期間都經歷了很大的後進先出壓力。為什麼滯後了？是因為您滯後[讓成長]到您的價格的定價嗎？還有其他的嗎──你有一些儲備金，還有其他後進先出的動態嗎？不管怎樣，只是想知道為什麼明年它會襲擊你。

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。我會把這兩塊都拿走。在第三季度，我認為相對於我們的指導，有幾件事在表現上很突出。首先，正如我們在準備好的發言中談到的那樣，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膨時期，這表明我們的價值主張比以往任何時候都更加重要。

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.

同時，人們也非常關注業務的費用方面。因此，您可以看到，我們在本季的槓桿率提高了近 80 個基點，因為我們繼續專注於以盡可能最有效的方式為客戶提供最佳的產品。因此，這些將是我要指出的表現出色的兩個領域。

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.

就後進先出法而言，我們今年所經歷的超過 2 億美元的後進先出費用完全與 Sam 的費用有關。 Sam's 使用加權平均成本法進行庫存計算。沃爾瑪使用 RAM，一種零售庫存方法。因此，存在細微差別，導致滯後。但鑑於我們認為這些價格將持續下去，我們的預期是沃爾瑪美國公司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.

從明年的時間安排來看，前期比下半年提早一些。

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

下一個問題來自查克·格羅姆和戈登·哈斯克特。

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.

祝賀團隊。道格，在您準備好的發言中，您說過去較少來我們這裡購物的顧客現在越來越頻繁地來我們這裡購物。您能為我們補充一下這一點嗎？我認為這很有趣。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.

然後就地區而言，只是好奇本季是否有任何要求，特別是在加州，回扣支票已於 10 月支付。

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。我會回覆第一個，然後約翰，你可以幫忙。由於它與客戶更頻繁地在我們這裡購物有關，因此我指的是家庭收入超過 100,000 美元的人所獲得的份額收益。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，在某些時候在沃爾瑪購物。很多人可能會來找我們潮汐或來我們這裡買香蕉，但他們可能不會買T卹或毛衣。我們在一些日用商品類別中擁有非常高的市場份額，這會告訴你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購買沃爾瑪的錢包數量，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.

這就引出了第二個問題，你能保留它們嗎？我認為約翰一分鐘前提到的一些事情，例如提貨和送貨幫助。但正如我在演講中提到的，生鮮、服裝是另一個領域，家居是另一個領域，如果我們能夠在這段時間站起來，我們認為他們會繼續回到我們身邊，因為我們有品質，我們有有價值，我們為他們創造了更多方式來節省在商店的時間，並且我們可以送貨上門取貨。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。查克，是的，該業務確實將自己定位為全方位業務。因此，我們已經為顧客準備好了，無論他們想如何購物。當然，我想重複一下，在高收入客戶群中，我們看到的情況越來越頻繁。我們也看到與客戶的數位互動越來越多，應用程式下載量越來越多，用戶越來越多，人們購物也越來越頻繁。我認為這說明了我們所建構的靈活性的強度。

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，我們都在談論商店顧客的價值加上在電子商務上購物，那價值是多少。我們看到提貨、電子商務和商店的發展正在加速。因此，展望未來，您會聽到我們越來越多地談論這一點，因為全方位優惠對客戶來說非常靈活，並且提供與去年價格相同的感恩節大餐選項等措施，這在當時確實很有幫助。

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.

最後一件事，從地區來看，第三季各地區沒有真正的差異報告。我們在許多地區看到了優勢。因此，我不會說某個地區比其他地區強大得多，從而真正脫穎而出。這些格式全面強勁，我們在整個季度都看到了一致性。

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，在您準備好的演講開始時，您提到您的目標是降低消費者的價格。當我們進入明年時，導致消費品通膨的一些壓力可能會開始消退。沃爾瑪將如何處理這個問題？你真的能看到價格下降嗎？鑑於沃爾瑪往往是許多消費品的價格製定者，這一點很重要，並且您將從實際上支持明年較低價格的資源中獲得不斷增長的替代利潤。

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.

我的後續問題是問約翰大衛的。約翰大衛（John David），您提供了幾個[最小]參數來幫助我們思考2023 年毛利率面臨的10 億美元後進先出逆風和明年銷售額受到的30 億美元外匯拖累之間的關係。這是否意味著我們應該預期 2023 年將是沃爾瑪實現 4% 營收成長和 4.5% 營業收入成長的子演算法年？然後你會在 2024 年看到這一點，我們看到的一些逆風使得這兩年的結合應該會產生演算法。

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。當您詢問我們如何處理價格的問題時，首先想到的是演算法。 4% 和超過 4% 的數字肯定在我們的腦海中，這表明我們認為隨著時間的推移，我們可以提高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.

當我們明年航行時，這將是我們考慮的一個因素。顯然，我們也會考慮客戶和會員，並推動營收和份額的成長。因此，隨著情況的變化，我們基本上會每週、每月進行導航。蛋白質等大宗商品已經開始做出反應。他們根據需求迅速採取行動，新鮮食品等類別會出現波動。隨著需求疲軟，一般商品類別已開始改變。

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.

交通成本等因素也會改變。我們看到一般商品出現了一些下降趨勢。我認為，嘗試猜測，這種情況將在明年某種程度上繼續下去。我們將像往常一樣，按部門、按類別管理百貨商品的價格差距中的利潤，但在盡可能保護盈利能力的同時，著眼於下降。

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.

我認為乾貨和消耗品會更加頑固。薪資水準已經上漲，這一點不會改變。這些類別的一些投入成本很高。在這個領域，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，並盡力減輕客戶和會員的壓力。

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.

當你把它們全部加起來時，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，我們了解需要在哪裡存在價格差距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，雖然我們第一次討論增長演算法時我不在場，但我很確定團隊沒有考慮到該數字中 10 億美元的 LIFO 費用或外匯逆風。因此，我鼓勵您在多年的基礎上思考這個問題。這是一個思考我們在業務中擁有的機會的框架。我們現在提出這一點是因為我們認識到我們將遇到這種逆風。

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.

但我們不應該剝奪我們不斷變化的商業模式所帶來的巨大成長機會，當我們投資市場、廣告、履行服務等方面時，我們應該更多地轉向規模化的全通路零售商。因此，所有這些事情讓我們堅信，成長演算法已經到位。但我鼓勵你在多年的時間內思考這個問題。

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?

請我澄清一下好嗎？如果您預計後進先出法的毛利率將在接下來的2 或3 個季度內出現10 億美元的逆風，這是否意味著根據您今天所了解的一切，您將在接下來的2 或3 個季度內收回毛利率？

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，麥可。我不想具體說明季度數或哪些季度。但在過去，稱之為 35 年，我們通常處於通貨緊縮的成本環境中，要么是因為我們每天低價的商業模式，要么只是零售價格的變化。

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.

我們並不期望永遠生活在這個高通膨的時代。我當然希望不會。因此，如果我們確實回到過去三十年所看到的情況，您會期望這種情況會在相當快的時間內逆轉。因此，如果我們回到正常環境，這並不是需要數年時間才能扭轉的情況。所以你說的基本上是正確的。不過，我無法具體說明它們將在哪個季度發生。

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

下一個問題來自彼得·本尼迪克特與貝爾德的對話。

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，約翰大衛（John David），也許你們——你們談論了很多關於飛輪新功能的內容。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建立這個框架嗎？

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.

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過去我們面臨經濟壓力的時期相比如何？是不是很相似呢？事情發生得更嚴重嗎？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。我將採取第一部分，然後將其傳遞給約翰來解決問題的第二部分。彼得，這個行業最讓我興奮的事情之一是我們有機會推進不斷變化的商業模式，真正反映了消費者——消費者模式正在轉向的方向。我們已經看到世界更加線上化。我認為我們有能力成為一家熟練的全通路零售商，這是獨一無二的。因此，當您考慮廣告或履行服務等業務時，我們的業務領域不僅成長速度更快，而且與之相關的利潤率也更高。

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.

因此，當我們考慮我們的成長演算法時，這也包括在內。因此，希望我們從現在開始展望幾年，我們將擁有更多樣化和持久的收入流，而這些收入流的倍數也與現在不同。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。直到今年第一季為止，我們在過去三年中真正看到的是自有品牌滲透率持平，在 19 年、20 年和 21 年沒有太大變化。然後這場運動，從其他品牌到自有品牌的交易真正開始於今年三月左右。正如我們在本季所說，它在食品類別中的滲透率提高了約 130 個基點。因此，相對可觀的金額已進入自有品牌。

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.

就與之前時期的比較而言，我認為我們最後一次能夠對此發表任何言論可能是在 12 到 13 年前。因此，我認為除了我們在過去三個季度中看到的一些消費者之間的相當大的轉變之外，我今天沒有什麼可以具體提供的。現在還有其他消費者在沃爾瑪進行交易，但他們並沒有交易自有品牌。他們是品牌客戶，他們購買更多優質商品。

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，即我們在產品組合中的銷售以及我們以非常靈活的方式為客戶提供服務的渠道方面對自己進行了定位，以便我們可以在任何經濟狀況下為客戶提供幫助，並且我們將為今年剩餘時間做好準備。

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。彼得，這是一組構成感恩節臨時烹飪方面的物品，25 件物品售價 88 美元，與去年相同，這是一個籃子。我們以不同的方式審視感恩節購物籃，並對更方便、不被刮傷的產品採取了其他行動，例如我們以 71 美元的價格購買 17 種不同的商品。這減少了切換的需要。這些是——其中一些是品牌商品。我認為這是一個很好的例子，說明我們如何加強並吸收其中的一些內容來幫助最需要的家庭。我很高興看到你們採取這項行動。

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在通膨消退時談論的內容。我想其中最大的通配符是，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，如果我們經歷這種環境，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，其他人也可以加入。看，今年對我們業務最大的影響之一是組合的變化，特別是當我們考慮美國業務時，普通商品與食品和消費品的利潤狀況不同。我們不假設明年會迅速反彈。隨著價格持續走高，消費者持續承受壓力，我們預期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.

所以我知道事情會有反彈的希望。當然，我們今年發生的一些與供應鏈相關的一次性成本明年不會再重複，但消費者會感到壓力。迄今為止，受益的因素之一是在刺激性支出的幫助下，消費者的資產負債表相對強勁。這種情況不會永遠持續下去。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.

但同時，正如我們所有人都提到的，當客戶尋求價值時，這就是我們的價值主張真正閃耀的時候。這不僅是價值，還有產品種類。約翰提到的一件事，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品種供他們購買。

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.

史考特，我要補充的是，我同意約翰大衛所說的，實際上是這三個部分。首先，我們必須專注於在任何環境下我們都能控制的事情。其中包括偉大的商人；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態度；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，我們每季的庫存都取得了一些進展，從去年的 20% 左右上升到略高於 12%。因此，擁有今年強勁的庫存頭寸並具有一定的靈活性，對於我們能夠應對我們所處的任何環境來說是非常重要的部分。因此，我們將繼續關注這三個方面，並在未來幾年內為我們所處的任何情況下的客戶做好準備。

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?

那麼，作為後續行動，約翰，如果你看看美國業務（後進先出法），你預計息稅前利潤會成長嗎？

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

我們尚未準備好為明年提供指導。我們將在第四季度的電話會議上更多地討論這一點。

So a really good try, though, Scott.

不過，這是一次很好的嘗試，斯科特。

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

我們都想跳出來說些什麼，但我認為約翰大衛給了你一個合適的答案。

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，您再次提到看到高收入消費者到您的商店進行交易。我很好奇你看到他們在你商店的食品和雜貨之外的其他地方購物。您是否看到它們出現在一般商品中？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，本賽季餘下的比賽中令人興奮的是本月我們仍然有幾場大型活動。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 月還有一個我們期待的活動。

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，購買該品牌的客戶是一個混合體，這很棒。我們更頻繁地見到更多的客戶。我們在更多類別中看到它們。從歷史上看，在上個季度，我們確實看到了許多透過食品和消費品進入的新客戶。然後，透過數位體驗，我們在過去 12 個月所做的就是將原始的沃爾瑪雜貨購物應用程式和 Walmart.com 應用程式整合到一個地方。因此，整個分類（多達 3.5 億多件商品）都集中在一個地方。所以我認為我們處於有利位置，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，該指南將包括對促銷環境更具反應能力的能力，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）還有很多時間。因此，我們將為未來幾週內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.

比平常更促銷。晚了——有些季節比其他季節晚。一天後就是聖誕節了。今年將是我們在平安夜最後一刻密切關注銷售情況的年份之一。聖誕節後我們會做很多生意。我們要到 1 月 31 日才能完成。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。此時，我們的問答環節已經結束了。我將把電話轉給道格·麥克米倫 (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，感謝您對公司的興趣。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中有很多值得關注的地方，今天早上我們分享了很多信息，這表明不僅關鍵的短期運營指標得到了良好的管理，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演講中談到了這一點。我們很高興看到 Marketplace 在如何擴展以及這些業務如何相互連接方面取得了進展。

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，而且在著眼長遠的同時也關注短期。關鍵問題是庫存管理，我真的很感激有一個擁有豐富經驗的團隊，能夠使用大量數據來就我們按國家、按類別放置庫存的其他位置做出正確的選擇。我確信會有一些事情讓我們感到驚訝，但我們的設計是為了靈活性。

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.

正如我在演講中提到的，我喜歡這個行業的事情之一，我喜歡的事情有一長串，但我喜歡的事情之一就是所有的自然樹籬。如果他們不想買東西，我們就會賣給他們別的東西。如果價格需要低一點，我們會考慮的。如果需要解決一個問題，我們就會解決它，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很興奮，我希望你們能度過一個愉快的假期。謝謝大家。

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。