沃爾瑪 (WMT) 2023 Q4 法說會逐字稿

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

問候。歡迎來到沃爾瑪 2023 財年第四季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。

At this time, I'll turn the conference over to Steph Wissink, Senior Vice President of Investor Relations. Steph, you may now begin.

此時，我會將會議轉交給投資者關係高級副總裁 Steph Wissink。斯蒂芬，你現在可以開始了。

Thank you, and welcome to our Q4 Fiscal '23 Earnings Conference Call. Joining me today from Walmart's home office in Bentonville are CEO, Doug McMillon; and CFO, John David Rainey. We'll follow a similar format to prior calls, where Doug and John David will share their thoughts on the quarter, year and year ahead. Following, we'll open the call to your questions. For the Q&A portion, we've asked our segment CEOs to join, including John Furner from Walmart U.S., Judith McKenna from Walmart International and Kath McLay from Sam's Club.

謝謝，歡迎參加我們的 23 財年第四季度收益電話會議。今天從沃爾瑪位於本頓維爾的總部與我會面的是首席執行官道格·麥克米倫 (Doug McMillon)；首席財務官 John David Rainey。我們將採用與之前電話會議類似的形式，Doug 和 John David 將在會上分享他們對未來季度、年度和年度的想法。接下來，我們將打開您的問題的電話。對於問答部分，我們邀請了我們部門的首席執行官加入，包括來自沃爾瑪美國的 John Furner、來自沃爾瑪國際的 Judith McKenna 和來自 Sam's Club 的 Kath McLay。

Today's call is being recorded, and management may make 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.

今天的電話正在錄音中，管理層可能會做出前瞻性陳述。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。

We are now ready to begin. Doug, over to you.

我們現在準備開始了。道格，交給你了。

Good morning, everyone, and thanks for joining us. We're excited about our momentum. The team delivered a strong finish to the year. And as our results in the last 2 quarters show, we acted quickly and aggressively to address the inventory and cost challenges we faced last year. We built momentum in the third quarter, and that continues. We're well positioned to start this fiscal year.

大家早上好，感謝您加入我們。我們對我們的勢頭感到興奮。該團隊為這一年取得了出色的成績。正如我們在過去兩個季度的結果所顯示的那樣，我們採取了迅速而積極的行動來解決我們去年面臨的庫存和成本挑戰。我們在第三季度建立了勢頭，而且這種勢頭還在繼續。我們已準備好開始本財年。

For fiscal '23, we added $38 billion in sales globally, and we crossed $600 billion in revenue for the first time in our company's history. Globally, e-commerce now represents more than $80 billion in sales and over 13% of our total sales.

在 23 財年，我們的全球銷售額增加了 380 億美元，我們的收入在公司歷史上首次突破 6000 億美元。在全球範圍內，電子商務現在代表著超過 800 億美元的銷售額，占我們總銷售額的 13% 以上。

Walmart U.S. grew sales by more than $27 billion. International had another strong year with sales and profit growth of about 9%, excluding divestitures, restructuring and currency. And Sam's Club U.S. grew sales by more than $10 billion as we delivered double-digit comp growth for the third consecutive year with membership count at a record high and strong growth in membership income. All 3 segments have momentum. We're grateful to John, Judith, Kath and their teams for how they're leading these businesses and showing results.

沃爾瑪美國銷售額增長超過 270 億美元。國際業務又迎來了強勁的一年，銷售額和利潤增長約 9%，不包括資產剝離、重組和貨幣。 Sam's Club 美國的銷售額增長超過 100 億美元，因為我們連續第三年實現兩位數的收入增長，會員人數創歷史新高，會員收入增長強勁。所有 3 個部分都有勢頭。我們感謝 John、Judith、Kath 和他們的團隊領導這些業務並取得成果的方式。

The holidays were strong for us. From Thanksgiving to Christmas to Diwali to Singles Day, our teams were ready. We had aggressive plans and we delivered. Around the world, the teams leaned into our food and consumables strength, taking share in places like the U.S. and Canada and delivered a good experience for customers and members in general merchandise. They drove sales and landed the seasons in a very good inventory position when it was all said and done.

假期對我們來說很充實。從感恩節到聖誕節，從排燈節到光棍節，我們的團隊都做好了準備。我們有積極的計劃，我們交付了。在全球範圍內，團隊依託我們在食品和消費品方面的優勢，在美國和加拿大等地分享，為客戶和會員提供良好的百貨體驗。當一切都說完之後，他們推動了銷售並使季節處於非常好的庫存狀態。

We ended the quarter with inventory about flat to last year, which is better than we anticipated and even better when you consider how inflation lifts that number. And they did it while improving in-stock levels. I'm impressed with how they brought it all together, and want to highlight our store, club and supply chain associates who handled a lot of volume to make this happen.

我們在本季度末的庫存與去年持平，這比我們預期的要好，考慮到通貨膨脹如何提升該數字時甚至更好。他們在提高庫存水平的同時做到了這一點。我對他們如何將所有這些整合在一起印象深刻，並想強調我們的商店、俱樂部和供應鏈員工，他們處理了大量的工作量來實現這一目標。

As we navigated the short term, we also advanced our strategic priorities. Big picture, our strategy is simple. It's to bring our purpose to life for those we have the privilege to serve. We're a people-led, tech-powered omnichannel retailer that's dedicated to helping people save money and live a better life. That's who we are.

當我們在短期內航行時，我們也推進了我們的戰略重點。大局觀，我們的策略很簡單。這是為那些我們有幸服務的人實現我們的目標。我們是一家以人為本、技術驅動的全渠道零售商，致力於幫助人們省錢並過上更好的生活。那就是我們。

Why do we exist? It's to help people save money and live better. How do we do it? By being people-led with clear values, a unique culture and tech-powered.

我們為什麼存在？它是為了幫助人們省錢並過上更好的生活。我們該怎麼做呢？通過以人為本，擁有明確的價值觀、獨特的文化和技術驅動。

We're a people business focused on customers, members and associates. We're constantly adjusting to put the right combination of wages, benefits and education in place so that our people can build lifelong careers and achieve their full potential. You can start your career assembling bicycles and end up leading all of our U.S. stores. You can start as a cashier and become a truck driver. You can start unloading trucks in a DC and grow to oversee an automated system moving freight through that DC. We provide opportunity even as we continue to innovate through technology and prepare our business and workforce for the future.

我們是一家專注於客戶、會員和員工的人事企業。我們不斷調整以實現工資、福利和教育的正確組合，以便我們的員工能夠建立終身職業並充分發揮潛力。您可以從組裝自行車開始您的職業生涯，並最終領導我們所有的美國商店。您可以從收銀員開始，然後成為卡車司機。您可以開始在 DC 中卸載卡車，然後逐漸發展為監督通過該 DC 運送貨物的自動化系統。即使我們繼續通過技術進行創新並為未來準備我們的業務和員工，我們也會提供機會。

One of the things I have always appreciated about this company is that it's naturally hedged. If customers want more of something and less of something else, we shift our inventory. If the economy is strong, our customers have more money, and that's great. If things are tougher, they come to us for value.

我一直欣賞這家公司的一件事是它自然對沖。如果客戶想要更多的東西而不想要別的東西，我們就會轉移庫存。如果經濟強勁，我們的客戶就會有更多的錢，那就太好了。如果事情更艱難，他們會來找我們尋求價值。

With today's inflation, we're continuing to see that happen. We're gaining share across income cohorts, including at the higher end, which made up nearly half of the gains we saw in the U.S. again this quarter. And we're also capturing a greater share of wallet at Sam's Club in the U.S. with both mid- and higher-income shoppers. Our goal is, for the experience they're having in our stores and clubs, combined with our current capabilities for pickup, delivery and membership, to result in them choosing us even as inflation eventually subsides.

隨著今天的通貨膨脹，我們將繼續看到這種情況發生。我們在收入人群中的份額正在增加，包括在高端人群中，這占我們本季度再次在美國看到的收益的近一半。我們還在美國 Sam's Club 的中等收入和高收入購物者那裡獲得了更大的錢包份額。我們的目標是，通過他們在我們商店和俱樂部的體驗，結合我們目前的提貨、送貨和會員資格，即使通貨膨脹最終消退，他們也會選擇我們。

As we plan this new fiscal year, we've anticipated stubborn inflation in dry grocery and consumables in particular, which will have some mix impact. We'll stay focused on general merchandise and earn sales in those categories to offset that impact as much as possible.

在我們計劃這個新財政年度時，我們預計干雜貨和消費品的頑固通貨膨脹將產生一些混合影響。我們將繼續專注於一般商品，並在這些類別中賺取銷售額，以盡可能抵消這種影響。

When we think about our business today compared to what it was during prior economic downturns, we now have a more compelling offer, a true omnichannel experience that makes us optimistic that more higher-income families will continue shopping with us across categories because we have pickup, delivery and membership.

與之前的經濟衰退時期相比，當我們考慮我們今天的業務時，我們現在擁有更具吸引力的產品、真正的全渠道體驗，這讓我們樂觀地認為，更多高收入家庭將繼續與我們一起跨類別購物，因為我們有提貨服務，交付和會員資格。

And we're improving in categories like apparel and home. Our recently remodeled U.S. stores have a focus in those areas, and the early response from customers is promising. We're also improving our e-commerce assortment and presentation in those categories.

我們正在改進服裝和家居等類別。我們最近改造的美國商店專注於這些領域，客戶的早期反應很有希望。我們還在改進這些類別的電子商務分類和展示。

We've always been known for great prices. And because of the work we've done around pickup and delivery from stores, clubs and expanded assortment through FCs, we're increasingly known for the convenience we offer. In fact, our U.S. customer feedback showed strength in price and convenience. Our reputation for price remains strong, and our score for convenience has risen to nearly the same level. Our Walmart+ members recognize our strength for convenience even more than the average customer.

我們一直以優惠的價格而聞名。由於我們在商店、俱樂部的取貨和送貨方面所做的工作以及通過 FC 擴大的分類，我們以提供的便利而越來越為人所知。事實上，我們的美國客戶反饋顯示了價格和便利性方面的優勢。我們在價格方面的聲譽依然強勁，我們在便利性方面的得分也上升到幾乎相同的水平。我們的 Walmart+ 會員比普通顧客更認可我們在便利方面的優勢。

As it relates to our customer or member value proposition, we continue to have a strength with respect to value, while we're expanding choice by growing our assortment on Walmart.com, and we're improving as it relates to experience. Being an at-scale omnichannel retailer creates unique opportunities to innovate in the area of experience. That includes products like Scan And Go at Sam's Club and a newer in-house conversational AI platform enabling a voice and chat capability being used by more than 50 million customers and an average of 1 million associates across the U.S., Mexico, Canada and Chile.

由於它與我們的客戶或會員價值主張相關，我們在價值方面繼續擁有優勢，同時我們通過增加 Walmart.com 上的商品種類來擴大選擇範圍，並且我們正在改進與體驗相關的方面。作為一家規模化的全渠道零售商，創造了在體驗領域進行創新的獨特機會。這包括 Sam's Club 的 Scan And Go 等產品和更新的內部對話式 AI 平台，該平台使美國、墨西哥、加拿大和智利的超過 5000 萬客戶和平均 100 萬員工使用語音和聊天功能。

We're driving a lot of change inside our company. We know where to tap the brakes on cost and inventory, but our focus is more on the gas pedal with respect to our strategic improvements related to assortment growth and our customer and member experience. We'll keep shaping the business model by scaling our newer mutually reinforcing businesses in areas like marketplace, fulfillment services and advertising. It's exciting to see our global advertising business grow to $2.7 billion for the year we just completed. That's nearly 30% growth.

我們在公司內部推動了很多變革。我們知道在哪裡踩下成本和庫存的剎車，但我們的重點更多地放在油門踏板上，以實現與品種增長以及我們的客戶和會員體驗相關的戰略改進。我們將通過在市場、履行服務和廣告等領域擴展我們相互增強的新業務來不斷塑造商業模式。很高興看到我們的全球廣告業務在剛剛結束的一年裡增長到 27 億美元。這是近 30% 的增長。

Over the last 3 years, while our frontline focus was on navigating the pandemic and inflation, we still launched and started scaling new complementary businesses using the technology and expertise we developed over time. You can see this in some of our recent announcements. The partnership we announced with Salesforce to help scale local fulfillment and delivery solutions for customers on their e-commerce platform is a good example; or our new Walmart business e-commerce site is another, where we're helping small and medium-sized businesses and nonprofits save money and spend less on purchasing the items they need every day.

在過去的 3 年裡，雖然我們的前線重點是應對大流行病和通貨膨脹，但我們仍然利用我們長期開發的技術和專業知識啟動並開始擴展新的互補業務。您可以在我們最近的一些公告中看到這一點。我們宣布與 Salesforce 建立合作夥伴關係，以幫助在其電子商務平台上為客戶擴展本地履行和交付解決方案，這就是一個很好的例子；或者我們新的沃爾瑪商業電子商務網站是另一個，我們正在幫助中小型企業和非營利組織節省資金，減少他們每天購買所需物品的費用。

Our fast-growing businesses in India, Flipkart and PhonePe, announced a full separation, which will allow both companies to focus on their own growth paths independently and help unlock value for shareholders. Flipkart has continued to strengthen its market leadership position in e-commerce and is entering this year with good momentum. PhonePe also announced the closing in January of the initial tranche of a fund raise that values the business at $12 billion pre-money. This is more than double the previous valuation just 2 years ago.

我們在印度快速發展的業務 Flipkart 和 PhonePe 宣布完全分離，這將使兩家公司能夠獨立專注於自己的增長路徑，並幫助為股東釋放價值。 Flipkart 繼續鞏固其在電子商務領域的市場領導地位，並以良好的勢頭進入今年。 PhonePe 還宣佈在 1 月份完成第一期融資，該融資前估值為 120 億美元。這是兩年前估值的兩倍多。

And our Sam's Club U.S. team announced expansion plans that will have us opening more than 30 new clubs across the country over the next several years in addition to a multiyear plan to invest in and modernize our supply chain, especially in the U.S.

我們的 Sam's Club 美國團隊宣布了擴張計劃，這將使我們在未來幾年內在全國開設 30 多家新俱樂部，此外還有一項多年計劃，用於投資供應鏈並使其現代化，尤其是在美國。

I'll wrap up my comments today by saying thank you to our associates. I'm grateful for how they continue to step up for our customers and members, and I'm impressed by their creativity and resilience. We've worked through a lot of the operational stress in our business from last year, and we made progress on strategic initiatives as we did it, and we're doing it in a way that's uniquely Walmart.

今天，我將通過向我們的同事表示感謝來結束我的評論。我很感激他們如何繼續為我們的客戶和會員挺身而出，他們的創造力和韌性給我留下了深刻的印象。從去年開始，我們在業務中承受了很多運營壓力，並且我們在戰略計劃方面取得了進展，而且我們正在以沃爾瑪獨有的方式進行。

John David, over to you.

約翰大衛，交給你了。

Thanks, Doug. I'd like to start by thanking our customers, associates and partners for helping us deliver a strong quarter to wrap up the year. We're pleased with how we finished the year. Our team demonstrated our agility and responsiveness to overcome the operational challenges, from supply chain disruptions, excess inventory and the shift in our merchandise mix.

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交付了一個強勁的季度來結束這一年。我們對今年的收尾情況感到滿意。我們的團隊展示了我們克服供應鏈中斷、庫存過剩和商品組合轉變等運營挑戰的敏捷性和響應能力。

For the full year, enterprise sales on a constant currency basis grew more than 7%, and we surpassed $600 billion in annual sales for the first time. Adjusted EPS declined 2.6% for the year.

全年，按固定匯率計算的企業銷售額增長超過 7%，我們的年銷售額首次超過 6000 億美元。調整後每股收益全年下降 2.6%。

Our performance in Q4 was better than our expectations due to sales upside and good expense leverage.

由於銷售增長和良好的費用槓桿，我們在第四季度的表現好於我們的預期。

Constant currency sales grew 8% with strength across all segments, including strong performance throughout the holiday season.

固定匯率銷售額增長 8%，所有細分市場均表現強勁，包括整個假日季的強勁表現。

Walmart U.S. comps increased 8.3%, including 17% growth in e-commerce, with a combination of pricing due in part to inflation and share gains. Sam's Club U.S. delivered its 12th consecutive quarter of double-digit comps with growth of 12.6% excluding fuel and tobacco. And constant currency sales in Walmart International increased 5.5%, led by Walmex.

沃爾瑪美國公司的收入增長了 8.3%，其中電子商務增長了 17%，定價的部分原因是通貨膨脹和股價上漲。山姆會員店美國連續第 12 個季度實現兩位數的增長，不包括燃料和煙草在內的增長率為 12.6%。在 Walmex 的帶動下，沃爾瑪國際的固定貨幣銷售額增長了 5.5%。

As I discuss our profitability, it's important to note the reorganization and restructuring charges within the International segment affect year-over-year comparisons. So my comments regarding Q4 results will focus on the business excluding adjusted items.

當我討論我們的盈利能力時，重要的是要注意國際部門的重組和重組費用會影響同比比較。因此，我對第四季度業績的評論將集中在不包括調整項目的業務上。

Gross margins were down 83 basis points, largely resulting from additional markdowns taken to address carryover inventory balances, mix headwinds and underlying inflation in our cost structure. With strong sales growth in the quarter, we levered SG&A expenses by 89 basis points.

毛利率下降了 83 個基點，這主要是由於為解決結轉庫存餘額、混合逆風和成本結構中的潛在通貨膨脹而採取的額外降價措施。憑藉本季度強勁的銷售增長，我們將 SG&A 費用槓桿化了 89 個基點。

Taking all this together, adjusted operating income grew nearly 7%. Adjusted EPS of $1.71 was better than we expected going into the quarter. GAAP EPS was $2.32. The difference between adjusted and GAAP EPS reflects a $1.16 benefit from unrealized gains on equity investments partially offset by a $0.55 charge related to business reorganization and restructuring in International.

將所有這些加在一起，調整後的營業收入增長了近 7%。調整後的每股收益為 1.71 美元，好於我們進入本季度的預期。 GAAP 每股收益為 2.32 美元。調整後每股收益與 GAAP 每股收益之間的差異反映了 1.16 美元的未實現股權投資收益收益，部分被與國際業務重組和重組相關的 0.55 美元費用所抵消。

Inventory at quarter end was relatively flat to last year. This includes a nearly 3% decrease from Walmart U.S. I'm pleased with how our teams responded to the challenge early in the year to aggressively rebalance inventory for the current environment, and it sets us up in a really good position going into the year.

季末庫存與去年持平。這包括美國沃爾瑪減少了近 3%。我很高興我們的團隊在今年年初如何應對挑戰，為當前環境積極地重新平衡庫存，這讓我們在進入今年時處於非常有利的位置。

Let me briefly reference key highlights for Q4 by segment. For Walmart U.S., comp sales were strong throughout the quarter, and December was the largest sales month in Walmart U.S. history. This was led by strength in food sales, which increased high teens, partially offset by a mid-single-digit decline in general merchandise sales with softness in toys, electronics, home and apparel.

讓我按細分簡要參考第四季度的主要亮點。對於美國沃爾瑪而言，整個季度的同款產品銷售強勁，12 月是沃爾瑪美國歷史上銷售量最大的月份。這是由食品銷售強勁帶動的，其中青少年人數增加，部分被一般商品銷售的中等個位數下降以及玩具、電子產品、家居和服裝的疲軟所抵消。

The effects of product mix shifts have negatively impacted our margins. Over the last year, grocery and health and wellness sales, which have a lower margin than general merchandise, have increased by 330 basis points as a portion of our mix. We continue to see strong share gains in grocery with nearly half coming from higher-income households, and private brand penetration increased over 160 basis points as customers prioritized value. Inflation remained high, up mid-teens in food categories, which was similar to Q3 levels. E-commerce sales were led by continued strong growth in store-fulfilled pickup and delivery in Q4.

產品組合轉變的影響對我們的利潤率產生了負面影響。在過去的一年裡，作為我們產品組合的一部分，利潤率低於一般商品的雜貨和保健品銷售額增加了 330 個基點。我們繼續看到雜貨店的份額增長強勁，近一半來自高收入家庭，並且由於客戶優先考慮價值，自有品牌滲透率增加了 160 個基點以上。通貨膨脹率居高不下，食品類別的通貨膨脹率處於中等水平，與第三季度的水平相似。第四季度門店自提和送貨的持續強勁增長帶動了電子商務銷售。

Over the last 2 years, store-fulfilled delivery sales have nearly tripled, and we're now doing over $1 billion a month, which gives you an indication of why we're so excited about the progress here. Advertising sales were also strong this quarter, up 41%. Higher sales and lower COVID costs contributed to SG&A expense leverage, which offset gross profit pressure, resulting in operating income growth of 3.8%.

在過去的 2 年裡，門店自配送的銷售額幾乎翻了三倍，我們現在每月的銷售額超過 10 億美元，這讓你明白我們為什麼對這裡的進展如此興奮。本季度的廣告銷售額也很強勁，增長了 41%。較高的銷售額和較低的 COVID 成本有助於 SG&A 費用槓桿，這抵消了毛利潤壓力，導致營業收入增長 3.8%。

In International, strong sales trends continued with growth of 5.5% on a constant currency basis led by double-digit growth in Walmex and China. Currency negatively affected reported sales results by about $900 million or an approximate 340 basis point headwind to growth. Q4 sales benefited from successful festive events across our markets. Year-over-year comparisons were negatively impacted by the timing shift of Flipkart's Big Billion Days event to Q3 this year versus Q4 last year.

在國際市場，強勁的銷售趨勢繼續保持，在 Walmex 和中國的兩位數增長的帶動下，按固定匯率計算增長了 5.5%。貨幣對報告的銷售業績產生了約 9 億美元的負面影響，或對增長造成約 340 個基點的不利影響。第四季度的銷售受益於我們市場上成功舉辦的節日活動。與去年第四季度相比，Flipkart 的 Big Billion Days 活動在今年第三季度的時間轉移對同比比較產生了負面影響。

Looking at the second half of the year in total, International sales grew more than 9% in constant currency. E-commerce sales were strong with penetration at 21%, with China leading the way at 48% penetration for the quarter. Walmex had another great quarter with sales strength in Bodega stores, Sam's Clubs and 14% growth in e-commerce. Segment adjusted operating income grew faster than sales, up nearly 17% in constant currency, helped by effective cost management across markets.

從今年下半年的總量來看，按固定匯率計算，國際銷售額增長超過 9%。電子商務銷售強勁，滲透率為 21%，本季度中國以 48% 的滲透率領先。 Walmex 在 Bodega 商店、Sam's Clubs 的銷售強勁以及電子商務增長 14% 的情況下又迎來了一個偉大的季度。得益於跨市場的有效成本管理，部門調整後的營業收入增長快於銷售額，按固定匯率計算增長近 17%。

In India, Flipkart continued its strong momentum through Diwali and other seasonal events. We are particularly pleased to see Flipkart's positive contribution margin expanding. PhonePe's recent valuation that Doug talked about was supported by annualized TPV reaching more than $950 billion, about 50% higher than just 1 year ago, while also exceeding more than 4 billion monthly transactions.

在印度，Flipkart 通過排燈節和其他季節性活動繼續保持強勁勢頭。我們特別高興地看到 Flipkart 的正邊際貢獻不斷擴大。 Doug 談到的 PhonePe 最近的估值得到年化 TPV 超過 9500 億美元的支持，比一年前高出約 50%，同時月交易量也超過 40 億。

Turning to Sam's Club. Our strong momentum continued, with comps up 12.6% in Q4 and up 23.4% on a 2-year stack. The segment delivered another quarter of record member counts and membership income growth was above 7%. In addition to solid increases in both transaction and ticket, Sam's e-commerce sales were up 21% year-over-year with contributions from both curbside and ship to home.

轉向山姆俱樂部。我們的強勁勢頭仍在繼續，第四季度股價上漲 12.6%，兩年累計上漲 23.4%。該部門又創造了四分之一的會員數量記錄，會員收入增長超過 7%。除了交易和機票的穩健增長外，Sam 的電子商務銷售額同比增長 21%，這得益於路邊和送貨上門的貢獻。

Operating income was pressured in the quarter by elevated markdowns lapping higher co-branded credit card income last year and an inflation-related LIFO charge of $14 million. With the strong trends at Sam's over the past several years, we're excited to expand our physical footprint through a multiyear investment in new clubs and supply chain optimization.

由於去年聯名信用卡收入增加以及與通貨膨脹相關的 LIFO 費用為 1400 萬美元，降價幅度加大加上聯名信用卡收入增加，本季度營業收入承壓。鑑於 Sam's 在過去幾年的強勁趨勢，我們很高興通過對新俱樂部的多年投資和供應鏈優化來擴大我們的實體足跡。

Turning to guidance. As we sit here today, we find ourselves in a similar position to each of the last 3 years, where there is a great deal of uncertainty looking out over the balance of the year. While the supply chain issues have largely abated, prices are still high and there is considerable pressure on the consumer. Attempting to predict with precision these swings in macroeconomic conditions and their effect on consumer behavior is challenging.

轉向指導。當我們今天坐在這裡時，我們發現自己與過去 3 年的每一年都處於相似的境地，展望今年的平衡，存在很大的不確定性。雖然供應鏈問題已基本緩解，但價格仍然居高不下，消費者承受著相當大的壓力。試圖準確預測宏觀經濟條件的這些波動及其對消費者行為的影響具有挑戰性。

As such, our guidance reflects a cautious outlook on the macro environment, but at the same time, our excitement about our recent results, momentum in all segments and progress on our strategy both for this year and the years that follow. We are positioned well and convicted about our plan.

因此，我們的指引反映了對宏觀環境的謹慎展望，但與此同時，我們對最近的業績、所有部門的勢頭以及我們今年和未來幾年的戰略進展感到興奮。我們處於有利位置並且對我們的計劃深信不疑。

In FY '24, we expect operating income growth to outpace sales growth. Given the persistence of high prices and the potential for further macro pressures, we are taking a cautious outlook for the year. We are guiding enterprise sales growth of 2.5% to 3% in constant currency and operating income growth of approximately 3%. This guidance assumes product mix pressures persist, but that our business mix continues to improve.

在 24 財年，我們預計營業收入增長將超過銷售增長。鑑於高價格的持續存在和進一步宏觀壓力的可能性，我們對今年的前景持謹慎態度。我們引導企業銷售額按固定匯率計算增長2.5%至3%，營業收入增長約3%。本指南假設產品組合壓力持續存在，但我們的業務組合繼續改善。

Even with an estimated 100 basis point impact from LIFO charges, we still expect to grow operating income more than sales. We also expect Walmart U.S. comp sales growth of 2% to 2.5%, International sales growth in constant currency of approximately 6% and Sam's Club comp sales growth of approximately 5% excluding fuel. Based on FX rates at the end of our fiscal year, we estimate a potential year-over-year enterprise sales tailwind of about $1.2 billion from currency.

即使後進先出費用估計會產生 100 個基點的影響，我們仍然預計營業收入的增長將超過銷售額。我們還預計沃爾瑪美國銷售額增長 2% 至 2.5%，按固定匯率計算的國際銷售額增長約 6%，山姆俱樂部銷售額增長約 5%（不包括燃料）。根據本財年末的匯率，我們估計貨幣對企業銷售額的潛在同比推動力約為 12 億美元。

Our purpose starts by helping people save money and live better, and it's more important than ever in this environment as consumers manage household budgets more tightly, making frequent trade-offs and biasing spending toward everyday essentials. We're reinforcing our value proposition across our merchandise offering, including featuring high-quality owned brands and leaning into opening price points. We're accelerating share gains in our food categories and seeing signs of improved attach rates in consumables and high-frequency purchase areas of general merchandise.

我們的目標始於幫助人們省錢和過上更好的生活，在這種環境下，這比以往任何時候都更加重要，因為消費者更嚴格地管理家庭預算，經常權衡取捨並將支出偏向日常必需品。我們正在加強我們在商品供應中的價值主張，包括以高品質自有品牌為特色並傾向於開放價格點。我們正在加速食品類別的份額增長，並看到消耗品和一般商品的高頻購買領域的附加率有所提高的跡象。

Our multiyear sales and operating income targets are just that, multiyear. In some years, our performance will be higher; and in some years, lower. We are confident, however, that we're building a business that allows us to grow our top and bottom line throughout an economic cycle.

我們的多年銷售和營業收入目標就是多年。在某些年份，我們的業績會更高；在某些年份，更低。然而，我們有信心，我們正在建立一個業務，使我們能夠在整個經濟周期中增加我們的收入和利潤。

Over the past 5 years, sales have grown approximately 6% on average, excluding divestitures. This year will likely be lower, but we look forward to getting back to a sales growth trend more in line with what we've delivered over the last few years.

在過去 5 年中，銷售額平均增長約 6%，不包括資產剝離。今年可能會更低，但我們期待回到更符合我們過去幾年交付的銷售增長趨勢。

Over that same period, operating income has grown at about half the rate of sales growth on an adjusted basis, excluding divestitures. This is the result of important investments we made in associate wages, pricing, technology and supply chain, which together strengthened our core business and position us well for the future.

在同一時期，經調整的營業收入增長率約為銷售增長率的一半，不包括資產剝離。這是我們在員工工資、定價、技術和供應鏈方面進行重要投資的結果，這些投資共同加強了我們的核心業務，並為我們的未來做好了準備。

Importantly, while we navigate some of the short-term challenges, we're continuing to invest for the future, invest in ways that strengthen our retail advantages by expanding our capabilities in marketplace, ad platform, data ventures and fulfillment as a service. We're providing more convenience for customers, including pickup and delivery, Scan And Go and Walmart+. We're working in partnership with our suppliers and sellers to use data, scaled fulfillment capabilities and our rapidly growing ad platform to elevate inventory accuracy and in-stocks, lower the cost to serve and drive improved conversion. All of this improves the trajectory of our ROI and our margin profile.

重要的是，在我們應對一些短期挑戰的同時，我們將繼續為未來投資，通過擴大我們在市場、廣告平台、數據風險投資和履行即服務方面的能力，投資於增強我們零售優勢的方式。我們正在為客戶提供更多便利，包括取貨和送貨、掃一掃和沃爾瑪+。我們正在與我們的供應商和賣家合作，使用數據、擴展的履行能力和我們快速增長的廣告平台來提高庫存準確性和庫存，降低服務成本並推動改進的轉換。所有這些都改善了我們投資回報率和利潤率的軌跡。

We will continue to invest in our associates through increased pay and benefits to reinforce the ladder of opportunities at Walmart. But we're managing our costs in a way that allows us to achieve our operating income goals with these investments. In other words, we're staying true to our commitment of everyday low cost, enabling everyday low prices.

我們將繼續通過增加薪酬和福利來投資於我們的員工，以加強沃爾瑪的機會階梯。但我們管理成本的方式使我們能夠通過這些投資實現我們的營業收入目標。換句話說，我們堅持每天低成本的承諾，實現每天的低價。

We expect FY '24 CapEx to be flat to up slightly in total dollars compared to last year as we continue the multiyear investment in technology and innovation to optimize our supply chain in stores. Many of these tech enhancements are reaching the stage where we can rapidly deploy them across our network, and we have clear line of sight toward better efficiencies and ROI on these investments in the medium term.

我們預計 24 財年的資本支出總額與去年相比持平或略有上升，因為我們將繼續對技術和創新進行多年投資，以優化商店的供應鏈。許多這些技術改進已經到了我們可以在我們的網絡中快速部署它們的階段，而且我們對在中期提高這些投資的效率和投資回報率有著清晰的認識。

I want to call out a few other assumptions for our guidance for the year. Gross margin rate is expected to increase this year, though not back to FY '22 levels yet. We expect gross margin to benefit from the lapping of higher supply chain costs and markdowns from this past year as well as growth from our newer initiatives, many of which have a higher profit margin.

我想為我們今年的指導提出一些其他假設。預計今年毛利率將增加，但尚未回到 22 財年的水平。我們預計毛利率將受益於去年更高的供應鏈成本和降價以及我們新舉措的增長，其中許多舉措具有更高的利潤率。

Partially offsetting this, we expect product mix and inflation-related LIFO charges to be gross margin headwinds. Based on current assumptions for inflation, LIFO charges for both Walmart U.S. and Sam's Club could approximate roughly $500 million this year with the headwind equally proportioned across quarters. This is an improvement from the $1 billion LIFO estimate we provided on the Q3 call due to moderating inflation in key merchandise categories and reduced inventory levels. It's important to note that inflation, inventory levels and additional factors will influence the aggregate amount. We'll commit to providing updates as we go through the year.

部分抵消了這一點，我們預計產品組合和與通貨膨脹相關的後進先出費用將成為毛利率的不利因素。根據當前的通貨膨脹假設，今年沃爾瑪美國和山姆會員店的後進先出費用可能約為 5 億美元，而逆風在各個季度的比例相同。這比我們在第三季度電話會議上提供的 10 億美元後進先出估計有所改善，原因是關鍵商品類別的通脹放緩和庫存水平下降。重要的是要注意通貨膨脹、庫存水平和其他因素會影響總量。我們將承諾在這一年中提供更新。

With sales growth expected at a lower rate versus the prior year and our commitment to continuing to invest in our people and technology, we expect SG&A to delever slightly in FY '24. There are also several below-the-line items that will pressure EPS for FY '24.

由於預計銷售增長率低於上一年，並且我們致力於繼續投資於我們的人員和技術，我們預計 SG&A 將在 24 財年略微去槓桿化。還有一些線下項目將對 24 財年的每股收益構成壓力。

First, interest expense is estimated to be about $750 million higher than last year. This translates to an approximate $0.20 year-over-year EPS headwind with Q1's impact less than the remaining quarters.

首先，利息支出估計比去年高出約 7.5 億美元。這相當於每股收益同比增長約 0.20 美元，第一季度的影響小於其餘季度。

Second, we do not expect a repeat of the benefit we realized from certain discrete tax items last year, and as such, expect our tax rate to be more normalized in FY '24 at 25.5% to 26.5%, resulting in an approximate $0.10 EPS headwind.

其次，我們預計我們去年從某些離散稅項中實現的收益不會重複，因此，預計我們的稅率在 24 財年更加正常化，為 25.5% 至 26.5%，從而導致每股收益約為 0.10 美元逆風。

And lastly, in our noncontrolling interest line, we expect an approximate $0.12 EPS headwind related to acquiring full ownership of Massmart and Alert Innovation as well as the impacts to minority interest of strong expected performance at Walmex.

最後，在我們的非控制性利益線中，我們預計與收購 Massmart 和 Alert Innovation 的全部所有權以及 Walmex 強勁預期業績對少數股東權益的影響相關的每股收益逆風約為 0.12 美元。

In total, these below-the-line factors account for approximately $0.42 of year-over-year EPS headwind. The impact from these below-the-line items offsets the gains we're making in our core business, resulting in EPS being slightly down for the year. We expect full year EPS of between $5.90 and $6.05, including a $0.14 headwind from LIFO.

總的來說，這些線下因素造成每股收益同比逆風約 0.42 美元。這些線下項目的影響抵消了我們在核心業務中取得的收益，導致全年每股收益略有下降。我們預計全年每股收益在 5.90 美元至 6.05 美元之間，包括後進先出帶來的 0.14 美元逆風。

For the first quarter, we expect to see a higher rate of sales growth of 4.5% to 5%, largely due to inflation. We expect operating income to increase 3.5% to 4%, including the negative impact of a LIFO charge of approximately 235 basis points. EPS is expected to be in a range of $1.25 to $1.30, including an approximate $0.03 headwind from LIFO.

對於第一季度，我們預計銷售增長率將達到 4.5% 至 5%，這主要是由於通貨膨脹。我們預計營業收入將增長 3.5% 至 4%，其中包括約 235 個基點的後進先出費用的負面影響。每股收益預計在 1.25 美元至 1.30 美元之間，包括來自後進先出法的大約 0.03 美元逆風。

While we're not providing quarterly guidance beyond Q1, I want to offer the following perspective. We currently expect sales growth to be strongest in the first half then moderating in the second half, reflecting our macro assumptions and a more difficult year-over-year comparisons. Because we will lap the benefit we received last year from insurance proceeds in 2Q, we expect operating income to be flat in 2Q relative to last year. We expect operating income growth to begin to outpace sales growth to a greater degree in the second half of the year versus the first half.

雖然我們不提供第一季度之後的季度指導，但我想提供以下觀點。我們目前預計上半年的銷售增長最為強勁，然後在下半年放緩，這反映了我們的宏觀假設和更困難的同比比較。由於我們將在第二季度從保險收益中獲得去年的收益，因此我們預計第二季度的營業收入與去年持平。我們預計與上半年相比，下半年營業收入增長將開始在更大程度上超過銷售增長。

In closing, I want to echo Doug's Sentiment on our business. Over the last year, our team responded to some of the external challenges with the speed and nimbleness rarely seen in a company of our size, and we exited the year in a much, much better place.

最後，我想回應道格對我們業務的看法。在過去的一年裡，我們的團隊以在我們這種規模的公司中罕見的速度和敏捷性應對了一些外部挑戰，我們以一個非常非常好的地方結束了這一年。

As I reflect on where we are today, I'm more excited about our future than at any point in my time here. The opportunity in front of us is incredible. Our customer, member value proposition has never been stronger. Perhaps that's more obvious during times like this, when the consumer is pressured.

當我反思我們今天所處的位置時，我對我們的未來比我在這裡的任何時候都更加興奮。擺在我們面前的機會是不可思議的。我們的客戶、會員價值主張從未如此強大。也許在這樣的時代，當消費者受到壓力時，這一點更為明顯。

We have become an omnichannel retailer. Who else has the stores and clubs so close to so many customers and members, combined with first- and third-party e-commerce and the combination of grocery and general merchandise and in multiple attractive countries? We're in the right markets with a breadth of assortment and ways of shopping like no one else with impactful and emerging digital and technological capabilities.

我們已經成為全渠道零售商。還有誰的商店和俱樂部離如此多的客戶和會員如此之近，結合了第一方和第三方電子商務以及雜貨和百貨的結合，並且在多個有吸引力的國家？我們正處於正確的市場，擁有廣泛的品類和購物方式，而其他任何一家都擁有具有影響力和新興的數字和技術能力。

Our plan leverages our strengths to serve our customers and members in more ways. We meet them where they are, to continue to help them save money and time, to help them live better.

我們的計劃利用我們的優勢以更多方式為我們的客戶和會員服務。我們在他們所在的地方與他們會面，繼續幫助他們節省金錢和時間，幫助他們過上更好的生活。

But what you're going to see in the years to come is that we will keep changing, and the changes will improve the composition of our P&L. We will have related, diversified, higher-margin earning streams that are scaling rapidly. You will begin to see the significant benefits from the investments that we're making in things like our supply chain automation and our expanded e-commerce capabilities. We're at an inflection point to begin to accelerate margin expansion, reinforcing that the algorithm is in place. The macro pressures this year may obscure some of that progress, but won't take away from the long-term promise of many of these initiatives. We look forward to sharing more at our Investor Day in April.

但在未來幾年你將看到的是我們將不斷變化，這些變化將改善我們損益表的構成。我們將擁有相關的、多元化的、利潤率更高的收入來源，這些收入來源正在迅速擴大。您將開始看到我們在供應鏈自動化和擴展的電子商務能力等方面的投資帶來的巨大收益。我們正處於開始加速保證金擴張的轉折點，加強了算法的到位。今年的宏觀壓力可能會掩蓋部分進展，但不會影響其中許多舉措的長期承諾。我們期待在 4 月的投資者日分享更多信息。

Thank you. Let me turn it over to the operator for questions.

謝謝。讓我把它交給接線員提問。

(Operator Instructions) And our first question comes from the line of Oliver Chen with Cowen and Company.

（操作員說明）我們的第一個問題來自 Cowen and Company 的 Oliver Chen。

Great quarter. Would love your thoughts on consumer health and what you're seeing with respect to unit growth in terms of your guidance and your thoughts about how that may manifest.

偉大的季度。會喜歡你對消費者健康的想法，以及你在你的指導和你對如何體現的想法方面所看到的單位增長。

And then John David, on the technology call-outs, advertising, Walmart+, artificial intelligence. What are your thoughts on things we should focus on in terms of those scaling?

然後是約翰大衛，他談到了技術宣傳、廣告、沃爾瑪+、人工智能。你對我們在這些擴展方面應該關注的事情有什麼看法？

And finally, Judith, you had impressive momentum, double-digit growth at Walmex and China. On the China reopening, would love any comments. And on the price investments at Walmex, that would be helpful as well.

最後，朱迪思，你在 Walmex 和中國取得了令人印象深刻的兩位數增長。關於中國重新開放，歡迎發表任何評論。對於 Walmex 的價格投資，這也會有所幫助。

Oliver, you did a great job working in like 6 questions, 5 questions? No. This is Doug. We'll try to make sure we cover all of those. You may have to remind us of 1 or 2.

奧利弗，你在 6 個問題、5 個問題上做得很好？不，這是道格。我們將努力確保涵蓋所有這些內容。您可能需要提醒我們 1 或 2。

Let's start with consumer health. And I'll just ask Kath, you, John and Judith to quickly comment. And Judith, you can work in the answers to the questions he asked then, if you want to.

讓我們從消費者健康開始。我會請 Kath、你、John 和 Judith 快速發表評論。 Judith，如果你願意，你可以回答他當時提出的問題。

We were talking just before the call, Oliver, about which adjective to use, and we were coming up with words like choiceful, discerning, thoughtful. I think you can see it in the mix impact. Customers are still spending money.

奧利弗，我們在打電話之前就在討論要使用哪個形容詞，我們想出了諸如有選擇的、有洞察力的、深思熟慮的詞。我想你可以在混合效果中看到它。客戶仍在花錢。

When you think about our guidance and the place we positioned it, it's obviously not as clear to us what the back half of the year looks like as what we're experiencing right now and the momentum that we had coming out of the fourth quarter. But that's the way we would characterize them. They're making choices. We expect that to continue through the year.

當你考慮我們的指導方針和我們的定位時，我們顯然不太清楚今年下半年的情況，因為我們現在正在經歷什麼，以及我們從第四季度出來的勢頭。但這就是我們描述它們的方式。他們在做選擇。我們預計這種情況將持續到今年。

Kath, you want to add something for Sam's?

凱絲，你想給山姆加點東西嗎？

Yes. I'll just say, as we went kind of through Q4, we were watching with interest to see how they behaved in home and apparel, GM, discretionary. We're happy to see high single-digit comp growth there. And we're watching, as we went through Super Bowl and Valentine, and we're still seeing kind of that hold. So yes, positive with where we're at, at the moment.

是的。我只想說，當我們經歷第四季度時，我們正在饒有興趣地觀察他們在家居和服裝、通用汽車、全權委託方面的表現。我們很高興在那裡看到高個位數的收入增長。我們正在觀看，因為我們經歷了超級碗和情人節，我們仍然看到那種保持。所以是的，對我們目前所處的位置持肯定態度。

Oliver, thanks for the question. First, I just want to say thanks to all of our associates for delivering a great quarter and everything they did last year. There are so many things that they went through collectively, and they just did a great job building momentum as the year went on.

奧利弗，謝謝你的提問。首先，我只想對我們所有的員工表示感謝，感謝他們帶來了一個出色的季度以及他們去年所做的一切。他們共同經歷了很多事情，隨著時間的推移，他們在建立勢頭方面做得很好。

On the consumer. I think choiceful is a great word to describe it. There certainly was momentum coming out of the fourth quarter. But Walmart's built a lot of options for customers, and we'll be more flexible than we have been in the past, whether it's in the store or pickup or delivery. John David mentioned the momentum that we have with delivery from stores. So we'll be there for customers as things continue to shift.

在消費者身上。我認為選擇是一個很好的詞來形容它。第四季度肯定有勢頭。但沃爾瑪為客戶提供了很多選擇，我們將比過去更加靈活，無論是在商店、提貨還是送貨上。 John David 提到了我們從商店發貨的勢頭。因此，隨著情況的不斷變化，我們將隨時為客戶服務。

Yes. Maybe, Oliver, for International, it actually was a strong quarter, which ended a strong year for us with that top line and bottom line growth of around about 9%. That strength came out of a number of our markets. And you touched on Mexico and China, but India as well had a good year.

是的。也許，奧利弗，對於國際來說，這實際上是一個強勁的季度，這對我們來說是強勁的一年，收入和利潤增長約為 9%。這種力量來自我們的許多市場。你談到了墨西哥和中國，但印度也度過了美好的一年。

Maybe just talking about the consumer. What never ceases us to amaze me, as you think about being a global business, is how similar the consumer is around the world, which we can take a lot of learning from. And certainly, events, moments that matter, were important to consumers. We also saw a continuing rise in their digital capabilities and what they're looking from for the businesses. And then the third area that I will talk about is the rise of private brands in terms of the way consumers were shopping as well. And that's pretty much held true in every market in which we operate.

也許只是在談論消費者。當您考慮成為一家全球性企業時，我們總是讓我感到驚訝的是，世界各地的消費者非常相似，我們可以從中學到很多東西。當然，重要的事件和時刻對消費者來說很重要。我們還看到他們的數字能力以及他們對業務的期望不斷提高。然後我要談的第三個領域是自有品牌在消費者購物方式方面的崛起。在我們經營的每個市場中，這幾乎都是正確的。

Maybe turning to Mexico. So I'll pick up the third part of your question within this first piece. Another strong quarter for Mexico. This actually tops off the ninth year in a row that Mexico has gained market share. And I think none of those things is testament to the strength of the formats in Mexico and the way that they appeal across all sectors of the Mexican and Central American population as well. The consumer health there, again, choiceful, thoughtful are really good words to describe it. But that breadth format allows us play right across that spectrum.

也許轉向墨西哥。因此，我將在第一部分中討論您問題的第三部分。墨西哥的另一個強勁季度。這實際上是墨西哥連續第九年獲得市場份額。而且我認為這些都不能證明墨西哥格式的強度以及它們對墨西哥和中美洲人口所有部門的吸引力。那裡的消費健康，再次，挑剔，周到，真是再好不過的詞來形容了。但是這種廣度格式允許我們在那個範圍內發揮作用。

And in the quarter, Mexico continues to invest in price. They saw the largest ever price gap in Bodegas, which is the key format. But that strength really comes from a 3-point advantage that they have.

在本季度，墨西哥繼續投資於價格。他們看到了 Bodegas 有史以來最大的價格差距，這是關鍵格式。但這種實力確實來自於他們擁有的3分優勢。

The first is they continue to open new stores, which customers still want to be able to shop in physical stores. We opened 126 stores last year. We continue to expand our e-commerce footprint in omnichannel, on-demand. So grocery online and pickup is going from strength to strength. And then, interestingly, and I think this speaks to consumer as well at building out that ecosystem. Where you can get trust, value and convenience in offers such as our BAIT, which is our MVNO in Mexico; or our Cashi payment capabilities, we're seeing strength there.

首先是他們繼續開設新店，客戶仍然希望能夠在實體店購物。我們去年開了 126 家店。我們繼續擴大我們在全渠道、按需電子商務方面的足跡。因此，在線雜貨店和取貨服務正在不斷壯大。然後，有趣的是，我認為這在構建生態系統時也與消費者有關。您可以從我們的 BAIT 等優惠中獲得信任、價值和便利，這是我們在墨西哥的 MVNO；或我們的 Cashi 支付能力，我們在那裡看到了力量。

So China, turning to China. Clearly, the big news in China was the opening of China. As I look though into last year, we saw continued strength in hypermarkets, which is the higher-end offering that we have within China, slightly different positioning to Sam's Clubs in the U.S. and in Mexico. They continued very strongly. But also, people shopped back into hypermarkets again, and we saw some of our best performance in hypermarket than we have for some time.

所以中國，轉向中國。顯然，中國的大新聞是中國的開放。回顧去年，我們看到大賣場持續走強，這是我們在中國提供的高端產品，與美國和墨西哥的山姆俱樂部略有不同。他們繼續非常強烈。而且，人們再次回到大賣場購物，我們在大賣場看到了一段時間以來最好的表現。

But the real consumer trend, and it's probably one that is worth taking note of globally is what's happening in e-commerce in China. So you'll have seen in the results that we talked about, 70% growth in Q4, which was 163% 2-year stack for China on e-commerce growth and a penetration now reaching 48%. That is undoubtedly helped by the buildup into Chinese New Year. That buildup fell into Q4. But we continue to see that as part of economic behavior.

但真正的消費趨勢，而且可能是全球值得關注的消費趨勢，是中國電子商務領域正在發生的事情。所以你會在我們談到的結果中看到，第四季度增長了 70%，這是中國電子商務增長的 2 年疊加 163%，滲透率現在達到 48%。這無疑得益於農曆新年的到來。這種積累進入了第四季度。但我們繼續將其視為經濟行為的一部分。

With the opening, we have seen people returning more to stores, which is what you would expect and also wanting to celebrate events and I think that Chinese New Year position speaks to that.

隨著開業，我們看到更多人回到商店，這是你所期望的，也想慶祝活動，我認為中國新年的位置說明了這一點。

So overall, strong for international consumer behavior, similar around the world. It holds up as well in India, which also had some strength in that, and nowhere more so for the digital economy than our Flipkart and PhonePe businesses.

因此，總體而言，國際消費者行為強烈，世界各地相似。它在印度也很成功，印度在這方面也有一定的優勢，對於數字經濟來說，沒有比我們的 Flipkart 和 PhonePe 業務更重要的了。

Oliver, this is John, David. I'll take the question on the initiatives. And one of the exciting things about this is actually how they all work together and importantly, not just working together, but how the investments that we're making in our supply chain helped to make this a profitable operation for us.

奧利弗，這是約翰，大衛。我將回答有關倡議的問題。令人興奮的事情之一實際上是他們如何一起工作，重要的是，不僅僅是一起工作，而且我們在供應鏈中進行的投資如何幫助我們實現盈利。

It's tough to single out one particular area. But if I had to, I'd say Marketplace is perhaps the linchpin of all this because that gives us the ability to sell third-party merchandise as well as first party. And just this last quarter, we now have over 400 million SKUs on our Marketplace. And a significant portion of those are -- actually avail themselves of our fulfillment services as well, which is a great benefit for us.

很難挑出一個特定的區域。但如果必須的話，我會說 Marketplace 可能是所有這一切的關鍵，因為它使我們能夠像銷售第一方商品一樣銷售第三方商品。就在上個季度，我們的市場上現在有超過 4 億個 SKU。其中很大一部分 - 實際上也利用了我們的履行服務，這對我們來說是一個很大的好處。

But as we get more assortment on the Marketplace, we get more eyeballs coming to our website. That allows more advertisers or makes advertisers want to spend money there to -- with the larger audience. And this all sort of works together.

但是隨著我們在 Marketplace 上獲得更多的分類，我們的網站吸引了更多的眼球。這允許更多的廣告商或使廣告商希望在那里花錢 - 與更多的觀眾。這一切都在一起工作。

And if you look at our e-commerce business today, it's an $80 billion business and still growing, and we have a lot of opportunity there going forward. And so we're we've always been known for price. But as Doug noted in his remarks, we're also now being known for convenience. And a lot of the things that we're doing are helping our customers live better with the convenience that we're offering.

如果你看看我們今天的電子商務業務，它是一個價值 800 億美元的業務並且還在增長，我們在未來有很多機會。因此，我們一直以價格著稱。但正如 Doug 在他的評論中指出的那樣，我們現在也因方便而聞名。我們正在做的很多事情都是通過我們提供的便利幫助我們的客戶過上更好的生活。

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

下一個問題來自摩根士丹利的 Simeon Gutman。

One theme of a question is the flywheel and the balance between investments and bottom line growth. The near-term question of the theme is the '24 outlook looks like it's burdened by some maybe fleeting items, LIFO in particular, some of the bottom line. So what's the right way to think about it? Are these good guys into '25 and/or the house money that you invest?

問題的主題之一是飛輪以及投資與底線增長之間的平衡。該主題的近期問題是 24 世紀的前景看起來像是被一些可能稍縱即逝的項目所拖累，尤其是後進先出法，一些底線。那麼什麼是正確的思考方式呢？這些好人是否進入 25 歲和/或您投資的房屋資金？

And then the conceptual question on the flywheel is what do you do with the high-margin earnings streams John David mentioned? Have you set out whether or not that goes back in the business and you grow your EBIT dollars faster? Or you do let your margins expand at a faster rate?

然後關於飛輪的概念性問題是您如何處理 John David 提到的高利潤收入流？您是否確定這是否會重新回到業務中並且您的息稅前收益增長更快？還是讓您的利潤率以更快的速度增長？

Simeon, this is Doug. I'll kick it off and then John David can add.

西蒙，這是道格。我先開始，然後 John David 可以補充。

I think generally it's the latter. We feel like that our price gaps are in a good spot that we've made, the thoughtful wage investments that we need to make. That doesn't mean that wages may not continue to go up over time. But generally, the shape of the income statement is in pretty good shape. And then we've got these other items that are scaling that have changed the business model.

我想一般是後者。我們覺得我們的價格差距處於我們已經取得的好位置，這是我們需要進行的深思熟慮的工資投資。這並不意味著工資可能不會隨著時間的推移而繼續上漲。但總的來說，損益表的形狀非常好。然後我們得到了這些正在擴展的其他項目，這些項目改變了商業模式。

And so you end up mixing yourself. I think John David did a great job in his remarks describing we're going to face some merchandise mix pressure this year across markets, but the business model itself, the business mix, is changing. That's been our strategy, and now we're starting to see some of those numbers grow as in -- with advertising income.

所以你最終會把自己混在一起。我認為約翰大衛在他的言論中做得很好，他描述了我們今年將在各個市場面臨一些商品組合壓力，但商業模式本身，商業組合正在發生變化。這一直是我們的戰略，現在我們開始看到其中一些數字隨著廣告收入的增長而增長。

I think in the investment category, the thing that we're most excited about is the automation opportunity we have, and that's reflected in our capital guidance. We've shared with some of you how excited we are about some of the things that are in front of us in distribution centers that will impact stores in a positive way. But that's more of a CapEx and balance sheet investment view than shaping the income statement differently, as we've done in recent years.

我認為在投資類別中，我們最興奮的是我們擁有的自動化機會，這反映在我們的資本指導中。我們已經與你們中的一些人分享了我們對配送中心擺在我們面前的一些事情感到多麼興奮，這些事情將以積極的方式影響商店。但這更多的是資本支出和資產負債表投資觀點，而不是像我們近年來所做的那樣以不同方式塑造損益表。

Sure. And I'll add, Simeon, that we do expect to see our return on investment improve marginally this year. That's what's in our plan. But that's really before we expect a sharper acceleration in the years to follow. And we'll give you more insight into that at our Investor Day, but we're very mindful that we need to show a return for these investments, but the good news is the early reads on some of the things that we're doing are really exciting and support that continued level of investment.

當然。 Simeon，我要補充一點，我們確實希望看到今年的投資回報率略有提高。這就是我們的計劃。但這確實發生在我們預計未來幾年會出現更大幅度的加速之前。我們會在我們的投資者日讓您更深入地了解這一點，但我們非常注意我們需要展示這些投資的回報，但好消息是早期閱讀我們正在做的一些事情真的很令人興奮，並支持持續的投資水平。

I'll give you an example. Like our perishable DCs, where we put some automation in place. We had a plan around what that would result in increased throughput in terms of cases per hour. The actual results are almost 50% better than that. And so that like gives us conviction to want to accelerate some of this. Same story with some of our e-commerce DCs, where we see a 12-step process going down to 5 steps, making us a lot more efficient.

我給你舉個例子。就像我們的易腐 DC 一樣，我們在其中設置了一些自動化。我們制定了一個計劃，這將導致每小時處理的案例數量增加。實際結果比那好將近50%。因此，這讓我們堅信要加速其中的一些。我們的一些電子商務 DC 也是如此，我們看到 12 步流程減少到 5 步，使我們的效率大大提高。

And so these are high-ROI investments where we've got clear line of sight into the return. So to your point, this allows us to not only invest appropriately with our associates and continued technology but also to see margin expansion over time.

因此，這些都是高投資回報率的投資，我們對回報有清晰的認識。因此，就您的觀點而言，這使我們不僅可以與我們的合作夥伴和持續的技術進行適當的投資，而且還可以看到利潤率隨著時間的推移而擴大。

I'd just quickly add. Our sales have been stronger these last few years. I mean, the 6% CAGR over the last 5 is a much higher number than you look -- than you would have experienced with the company previously. But then we had these unusual things happen with COVID costs and last year inflation and supply chain costs. And we're hoping for something that looks a little more normal going forward that would enable us to push through the strategy in a way that you see it in operating income growth.

我只是快速補充。過去幾年，我們的銷售額一直強勁。我的意思是，過去 5 年 6% 的複合年增長率比你看起來要高得多——比你以前在公司經歷過的要高得多。但隨後我們在 COVID 成本以及去年的通貨膨脹和供應鏈成本方面發生了這些不尋常的事情。我們希望未來看起來更正常一些，這將使我們能夠以您在營業收入增長中看到的方式推進該戰略。

Our next question is from the line of Chris Horvers for JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

So can you talk about how you're thinking about the Walmart U.S. comp guide of 2% to 2.5%? Inflation has barely ticked down in recent periods, it's still up double digits. Are you expecting grocery unit trends to deteriorate? Is gen merch still down this year? And ultimately, do you expect the U.S. business to go negative in the back half on a potential recession?

那麼你能談談你如何看待沃爾瑪美國 2% 到 2.5% 的薪酬指南嗎？通貨膨脹在最近幾個時期幾乎沒有下降，但仍處於兩位數的上升趨勢。您是否預計雜貨店趨勢會惡化？今年 gen merch 還在下降嗎？最終，您是否預計美國企業會因潛在的經濟衰退而在下半年出現負增長？

And speaking in a second. On the Sam's side, the business has a lot of momentum with comp and strong KPIs. Can you talk about how you're thinking about the opportunity to grow clubs? Over the next 3 to 5 years, do you see it as an opportunity to fill in existing markets or expand in sort of less dense markets than new geographies on the coast?

並在一秒鐘內說話。在 Sam 方面，業務發展勢頭強勁，KPI 強勁。你能談談你是如何考慮發展俱樂部的機會的嗎？在接下來的 3 到 5 年裡，您是否認為這是一個填補現有市場或在比沿海新地區密度較低的市場擴張的機會？

Chris, this is John David. I'll start and then turn it over to Kath and John for a little more color on their segments.

克里斯，這是約翰大衛。我將開始，然後將其轉交給 Kath 和 John，以便為他們的片段添加更多顏色。

But with respect to our guidance. Look, guidance is -- it's tricky in so far as you want to provide transparency, but you -- and also you need to balance that with reliability. And as we sit here today, we look at the progress that we're making in our business and we've got a lot of conviction and excitement around that, but there's a lot of uncertainty with the macro backdrop.

但是關於我們的指導。看，指導是——就你想要提供透明度而言，它很棘手，但你——而且你還需要在它與可靠性之間取得平衡。當我們今天坐在這裡時，我們回顧了我們在業務中取得的進展，我們對此充滿信心和興奮，但宏觀背景存在很多不確定性。

We've not been in a position where we've seen the Fed tighten this sharply. We see issues where delinquencies are up, and things like auto loans, you've got savings rates that are coming down. And there's a lot of unknowns in the back half of the year.

我們還沒有看到美聯儲大幅收緊政策。我們看到拖欠率上升的問題，以及汽車貸款等問題，你的儲蓄率正在下降。下半年還有很多未知數。

And so what we've attempted to balance with our guidance is a cautious outlook on the macro environment, but coupled with a lot of excitement about the progress that we're making. And so I think the read-through on our guidance is just that there remains to be a lot of unknowns as we're sitting here just a few weeks into the year.

因此，我們試圖與我們的指導相平衡的是對宏觀環境的謹慎展望，但同時對我們正在取得的進展感到非常興奮。因此，我認為我們的指導通讀只是因為我們在今年才幾週就坐在這裡，所以仍然有很多未知數。

Yes. And Chris, this is John. I'll just build on that. Certainly pleased to see some of the momentum in food and other categories, including unit growth in the last quarter. There was both traffic and basket expansion, which are both positive indicators.

是的。克里斯，這是約翰。我將以此為基礎。當然很高興看到食品和其他類別的一些勢頭，包括上個季度的單位增長。流量和籃子都在擴張，這都是積極的指標。

I think John David described well the way we're thinking about the year cautiously given all the unknowns in the operating environment. But I would just highlight the team here in Walmart U.S. have done a great job expanding our ability to deliver from stores, deliver from fulfillment centers. You heard a bit about automation. So there's a lot of investment that we feel great about the return possibilities given the experience we've had with some of these technologies. And as you bundle all this together, we're positioning ourselves well, I think, to be able to grow and continue to grow like we have last few years.

我認為 John David 很好地描述了我們在考慮到運營環境中的所有未知數的情況下謹慎考慮這一年的方式。但我只想強調美國沃爾瑪的團隊在擴大我們從商店發貨、從運營中心發貨的能力方面做得很好。你聽說過一些關於自動化的知識。因此，鑑於我們在其中一些技術方面的經驗，我們對回報的可能性感到非常滿意。當你把所有這些捆綁在一起時，我認為我們正在很好地定位自己，能夠像過去幾年一樣成長並繼續成長。

Since we merged our e-commerce and store business together just about 3 years ago in Walmart U.S., we see growth of almost $79 billion, almost $80 billion for the 3 years. So quite a bit of growth there. And the team is really focused on top line, as you'd expect of a big merchandising organization like this one.

自從我們大約 3 年前在美國沃爾瑪將我們的電子商務和商店業務合併在一起以來，我們看到增長了近 790 億美元，這 3 年增長了近 800 億美元。所以那裡有相當多的增長。正如您對像這樣的大型營銷組織所期望的那樣，該團隊真正專注於收入。

And if I just pick up on the Sam's growth. I think we've talked quite a bit about the 12 quarters of double-digit comp growth. But if you look underneath that strength and growth across traffic every single one of those quarters, across ticket, our membership income has grown solidly across those 12 quarters. We've grown in e-com. We're growing with Scan And& Go. If I look at the actual membership composition, we're growing with mid- to high household income groups with share of wallet. We're growing with millennials and Gen Z as the largest growth area in our membership base. And then if I look at market share, we're growing market share in our club channel despite no opening clubs while our competitors were opening clubs.

如果我只是了解 Sam 的成長。我認為我們已經就 12 個季度兩位數的收入增長談了很多。但是，如果您深入了解這些季度中每個季度的流量實力和增長，我們的會員收入在這 12 個季度中穩步增長。我們在電子商務中成長。我們與 Scan And& Go 一起成長。如果我看一下實際的會員構成，我們會隨著中高家庭收入群體的增長而增長。我們正在與千禧一代和 Z 世代一起成長，成為我們會員基礎中最大的增長領域。然後，如果我看一下市場份額，儘管我們的競爭對手正在開設俱樂部，但我們在俱樂部渠道中的市場份額正在增長，儘管沒有開設俱樂部。

So if you look at that suite of kind of metrics, you look at it and you realize that the value proposition we have at Sam's is winning and it's resonating with our member base and it's resonating with new members. And so we are looking at growing both in fill-in opportunities as well as into new geographies where we don't have as a large a presence. So we're excited about opening clubs, it will take us a minute to build up that pipeline, but we've already got some exciting areas we're looking at.

因此，如果你看一下那套指標，你就會意識到我們在 Sam's 的價值主張正在獲勝，它引起了我們的會員群的共鳴，也引起了新會員的共鳴。因此，我們正在考慮增加填補機會以及進入我們沒有那麼大存在的新地區。所以我們對開設俱樂部感到很興奮，我們需要一分鐘時間來建立這條管道，但我們已經有了一些令人興奮的領域。

Next question is from the line of Michael Lasser with UBS.

下一個問題來自瑞銀集團的 Michael Lasser。

On this call, there's been a few different references to an algorithm to 6% top line growth compounded over the last few years to growing operating income faster than sales. Previously, we were under the expectation that Walmart was managing its business over the long term to a 4% top line growth and greater than 4% operating income growth. It's going to fall short of that this year. Is it still a realistic expectation that Walmart is managing the enterprise to that 4% top line, 4.5% -- better than 4.5% operating income growth number? And is it reasonable for that to kick in as early as next year?

在這次電話會議上，有一些不同的算法提到了過去幾年 6% 的收入增長與營業收入增長快於銷售額的複合。此前，我們預計沃爾瑪將長期管理其業務，實現 4% 的收入增長和超過 4% 的營業收入增長。今年將達不到這一點。沃爾瑪將企業管理到 4% 的頂線，即 4.5%——好於 4.5% 的營業收入增長數字，這仍然是一個現實的期望嗎？最早明年開始實施是否合理？

Michael, this is John David. Yes is the short answer. It's absolutely realistic to assume that. But when we put out multiyear targets, they're not designed or not intended to suggest that we can hit that in any economic environment, in any year. And so we're certainly -- our guidance this year reflects some of the pressures that we see broadly in economies around the world.

邁克爾，這是約翰大衛。是的是簡短的回答。假設那是絕對現實的。但是，當我們制定多年目標時，它們並非旨在或無意表明我們可以在任何經濟環境下的任何一年實現這一目標。所以我們當然 - 我們今年的指引反映了我們在世界各地經濟體中廣泛看到的一些壓力。

But we'll be able to give more insight into both our top line and bottom line in terms of what we anticipate over the next several years at our Investor Day in April. But we absolutely 100% believe that we've got a business that can drive that kind of outcome, where we've got sales growing at 4% or higher, frankly, as well as operating income outpacing that.

但是，在 4 月份的投資者日，我們將能夠根據我們對未來幾年的預期，更深入地了解我們的頂線和底線。但我們絕對 100% 相信我們的業務可以推動這種結果，坦率地說，我們的銷售額增長了 4% 或更高，營業收入也超過了這一水平。

Again, it goes back to my earlier comments around some of the investments that we've made, not only in our supply chain, but in investing in our associates and some of our technology that really put us with a -- give us a footing to realize some of these results of margin expansion and outsized growth in our bottom line over the next several years.

再一次，這又回到了我之前對我們所做的一些投資的評論，不僅是在我們的供應鏈上，還包括對我們的員工和我們的一些技術的投資，這些技術真正讓我們有了一個 - 給我們一個立足點在未來幾年內實現利潤率擴張和超額增長的其中一些結果。

Oliver, this is Doug. I'll just second what John David said and then call out this last 5 years' performance again and say, 6% and 3%, 6% top line, 3% bottom line, is obviously not 4% and 4%. But we don't feel too bad about the 6%, and we just wish that, that 3 was a 6.1%, and we'd be in really good shape.

奧利弗，這是道格。我只是支持 John David 所說的，然後再次提到過去 5 年的表現，並說，6% 和 3%，6% 的頂線，3% 的底線，顯然不是 4% 和 4%。但我們對 6% 並不太難過，我們只是希望 3 是 6.1%，我們會處於非常好的狀態。

So we don't know exactly what the external environment is going to enable us to do. But because this business is based on value and has a breadth of categories, we are positioned to do well relative to the market regardless of what happens in the environment. And as we're doing it, as you've heard us say for a long time now, we're changing the business model so that operating income can grow while still having low prices.

所以我們並不確切知道外部環境將使我們能夠做什麼。但由於這項業務以價值為基礎並且類別廣泛，因此無論環境如何變化，我們都可以相對於市場做得很好。當我們這樣做的時候，正如你已經聽我們說了很長時間，我們正在改變商業模式，以便在保持低價格的同時增加營業收入。

Do both at the same time. That's what we've set ourselves up to do, and we're making progress at that, and you can see it in the results in the pieces that we've shared with you already.

同時進行。這就是我們為自己設定的目標，我們正在這方面取得進展，您可以在我們已經與您分享的文章的結果中看到這一點。

If I can just say one more thing, Michael, what we're fundamentally focused on is growing the absolute dollars of free cash flow each year. It's -- when we look at the composition of our business and how it's changing and the returns related to some of these initiative areas, it's just such that the financial architecture suggests that the operating income should outperform sales growth over the next several years. But fundamentally, we understand what creates value for shareholders, and we're focused on growing the absolute dollars of free cash flow.

如果我能再說一件事，邁克爾，我們從根本上關注的是每年增加自由現金流的絕對美元數。它是 - 當我們查看我們的業務構成及其變化方式以及與其中一些倡議領域相關的回報時，財務架構表明未來幾年營業收入應該超過銷售增長。但從根本上說，我們了解什麼能為股東創造價值，並且我們專注於增加自由現金流的絕對值。

And just to clarify that, John David. To the extent that you do better, especially in the U.S. business this year, should your incremental margin on that upside be consistent or better than it's been historically, given you'll be lapping COVID costs, a lot of inventory disposition and other factors that shouldn't repeat this year?

John David 只是為了澄清這一點。如果你做得更好，尤其是今年在美國的業務，你的增量利潤率是否應該與歷史上保持一致或更好，因為你將承擔 COVID 成本、大量庫存處置和其他因素今年不應該重蹈覆轍？

Yes, it's a good call out. I appreciate the opportunity to address that. You're right. If you look, particularly for the U.S. business, the incremental margins will be higher year than what you typically see, and in large part for the reason that you mentioned. We're lapping -- like even in the last quarter, we lapped $500 million of COVID costs alone in that quarter. But when you look at it on a full year basis, that creates a tailwind in terms of incremental margins.

是的，這是一個很好的呼籲。我很高興有機會解決這個問題。你說得對。如果你看一下，尤其是美國業務，增量利潤率將高於你通常看到的年份，這在很大程度上是由於你提到的原因。我們正在精打細算——甚至在上個季度，我們僅在那個季度就精打細算了 5 億美元的 COVID 成本。但是當你從全年的角度來看它時，它會在增量利潤率方面產生順風。

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

下一個問題來自 Kate McShane 與 Goldman Sachs 的合作。

We were just wondering, with regards to the promotional environment within grocery, are you still finding the promotional environment rational? Are there any areas that maybe aren't as solid as others? And I think you've alluded to this on the call today, but your view on the need for price investments in food going forward and the possibility of that being incorporated in your guidance for this year.

我們只是想知道，關於雜貨店的促銷環境，您仍然認為促銷環境合理嗎？是否有任何區域可能不像其他區域那樣堅固？我想你今天在電話會議上提到了這一點，但你對未來食品價格投資的必要性以及將其納入今年指導方針的可能性的看法。

Kate, it's John. Thanks for the question. First, I'd just anchor what we're doing in the purpose of the company is to help people save money and live better. So we're constantly thinking about making sure that our values are appropriate given what's going on in the relative marketplace.

凱特，是約翰。謝謝你的問題。首先，我只是將我們正在做的事情錨定在公司的目的是幫助人們省錢和生活得更好。因此，我們一直在考慮確保我們的價值觀適合相關市場的情況。

And as Doug alluded to earlier, we're encouraged by the price positioning relative to the market, and we'll continue to work on that.

正如道格早些時候提到的那樣，我們對相對於市場的價格定位感到鼓舞，我們將繼續努力。

Externally, I wouldn't call it any major shifts in what we're seeing. In terms of promotion, there has definitely been a shift, and we see this internally as well, and an acceleration in the fourth quarter to more private brand versus branded product. That shift really began last March and continued all year, and the fourth quarter got a bit stronger.

在外部，我不會將其稱為我們所看到的任何重大變化。在促銷方面，肯定發生了轉變，我們在內部也看到了這一點，並且在第四季度加速轉向更多自有品牌而不是品牌產品。這種轉變真正開始於去年三月，並持續了一整年，第四季度變得更加強勁。

We don't set targets for branded versus private brand, and we want to be there for any customer and make sure that quality and value are right across all product lines. But there is definitely some acceleration to private brands in the last 90 days.

我們沒有為品牌與自有品牌設定目標，我們希望為任何客戶服務，並確保所有產品線的質量和價值都正確。但在過去 90 天裡，自有品牌肯定有一些加速。

Next question is from the line of Paul Lejuez with Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

Curious if you could talk about what the net impact of Flipkart and PhonePe was on consolidated results this past year, and what your expectations are built in to guidance for the upcoming year. I'm also just curious what the plans are for that business and your ownership of those businesses?

想知道您能否談談 Flipkart 和 PhonePe 對去年綜合業績的淨影響，以及您對來年的指導有何期望。我也很好奇該業務的計劃是什麼以及您對這些業務的所有權？

And then just a quick one. Sorry if I missed it, but your share repo or share count assumptions that are built into your guidance for this upcoming year.

然後只是一個快速的。抱歉，如果我錯過了，但是您的股票回購或股票數量假設已納入您對來年的指導。

We had a difficult time hearing you. The question was about Flipkart and PhonePe and is it reflected in our guidance for the year forward. That's all we got. Can you clarify a little bit more for us?

我們很難聽到你的聲音。問題是關於 Flipkart 和 PhonePe 的，它是否反映在我們對未來一年的指導中。這就是我們所得到的。你能為我們澄清一點嗎？

Sure. It was really about how much Flipkart and PhonePe contributed to results this (inaudible) upcoming year. Also the ownership of them, I guess, what are the plans there?

當然。這實際上是關於 Flipkart 和 PhonePe 對來年（聽不清）的結果的貢獻。還有他們的所有權，我想，那裡有什麼計劃？

And then the last question was just on share repo assumption or your share count assumption that's built into guidance for F'23.

然後最後一個問題只是關於 F'23 指南中內置的股票回購假設或您的股票數量假設。

Paul, this is John David. There is a little bit of a bad connection, so I'm going to attempt to answer this. And if we don't completely address your question, then we can follow up after the call.

保羅，這是約翰大衛。連接有點不好，所以我將嘗試回答這個問題。如果我們沒有完全解決您的問題，那麼我們可以在通話後跟進。

But the onetime costs related to the separation were called out separately from our results related to restructuring. But in terms of the core business and the way that, that affects our results, a lot of our GMV growth, a lot of our revenue growth is coming from, in particular, Flipkart. We see great progress over there, where they continue to be a strong player in the market that they operate in.

但是與分離相關的一次性成本是從我們與重組相關的結果中單獨計算出來的。但就核心業務和影響我們業績的方式而言，我們的大部分 GMV 增長，我們的大部分收入增長都來自於 Flipkart。我們看到那裡取得了巨大進步，他們繼續在他們經營的市場中扮演強大的角色。

And as I noted in my comments on the call, we're in much better position right now with respect to some of the investments that we've made historically. Any e-commerce or any digital platform, you need an infrastructure that you can scale at a low marginal cost, and that's what Flipkart has done. They've invested in that infrastructure over the last 3 years. So now we're able to see that contribution profit continue to expand. And so we're excited about that.

正如我在電話會議評論中指出的那樣，就我們歷史上所做的一些投資而言，我們現在處於更好的位置。任何電子商務或任何數字平台，你都需要一個可以以低邊際成本擴展的基礎設施，這就是 Flipkart 所做的。他們在過去 3 年中投資於該基礎設施。所以現在我們能夠看到貢獻利潤繼續擴大。所以我們對此感到興奮。

I think there was a part of your question that was related to the separation of PhonePe and Flipkart and what that allows them to do. And Judith, feel free to jump in here. But to me, this is in some ways very analogous to eBay and PayPal, where each of them operating independently can pursue their own initiatives. And are -- they don't necessarily need to be tied together. And so this is an opportunity for them to unlock and realize more value independently than they can by themselves.

我認為您的問題中有一部分與 PhonePe 和 Flipkart 的分離以及這允許它們做什麼有關。朱迪思，請隨時加入。但對我來說，這在某些方面與 eBay 和 PayPal 非常相似，它們各自獨立運營，可以追求自己的主動性。而且——它們不一定需要捆綁在一起。因此，這對他們來說是一個機會，可以獨立釋放和實現比他們自己更多的價值。

Judith, anything you'd add before I go on?

朱迪思，在我繼續之前你有什麼要補充的嗎？

Maybe just comment on the separation of the 2 businesses. So you have to remember, we've -- when we first invested into Flipkart, PhonePe had only just launched. It was 4 months old, and it had an annualized TPV as kind of like in the tens of millions of dollars. As that business has grown and as the Flipkart business has grown, whilst there are partnerships between the 2 commercially, actually, we recognize that each has been successful, and we're setting them up on a path for long-term success.

也許只是評論這兩家公司的分離。所以你必須記住，當我們第一次投資 Flipkart 時，PhonePe 才剛剛推出。它只有 4 個月大，它的年化 TPV 有點像數千萬美元。隨著該業務的發展和 Flipkart 業務的發展，雖然兩者之間存在商業合作夥伴關係，但實際上，我們認識到每一個都取得了成功，我們正在為他們建立長期成功的道路。

As I look at Flipkart now, and John David referenced it and so did Doug, I'm really impressed with the contribution margins which are positive and been consistently positive for some time. And that structurally well, not only from a cost perspective, in terms of the infrastructure investment that we've made for their e-commerce business, for their delivery and distribution business, but also the way they're working on their margin mix.

當我現在看 Flipkart 時，John David 和 Doug 都引用了它，我對它的邊際收益印象深刻，它是正的，並且在一段時間內一直是正的。這在結構上很好，不僅從成本的角度來看，就我們為他們的電子商務業務、他們的交付和分銷業務所做的基礎設施投資而言，還有他們處理利潤組合的方式。

In PhonePe, I think the highlights there are, clearly, I talked about the size of their annualized TPV when we acquired them. That has reached $950 billion in last year. At the end of last year, that was their run rate. And then now doing 4 billion transactions a month.

在 PhonePe 中，我認為亮點很明顯，我在收購他們時談到了他們年化 TPV 的規模。去年這一數字已達到 9500 億美元。去年年底，這是他們的運行率。然後現在每月進行 40 億筆交易。

So that separation allowed us to put both of them on the path to being the very best businesses they can be in the long term. And the fundamentals of India remains strong and in fact are strengthening all the time. So it was a challenge from some of the adjustments that we needed to make in order to do that, but really testament to the strength of both businesses and the economy in which we operate.

因此，這種分離使我們能夠讓他們都走上成為長期最佳企業的道路。印度的基本面依然強勁，事實上一直在加強。因此，為了做到這一點，我們需要進行一些調整，這是一個挑戰，但確實證明了我們經營所在的企業和經濟的實力。

And I believe the last part of your question related to share count assumptions for this year. Let me take the opportunity to just talk about capital allocation broadly in answering that question.

我相信你問題的最後一部分與今年的股票數量假設有關。讓我藉此機會在回答這個問題時廣泛地談談資本配置。

We've been historically very balanced with respect to our capital allocation, both investing organically done in mergers and acquisitions as well as dividend and share buyback, and we will remain balanced going forward. But as we sit here today, I think the scales tilt a little bit more towards organic investment when we look at the returns related to that. Every dollar of capital has to compete for the highest returns. And as noted in my comments earlier, when we see the returns around some of these technology and supply chain investments, these are ones that we think translate into increased shareholder value.

從歷史上看，我們在資本配置方面一直非常平衡，包括在併購以及股息和股票回購中進行有機投資，我們將在未來保持平衡。但當我們今天坐在這裡時，我認為當我們看與有機投資相關的回報時，天平更傾向於有機投資。每一塊錢的資本都要爭奪最高的回報。正如我之前的評論所述，當我們看到圍繞這些技術和供應鏈投資的回報時，我們認為這些回報會轉化為增加的股東價值。

And so relative to last year, you'll probably see us do less on share buyback. And therefore, it will have less accretion in terms of the earnings impact. But last year, we saw a dislocation in our stock and we were opportunistic and more aggressive at that period of time, and we'll always be responsive to factors like that in the market. But our planning assumption is to buy back less stock than we did last year.

因此，與去年相比，您可能會看到我們在股票回購方面做得更少。因此，就收益影響而言，它的增長幅度較小。但去年，我們的股票出現了混亂，那段時間我們投機取巧，更加激進，我們將始終對市場中的此類因素做出反應。但我們的計劃假設是回購比去年少的股票。

Our next question is from the line of Karen Short with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Karen Short。

Just 2. First of all, I wanted to talk about the Walmart U.S. EBIT margin structure specifically within your guidance. Obviously, '22 or your fiscal '23 had its own separate challenges, and we know there is a LIFO headwind in fiscal '24. But I guess I want to talk a little bit about what the U.S. EBIT margin structure could be like going forward in fiscal '24 relative to pre-pandemic.

只是 2. 首先，我想在您的指導下具體談談沃爾瑪美國 EBIT 利潤率結構。顯然，'22 年或你的'23 財年有其自身不同的挑戰，而且我們知道'24 財年存在後進先出逆風。但我想我想談談美國 EBIT 利潤率結構在 24 財年相對於大流行前的情況。

And then the second question I would just ask is that you are obviously cautious for the reasons that you called out. But prior evidence is that you actually tend to do very well in weak macro environment/recessions. So I'm just curious on why there's such a much more cautious tone.

然後我要問的第二個問題是，由於您提出的原因，您顯然很謹慎。但先前的證據表明，你實際上往往在疲軟的宏觀環境/經濟衰退中做得很好。所以我很好奇為什麼會有如此謹慎的語氣。

I'll start, Karen. And it's good to speak with you. John may want to jump in. But I'll start with the first part of your question. So the EBIT structure related to the U.S. business, there's a couple of factors there. One is, if you look over the last 12 months, we had a mix shift in our business from GM to food and consumables of over 300 basis points. And we actually don't expect that to improve this year. In fact, we expect it to get a little bit worse, not by the same magnitude, but slightly worse. So that affects the margin structure.

我要開始了，凱倫。很高興和你說話。約翰可能想插話。但我將從你問題的第一部分開始。因此，與美國業務相關的息稅前利潤結構有幾個因素。一是，如果你回顧過去 12 個月，我們的業務從 GM 到食品和消費品的混合轉變超過 300 個基點。事實上，我們預計今年情況不會有所改善。事實上，我們預計它會變得更糟，不是同樣的幅度，而是稍微更糟。這會影響保證金結構。

But as noted, our business composition, or the things like our initiatives, advertising, Walmart fulfillment services, those are contributing to a larger share of our overall business, which has less of an impact as we look at this fiscal year. It will be more pronounced as we get into the next year and the year thereafter that, where you see the margin structure change a little bit more. And certainly, LIFO is something that we expect to have some impact this year, but not a prolonged effect in the years that follow. So hopefully, that gives you a little bit of color on the EBIT profile.

但正如所指出的，我們的業務構成，或諸如我們的計劃、廣告、沃爾瑪履行服務之類的東西，在我們整體業務中所佔的份額更大，在我們看本財年時影響較小。隨著我們進入明年和之後的一年，它會更加明顯，你會看到保證金結構發生更多變化。當然，我們預計後進先出法會在今年產生一些影響，但不會在隨後幾年產生長期影響。所以希望這能讓您對 EBIT 概況有所了解。

With respect to our cautious tone and the fact that we tend to do well when the consumer is pressured. Look, we recognize that. We also think that we've got a great value proposition for consumers, and in good economic times too, and we're eager to demonstrate that.

關於我們謹慎的語氣以及當消費者受到壓力時我們往往做得很好的事實。看，我們認識到這一點。我們還認為，我們為消費者提供了巨大的價值主張，在經濟繁榮時期也是如此，我們渴望證明這一點。

But again, I would just point you to the fact that there's just a lot that we don't know. We could tilt into a recession. We don't know what happens to consumer spending. We don't know what happens to layoffs, household income. And so given that we're so early into the year and there's a lot of unknowns right now, we're simply taking a cautious outlook.

但是，我只想再次指出一個事實，即有很多我們不知道的東西。我們可能會陷入衰退。我們不知道消費者支出會發生什麼變化。我們不知道裁員、家庭收入會發生什麼變化。因此，鑑於我們今年還很早，而且現在還有很多未知數，我們只是持謹慎的態度。

The next question is from the line of Robbie Ohmes with Bank of America.

下一個問題來自美國銀行的 Robbie Ohmes。

My question was just if we could get maybe a little more color maybe from Doug on Walmart+ and sort of how it's doing versus your -- more on how it's doing versus expectations. And what the customer is responding to for the new signups in Walmart+.

我的問題是，我們是否可以從 Walmart+ 上的 Doug 那裡得到更多的顏色，以及它的表現與你的對比——更多關於它的表現與預期的對比。以及客戶對 Walmart+ 新註冊的回應。

And how do you see profitability for first-party e-commerce business evolving? Is that key to getting back to that long-term algorithm of growing operating income faster than sales?

您如何看待第一方電子商務業務的盈利能力？這是回到營業收入增長快於銷售增長的長期算法的關鍵嗎？

Robbie, I'll go first. This is Doug. John is going to jump in here, too. I just say that the way that the business model is evolving, that includes 1P plus 3P, plus the services that go along with that, including advertising income, to us, make a ton of sense. They're mutually reinforcing. We're excited about the progress that we're making there. And Walmart+ is one ingredient of that.

羅比，我先走了。這是道格。約翰也打算加入這裡。我只是說商業模式的發展方式，包括 1P 加 3P，加上隨之而來的服務，包括廣告收入，對我們來說很有意義。它們是相輔相成的。我們對在那裡取得的進展感到興奮。沃爾瑪+是其中的一個組成部分。

And we'll continue to describe Walmart+ to you, but not do that in such a way that the market gets overly focused on that metric. Because we want to be evaluated on several metrics, not just one metric. And we've seen other companies with some sort of shorthand where people are watching one metric to determine the future of the company. That is just not that simple in Walmart.

我們將繼續向您描述沃爾瑪+，但不會以市場過度關注該指標的方式進行描述。因為我們希望根據多個指標進行評估，而不僅僅是一個指標。我們已經看到其他公司採用某種速記方式，人們通過一種指標來決定公司的未來。這在沃爾瑪並不是那麼簡單。

Obviously, people want to pay for delivery in bulk with an annual membership, not per delivery. That's what led us to this point. And now it opens all kinds of opportunities to us. And we like what's happening behaviorally with Walmart+, but it's just one component of a plan.

顯然，人們希望通過年度會員資格而不是每次交付來支付批量交付費用。這就是導致我們走到這一步的原因。現在它為我們打開了各種機會。我們喜歡 Walmart+ 在行為上發生的事情，但這只是計劃的一個組成部分。

Yes, I think that's a great way, Doug, to describe it as an important part of what we're building. And it's a way that customers can access an interesting combination of all of our assets from our digital front end, which has become one experience over the last couple of years. The fact that we have inventory within 10 miles in 90% of the population is another way that this all comes together.

是的，道格，我認為這是將其描述為我們正在構建的重要組成部分的好方法。這是一種客戶可以從我們的數字前端訪問我們所有資產的有趣組合的方式，這在過去幾年中已成為一種體驗。事實上，我們在 90% 的人口中在 10 英里範圍內都有存貨，這是將這一切結合在一起的另一種方式。

And the business model itself, and we've said this before, and I'll just repeat it, it's becoming more difficult to measure the differences in e-commerce and stores because stores are acting as fulfillment centers at times. They're stores primarily, and then there are fulfillment centers, so there are a lot of blurred lines between all these channels.

還有商業模式本身，我們之前已經說過，我再重複一遍，衡量電子商務和商店的差異變得越來越困難，因為商店有時充當履行中心的角色。它們主要是商店，然後是履行中心，因此所有這些渠道之間的界限很模糊。

So having an offer that is great for consumers in terms of the behavior they're seeking, which is convenience, and not worrying about incremental delivery fees is working fantastically.

因此，就消費者正在尋求的行為而言，提供對他們來說很好的優惠，這是方便的，而且不用擔心增加的送貨費用，這是非常有效的。

Now it's also important to note that this tends to be a younger, more tech-savvy consumer, which is great. In some cases, a higher-income customer. So as we've said in the most recent quarters, we've gained share with higher-income customers. Walmart+ with delivery, and then these other businesses, like advertising, fulfillment services, Marketplace, all add up to a better proposition for both the customer and the company.

現在還需要注意的是，這往往是更年輕、更精通技術的消費者，這很好。在某些情況下，是收入較高的客戶。因此，正如我們在最近幾個季度所說的那樣，我們已經獲得了高收入客戶的份額。帶送貨服務的 Walmart+，以及廣告、履行服務、Marketplace 等其他業務，所有這些都為客戶和公司提供了更好的建議。

Next question is from the line of Rupesh Parikh with Oppenheimer.

下一個問題來自 Rupesh Parikh 與 Oppenheimer 的對話。

I was hoping to ask more on food inflation. As your team looks forward, what's your expectation for food inflation? And then I'm also curious on what you're seeing right now on the inflation front for non-foods.

我希望多問一些關於食品通脹的問題。在您的團隊展望未來時，您對食品通脹的預期是什麼？然後我也很好奇你現在在非食品通脹方面看到的情況。

And generally speaking, food inflation has been the most stubborn of all the categories. We were in mid-double digits in Q3 and Q4. Hasn't come down all that much. A little bit, I guess we could say, has come down the last couple of months, but it still would be a high level of disinflation at this point. So this looks to be a little bit higher than what we were expecting going into the year, but this all leads back to the comments earlier on uncertainty. We would have hoped and expected it have -- to have come back more than it has going into this year.

一般來說，食品通脹是所有類別中最頑固的。我們在第三季度和第四季度達到了中兩位數。還沒有下降那麼多。一點點，我想我們可以說，在過去的幾個月裡有所下降，但在這一點上仍然是高水平的通貨緊縮。所以這看起來比我們對今年的預期要高一點，但這一切都回到了早些時候關於不確定性的評論。我們本希望並期待它的回歸——比今年的回歸更多。

There are other parts of the business where prices have come down more, like in general merchandise. But overall, I think we're taking a very cautious outlook and going to continue working on doing everything we can to try to keep prices as low as possible for our customers.

該行業的其他部分價格下降幅度更大，例如一般商品。但總的來說，我認為我們持非常謹慎的態度，並將繼續盡一切努力為我們的客戶保持盡可能低的價格。

The way to think about it is dry grocery and consumables are stubborn mid-double digit, and those are going to just be with us for a while. And it will get a little confusing because you'll probably hear inflation numbers that start to sound lower, but you'll have to remember that's on a 2-year stack. So if inflation in dry grocery and consumables is only 3% or 5%, that's on top of 15%. And that's still a problem for the customer and still a pressure to their wallet.

考慮它的方式是乾雜貨和消耗品是頑固的中兩位數，而這些只會伴隨我們一段時間。它會變得有點混亂，因為您可能會聽到通貨膨脹數字開始下降，但您必須記住這是基於 2 年的堆棧。因此，如果乾貨和消費品的通貨膨脹率僅為 3% 或 5%，那將超過 15%。這對客戶來說仍然是個問題，對他們的錢包來說仍然是一個壓力。

In the fresh categories, things are a little bit different. Like eggs were at 200% inflated in January. They're down now to being just 50% inflated. That's still a problem. Milk is actually less than 1 year ago. Beef is lower in terms of pricing. So think of the fresh categories as kind of bouncing around, going up and down and being more volatile.

在新鮮類別中，情況有些不同。就像雞蛋在 1 月份膨脹了 200%。他們現在只膨脹了 50%。那還是個問題。牛奶其實不到1年前。牛肉在定價方面較低。因此，將新鮮類別視為一種反彈、上下波動且更不穩定的類別。

It's dry grocery and consumables that we think are going to create the pressure that customers are going to feel and have the impact it relates to us on mix over the course of the year. And that's one of the variables that's a little hard to call, what will GM look like in the back half of the year?

我們認為乾雜貨和消耗品將給客戶帶來壓力，並在一年中對我們的組合產生影響。這是一個有點難以預測的變量，通用汽車在今年下半年會是什麼樣子？

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

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

Just wanted to understand a little bit more some of the factors that were pressure or that were cycling from fiscal '23, including the pressures from markdowns, mix and supply chain. Wondering if you can just help us understand the magnitude of those pressures this year and what is baked into your guidance for fiscal '24.

只是想更多地了解一些壓力因素或從 23 財年開始循環的因素，包括來自降價、混合和供應鏈的壓力。想知道您是否可以幫助我們了解今年這些壓力的大小，以及您對 24 財年的指導意見。

Particularly, I think I heard that you say maybe, correct me if I'm wrong, 300 basis point gap again between grocery and general merchandise again this year. So just trying to understand that, the magnitude of that mix. I'd assume markdowns are planned to be much lower, but maybe you can help us there.

特別是，我想我聽到你說，如果我錯了請糾正我，今年雜貨和一般商品之間再次出現 300 個基點的差距。所以只是想了解一下，這種混合的程度。我假設降價計劃要低得多，但也許你可以幫助我們。

And then are you baking in some cushion for a more promotional environment? Or just help us understand really what is baked into some of those major margin buckets as we look to next year.

然後你是否在一些墊子上烘烤以獲得更具促銷性的環境？或者只是幫助我們真正了解我們展望明年的一些主要利潤桶中包含的內容。

Before these guys comment, I just want to quickly call out that we're profitable in food, and I don't want this to grow to the point where people think, "Well, they make money in general merchandise. They don't in food." There's a delta between all things, food, consumables, but there are some really profitable businesses in fresh and other areas. So we want to manage that mix, but I just don't want this to get too far out of balance.

在這些人發表評論之前，我只想快速指出我們在食品方面是有利可圖的，我不希望這種情況發展到人們認為“好吧，他們在一般商品中賺錢。他們不在食物中。”所有的東西，食品，消費品之間都有一個三角洲，但在新鮮和其他領域有一些真正有利可圖的業務。所以我們想管理這種混合，但我只是不希望它過於失衡。

And on the -- great point, Doug. And on the 300 basis point, that comment was related to last year, the shift -- the difference in mix between food and GM in the year that we just experienced. So we do think we'll have some mix impact going into this year, which we stated. But we don't -- we didn't say it was 300 for the year we're going into.

道格，很好。在 300 個基點上，該評論與去年有關，即我們剛剛經歷的那一年的轉變——食品和 GM 之間的差異。所以我們確實認為我們會在今年產生一些混合影響，正如我們所說的那樣。但我們沒有——我們沒有說我們即將進入的那一年是 300。

Certainly, food inflation and GM sales can change that number. And that's why we're, as we said, taken a cautious outlook because food inflation, amongst other things, has remained more unstable than what we have expected. So it's higher than what we thought it would be.

當然，食品通脹和轉基因產品的銷售可以改變這個數字。正如我們所說，這就是為什麼我們對前景持謹慎態度，因為除其他外，食品通脹仍然比我們預期的更不穩定。所以它比我們想像的要高。

But that point on food being a profitable business at Walmart is important. So we -- if the customer wants to spend more on the food categories, and general merchandise will be there for them, of course, we'd like to sell both because we have a really strong seasonal business. And like we stated earlier, we had a strong Valentine's, a strong New Year. Pleased with the holidays that we just went through in the fourth quarter. But we want to remain open and flexible for the customer given any environment that we find ourselves in.

但食品在沃爾瑪是一項有利可圖的業務這一點很重要。所以我們 - 如果客戶想在食品類別上花更多錢，而一般商品會為他們提供，當然，我們希望同時出售這兩種商品，因為我們的季節性業務非常強勁。就像我們之前所說的那樣，我們度過了一個美好的情人節，一個美好的新年。對我們剛剛在第四季度度過的假期感到高興。但我們希望在我們所處的任何環境中為客戶保持開放和靈活。

Yes. Kelly, this is John David. I'll add just a little bit more color. And maybe looking at the fourth quarter is a good way to frame this. Our gross profit declined a little over 100 basis points. I think it's 112 basis points in the fourth quarter. That was predominantly if you had to bucket that. The largest contributor to that was markdowns followed by mix.

是的。凱莉，這是約翰大衛。我將添加更多顏色。也許看看第四季度是一個很好的框架。我們的毛利潤下降了 100 個基點多一點。我認為第四季度是 112 個基點。那主要是如果您必須將其存儲起來。其中最大的貢獻者是降價，其次是混合。

And so as we look at where we are today, with a much better position around inventory, and John, jump in if you disagree here, but I feel like this year will be more of a normal environment for markdowns. Or more -- certainly more normal than what it was last year. And to John's point, the mix impact is appreciably less than what the 300 basis points, a little more than 300 basis points last year.

因此，當我們看看我們今天所處的位置時，在庫存方面有更好的位置，約翰，如果你不同意這裡，請跳進去，但我覺得今年將更像是一個正常的降價環境。或者更多——當然比去年更正常。在約翰看來，混合影響明顯低於去年的 300 個基點，略高於 300 個基點。

Yes. This is the time last year. Just to remind you, back in February, March last year, we were really getting caught up from ocean backlogs and receiving product that should have been onshore as much as 6 months prior to it being unloaded. And the cost, the markdowns, the impact and everything, from store labor to creating overtime, we expect some of those to be better.

是的。這是去年的時間。提醒您一下，早在去年 2 月、3 月，我們確實陷入了海運積壓的困境，並收到了本應在卸貨前 6 個月就已上岸的產品。而成本、降價、影響和一切，從商店勞動力到創造加班，我們預計其中一些會更好。

However, down 3% of inventory, we're proud of that position. But there are still pockets of inventory in stores and some fulfillment centers and some categories like apparel where there's still more work to be done. So we want to make sure that we have room to address those things as we get into first half of the year.

然而，庫存下降了 3%，我們為這一地位感到自豪。但商店和一些配送中心仍有大量庫存，還有一些類別（如服裝）還有更多工作要做。因此，我們希望確保在進入上半年時我們有空間來解決這些問題。

Our final question is from the line of Greg Melich with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Greg Melich。

Really, I had a follow-up on the U.S. traffic trends and then on Sam's Club.

真的，我跟進了美國的交通趨勢，然後是山姆俱樂部。

For the U.S., it sounds like in that guide, the deceleration of the second half comp is all from less inflation, and that you still expect traffic to be up through the year. Just wanted to be sure that, that's fair.

對於美國，在該指南中聽起來像是下半年的減速全部來自通貨膨脹減少，而且您仍然預計全年交通量會增加。只是想確定，這是公平的。

And second, on Sam's Club, any more insight in terms of the members you've won? And I know you had a fee hike last year. Has that had any influence in terms of the rate of growth of at least member counts? Or any sort of inflection there or anything on renewal rates given the first in a decade fee hike?

其次，在 Sam's Club 上，您對贏得的會員有更多了解嗎？我知道你去年漲價了。這至少對會員數量的增長率有影響嗎？鑑於十年來的第一次費用上漲，那裡有任何形式的變化或續訂率有任何變化嗎？

Greg, it's John. Yes, certainly, I would expect that there will be growth in traffic. That's what we've been seeing over the last several quarters, led by food and consumables. The growth of pickup and delivery and then e-commerce to home are also helping. So stronger results in e-commerce at its core and also stronger from the delivery business.

格雷格，是約翰。是的，當然，我希望流量會增長。這就是我們在過去幾個季度看到的情況，以食品和消費品為首。取貨和送貨以及電子商務到家的增長也有所幫助。因此，電子商務的核心成果更加強勁，交付業務也更加強勁。

John David mentioned in his remarks that we had $1 billion month in December, which is really exciting to see what the team has scaled from and to over the last 5 or 6 years. Certainly some acceleration since the 2 channels, e-commerce and stores, were merged together last -- about 3 years ago. But it continues to be a lot of great work done, increased capacity and fulfillment all across the network.

John David 在他的評論中提到，我們在 12 月有 10 億美元的月收入，看到團隊在過去 5 或 6 年中的規模和規模，真是令人興奮。自從這兩個渠道（電子商務和商店）最後一次合併在一起（大約 3 年前）以來，肯定會出現一些加速。但它仍然需要完成大量出色的工作，提高整個網絡的容量和履行能力。

Yes. I'll just pick up from the Sam's perspective. I think last year, we had a couple of big acquisitions around Super Bowl and then around July 4. And I think the marketing of those as well as offering, with curbside and Scan And Go and convenience, meant that we're attracting a lot younger member base than what we've previously had. So I think we're really happy with the way the membership kind of composition is trending.

是的。我只是從山姆的角度來看。我認為去年，我們在超級碗前後進行了幾次大型收購，然後在 7 月 4 日左右進行了收購。我認為這些營銷以及提供的產品，包括路邊和 Scan And Go 以及便利性，意味著我們吸引了很多比我們以前擁有的更年輕的會員群。所以我認為我們對會員構成的趨勢非常滿意。

And then if I just look at like the renewal rate, we're not seeing an impact from the fee increase. Remember that this year, we did do an offset with Sam's Cash, and that's pretty much what we're seeing, is it's kind of neutralized any impact we could have expected to see to our renewal rate. But it's also meant that those members, because they get Sam's Cash available to them on the app, are becoming more digitally engaged with us.

然後，如果我只看續訂率，我們沒有看到費用增加的影響。請記住，今年我們確實用 Sam's Cash 進行了抵消，這幾乎就是我們所看到的，它抵消了我們預期對續訂率產生的任何影響。但這也意味著這些會員，因為他們在應用程序上可以使用 Sam's Cash，所以他們與我們的數字互動越來越多。

So this whole kind of approach around driving convenience and digital engagement is working, and we're seeing growth through the absolute membership numbers as well as staying strong in renewals.

因此，這種圍繞推動便利性和數字參與度的整體方法正在發揮作用，我們看到會員數量的絕對增長以及續訂方面的強勁增長。

If I could, I'd love to follow up on the e-commerce part of the U.S. You talked about margin drivers with advertising, gave us some numbers there. Do we -- can you tell us what 3P is now as a percentage of that e-commerce business, or shipments, or any insight there?

如果可以的話，我很樂意跟進美國的電子商務部分。你談到了廣告的利潤驅動因素，給了我們一些數字。我們 - 你能告訴我們 3P 現在是電子商務業務或出貨量的百分比，還是那裡的任何見解？

That is something we haven't disclosed. What we did say earlier, which is important, is the absolute number of items is now over 400 million. We have a really strong leader in the business who's building capabilities. And we know that their seller demand, sellers all across the market are looking for more ways to diversify their own business. So this is a great time for us to make the improvements we're making with things like sign up and the ability to list catalogs more easily, and that's led to the item and SKU count growth.

這是我們沒有透露的事情。我們之前確實說過，很重要的是，項目的絕對數量現在已經超過 4 億。我們在業務中擁有一位非常強大的領導者，他正在培養能力。我們知道他們的賣家需求，整個市場的賣家都在尋找更多的方式來實現自己的業務多元化。所以現在是我們進行改進的好時機，比如註冊和更容易列出目錄的能力，這導致了項目和 SKU 數量的增長。

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.

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。

Thank you all for your interest in the company. I think the 3 headlines are strong results, great team, bright future.

感謝大家對公司的關注。我認為這 3 個標題是強勁的業績、優秀的團隊和光明的未來。

On the results side, we have momentum. The fourth quarter was really good. We got the inventory into a good place. We're on our front foot as we start the year.

在結果方面，我們有動力。第四節真的很棒。我們把庫存放到了一個好地方。新年伊始，我們處於領先地位。

As it relates to having a great team, just look at what they did last year. When the world changed, they moved quickly at scale to deal with issues. They got them resolved. Q3 was better. Q4 even stronger.

因為這與擁有一支優秀的團隊有關，只要看看他們去年的表現就知道了。當世界發生變化時，他們迅速採取大規模行動來處理問題。他們得到了解決。 Q3更好。 Q4更強勁。

And as it relates to our future, we're now positioned to serve the customer how they like to be served, stronger on convenience as well as being known for value. If they want to pick up, we can do that. If they want delivery, we can do that in various forms. And obviously, we've got great stores and clubs.

因為它關係到我們的未來，我們現在定位於以客戶喜歡的方式為他們提供服務，在便利性方面更強大，並以價值著稱。如果他們想接，我們可以做到。如果他們想要交付，我們可以以各種形式進行。顯然，我們有很棒的商店和俱樂部。

And then secondarily, the business model is changing. Some of the things we've been working on for these last few years are starting to scale, and we're excited about that.

其次，商業模式正在發生變化。我們過去幾年一直在努力的一些事情開始擴大規模，我們對此感到很興奮。

So as we begin the year, we're going to stay focused on those things and drive them and have the best possible year. And we'll talk about our guidance at the end of the year to see how we did. We'll go drive the results, and that will be our focus. Thank you, all.

因此，在我們開始新的一年時，我們將繼續專注於這些事情並推動它們並度過最好的一年。我們將在年底討論我們的指導意見，看看我們做得如何。我們將推動結果，這將是我們的重點。謝謝你們。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。