Costco Wholesale Corporation (NASDAQ:COST) Q3 2024 Earnings Call Transcript May 30, 2024 5:00 PM ET
好市多批发公司 (纳斯达克:COST) 2024 年第三季度财报电话会议记录 2024 年 5 月 30 日 下午 5:00 ET
Company Participants 公司参与者
Gary Millerchip - EVP & CFO
加里·米勒奇普 - 执行副总裁兼首席财务官
Ron Vachris - CEO 罗恩·瓦克里斯 - 首席执行官
Conference Call Participants
会议电话参与者
Simeon Gutman - Morgan Stanley
西门·古特曼 - 摩根士丹利
Michael Lasser - UBS 迈克尔·拉塞尔 - 瑞银
Chuck Grom - Gordon Haskett
查克·格罗姆 - 戈登·哈斯凯特
Scott Ciccarelli - Truist Securities
斯科特·奇卡雷利 - Truist 证券
Kelly Bania - BMO Capital Markets
凯莉·巴尼亚 - BMO 资本市场
John Heinbockel - Guggenheim Securities
约翰·海因博克尔 - 古根海姆证券
Peter Benedict - Baird 彼得·本尼迪克特 - 贝尔德
Brandon Cheatham - Citigroup
布兰登·奇瑟姆 - 花旗集团
Greg Melich - Evercore ISI
格雷格·梅利奇 - Evercore ISI
Rupesh Parikh - Oppenheimer
鲁佩什·帕里克 - 奥本海默
Christian Carlino - JPMorgan
克里斯蒂安·卡尔诺 - 摩根大通
Scott Mushkin - R5 Capital
斯科特·穆什金 - R5 资本
Edward Kelly - Wells Fargo
爱德华·凯利 - 威尔斯法戈
Oliver Chen - TD Cowen
奥利弗·陈 - TD Cowen
Joe Feldman - Telsey Advisory Group
乔·费尔德曼 - 泰尔西咨询集团
Operator 操作员
Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
感谢您的耐心等待。我叫 Krista,今天将担任您的会议主持人。此时,我想欢迎大家参加好市多批发公司 2024 年第三季度财报电话会议。所有线路已被静音,以防止背景噪音。在发言者发言后,将进行问答环节。[主持人说明]谢谢。
I will now turn the conference over to Gary Millerchip, Executive Vice President and Chief Financial Officer. Gary, you may begin your conference.
我现在将会议交给执行副总裁兼首席财务官加里·米勒奇普。加里,你可以开始你的会议。
Gary Millerchip 加里·米勒奇普
Good afternoon, everyone, and thank you for joining the call today. I'd like to start by saying how excited I am to be part of the Costco team, and it's a pleasure to be hosting my first Costco quarterly conference call. The whole Costco team has been incredibly welcoming. And as you might imagine, my first three months working alongside Richard have been a lot of fun.
大家下午好,感谢大家今天参加电话会议。我想先说我很高兴能成为好市多团队的一员,能够主持我的第一次好市多季度电话会议真是太好了。整个好市多团队非常热情。正如你们想象的,我和理查德一起工作的前三个月非常有趣。
It's also been great visiting warehouses and facilities to immerse myself in the Costco culture and experience firsthand how this is positioning the company for continued growth. Over recent months, I've spent time and met with many analysts and investors, several of whom I know through my prior role. And it's clear you value and appreciate the company's current approach to investor communications. While I can't promise to be able to match the humor that Richard Galanti has become famous for, I can promise the same level of open dialogue and transparency you've come to expect. Oh, and to clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe.
参观仓库和设施也很棒,让我沉浸在好市多的文化中,亲身体验这如何为公司的持续增长奠定基础。在最近几个月,我花时间与许多分析师和投资者会面,其中有几位我通过我之前的角色认识。很明显,你们重视并欣赏公司目前对投资者沟通的方式。虽然我不能保证能匹配理查德·加兰提所闻名的幽默,但我可以保证你们所期待的同样水平的开放对话和透明度。哦,为了澄清一些最近的媒体猜测,我还想确认 1.50 美元的热狗价格是安全的。
Before I talk about our results, I wanted to mention that Ron Vachris is also join today's call. Many of you have expressed interest in hearing from Ron, and so we thought it would be a good idea to have Ron join the discussion and he can also take a few questions. Ron, would you like to add anything before we talk about the quarter?
在我谈论我们的结果之前,我想提一下 Ron Vachris 也参加了今天的电话会议。你们中的许多人表示希望听到 Ron 的意见,因此我们认为让 Ron 加入讨论是个好主意,他也可以回答一些问题。Ron,在我们谈论本季度之前,你想补充些什么吗?
Ron Vachris 罗恩·瓦克里斯
Thank you, Gary, and again, welcome to Costco. I'm very happy to report that the transition from Richard to Gary has gone very well and we're very excited to have Gary on board as part of Costco, and I look forward to working together on the growth opportunities ahead for our company.
谢谢你,Gary,再次欢迎来到好市多。我很高兴地报告,从 Richard 到 Gary 的过渡非常顺利,我们非常高兴 Gary 能成为好市多的一员,我期待着与大家一起合作,抓住我们公司未来的增长机会。
Before we jump into the quarter, I want to make a couple of comments on the leadership transition. As Richard has mentioned on previous calls, I've worked closely with Craig Jelinek for many years, including side-by-side for the last two years as President. And so the current CEO transition has been very seamless process. Since January, my time has been focused on working closely with the teams around the world to ensure we continue to deliver the best quality merchandise that are best value for our members. I'm incredibly proud of our employees and I believe our consistency of the results is a reflection of their commitment to our members and to each other.
在我们进入季度之前,我想对领导层的过渡做几句评论。正如理查德在之前的电话会议中提到的,我与克雷格·杰利内克密切合作了很多年,过去两年我们更是并肩工作,担任总裁。因此,目前的首席执行官过渡过程非常顺利。自一月以来,我的时间主要集中在与全球团队紧密合作,以确保我们继续为会员提供最佳质量和最佳价值的商品。我对我们的员工感到无比自豪,我相信我们业绩的一致性反映了他们对会员和彼此的承诺。
Consistent with how Craig and Richard manage investor communications, I intend to have Gary host the quarterly conference calls and I will join as business permits to answer a few questions. So Gary, let's go to the results and I'm happy to jump back in for the Q&A portion to field some questions today.
与克雷格和理查德管理投资者沟通的方式一致,我打算让加里主持季度电话会议,我会根据业务情况参与,回答一些问题。那么加里,我们来看看结果,我很乐意在问答环节中回到这里回答一些问题。
Gary Millerchip 加里·米勒奇普
Thanks, Ron. I'll start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call, as well as other risks identified from time-to-time in the company's public statements and reports filed with the SEC. Forward-looking statements speak only as of the date they are made and the company does not undertake to update these statements except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with GAAP.
谢谢,罗恩。我首先要说明的是,这些讨论将包括 1995 年《私人证券诉讼改革法案》所定义的前瞻性陈述。这些陈述涉及的风险和不确定性可能导致实际事件、结果和/或表现与这些陈述所指示的有实质性差异。风险和不确定性包括但不限于今天电话会议中概述的内容,以及公司不时在公开声明和向 SEC 提交的报告中识别的其他风险。前瞻性陈述仅在作出时有效,公司不承担更新这些陈述的义务,除非法律要求。可比销售和排除汽油价格变化及外汇影响的可比销售旨在作为补充信息,并不能替代根据 GAAP 呈现的净销售额。
In today's press release, we reported operating results for the third quarter of fiscal 2024, the 12 weeks ended May 12. Before I walk through all the numbers, new for this quarter, we are making available a slide presentation on our investor site under Events & Presentations. These slides summarize much of the information I will share today, including Richard's famous matrices. We intend to make this information available every quarter.
在今天的新闻发布会上,我们报告了 2024 财年第三季度的运营结果,即截至 5 月 12 日的 12 周。在我逐一讲解所有数字之前,本季度我们在投资者网站的活动与演示部分提供了一份幻灯片演示。这些幻灯片总结了我今天将分享的许多信息,包括理查德著名的矩阵。我们打算每个季度都提供这些信息。
Reported net income for the third quarter came in at $1.68 billion or $3.78 per diluted share, up from $1.3 billion and $2.93 per diluted share in the third quarter last year. Last year's results included a non-recurring charge to merchandise costs of $298 million pre-tax or $0.50 per diluted share, primarily for the discontinuation of our charter shipping activities.
第三季度报告的净收入为 16.8 亿美元,或每股摊薄收益 3.78 美元,较去年第三季度的 13 亿美元和每股摊薄收益 2.93 美元有所上升。去年的结果包括一项 298 百万美元的非经常性商品成本费用(税前),即每股摊薄收益 0.50 美元,主要是由于我们停止了包船业务。
Net sales for the third quarter were $57.39 billion, an increase of 9.1% from $52.6 billion in the third quarter last year. The following comparable sales reflect comparable locations year-over-year and comparable retail weeks.
第三季度的净销售额为 573.9 亿美元,比去年第三季度的 526 亿美元增长了 9.1%。以下可比销售反映了同比的可比地点和可比零售周。
U.S. comp sales were 6.2% or 6% adjusted for gas inflation and FX. Canada was 7.7% or 7.4% adjusted. Other international was 7.7% or 8.5% adjusted, and this led to total company comp sales of 6.6% or 6.5% adjusted for gas inflation and FX. Finally, e-commerce comp sales were 20.7%, both on a reported basis and adjusted for foreign exchange.
美国的同店销售增长为 6.2%,调整后为 6%(考虑了燃气通胀和外汇因素)。加拿大为 7.7%,调整后为 7.4%。其他国际市场为 7.7%,调整后为 8.5%。这导致公司整体同店销售增长为 6.6%,调整后为 6.5%(考虑了燃气通胀和外汇因素)。最后,电子商务的同店销售增长为 20.7%,无论是报告基础还是调整后的外汇。
In terms of Q3 comp sales metrics, traffic or shopping frequency increased 6.1% worldwide and 5.5% in the U.S. Our average transaction or ticket was up 0.5% worldwide and up 0.7% in the U.S. Foreign currencies relative to the U.S. dollar negatively impacted sales by approximately 20 basis points, while gasoline price inflation positively impacted sales by approximately 30 basis points.
在第三季度的同店销售指标方面,全球的客流量或购物频率增长了 6.1%,美国增长了 5.5%。我们的平均交易额或客单价在全球上升了 0.5%,在美国上升了 0.7%。相对于美元,外币对销售产生了约 20 个基点的负面影响,而汽油价格通胀则对销售产生了约 30 个基点的正面影响。
Moving down the income statement to membership fee income. We reported membership fee income of $1,123 million, an increase of $79 million or 7.6% year-over-year. Membership fee income growth was 8%, excluding FX. In terms of renewal rates, at Q3 end, our U.S. and Canada renewal rate was 93%, up one-tenth of a percent from Q2 end. The worldwide rate came in at 90.5%, the same as Q2 end.
在损益表中查看会员费收入。我们报告的会员费收入为 11.23 亿美元,同比增长 7900 万美元,增幅为 7.6%。排除外汇因素,会员费收入增长为 8%。在续订率方面,截至第三季度末,我们在美国和加拿大的续订率为 93%,比第二季度末上升了 0.1 个百分点。全球续订率为 90.5%,与第二季度末持平。
We ended Q3 with 74.5 million paid household members, up 7.8% versus last year, and 133.9 million card holders, up 7.4% year-over-year. At Q3 end, we had 34.5 million paid executive memberships, an increase of 661,000 since Q2 end. Executive members now represent over 46% of paid members and 73.1% of worldwide sales. Our reported gross margin rate in the third quarter was higher year-over-year by 52 basis points, coming in at 10.84% compared to 10.32% last year and up 54 basis points, excluding gas inflation. Core was flat and higher by 2 basis points without gas inflation.
我们在第三季度结束时拥有 7450 万付费家庭会员,同比增长 7.8%;持卡人数达到 1.339 亿,同比增长 7.4%。在第三季度末,我们有 3450 万付费高管会员,比第二季度末增加了 661,000。高管会员现在占付费会员的 46%以上,占全球销售的 73.1%。我们报告的第三季度毛利率同比提高了 52 个基点,达到 10.84%,而去年为 10.32%;不考虑燃气通胀,毛利率提高了 54 个基点。核心数据持平,不考虑燃气通胀则提高了 2 个基点。
In terms of core margin on their own sales, our core-on-core margins were higher by 10 basis points. Ancillary and other businesses gross margin was lower 6 basis points and lower 5 basis points, excluding gas inflation. This decrease year-over-year was driven by gas, partially offset by e-commerce. 2% reward was lower by 1 basis point, both with and without gas inflation with higher sales penetration coming from our executive members.
在自身销售的核心利润率方面,我们的核心对核心利润率提高了 10 个基点。辅助和其他业务的毛利率下降了 6 个基点,排除天然气通胀后下降了 5 个基点。同比下降主要是由于天然气,部分被电子商务抵消。2%的奖励下降了 1 个基点,无论是否考虑天然气通胀,来自我们高管会员的销售渗透率更高。
LIFO was a benefit of 2 basis points. We had an $11 million LIFO credit in Q3 this year compared to no LIFO charge or credit in Q3 last year. This is the third LIFO credit this year following a $15 million LIFO credit in Q1 and a $14 million credit in Q2. And finally, other was higher 57 basis points or 56 basis points, excluding gas inflation. This was all related to lapping last year's negative impact from the $298 million pre-tax charge for charter shipping activities.
LIFO 的好处为 2 个基点。今年第三季度我们有 1100 万美元的 LIFO 信用,而去年第三季度没有 LIFO 费用或信用。今年这是第三次 LIFO 信用,第一季度为 1500 万美元,第二季度为 1400 万美元。最后,其他方面提高了 57 个基点或 56 个基点,排除天然气通胀。这一切都与去年 298 百万美元的税前费用对租船活动的负面影响的重叠有关。
Moving on to SG&A. Our reported SG&A rate in the third quarter was lower or better year-over-year by 15 basis points, coming in this year at 8.96% compared to last year's 9.11%. SG&A was lower year-over-year by 12 basis points adjusted for gas inflation. The operations components of SG&A was lower by 14 basis points and lower by 12 basis points, excluding the impact from gas inflation, despite an increase in warehouse wages this year. Higher labor productivity and great cost discipline by our operators drove the improved core SG&A results for the quarter. Central was better by 1 basis point and flat with our gas inflation, and stock compensation and pre-opening were both flat year-over-year.
继续讨论销售、一般和行政费用(SG&A)。我们报告的第三季度 SG&A 比去年下降了 15 个基点,今年为 8.96%,而去年的数据为 9.11%。调整燃气通胀后,SG&A 同比下降了 12 个基点。SG&A 的运营部分下降了 14 个基点,剔除燃气通胀的影响后下降了 12 个基点,尽管今年仓库工资有所上升。更高的劳动生产率和我们运营商的良好成本控制推动了本季度核心 SG&A 结果的改善。中央部分改善了 1 个基点,与我们的燃气通胀持平,股票补偿和开业前费用同比持平。
Below the operating income line, interest expense was $41 million this year versus $36 million last year and interest income and other for the quarter was flat year-over-year as lower interest income was offset by a foreign exchange gain in the quarter. In terms of income taxes, our tax rate in Q3 was 26.4% compared to 26.5% in Q3 last year. Overall, reported net income was up 29.1% year-over-year, and excluding last year's charge related to the discontinuation of charter shipping activities, it was up 10.3% year-over-year. A few other items of note.
在营业收入线以下,利息支出今年为 4100 万美元,而去年为 3600 万美元,本季度的利息收入和其他收入同比持平,因为较低的利息收入被本季度的外汇收益抵消。在所得税方面,我们第三季度的税率为 26.4%,而去年第三季度为 26.5%。总体而言,报告的净收入同比增长 29.1%,如果不考虑去年与停止包船活动相关的费用,同比增幅为 10.3%。还有一些其他值得注意的事项。
In terms of warehouse expansion, in the third quarter, we opened two new warehouses, both in the U.S. Additionally, since the end of Q3, we had two more openings. Last week, we opened in Loomis, California, and two days ago, we opened our seventh building in China in the Nanjing market. For the remainder of fiscal 2024, we plan to open another 12 new locations, nine in the U.S, two in Japan and one in Korea. This would bring the total for the full year to 30 openings, including one relocation for a net of 29 new warehouses.
在仓库扩展方面,第三季度我们在美国开设了两个新仓库。此外,自第三季度末以来,我们又开设了两个新仓库。上周,我们在加利福尼亚州的卢米斯开设了一个仓库,前两天,我们在中国南京市场开设了第七个建筑。对于 2024 财年的剩余时间,我们计划再开设 12 个新地点,其中 9 个位于美国,2 个位于日本,1 个位于韩国。这将使全年总开设数量达到 30 个,包括一次搬迁,净增 29 个新仓库。
Regarding capital expenditures, Q3 spend was approximately $1.06 billion, and we estimate full year 2024 capital expenditure will be between $4.3 billion and $4.5 billion. Diving a bit deeper into some of the key themes we saw during the quarter. Non-foods have the highest comps of our core categories. This strength was aided by lapping some softness in sales a year ago, but was really driven by our merchandising teams doing a great job identifying high-quality items with values that really resonated with our members and buying those items with conviction.
关于资本支出,第三季度支出约为 10.6 亿美元,我们预计 2024 年全年资本支出将在 43 亿到 45 亿美元之间。深入探讨一下我们在本季度看到的一些关键主题。非食品类是我们核心类别中同比增长最高的。这一强劲表现得益于去年销售的某些疲软,但真正的驱动力是我们的商品团队出色地识别出高质量的商品,这些商品的价值与我们的会员产生了共鸣,并坚定地采购了这些商品。
As inflation has leveled off, our members are returning to purchasing more discretionary items. And growth in the category was led by toys, tires, lawn and garden and health and beauty aids. Bakery sales also showed great momentum in the quarter as our fresh foods team has reinvented that department with a number of new and exciting items, including the Kirkland Signature Lemon Blueberry loaf and Morning Buns.
随着通货膨胀趋于平稳,我们的会员开始购买更多的非必需品。该类别的增长主要由玩具、轮胎、园艺和健康美容产品推动。烘焙销售在本季度也表现出强劲的势头,因为我们的生鲜食品团队通过一系列新颖且令人兴奋的产品重新定义了该部门,包括好市多自有品牌的柠檬蓝莓面包和早晨卷。
Within our ancillary businesses, the food court had the strongest quarterly sales with continued success of the chocolate chip cookie that was added to the food court this year. On the inflation front, it's more of the same from last quarter. Across all core merchandise, inflation was essentially flat in Q3, with fresh foods close to zero and slight inflation in food and sundries being offset by some deflation in non-foods. The deflation in non-foods was led by hardware, sporting goods and furniture, all still benefiting from lower freight costs year-over-year. Keep in mind that when we speak to inflation or in the case of non-food deflation, we're referring to our selling prices. We're intentionally creating incremental value for our members by delivering lower prices wherever possible. We believe our strategy of delivering value to drive unit volume and member satisfaction is the winning combination for us. In that vein, our buying teams are constantly aware of changing costs across all of their SKUs and are ensuring that we are capturing all cost decreases quickly so that we can pass on incremental value through price reductions.
在我们的附属业务中,食品广场的季度销售额最强,继续取得成功的是今年新增的巧克力曲奇饼干。在通货膨胀方面,与上个季度相比,情况基本相同。在所有核心商品中,第三季度的通货膨胀基本持平,新鲜食品接近零,而食品和杂货的轻微通货膨胀被非食品的某些通货紧缩所抵消。非食品的通货紧缩主要由硬件、运动用品和家具引领,这些产品仍然受益于年同比降低的运费。请记住,当我们谈论通货膨胀或非食品通货紧缩时,我们指的是我们的销售价格。我们有意通过尽可能提供更低的价格为我们的会员创造增值。我们相信,提供价值以推动单位销量和会员满意度的策略是我们成功的组合。在这方面,我们的采购团队始终关注所有 SKU 的成本变化,并确保我们迅速捕捉到所有成本下降,以便通过降价传递增值。
If we are unsuccessful in delivering ultimate value with branded goods, we evaluate the potential for new high quality Kirkland Signature items with a goal of providing at least 20% value versus what we would sell the national brand item at. This quarter, we released a new Kirkland Signature men's walking shoe and new Kirkland Signature facial wipes, both of which are doing very well. We also reduced prices on a number of existing items, including lowering Kirkland Signature pine nuts from $29.99 to $24.99 and reducing the price of our Kirkland Signature frozen shrimp SKUs by $1. These are just a couple of examples that came out of our recent monthly budget meetings where each country and region shares new and exciting items they have introduced to their warehouses and items where they've lowered prices.
如果我们未能成功提供品牌商品的终极价值,我们会评估推出新的高质量 Kirkland Signature 商品的潜力,目标是提供至少 20%的价值,相较于我们销售的国家品牌商品。本季度,我们推出了一款新的 Kirkland Signature 男士步行鞋和新的 Kirkland Signature 面部湿巾,这两款产品的表现都非常好。我们还降低了多款现有商品的价格,包括将 Kirkland Signature 松子从 29.99 美元降至 24.99 美元,并将我们的 Kirkland Signature 冷冻虾 SKU 的价格降低了 1 美元。这只是我们最近的月度预算会议中提出的一些例子,在会议上,各国和地区分享了他们引入仓库的新产品和降价的商品。
Turning now to digital. We continue to make enhancements to the app and website and are excited about the traction that these initiatives are getting with members. Total e-commerce sales growth in the quarter was led by Gold and Silver bullion, gift cards and appliances. In appliances, Costco logistics is playing a key role in providing both greater value and a better end-to-end experience for members. Deliveries through Costco logistics were up 28% in the quarter. Costco Next, our curated marketplace also continues to grow nicely and we added eight new vendors in Q3, bringing the total to 75. Our app downloads were up 32% versus a year ago with about 2.5 million new downloads in the quarter, bringing total downloads to more than 35 million. Site traffic was up 16% and average order value was up 8%.
现在转向数字化。我们继续对应用程序和网站进行改进,并对这些举措在会员中获得的关注感到兴奋。本季度的电子商务销售增长主要由黄金和白银 bullion、礼品卡和家电推动。在家电方面,Costco 物流在为会员提供更大价值和更好的端到端体验方面发挥了关键作用。本季度通过 Costco 物流的交付量增长了 28%。我们的精选市场 Costco Next 也继续良好增长,第三季度新增了八个供应商,总数达到 75 个。我们的应用下载量比去年增长了 32%,本季度新增约 250 万次下载,总下载量超过 3500 万次。网站流量增长了 16%,平均订单价值增长了 8%。
You may have also recently seen an announcement that we are expanding our relationship with Uber. Previously, Uber Eats delivered Costco orders in Texas and this new agreement allows consumers the ability to order from Costco through Uber Eats across all of Canada as well as 17 states in the U.S. We are also working to expand this partnership to several of our international countries in the coming months. In addition to the increased access to Uber Eats customers, the agreement will allow us to sell Uber gift cards globally and offer discounted Uber One annual membership to Costco members. Finally, in terms of our upcoming releases, we will announce our May sales results for the four weeks ending Sunday, June 2nd, on Wednesday, June 5th, after market close. Also, remember that our fiscal fourth quarter ending September 1, 2024, will have 16 weeks versus the 17 weeks in the fiscal fourth quarter last year.
您可能最近看到了一则公告,我们正在扩大与 Uber 的合作关系。之前,Uber Eats 在德克萨斯州配送 Costco 订单,而这项新协议使消费者能够通过 Uber Eats 在整个加拿大以及美国的 17 个州订购 Costco 商品。我们还在努力将这一合作关系扩展到未来几个月内的多个国际国家。除了增加 Uber Eats 客户的访问权限外,该协议还将允许我们在全球销售 Uber 礼品卡,并向 Costco 会员提供折扣的 Uber One 年度会员资格。最后,关于我们即将发布的内容,我们将在 6 月 5 日星期三市场收盘后,公布截至 6 月 2 日星期日的四周的五月销售业绩。此外,请记住,我们的财政第四季度将于 2024 年 9 月 1 日结束,将有 16 周,而去年财政第四季度则有 17 周。
And with that, we will now open it up for Q&A.
现在我们将开始问答环节。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Your first question comes from the line of Simeon Gutman with Morgan Stanley. Please go ahead.
谢谢。[操作员指示] 您的第一个问题来自摩根士丹利的西门·古特曼。请继续。
Simeon Gutman 西门·古特曼
Good afternoon. Hey, Gary, how are you doing?
下午好。嘿,盖瑞,你怎么样?
Gary Millerchip 加里·米勒奇普
Hi, Simeon. 嗨,西门。
Simeon Gutman 西门·古特曼
We're going to take a stab at this membership question. The way that we've thought about it is it's an inflation offset to the model. And it was described as if you have enough levers in the middle of the P&L to deliver whatever stated EBIT growth you're trying to do, you didn't need to touch the membership fee. Is that still the way that you look at it? And is that visibility on enough levers still intact?
我们将尝试解决这个会员费的问题。我们认为这是一种对模型的通货膨胀抵消。它被描述为,如果你在损益表中有足够的杠杆来实现你所追求的任何声明的 EBIT 增长,你就不需要触及会员费。你仍然是这样看待这个问题的吗?对足够杠杆的可见性是否仍然存在?
Gary Millerchip 加里·米勒奇普
Yes. Thanks, Simeon. And you're talking about a membership fee increase now. Is that where your question is coming from?
是的。谢谢你,西门。你现在在谈论会员费的增加。这是你问题的来源吗?
Simeon Gutman 西门·古特曼
Right. Yeah. Yes. 对。是的。是的。
Gary Millerchip 加里·米勒奇普
Yes. I would really kind of revert back to some of the comments that Richard shared previously. I don't think that we're thinking about it any differently than he's talked about in the last few calls. We've historically looked at increasing the membership fee every five years or so. And obviously, we're beyond that time period now in terms of what would be the typical cycle. There's nothing about anything that we see within how the business is performing that's changing our view on that. We feel really good about membership renewal rates. We feel really good about the test of are we delivering significantly more value to members than we were or have since we last increased the membership fee.
是的。我确实想回到理查德之前分享的一些评论。我认为我们对这个问题的看法与他在最近几次电话中谈到的没有什么不同。我们历史上每五年左右就会考虑提高会员费。显然,现在我们已经超出了这个典型周期。我们在业务表现方面没有看到任何改变我们看法的因素。我们对会员续费率感到非常满意。我们也对我们是否为会员提供了比上次提高会员费时显著更多的价值感到非常满意。
But I think we are our own probably toughest competitor and that we look at what's happened in the marketplace over the last few years and when we were seeing high inflation and the risk and concern around recession. We -- as I know before I joined the company, it was talked about extensively and it continues to be talked about as it's something that is still a case of when we increase the fee rather than if we increase the fee. But we are still evaluating those considerations to determine what the right timing is. And when we reach that point where we feel it is the right time, of course, we'll be very open and direct in communicating that.
但我认为我们自己可能是最强大的竞争对手,我们关注过去几年市场上发生的事情,当时我们看到高通胀以及对衰退的风险和担忧。在我加入公司之前,这个话题就被广泛讨论,并且仍然在讨论,因为这仍然是一个我们何时提高费用而不是是否提高费用的问题。但我们仍在评估这些考虑,以确定合适的时机。当我们达到认为是合适的时机时,当然,我们会非常开放和直接地进行沟通。
Simeon Gutman 西门·古特曼
Okay. Fair enough. Can I ask about your opinion on the U.S. expansion, it's been holding in a lot better. It's been more giving than we would have thought several years ago. Do you have any thoughts just your own perspective, you're probably looking at members per warehouse. Are you surprised at the runway you still have in the U.S.? You think it could be even more than what we're aware of today less? Just curious if there's anything surprising on that item.
好的。公平。可以问一下你对美国扩张的看法吗?它的表现比我们几年前想象的要好得多。你有什么想法,从你自己的角度来看,你可能在关注每个仓库的会员数量。你对美国仍然拥有的潜力感到惊讶吗?你认为这可能比我们今天所知道的还要多吗?只是好奇在这个问题上是否有什么让人惊讶的。
Gary Millerchip 加里·米勒奇普
I think it's only surprising in as much as I know we've talked previously about we thought that we would potentially run out of runway for new warehouses in the U.S. And as you know, this year we're opening close to 29 net new warehouses and many of those will be continuing in the U.S. and we still see significant runway to continue to opening more warehouses in the U.S. in the future.
我认为这只有在我们之前谈到可能会在美国的新仓库用尽时才令人惊讶。正如你所知道的,今年我们将开设近 29 个净新仓库,其中许多将在美国继续运营,我们仍然看到在未来继续在美国开设更多仓库的显著空间。
I think that sort of 25 to 30 new warehouse count is a reasonable proxy for what we think the runway is for the foreseeable future for new warehouses. And I'd be surprised if at least half of those weren't in the -- continue to be in the U.S. because we still see significant growth when we open those new warehouses.
我认为 25 到 30 个新仓库的数量是我们对未来可预见的新仓库发展潜力的合理估计。我会感到惊讶,如果其中至少一半不在美国,因为我们在开设这些新仓库时仍然看到显著的增长。
And what it's doing for us in fill in markets is it's creating capacity for our members that are shopping very busy warehouses today to be able to shop more frequently and drive more engagement with us and also it increases membership renewal rates over time as well. So I think we still see plenty of runway in the U.S. to continue to open more warehouses, but we also see a lot of growth opportunity, of course, in the international markets as well.
它为我们在填补市场中所做的事情是,为我们的会员创造了能力,使他们能够在今天非常繁忙的仓库中更频繁地购物,并与我们进行更多的互动,同时也随着时间的推移提高了会员续费率。因此,我认为我们在美国仍然看到大量的增长空间,可以继续开设更多的仓库,但我们当然也看到国际市场上有很多增长机会。
Simeon Gutman 西门·古特曼
Okay. Thanks, Gary. Appreciate it.
好的。谢谢,盖瑞。非常感谢。
Gary Millerchip 加里·米勒奇普
Thanks, Simeon. 谢谢,西门。
Operator 操作员
Your next question comes from the line of Michael Lasser with UBS. Please go ahead.
您的下一个问题来自瑞银的迈克尔·拉塞尔。请继续。
Michael Lasser 迈克尔·拉塞尔
Good morning. Good afternoon. Thank you so much for taking my question. There's been a lot of announcements from consumable retailers in recent times about making price investments. Do you think you need to make a sizable price investment in the next couple of quarters in order to remain competitive?
早上好。下午好。非常感谢您回答我的问题。最近,消费品零售商发布了很多关于价格投资的公告。您认为在接下来的几个季度里,您需要进行大规模的价格投资以保持竞争力吗?
Ron Vachris 罗恩·瓦克里斯
This is Ron Vachris. No, I think that this is part of our everyday DNA. I mean, we are competitive on a daily basis. Our buyers are on top of pricing daily, weekly and we all review them each month. And so we feel very good about where we are today and our runway to continue to be as competitive as we are moving forward.
这是罗恩·瓦克里斯。不,我认为这就是我们日常生活中的一部分。我是说,我们每天都在竞争。我们的买家每天、每周都在关注价格,我们每个月都会进行审查。因此,我们对今天的状况以及未来继续保持竞争力的前景感到非常满意。
Michael Lasser 迈克尔·拉塞尔
My follow-up question is, given some of the changes in leadership over the last year or so, is there any thought given to being more aggressive with some of the evolution on the model, things like buy online pickup in-store, deploying more technology in the store or capitalizing on the ever so great amounts of data that Costco has in the form of trying to monetize it through retail media. Thank you very much.
我的后续问题是,考虑到过去一年左右的领导层变化,是否有考虑在模型的某些演变上更加积极,比如在线购买、店内提货、在店内部署更多技术,或者利用好好市多拥有的大量数据,通过零售媒体进行货币化。非常感谢。
Ron Vachris 罗恩·瓦克里斯
That's no -- and I think the answer to that is yes, on all those fronts. We are working on all those aspects. Right now, we're rolling out an expanded buy online pickup in warehouse that is always going to be limited in scope based on the volume in our warehouses that we have. We can't expand to all categories, but we're expanding as we currently speak in televisions and other electronic items that are there as -- and so yeah, we see that as a real opportunity for us. Technology is going to be one of our key priorities moving forward.
这不是 -- 我认为答案是肯定的,在所有这些方面。我们正在处理所有这些方面。目前,我们正在推出扩展的在线购买仓库自取服务,这始终会受到我们仓库容量的限制。我们无法扩展到所有类别,但我们目前正在扩展电视和其他电子产品。因此,是的,我们将其视为一个真正的机会。技术将是我们未来的关键优先事项之一。
How do we improve that member engagement and the relationship we have with them in our brick-and-mortar warehouses as well as online and through other aspects such as travel and so forth. So technology we see is a great opportunity to enhance the member relationship with Costco and also drive a lot more business for us as well as we move forward.
我们如何改善与会员的互动以及我们在实体仓库、在线以及其他方面(如旅行等)与他们的关系。因此,我们认为技术是一个很好的机会,可以增强会员与好市多的关系,同时也为我们带来更多的业务,推动我们向前发展。
So we're going to continually innovate. I mean, with the management changes, I wouldn't expect major changes as we have a proven strategy now. But as we've done for the past 41 years, we continue to innovate to the needs of our members. Oh, and the last on data, absolutely. We see a great opportunity for data. We have expanded our group there. We have a significant program now with retail media and we see some great upside potential. We've expanded that team and we see some good potential and some good runway for us in that as well, things like personalization and so forth.
所以我们将不断创新。我的意思是,随着管理层的变动,我不期待会有重大变化,因为我们现在有一个经过验证的战略。但正如我们过去 41 年所做的,我们将继续根据会员的需求进行创新。哦,关于数据,绝对如此。我们看到数据有很大的机会。我们在这方面扩大了团队。我们现在有一个重要的零售媒体项目,我们看到很大的潜力。我们扩大了这个团队,并且在个性化等方面也看到了良好的潜力和发展空间。
Michael Lasser 迈克尔·拉塞尔
Thank you very much. 非常感谢。
Gary Millerchip 加里·米勒奇普
Thanks, Michael. 谢谢,迈克尔。
Operator 操作员
Your next question comes from the line of Chuck Grom with Gordon Haskett. Please go ahead.
您的下一个问题来自 Gordon Haskett 的 Chuck Grom。请继续。
Chuck Grom 查克·格罗姆
Hey, good afternoon and congrats again, Gary. And historically, Richard and team have been steadfast on the 14% to 15% margin ceiling, which has clearly paid dividends for the company over the years. I'm curious how you and Ron view this threshold you going to adhere to it? Do you think you can earn more? Just your thoughts on the margin front?
嘿,下午好,再次祝贺你,Gary。历史上,Richard 和团队一直坚持 14%到 15%的利润上限,这显然为公司带来了丰厚的回报。我很好奇你和 Ron 如何看待这个门槛,你们会坚持吗?你认为你们能赚更多吗?关于利润方面,你有什么想法?
Ron Vachris 罗恩·瓦克里斯
No, that 14%, 15% has been part of our life for many years. And so I think that's -- our objective, our buyer's goals is really how aggressive they can get on pricing and deliver the best value. So I don't see there's no plans to move that cap at all.
不,那个 14%、15%已经是我们生活的一部分很多年了。因此,我认为我们的目标,我们买家的目标实际上是他们在定价上能有多激进,并提供最佳价值。所以我不认为有任何计划去改变这个上限。
Gary Millerchip 加里·米勒奇普
And Chuck, maybe just one thing to build on that too. I think as you think about some of the opportunities that Ron mentioned on the earlier call, I completely echo Ron's comment about we have a really clear growth strategy that's obviously delivering momentum in the company today and these opportunities through technology and media, I think, are great opportunities for us to find new ways to unlock value. But again, I think we see those very much in the mindset of how do we give 90%-ish of that back to the member, so that we're continuing to drive member engagement, member loyalty and member value.
查克,也许还有一件事可以补充。我认为,当你考虑罗恩在早些时候的电话中提到的一些机会时,我完全赞同罗恩的观点,我们有一个非常明确的增长战略,这显然在公司中产生了动力,而通过技术和媒体的这些机会,我认为是我们寻找新方法来释放价值的绝佳机会。但我再次强调,我们非常关注如何将大约 90%的价值回馈给会员,以便继续推动会员参与、会员忠诚度和会员价值。
Chuck Grom 查克·格罗姆
Great. And then just to kind of build off Michael's question, just wanted to get your high level thoughts on digital e-com. What do you think Costco's strengths are? What do you think the weaknesses are today? And where do you think the biggest focus is going to be for the company in the coming years?
很好。然后为了进一步回应迈克尔的问题,我想听听你对数字电子商务的高层次看法。你认为好市多的优势是什么?你认为今天的弱点是什么?你认为在未来几年公司最大的关注点会是什么?
Ron Vachris 罗恩·瓦克里斯
Our biggest strength on digital e-com is, of course, the merchandise and the value that we have. I mean that's what works for us in our brick-and-mortar. You know, the technology, the systems that we have, the teams have got a great roadmap of where they're going. A lot of the work that's being done right now is very foundational. So better fulfillment, quicker delivery times, the reliability of the site, those type of things. So those are the things. And then following that will come iterative changes of forward facing improvements that you'll see in the sites and move forward. So I think we've got a very good roadmap to do that. But I think that does -- it's -- I think personalization is a big deal for members that we could do a much better job on and also a better correlation of the warehouse and the online business. We're working towards warehouse inventory online. So members could use that in the app. But app functionality is one of our greatest opportunities.
我们在数字电子商务上的最大优势当然是我们的商品和价值。我是说,这就是我们在实体店中成功的原因。你知道,我们拥有的技术、系统,团队有一个很好的发展路线图。现在正在进行的许多工作都是非常基础性的。因此,更好的履行、更快的交货时间、网站的可靠性,这些都是重点。接下来将会有逐步的改进,您将在网站上看到这些前向改进并向前推进。所以我认为我们有一个非常好的路线图来实现这一点。但我认为个性化对会员来说是一个重要的方面,我们可以在这方面做得更好,同时也需要更好地协调仓库和在线业务。我们正在朝着在线仓库库存的方向努力,以便会员可以在应用程序中使用。但应用程序的功能是我们最大的机会之一。
Chuck Grom 查克·格罗姆
Great. Thank you. 很好。谢谢。
Gary Millerchip 加里·米勒奇普
Thanks, Chuck. 谢谢,查克。
Operator 操作员
Your next question comes from the line of Scott Ciccarelli with Truist Securities. Please go ahead.
您的下一个问题来自 Truist 证券的 Scott Ciccarelli。请继续。
Scott Ciccarelli 斯科特·奇卡雷利
Thanks, guys. Scott Ciccarelli. So given the strength of your discretionary sales following the well that we've seen with -- as the economy got a little funky, does that suggest your members are starting to feel better and more willing to spend on wants rather than needs?
谢谢,大家。斯科特·奇卡雷利。那么,考虑到你们的自由裁量销售在经济有些波动后表现出的强劲,这是否意味着你们的会员开始感觉更好,更愿意在想要的东西上花钱,而不是仅仅满足基本需求?
Ron Vachris 罗恩·瓦克里斯
Yes. It does indeed look that way. I've got to tell you that the discretionary spend we're seeing, I mean, we're definitely winning in consumables as we see the food business and dining away from home has softened up a bit and people are eating and we're seeing that in our fresh foods. But I have to tell you that categories such as the home division and toys are categories that have lagged quite a bit post-COVID that with great excitement, I mean, our buyers have come out and delivered some great items, have phenomenal values, have really rejuvenated those categories. And those are both leading categories for us in sporting goods, toys, furnishings, domestics, all those categories are really coming on very strong now and all of it discretionary in nature.
是的,确实看起来是这样。我必须告诉你,我们看到的可自由支配支出,确实在消费品方面表现良好,因为我们看到食品业务和外出就餐有所放缓,人们在吃东西,我们在新鲜食品方面看到了这一点。但我必须告诉你,像家居部门和玩具这样的类别在后疫情时期滞后了很多,但我们的买家非常兴奋,推出了一些很棒的商品,具有极好的价值,真正振兴了这些类别。这些都是我们在运动用品、玩具、家具、家居用品等类别中的领先类别,现在这些类别都表现得非常强劲,而且都是可自由支配的。
Scott Ciccarelli 斯科特·奇卡雷利
Fascinating. And then today, we had a presentation. Obviously, Ron, you joined the call. Are there other changes we could potentially expect given some of the C-suite changes?
引人入胜。今天我们进行了一个演示。显然,罗恩,你参加了电话会议。考虑到一些高管的变动,我们还可以期待其他变化吗?
Ron Vachris 罗恩·瓦克里斯
I mean, again, like I said, there's no major changes planned. The team is -- the team that's been running this company for some time. Gary has been a great addition to us and is contributing nicely. But our model is working. It's working around the world. Great value on quality merchandise seems to resonate in every region that we do business. So we'll continue to innovate. We'll continue to see new things and be relative to what our members needs are, but I can't sit here today and tell you to expect anything -- any great momentous changes in the near future. We just want to continue to actually execute well.
我想说,正如我之前提到的,没有计划进行重大变化。团队一直在运营这家公司。加里对我们来说是一个很好的补充,并且贡献良好。但我们的模式是有效的。它在全球范围内运作良好。高质量商品的巨大价值似乎在我们开展业务的每个地区都能引起共鸣。因此,我们将继续创新。我们将继续看到新事物,并与会员的需求保持相关,但我今天不能坐在这里告诉你,近期会有任何重大变化。我们只想继续做好执行。
Gary Millerchip 加里·米勒奇普
And Scott, maybe just to add from my perspective of being new to the role and new to the company, early observations to me, obviously, the incredibly impressed with the culture and the strategy is clearly working very well. So my first priority is to really being new to the company is to really acclimatize and to support and enable a smooth transition with the culture to make sure the momentum that we have continues going forward. And I think the other point, as we talked about a little bit earlier on the call is we're on a journey with technology and data. And so hopefully, there's things that I can bring to work with the team and help us continuing on that journey and accelerate that journey. And really that's the priorities in my mind being new into the CFO role.
斯科特,也许从我作为新任职务和新公司的角度补充一下,早期观察让我感到非常震撼的是公司的文化,战略显然运作得非常好。因此,我作为新员工的首要任务是适应公司文化,并支持和促进顺利过渡,以确保我们所拥有的势头能够持续下去。我认为另一个要点,正如我们在通话中稍早提到的,我们正在进行技术和数据的旅程。因此,希望我能带来一些东西,与团队合作,帮助我们继续这段旅程并加速进程。实际上,这就是我作为新任首席财务官的优先事项。
Scott Ciccarelli 斯科特·奇卡雷利
Very helpful. Thanks, guys.
非常有帮助。谢谢你们。
Ron Vachris 罗恩·瓦克里斯
Thank you. 谢谢。
Operator 操作员
Your next question comes from the line of Kelly Bania with BMO Capital Markets. Please go ahead.
您的下一个问题来自 BMO 资本市场的 Kelly Bania。请继续。
Kelly Bania 凯莉·巴尼亚
Thanks for taking our questions. And Ron and Gary, pleasure to have you both on the call and love the slides. Thank you. I wanted to just maybe go back a little bit to retail media strategy and personalization. I think, Ron, you noted a hire or maybe some key hires in that department. And Gary, I think you bring a unique perspective to this area or both of these areas. So I guess just can you help size up the opportunity for us on these two fronts in retail media and personalization? Is it at all different than a typical retailer because of Costco's unique model and SKU count or anything along those lines? And I guess, would that -- would your plans in these areas include any increase in technology spend in coming years?
感谢您回答我们的问题。Ron 和 Gary,很高兴你们两位参加这个电话会议,幻灯片也很棒。谢谢。我想回到零售媒体策略和个性化方面。Ron,我记得你提到过在那个部门的招聘,或者一些关键的招聘。Gary,我认为你在这两个领域带来了独特的视角。那么,你能帮我们评估一下在零售媒体和个性化这两个方面的机会吗?由于 Costco 独特的模式和 SKU 数量,这是否与典型零售商有所不同?我想问一下,你们在这些领域的计划是否包括未来几年技术支出的增加?
Gary Millerchip 加里·米勒奇普
Sure. Thanks, Kelly. Yeah, I'll go first and then Ron may want to add some color as well. I think many of your comments are relevant to how we think about the opportunity. And from -- the first thing I guess I would say as being new and having joined the company is as you think about where a lot of companies talk about alternative profit streams, there are a lot of areas today where Costco is doing great things in that area today. So using the strength of the membership relationship in driving a very large co-brand payment program that delivers value to members and delivers values to the company. The travel services business that we have, which is pretty unique in retail, but I think in any other company would be viewed as a way of generating new revenue and alternative revenue streams from sort of expanding from that overall retail relationship.
当然。谢谢你,凯莉。是的,我先说,然后罗恩可能也想补充一些内容。我认为你们的许多评论与我们如何看待这个机会是相关的。首先,我想说的是,作为一个新加入公司的人,当你考虑许多公司谈论替代利润来源时,今天有很多领域是好市多在这方面做得很好的。因此,利用会员关系的优势,推动一个非常大的联合品牌支付项目,为会员和公司带来价值。我们拥有的旅行服务业务在零售中是相当独特的,但我认为在任何其他公司都会被视为从整体零售关系中扩展以产生新收入和替代收入来源的一种方式。
And then thirdly, I would say we have media revenue today in areas of the business. So it's not as though it isn't something that actually the business is delivering on today. But I think as Ron mentioned in an earlier comment that as technology and data are something that we're sort of building a path towards, I would still say there's significant opportunity for us to grow in that space because of the unique nature of the relationship we have with our members and the ways in which we can deliver value for them and tap into that data and tap into the growth that we're creating both in the warehouse and through digital channels. I think it's a little bit early to sort of size it in totality because you're right, there are also some unique elements about our model that would make our opportunity a little bit different.
然后第三,我想说我们今天在业务的某些领域有媒体收入。因此,这并不是说这不是业务今天实际在交付的东西。但我认为正如 Ron 在之前的评论中提到的,随着技术和数据的发展,我们正在朝着这个方向迈进,我仍然认为我们在这个领域有显著的增长机会,因为我们与会员之间的独特关系,以及我们为他们提供价值的方式,以及我们在仓库和数字渠道中创造的增长。我认为现在还为时尚早去全面评估,因为你说得对,我们的模式中也有一些独特的元素,这使得我们的机会有些不同。
But from what we know today and from the team that's been brought in to help the company think through it, we certainly believe it's got significant runway to drive a lot of growth for the company. And as I mentioned earlier, though, I would definitely think of it as something that we'll look at to as we do with everything, reinvest in the member to really accelerate the growth of the company overall.
但根据我们今天所知,以及被引入帮助公司思考的团队,我们确实相信它有很大的发展潜力,可以为公司带来大量增长。正如我之前提到的,我会将其视为我们在处理所有事务时都会考虑的事情,重新投资于会员,以真正加速公司的整体增长。
Ron Vachris 罗恩·瓦克里斯
I would have to mirror what Gary says. We are -- we do have a unique model. We have a relationship with all of our members. Our responsibility is use that data wisely and respectfully. As far as IT spend, yeah, there will be some IT spend. We don't see as we look in the future, we don't see that to be anything that will really change our trajectory of our cap investments. But there will be some IT requirements, but we feel that will be in the normal course of business.
我必须赞同加里的说法。我们确实有一个独特的模式。我们与所有会员之间有着密切的关系。我们的责任是明智且尊重地使用这些数据。至于 IT 支出,是的,会有一些 IT 支出。展望未来,我们认为这不会真正改变我们资本投资的轨迹。但会有一些 IT 需求,我们认为这将是正常业务的一部分。
Kelly Bania 凯莉·巴尼亚
Thank you. 谢谢。
Ron Vachris 罗恩·瓦克里斯
Thanks, Kelly. 谢谢,凯莉。
Operator 操作员
Your next question comes from the line of John Heinbockel with Guggenheim Securities. Please go ahead.
您的下一个问题来自 Guggenheim Securities 的 John Heinbockel。请继续。
John Heinbockel 约翰·海因博克尔
So guys, I want to go back to personalization again. Where do you think just conceptually the biggest opportunities are, right? When you think about wallet share, every one of your members is going to be a little different, but you can probably do cohorts. Why are they not buying from you and why personalized promotions, outreach on new items coming into the warehouse. I mean, where do you think the biggest opportunities are to build further wallet share?
所以大家,我想再次谈谈个性化。你们认为在概念上最大的机会在哪里?当你考虑钱包份额时,你们的每个会员都会有所不同,但你们可能可以进行分组。为什么他们不从你们这里购买,为什么个性化的促销和新商品的推广会很重要?你们认为在哪里有最大的机会来进一步增加钱包份额?
Ron Vachris 罗恩·瓦克里斯
John, I'll go ahead and start out. I think the biggest opportunity is, just like you said, the awareness of the warehouse and keeping our members in tune on what's active, what's going on in the warehouse near them and how we can continue to enhance and drive those sales. I think that that's probably our greatest opportunity with digital as we see moving forward. Personalization is good. We talk here a lot about a fair reasonable amount of personalization. We never want to compromise the treasure hunt of Costco. And that's equally as important as people that go to costco.com, never knew that they needed a 16 foot shed and they see a phenomenal value as they do in the warehouse. And so we don't want to personalize to a detriment, that changes our DNA and who we are. But we do know that there's definitely some improvements we could have that would enhance the member experience. And that's everything that our team is focused on is that how does this move to the member and how does it improve their experience with us digitally.
约翰,我会先开始。我认为最大的机会正如你所说的,是提高对仓库的认知,并让我们的会员了解附近仓库的活动情况,以及我们如何继续提升和推动这些销售。我认为这可能是我们在数字化方面向前发展的最大机会。个性化是好的。我们在这里经常讨论适度的个性化。我们绝不想妨碍好市多的寻宝体验。这对那些访问 costco.com 的人同样重要,他们从未知道自己需要一个 16 英尺的储物棚,但在仓库里看到的超值商品让他们感到惊喜。因此,我们不想个性化到损害我们 DNA 和身份的程度。但我们确实知道,有一些改进可以提升会员体验。这正是我们团队关注的重点:如何将这些转化为会员的利益,以及如何改善他们在数字平台上的体验。
John Heinbockel 约翰·海因博克尔
Okay. Maybe -- and then as a follow-up, Gary, you talked a little bit about the core-on-core. But maybe you step back a little bit if you -- and I know the idea is not necessarily to maximize margin, but maybe some thoughts core-on-core this quarter and I know I think there had been pressure on fresh, right, as you kind of normalize post-COVID back to a regular level. Are we now through that process of fresh getting back down to a certain level?
好的。也许——然后作为后续,Gary,你稍微谈了一下核心对核心。但也许你可以稍微退后一步,如果你——我知道这个想法不一定是为了最大化利润,但也许对这个季度的核心对核心有一些想法,我知道我认为在新鲜产品上有压力,对吧,因为你们在疫情后回归到正常水平。我们现在是否已经完成了新鲜产品回到某个水平的过程?
Gary Millerchip 加里·米勒奇普
Yes. Thanks, John. Just maybe to give you a little bit more color on the core-on-core and how it kind of played out during the quarter. And so if you think about the three main categories in core between foods and sundries, fresh and non-foods, fresh would have continued to have been slightly lower year-over-year, and that's a very deliberate strategy for us to make sure we're delivering more value for the member, and we think that's a really important place for us to drive member engagement and support, especially as we're still seeing some commodities that are a little bit inflationary right now.
是的。谢谢你,约翰。让我给你更多关于核心业务之间的核心对核心的情况,以及它在本季度的表现。如果你考虑核心业务中的三个主要类别:食品和杂货、新鲜食品和非食品,新鲜食品的销售同比会略有下降,这对我们来说是一个非常有意识的策略,确保我们为会员提供更多价值。我们认为这是推动会员参与和支持的一个非常重要的领域,尤其是在我们仍然看到一些商品目前有些通货膨胀的情况下。
So that would have been very much part of the plan from our perspective. But it was more than offset, as you mentioned by the improvement in non-foods during the quarter, which was what led to the 10-basis point improvement on core-on-core. Food and sundries actually was pretty flat overall. So we feel good about the way that we're managing the balance while staying true to that principle of delivering the best value for the member. And we were pleased with how it played out during the quarter based on the work all the merchandising teams did.
从我们的角度来看,这确实是计划的一部分。但正如您提到的,非食品类的改善在这一季度中抵消了这一点,这也是导致核心对核心改善 10 个基点的原因。食品和杂货整体上实际上是相对平稳的。因此,我们对在保持为会员提供最佳价值这一原则的同时管理平衡的方式感到满意。我们对各个商品团队在这一季度的表现感到高兴。
John Heinbockel 约翰·海因博克尔
Thank you. 谢谢。
Gary Millerchip 加里·米勒奇普
Thanks, John. 谢谢,约翰。
Operator 操作员
Your next question comes from the line of Peter Benedict with Baird. Please go ahead. Peter, if you're on mute.
您的下一个问题来自 Baird 的 Peter Benedict。请继续。Peter,如果您静音了,请发言。
Peter Benedict 彼得·本尼迪克特
Sorry about that. Yeah. Sorry about that, guys. Thanks for taking the question. Ron, maybe one for you. Just kind of back to the member behavior, maybe back to Scott's question a little bit. Can you just talk about maybe just your observations around maybe income cohorts, any other ways you bucket or slice your membership base, just how the behaviors have evolved here over the last several months. Is there any change that you think is interesting to call out? You talked about the better general non-foods trends. Just curious if this environment reminds you of anything else historically? That's my first question.
抱歉。是的,抱歉,大家。感谢你们提出这个问题。罗恩,也许这个问题适合你。回到会员行为,可能有点回到斯科特的问题。你能谈谈你对收入群体的观察吗?还有其他你如何划分或切分会员基础的方式吗?在过去几个月中,行为是如何演变的?你认为有什么有趣的变化值得提及吗?你提到了更好的非食品趋势。我很好奇这个环境是否让你想起历史上的其他情况?这是我的第一个问题。
Ron Vachris 罗恩·瓦克里斯
Okay. It's a very healthy environment from what we see from our members right now. And as you take a category such as our meat department, which is growing very nicely. A lot of volume being driven in ground beef and our new everyday lower price on boneless skinless chicken breasts, really driving a lot of volume units there, while Wagu Beef and prime are growing at a great clip for us as well. So we're seeing that benefit from both sides of the consumer that great value in both areas are doing very well. The non-foods, I tell you that non-foods is strictly driven by newness and excitement and we see big and bulky going very well. It's been a year of our $1,200 swing set that we have on the floor. We can't get enough. They're just blowing out. But it's again that continuous innovation of merchandise that is exciting our members and really driving some sales force there. Executive membership continues to -- yeah, and that drives our executive base and because people are engaging at a much higher level.
好的。从我们目前看到的会员情况来看,这里是一个非常健康的环境。以我们的肉类部门为例,它正在稳步增长。碎牛肉的销量很大,而我们新推出的无骨去皮鸡胸肉的日常低价也推动了大量销量,同时和牛肉和优质牛肉的销售也在快速增长。因此,我们看到消费者在这两个领域都获得了很好的价值,表现都非常不错。非食品类商品,我告诉你,非食品类商品完全是由新颖性和兴奋感驱动的,我们看到大件商品的销售情况很好。今年我们在店内的 1200 美元秋千架销售得非常火爆,供不应求。但这又是商品持续创新的结果,激励着我们的会员,真正推动了一些销售。高级会员的参与度持续增加,这也推动了我们的高级会员基础,因为人们的参与程度更高。
Peter Benedict 彼得·本尼迪克特
Sounds good across the board. But we're expecting a dryer to get delivered from Costco logistics on in the next couple of days. So looking forward to that. And then the second question would be, yeah, Ron or Gary, either one of you, just your view on vertical sourcing. I mean, this has been something that has been evolved in for several years going across different categories as you guys continue to grow your business, you need more, I guess, definable sources of supply. Just curious your view of vertical sourcing, where you are today, and what areas you might focus on over the next several years? Thank you.
听起来很好。不过我们期待在接下来的几天内从好市多物流那里送来一个干衣机。对此非常期待。第二个问题是,罗恩或加里,你们中的任何一个,谈谈你们对垂直采购的看法。我是说,这已经在不同类别中发展了好几年,随着你们业务的持续增长,你们需要更多可定义的供应来源。我很好奇你们对垂直采购的看法,你们目前的状况,以及在接下来的几年中可能关注的领域?谢谢。
Ron Vachris 罗恩·瓦克里斯
Sure. We have -- we've gotten into vertical integration and sourcing as the need arises. And if you think back in the infamous story about the hot dog and coke at $1.50 and how are you going to figure out how to keep that price there, while we're going to open our own meat plants. And as we looked at the prices of optical lenses going up and then we opened up our optical grinding plants. So we did that to continue to look at those things. The chicken plant came because we saw an inflection point where supply was not going to meet demand. So we had to get involved and because we didn't have a partner that was willing to expand into that area as well.
当然。我们已经开始进行垂直整合和采购,以应对需求的变化。如果你回想一下关于热狗和可乐 1.50 美元的臭名昭著的故事,你会发现我们如何想办法保持这个价格,同时我们会开设自己的肉类加工厂。当我们看到光学镜头价格上涨时,我们也开设了光学磨削厂。我们这样做是为了继续关注这些问题。鸡肉加工厂的建立是因为我们看到供应无法满足需求的拐点。因此,我们必须参与其中,因为我们没有一个愿意在该领域扩展的合作伙伴。
There is a focus that I have a group focused on too is that let's not try and be everything though. Let's -- we've got a business to run here and we're not going to get vertically integrated just because it's something we can do. It really is going to be driven by where the needs are and when do you need to step in. It's equally -- we have great partners out there that supply our goods for us and they're long-term suppliers. And so it's strategically using that relationship is going to be the key in the future. So there's nothing that I could announce at this time that we're going to expand into, but we continue to keep that in our back pocket should we need to.
我有一个重点是,我们的团队也专注于这一点,那就是不要试图什么都做。我们在这里有一项业务要经营,我们不会因为可以做到而进行垂直整合。真正的驱动力将来自于需求所在,以及何时需要介入。同样,我们有很好的合作伙伴为我们提供商品,他们是长期供应商。因此,战略性地利用这种关系将是未来的关键。目前我无法宣布我们将扩展到什么领域,但我们会继续将其保留在心中,以备不时之需。
Peter Benedict 彼得·本尼迪克特
Terrific. Thanks so much.
太棒了。非常感谢。
Ron Vachris 罗恩·瓦克里斯
You're welcome. 不客气。
Operator 操作员
Your next question comes from the line of Paul Lejuez with Citigroup. Please go ahead.
您的下一个问题来自花旗集团的保罗·勒热兹。请继续。
Brandon Cheatham 布兰登·奇瑟姆
Hey, everyone. This is Brandon Cheatham on for Paul. Thanks for taking our question. Recently, you were selling Instacart gift cards at a discount online and in warehouse and thought that was pretty interesting because it's potentially a gift card that could be used at a competitor as well. So I'm just curious, is there any strategy behind that? Are you trying to drive member engagement online and if there are any learnings from that initiative?
大家好,我是布兰登·奇瑟姆,代替保罗发言。感谢你们回答我们的问题。最近,你们在网上和仓库以折扣出售 Instacart 礼品卡,我觉得这很有趣,因为这可能是可以在竞争对手那里使用的礼品卡。所以我很好奇,这背后有什么策略吗?你们是在尝试推动在线会员参与吗?如果有的话,从这个举措中有什么收获?
Ron Vachris 罗恩·瓦克里斯
You know the strategy behind it was another avenue to bring value to our members is really what that was about is that there is an upcharge on having grocery delivered to home. We work closely with Instacart, now we will with Uber to try and keep those costs at a minimum, but they've got people to pay on their side as well. So the partnership was really to how do we continue to enhance that service for our members and drive more sales. And so that was truly the -- yes, somebody can go out and use that somewhere else. But again, our job is to save the members where we can and be it airline tickets or Uber Drive tickets or Instacart shopping, we look at all those opportunities to add value to the member.
你知道,这背后的策略是为我们的会员带来价值的另一种途径,实际上就是在家送货会有额外费用。我们与 Instacart 密切合作,现在也会与 Uber 合作,尽量将这些成本保持在最低水平,但他们那边也有员工需要支付。因此,这个合作关系的真正目的是如何继续提升我们为会员提供的服务并推动更多销售。所以这确实是——是的,有人可以去别的地方使用这个。但再说一次,我们的工作是尽可能为会员节省开支,无论是机票、Uber 打车票还是 Instacart 购物,我们都会考虑所有这些机会来为会员增加价值。
Brandon Cheatham 布兰登·奇瑟姆
Got it. Thanks. And my follow-up, how do warehouses react when you open an infill warehouse? Does it open differently than other new markets? Does the current market feel an impact? And how many warehouses that you opened over the past year would you quantify as infill versus new markets? Thanks.
明白了。谢谢。我的后续问题是,当你开设一个填充仓库时,仓库会有什么反应?它的开放方式与其他新市场有何不同?当前市场会受到影响吗?在过去一年中,你开设的仓库中,有多少可以量化为填充仓库与新市场?谢谢。
Ron Vachris 罗恩·瓦克里斯
I guess how they react. We normally have good data before we'll open up an infill building and we can judge based on our member information what cannibalization will realize in what building. So we're able to get in front of that and adjust labor and payroll and buying and all those type of things for the upcoming cannibalization that we plan. And our team does a very good job. They're normally within a percent or so of what reality is to the execution of where our plans are as well. So we've gotten pretty good at planning those things out. And with -- it's strategic and the number of cannibalized locations I'd have to tell you, I'd have to say that we probably opened eight this year that cannibalized other buildings. Some may have cannibalized one warehouse, others may be in the middle and we had one in Toronto that cannibalized four buildings around it, but they've built back their sales within six months. So those are the opportunities where you know to Gary's earlier point, frequency improves significantly because members can get back into a high volume club. And so it's strategic cannibalization, if you would, as we look around the world.
我猜他们会如何反应。在我们开放一个填充建筑之前,我们通常会有良好的数据,我们可以根据会员信息判断在什么建筑中会实现什么样的自我吞噬。因此,我们能够提前应对,并调整劳动力、工资和采购等方面,以应对我们计划中的即将到来的自我吞噬。我们的团队做得非常好。他们通常与实际执行的计划相差不到一个百分点。因此,我们在规划这些事情方面变得相当熟练。至于战略性和自我吞噬的地点数量,我必须告诉你,今年我们大概开放了八个自我吞噬了其他建筑的地点。有些可能吞噬了一个仓库,其他的可能在中间,而我们在多伦多有一个地点吞噬了周围的四个建筑,但他们在六个月内恢复了销售。这些都是机会,正如加里的早期观点所提到的,频率显著提高,因为会员可以重新进入一个高流量的俱乐部。因此,如果你愿意的话,这就是我们在全球范围内所看到的战略性自我吞噬。
Brandon Cheatham 布兰登·奇瑟姆
Very helpful. Thank you. 非常有帮助。谢谢。
Operator 操作员
Your next question comes from the line of Greg Melich with Evercore ISI. Please go ahead.
您的下一个问题来自 Evercore ISI 的 Greg Melich。请继续。
Greg Melich 格雷格·梅利奇
Hi, thanks. Ron, I wanted to follow up on the gross margin cap still very much in place at 14%, 15%. Is there any reason that SG&A now that it's back under 9% of sales couldn't fall to 8% if you keep having the growth that you have?
嗨,谢谢。罗恩,我想跟进一下毛利率上限仍然保持在 14%、15%的情况。有没有什么原因导致销售和管理费用在回落到销售的 9%以下后,不能降到 8%,如果你们继续保持这样的增长的话?
Ron Vachris 罗恩·瓦克里斯
No, that's a very fair -- that's a very good point. No, we continue to see -- I mean, the company, we had a very healthy SG&A number this quarter. Inventory was flowing very well. We had fresh goods coming through the system. Our warehouses did a phenomenal job. SKU counts are in line. And so it's one of those things where all the stars aligned and this is the way we operate well. When you can deliver that kind of a top-line growth at our size now, our operators do a tremendous job leveraging that to the SG&A. So what could that -- could that get to? I'd hate to say 8%, but I do think that we can have continued runway of driving down that number.
不,这个观点非常公平,非常好。我们继续看到——我的意思是,公司在这个季度的销售和管理费用(SG&A)数字非常健康。库存流动非常顺畅。我们的系统中有新鲜商品进来。我们的仓库表现出色。SKU 数量也在合理范围内。因此,这是一种所有星星都对齐的情况,这就是我们良好运作的方式。当你能够在我们现在的规模上实现这样的营收增长时,我们的运营团队在利用这一点来降低销售和管理费用方面做得非常出色。那么这可能会达到什么水平呢?我不想说 8%,但我确实认为我们可以继续推动这个数字下降。
Greg Melich 格雷格·梅利奇
That's great to hear it. And on maybe some insight on gas gallons in the quarter. I know it was volatile and there's certainly a [indiscernible] pressure for a lot of members and consumers. Did that help the traffic acceleration in the quarter -- gas gallon growth?
很高兴听到这个。关于季度的汽油销量,我知道它很不稳定,确实对很多会员和消费者造成了压力。这是否帮助了季度的流量加速——汽油销量的增长?
Ron Vachris 罗恩·瓦克里斯
Yes. We were 5% up in gallons, you know. And again, that's -- I think all those things when you can save people on gas, that's also going to lend to your traffic as well. But gallons were up 5% for the quarter.
是的。我们的汽油销量增长了 5%,你知道的。而且,我认为所有这些因素都能帮助人们节省汽油,这也会增加你的客流量。不过,本季度的汽油销量确实增长了 5%。
Greg Melich 格雷格·梅利奇
A great number. And I think a follow-up on gas. Is that still -- is the profitability in gas, Gary, kind of similar versus a year ago or last quarter or is that trending up or down?
数量很大。我认为需要跟进一下天然气。加里,天然气的盈利能力与一年前或上个季度相比是相似的,还是在上升或下降?
Gary Millerchip 加里·米勒奇普
Yes, the gas profitability would have been down a little bit. I think you may have heard me mention in the prepared comments that when we looked at the overall gross margin rate for the quarter and the sort of headwind that we had was in the ancillary businesses, the other businesses, and it was essentially gas that created that headwind. So we did see a reduction in gas profitability during the quarter, but overall, the core-on-core margin improvement and e-commerce improvement essentially offset that to bring us pretty close to flat overall when you adjust for gas inflation in the results.
是的,天然气的盈利能力确实有所下降。我想你可能听到我在准备的评论中提到,当我们查看本季度的整体毛利率时,面临的主要阻力来自附属业务和其他业务,基本上是天然气造成了这种阻力。因此,我们确实在本季度看到了天然气盈利能力的下降,但总体而言,核心业务的毛利改善和电子商务的改善基本上抵消了这一点,使我们在调整天然气通胀后,整体接近持平。
So it was down. I would say general, we've seen on gas profitability, it's been relatively consistent to slightly improving if you look over the last few years, but obviously, there are points in time when you think about volatility in fuel prices where you can have those ups or downs in any given quarter and that was -- this last quarter was one where we did see a headwind in year-over-year gas profitability.
所以它是下降的。我想说,总体来看,我们看到燃气的盈利能力相对稳定,略有改善,如果你看看过去几年,但显然,在考虑燃料价格波动时,有些时候你会在任何一个季度看到涨跌,而上一个季度就是一个我们确实看到年同比燃气盈利能力面临逆风的季度。
Greg Melich 格雷格·梅利奇
That's fantastic. Well, welcome and I'll let somebody else ask about how much gold volume drove the comp. Take care, guys.
太棒了。欢迎你们,我会让其他人问一下有多少黄金交易量推动了这次比较。保重,大家。
Ron Vachris 罗恩·瓦克里斯
Thank you. 谢谢。
Gary Millerchip 加里·米勒奇普
Thanks. 谢谢。
Operator 操作员
Your next question comes from the line of Rupesh Parikh with Oppenheimer. Please go ahead.
您的下一个问题来自 Oppenheimer 的 Rupesh Parikh。请继续。
Rupesh Parikh 鲁佩什·帕里克
Good afternoon. Thanks for taking my question. So just going back to unit growth. In recent years, it's been stuck in that, let's call that mid 20s, it looks like this year will be closer to 30. Just want to get a sense of the opportunities to potentially accelerate that unit growth, especially in the U.S. just given some of your competitors are planning to accelerate growth from here.
下午好。感谢您回答我的问题。回到单位增长的问题。近年来,它一直停留在中 20 的水平,今年看起来会接近 30。我想了解一下在美国加速单位增长的潜在机会,尤其是考虑到一些竞争对手计划从这里加速增长。
Gary Millerchip 加里·米勒奇普
You know it is a good risk. When you look at -- I talked before about managed cannibalization and when you do these infills and 29 locations is a solid number for us. As you start getting into infills, some of these projects take a little longer. It's a little tougher than there's not a whole lot of greenland out there for us to go in and open up a warehouse. So we have to do some creative things to find a way to infill in a very high market. International expansion continues to be strong. Some of the countries or regions that we do business in take quite a bit longer to get things done. So I think you'll see that ebb and flow. That number 25 to 29 or 25 to 30 is a good number for us. We feel good with our staffing and leadership and building out the infrastructure behind these warehouses. So we open with great solid support there.
你知道这是一个好的风险。当你看到——我之前谈到过管理式自相残杀,当你进行这些填充时,29 个地点对我们来说是一个稳固的数字。随着你开始进行填充,这些项目有些需要更长的时间。情况有点困难,因为我们没有太多的空地可以去开设仓库。因此,我们必须做一些创造性的事情,以找到在一个非常高的市场中进行填充的方法。国际扩张仍然很强劲。我们做生意的一些国家或地区需要相当长的时间才能完成事情。所以我认为你会看到这种起伏。25 到 29 或 25 到 30 这个数字对我们来说是一个好数字。我们对我们的员工和领导力以及在这些仓库背后建立基础设施感到满意。因此,我们在这里有很强的支持。
Rupesh Parikh 鲁佩什·帕里克
Great. And maybe just one follow-up question. So in terms -- you guys added Uber to a number of locations. So as you guys think about the intermediate to longer-term, would you expect multiple providers at all Costco U.S. stores over time? So maybe just more the rationale in terms of adding Uber and their longer-term vision?
很好。也许再问一个后续问题。你们在多个地点增加了 Uber。考虑到中长期,你们是否预计未来所有美国 Costco 商店会有多个服务提供商?能否多谈谈增加 Uber 的理由以及他们的长期愿景?
Gary Millerchip 加里·米勒奇普
You know we saw -- we were testing Uber for some time in Texas. We had the tests going on there and we did see a new cohort of members engagement that are on the Uber platform. Uber also allowed us to expand our international footprint too. So we're going to be out in Japan, Korea, Taiwan, UK and that we'll be expanding and where we don't have grocery delivery now. So there were some real benefits to that relationship, along with the long standing Instacart relationship that we had has been very good for many years. So we think that it does open up a window for us for some new member engagement and we also think that it's going to be very good for us internationally and expansion there as well.
你知道我们看到——我们在德克萨斯州测试 Uber 有一段时间。我们在那里进行测试,确实看到了在 Uber 平台上新一批成员的参与。Uber 还让我们扩大了国际足迹。因此,我们将前往日本、韩国、台湾和英国,并将在目前没有杂货配送的地方扩展。所以这种关系确实带来了一些实际好处,加上我们与 Instacart 长期以来的良好关系,这对我们来说已经非常好很多年了。因此,我们认为这为我们打开了一个新的成员参与窗口,我们也认为这对我们在国际上的扩展非常有利。
Rupesh Parikh 鲁佩什·帕里克
Great. Thank you. 很好。谢谢。
Operator 操作员
Your next question comes from the line of Christopher Horver with JP Morgan. Please go ahead.
您的下一个问题来自摩根大通的克里斯托弗·霍弗。请继续。
Christian Carlino 克里斯蒂安·卡尔利诺
Hi, good afternoon. It's Christian Carlino on for Chris. Could you speak to some of the innovation you're seeing in non-foods and anything else you think is driving some of the performance, particularly in discretionary categories. You called out toys, sporting goods and homes. So maybe any incremental color you can provide on those in particular? And while you're clearly gaining share, when you compare your own performance to some of the syndicated data out there, does the emerging newness suggest there's also somewhat of a rising tide in some of these categories that saw some pull-forward over the pandemic? Thanks.
嗨,下午好。我是克里斯蒂安·卡尔利诺,代替克里斯发言。您能谈谈您在非食品领域看到的一些创新,以及您认为推动某些表现的其他因素吗,特别是在可自由支配的类别中。您提到了玩具、运动用品和家居。因此,您能否提供一些关于这些方面的额外信息?虽然您显然在市场中获得了份额,但当您将自己的表现与一些市场数据进行比较时,新兴的趋势是否表明在一些在疫情期间出现提前消费的类别中也有一定的上升趋势?谢谢。
Ron Vachris 罗恩·瓦克里斯
Well, yeah, I think if you look at -- if you talk about the home category and definitely is furnishings, which is one that was quite soft post-pandemic that has come back strong in furniture, those type of things. Then home decor, it's been some very unique items. I mean we've got 7 foot artificial trees that have come in and just exploded out and just blowing out of the warehouses and those are going at a nice clip. Domestics, the most unique items, Swedish dish towels, import items we're finding from around the world are doing very well. But it really comes down to unique items at great values that are exciting to members in all those categories. The housewares categories have been great. You know, sporting goods and toys, inflatable outdoor toys have been a big, big category for us as well. We've added the Kirkland Signature driver into our golf lineup that has -- that sells out as quick as it goes online. So we're seeing wins in several different categories.
好吧,我认为如果你看看——如果你谈论家居类别,确实是家具,这一块在疫情后相对疲软,但现在家具的销售强劲。这些类型的东西。然后是家居装饰,出现了一些非常独特的商品。我们的 7 英尺人造树已经进货并迅速销售,仓库里的库存几乎被一扫而空,销售速度很快。家居用品中,最独特的商品是瑞典餐巾,我们从世界各地进口的商品也表现得很好。但归根结底,关键在于那些具有独特性和良好价值的商品,这些商品在所有类别中都能吸引会员。家居用品类别表现出色。你知道,运动器材和玩具,充气户外玩具也是我们一个非常大的类别。我们在高尔夫产品线中增加了 Kirkland Signature 的球杆,刚上线就迅速售罄。因此,我们在多个不同类别中都看到了成功。
Christian Carlino 克里斯蒂安·卡尔利诺
Got it. That's really helpful. And just broadly, are you seeing the competitive environment heat up in terms of peers investing in price, particularly in non-foods? You have some peers talking more and more about looking to drive units. Others are talking about a big step up in appliance promotions recently. So any color on what you're seeing competitively?
明白了。这真的很有帮助。总体来说,你是否看到竞争环境在加剧,特别是在非食品领域,同行们在价格上进行投资?你有一些同行越来越多地谈论希望推动销量。还有一些则最近谈论家电促销的大幅提升。那么,你对竞争情况有什么看法?
Ron Vachris 罗恩·瓦克里斯
Yes. There'll be ebbs and flows with the competition, but I'm very confident that we are always in the right position and we're staying ahead of that to keep the value there for our members. So these are -- those things are cyclical, but we're going to be a value every day.
是的。竞争会有起伏,但我非常有信心我们始终处于正确的位置,并且我们会保持领先,以为我们的会员提供价值。这些事情是周期性的,但我们每天都会提供价值。
Gary Millerchip 加里·米勒奇普
And I think maybe just one thing to mention on that, Ron too, you mentioned it earlier, but with on the appliances, obviously, making sure we're always very competitive on price. But I do think the acquisition of Innoval Costco Logistics now and the value that we offer members there through both including the delivery and the insulation and the removal of the old appliance is proving to be a real differentiator for us on the member experience as well.
我认为有一点需要提到,Ron,你之前提到过,关于电器,显然,我们必须确保价格始终具有竞争力。但我确实认为,收购 Innoval Costco Logistics 以及我们通过送货、安装和旧电器拆除为会员提供的价值,正在成为我们在会员体验方面的真正差异化因素。
Ron Vachris 罗恩·瓦克里斯
Absolutely. 绝对是。
Christian Carlino 克里斯蒂安·卡尔利诺
Got it. Thank you very much.
明白了。非常感谢。
Operator 操作员
Your next question comes from the line of Scott Mushkin with R5 Capital. Please go ahead.
您的下一个问题来自 R5 Capital 的 Scott Mushkin。请继续。
Scott Mushkin 斯科特·穆什金
Hey, guys. Thanks for taking my questions. And Gary, welcome. It's nice to be talking to you at Costco. And Ron, thanks for [indiscernible].
嘿,大家好。感谢你们回答我的问题。加里,欢迎你。很高兴在好市多和你交谈。罗恩,谢谢你[听不清]。
Gary Millerchip 加里·米勒奇普
Thanks, Scott. 谢谢,斯科特。
Scott Mushkin 斯科特·穆什金
I appreciate it. So my first question is kind of the opposite what everyone asks all the time around the fee. But given some of the stuff you've outlined around media and maybe driving the SG&A down, why do you need to increase the fee, right? Your sales are strong, your fee income growth is strong. So what -- just because you've always done it doesn't mean you should do it. So what would be the rationale behind driving a fee increase at this point?
我很感激。那么我的第一个问题有点与大家一直问的费用相反。但是考虑到你提到的一些关于媒体的内容,以及可能降低销售和管理费用的情况,为什么你需要提高费用呢?你的销售情况很好,你的费用收入增长也很强劲。那么——仅仅因为你一直这样做并不意味着你应该继续这样做。那么在这个时候推动费用增加的理由是什么呢?
Gary Millerchip 加里·米勒奇普
You know fee increases go back to the members in lower prices. I mean that's -- it creates -- I mean and that's one of the key parts that we use that money for is that it allows us to broaden that distance from the competition and bring greater values than improving our operation overall for the member. So that's the primary focus.
你知道费用增加会以更低的价格回馈给会员。我是说,这创造了——我意思是,这是我们使用这笔钱的关键部分之一,因为它使我们能够拉开与竞争对手的距离,并为会员提供更大的价值,从而整体改善我们的运营。所以这就是主要的关注点。
Scott Mushkin 斯科特·穆什金
Okay. And then my next question actually is kind of dovetails on the last one. But you guys talked about the consumer being a little bit better overall. And I guess what I was wondering is, is that really a Costco phenomenon? In other words, are you gaining share and that's what's really driving your improvements in some of these categories like electronics and appliances and big ticket rather than the consumer actually getting better. Is there any way to tease that out?
好的。然后我下一个问题实际上与上一个问题有点相关。你们提到消费者整体上稍微好一些。我想知道的是,这真的是好市多的现象吗?换句话说,你们是在获得市场份额,这才推动了你们在一些类别(如电子产品、家电和大宗商品)上的改善,而不是消费者真的变得更好。有没有办法将这两者区分开来?
Ron Vachris 罗恩·瓦克里斯
I would say that that's very fair. We -- our merchants report monthly on industry trends in the country and/or internationally as we're seeing. And we can see our sales performance compared to the rest of market. And I would think that you're spot on when you say that we're gaining market share.
我认为这非常公平。我们的商家每月报告国内和/或国际的行业趋势。我们可以看到我们的销售业绩与市场其他部分的比较。我认为你说我们正在获得市场份额是非常准确的。
Gary Millerchip 加里·米勒奇普
Scott, maybe one thing I would just add to is, I think we're all reading a lot about the consumer, of course and what they're going through right now. And I think what we see is that value and quality has never been more important. And so that plays to, as Ron described earlier, what we deliver, and we're making sure that the teams are laser focused on every day delivering that value and quality. And so I think we're drawing customers to what Costco has offer for many years and it's never more relevant than now based on what we're hearing from members and consumers.
斯科特,也许我想补充的一点是,我认为我们都在大量阅读关于消费者的情况,当然还有他们现在所经历的。我认为我们看到的是,价值和质量从未如此重要。因此,这与罗恩之前所描述的我们所提供的内容相符,我们确保团队每天都专注于提供这种价值和质量。因此,我认为我们吸引顾客的方式是基于好市多多年来所提供的内容,而根据我们从会员和消费者那里听到的情况,这种吸引力比以往任何时候都更相关。
Scott Mushkin 斯科特·穆什金
Yes, we definitely like our Costco here at the Mushkin residence. So thanks, guys. Appreciate it.
是的,我们在穆什金家非常喜欢我们的好市多。谢谢你们,感谢你们。
Ron Vachris 罗恩·瓦克里斯
Thanks, Scott. 谢谢,斯科特。
Operator 操作员
Your next question comes from the line of Edward Kelly with Wells Fargo. Please go ahead.
您的下一个问题来自富国银行的爱德华·凯利。请继续。
Edward Kelly 爱德华·凯利
Hi, good afternoon, everyone.
大家好,下午好。
Edward Kelly 爱德华·凯利
I wanted to ask you about maybe membership fee increase, but in a different way. And you just touched upon it a little bit about membership fee increase, right, just gets reinvested to your members. But can you talk a little bit more about how you think about the areas of reinvestment? I'm sure you probably have already done a lot of work around like where you would like that to go. Is there anything that's unique about where you know reinvestment might come to this time -- this time around just thoughts around that?
我想问你关于会员费可能增加的事情,但想换个方式问。你刚刚提到了一点关于会员费增加的事情,对吧,这些费用会重新投资给会员。但你能多谈谈你对再投资领域的看法吗?我相信你可能已经做了很多关于你希望这些资金去向的工作。有没有什么独特之处,关于这次再投资可能会去向哪里——对此有什么想法?
Ron Vachris 罗恩·瓦克里斯
It moves as time moves and you see pricing in categories and where we have the greatest opportunity to be more competitive for our members. And it may be in an area that if fresh foods is seeing some price inflation, we may invest more in the fresh foods departments for that period of time. The nice part about our model with 3,600 SKUs, 3,700 SKUs is we're still quite nimble as big as we are. So we can shift and based on the needs of our members and where we think the best investment in margin would take care of them. We're able to shift that thought process and then move it around. So I wouldn't say that there's any set, okay, if membership fee goes up, it's going to be spent in these areas. We work as a team and we continue to monitor it throughout the year and we act as needed.
它随着时间的推移而变化,您可以看到不同类别的定价,以及我们在哪些方面有更大的机会为我们的会员提供更具竞争力的价格。如果新鲜食品的价格出现一些通货膨胀,我们可能会在那段时间内更多地投资于新鲜食品部门。我们拥有 3600 个 SKU 或 3700 个 SKU 的模型的好处在于,尽管我们规模庞大,但仍然相当灵活。因此,我们可以根据会员的需求以及我们认为最佳的利润投资来进行调整。我们能够改变这种思维方式并进行调整。因此,我不会说有任何固定的规则,比如如果会员费上涨,就会在这些领域支出。我们作为一个团队工作,并在全年持续监控,根据需要采取行动。
Edward Kelly 爱德华·凯利
Okay. And just a quick follow-up on club throughput. I mean, it's remarkable how you drive up to a Costco club and it's hard to find a place to park, but yet you guys can still comp the way that you do. How are you thinking about throughput and ways to improve that? And I don't know if both buy online and pickup is part of that. How do you think about things like scan and go or maybe it's club density? Just curious as to how you solve for that over time.
好的。关于俱乐部的吞吐量,我想快速跟进一下。我觉得很了不起的是,你开车到 Costco 俱乐部时,很难找到停车位,但你们仍然能够保持这样的业绩。你们是如何考虑吞吐量以及改善方法的?我不知道在线购买和自取是否也是其中的一部分。你们如何看待像扫描和自取这样的方式,或者可能是俱乐部的密度?我只是好奇你们是如何随着时间推移来解决这个问题的。
Ron Vachris 罗恩·瓦克里斯
The part -- a good part of those is things like our e-commerce business and how we can -- how we can move out some of those goods out of the warehouse and move that business online. And as Gary spoke to, now that we have control over Costco logistics, we can bring great value to that experience as well. We continue to look at technology. We're testing some front door scanners that are going to -- they're speeding up our registers significantly when we get all the scanning and memberships are verified at the front door, it has shown a significant improvement in our register speed. And so that in turn turns over parking spaces much quicker. And so those kind of things along with strategic infills to help open up parking opportunities and gas expansions where those are needed as well. So there are several different levers that we'll continue to pull on how we can best serve the member in that building and where we need to make sure that we can look at throughput.
这部分——很大一部分是关于我们的电子商务业务,以及我们如何将一些商品从仓库中移出并将业务转移到线上。正如加里所说,现在我们掌控了好市多的物流,我们可以为这一体验带来巨大的价值。我们继续关注技术。我们正在测试一些前门扫描仪,这将显著加快我们的收银速度,当我们在前门完成所有扫描并验证会员身份时,收银速度有了显著改善。因此,这反过来又能更快地周转停车位。还有这些与战略性填充相结合,以帮助开辟停车机会和在需要的地方扩展加油站。因此,我们将继续利用多种不同的杠杆,以便更好地服务于大楼中的会员,并确保我们能够关注通行能力。
Edward Kelly 爱德华·凯利
Great. Thank you, guys. 太好了。谢谢你们。
Ron Vachris 罗恩·瓦克里斯
You're welcome. 不客气。
Operator 操作员
Your next question comes from the line of Oliver Chen with TD Cowen. Please go ahead.
您的下一个问题来自 TD Cowen 的 Oliver Chen。请继续。
Oliver Chen 奥利弗·陈
Hi, Ron and Gary. You've done some really creative merchandising around UPTs and units per transaction with pickup items and innovation on that treasure hunt. What are your thoughts there? And also, big ticket and electronics, previously, previously, it was a bit of a drag. Just would love your thoughts on what you're seeing there. And third part is marketplace, the marketplace model and the concession model, and alternative inventory models. Just what are your views of opportunities there because they're really big ones and your member is so loyal to you as well. Thank you.
嗨,Ron 和 Gary。你们在 UPTs 和每笔交易单位方面围绕提货商品和创新的寻宝活动做了一些非常有创意的营销。你们对此有什么看法?还有,大宗商品和电子产品,以前有点乏味。很想听听你们在这方面的看法。第三部分是市场模式、特许经营模式和替代库存模式。你们对这些机会有什么看法,因为这些机会真的很大,而且你们的会员对你们非常忠诚。谢谢。
Ron Vachris 罗恩·瓦克里斯
On your UPT, you were asking about the transaction impact?
在你的 UPT 上,你在询问交易的影响吗?
Oliver Chen 奥利弗·陈
I'm thinking strategically about adding units to people's baskets going forward and merchandising in that way as well if it's something you see in terms of an opportunity.
我正在从战略角度考虑未来向人们的购物篮中添加商品,并以这种方式进行商品陈列,如果你认为这是一个机会的话。
Ron Vachris 罗恩·瓦克里斯
Absolutely. We -- that's one of the big -- we were just in a session with our grocery divisions and talking there. And we've seen a great success in international foods that have been brought in to the U.S. and then of the like from the U.S. into the other regions of the world where we do business. But you want to take care of not only the consumables in the grocery side, but when we bring in an item that's a success in Taiwan or Korea or the UK and it creates that excitement for the member, that's when we really have done a good job of triggering that impulsive purchase where members are trusting the buyers and they will add that additional item to their cart. So that's been a big win for us. And again, it goes a lot of times with that treasure hunt. I mean, you've heard the plays, people come in to spend $100 and walk out with $300. That's because our buyers do and our operators do a great job in making the warehouses exciting and keeping those on the forefront of what they're -- when they come in and do their basic shopping, they pick up a few additional items that just compel them at the time.
绝对是的。我们——这是一个重要的方面——我们刚刚与我们的杂货部门进行了一次会议。在那里,我们看到国际食品在美国的引入取得了巨大的成功,同时也有美国的产品进入我们在世界其他地区的市场。但我们不仅要关注杂货方面的消费品,当我们引入在台湾、韩国或英国成功的商品,并为会员创造兴奋感时,这就是我们真正成功触发冲动购买的时刻,会员信任买家,会将额外的商品加入他们的购物车。因此,这对我们来说是一个巨大的胜利。而且,这往往与寻宝的体验密切相关。我的意思是,你听说过,人们进来花 100 美元,走出去却花了 300 美元。这是因为我们的买家和运营人员在让仓库充满活力方面做得非常出色,并且始终将这些商品放在他们的基本购物时刻的前沿,会员在购物时会顺便挑选一些额外的商品,这些商品在当时吸引了他们。
Gary Millerchip 加里·米勒奇普
I think maybe just to add on that, Ron too. I mean, the nice thing about the opportunity there for us is with trips up by 5%, that's really why the average basket size has been more flat recently and that's because we've been growing member engagement in consumables, as Ron mentioned, with food and fresh. And so it does present a great opportunity. And I think it also speaks to the team doing a good job of driving more frequency of member visits. So it creates a great opportunity for us to drive more of that basket size as well.
我想再补充一点,罗恩也是。我是说,对我们来说,那里的机会很好,因为旅行增加了 5%,这就是为什么最近平均购物篮的大小相对平稳的原因,这也是因为我们在消费品方面提高了会员参与度,正如罗恩提到的,尤其是在食品和新鲜产品方面。因此,这确实提供了一个很好的机会。我认为这也表明团队在推动会员访问频率方面做得很好。因此,这为我们创造了一个很好的机会来增加购物篮的大小。
Ron Vachris 罗恩·瓦克里斯
And then your question on marketplace is a significant opportunity for us moving forward. I mean, we really do indeed see that. I think especially with our limited SKU count in the warehouse, how can we expand the offering to the members, bring value to their membership card beyond what's within our four walls or what's on costco.com and we see this as a great growth driver for us in the future and a way to bring expanded value to the members as we look forward. So I'm quite bullish on Costco Next and what that can become in the future.
然后,您关于市场的问题对我们未来来说是一个重要的机会。我的意思是,我们确实看到了这一点。我认为,特别是考虑到我们仓库中有限的 SKU 数量,我们如何能够扩大对会员的产品供应,为他们的会员卡带来超出我们四面墙内或 costco.com 上的价值,我们将其视为未来的一个重要增长动力,以及为会员带来更大价值的一种方式。因此,我对 Costco Next 及其未来的发展非常看好。
Gary Millerchip 加里·米勒奇普
I think the difference for us on that would be, of course, as we are with Costco Next is just being very curated for the member. So we're unlike a traditional marketplace that is about maybe just sheer volume for us, it's about making sure the member is getting something that truly is unique and valuable and being consistent to who we are, but it's tremendous upside opportunity there in that regard.
我认为我们在这方面的区别在于,当然,正如我们与 Costco Next 的合作一样,主要是为会员精心挑选。因此,我们与传统市场不同,传统市场可能更注重数量,而我们则更注重确保会员获得真正独特和有价值的商品,并保持我们的一贯风格,但在这方面有巨大的发展机会。
Oliver Chen 奥利弗·陈
Okay. And finally, on that big ticket question, would love any green shoots on electronics or TVs? And the last question on Asia, you have same day in China and you've done a lot of great things in the Asian region. Just would love any update there in terms of progress you made and the big opportunity for more end sales as well. Thank you.
好的。最后,关于那个大问题,想知道在电子产品或电视方面有没有什么好消息?关于亚洲的最后一个问题,你们在中国有同日达服务,并且在亚洲地区做了很多出色的事情。希望能得到关于你们取得的进展和更多终端销售机会的更新。谢谢。
Gary Millerchip 加里·米勒奇普
Yes, I think just briefly on electronics, so we believe -- I think Ron referenced earlier, we look at a lot of the market data and we believe that we're winning with the member there in terms of the value that we're delivering and when we look at our trends versus the market. So we feel good about our ability to continue to outpace the market there and we're seeing a good opportunity within digital in particular to really drive more connection with the member and take some of those big ticket items from the warehouse to online as well.
是的,我认为简要谈一下电子产品,我们相信——我想罗恩之前提到过,我们查看了很多市场数据,认为在提供价值方面我们在会员中获胜。当我们将我们的趋势与市场进行比较时,我们对此感到满意。因此,我们对继续超越市场的能力感到乐观,尤其是在数字领域,我们看到一个很好的机会,可以与会员建立更多的联系,并将一些大宗商品从仓库转移到线上。
And in Asia, I think it would be consistent with what we've talked about with warehouses in the past that we think all of the markets offer us a great opportunity for growth. Some of those markets in Asia are more mature, but there's still significant opportunities to open new warehouses and fill in those markets. And then obviously, we have markets like China where we're really just sort of starting that journey, but there's tremendous growth opportunity as we identify the right path forward in that market.
在亚洲,我认为这与我们过去讨论的仓库一致,我们认为所有市场都为我们提供了巨大的增长机会。亚洲的一些市场更加成熟,但仍然有显著的机会开设新仓库并填补这些市场。显然,我们还有像中国这样的市场,我们实际上只是开始了这段旅程,但随着我们在该市场确定正确的发展路径,增长机会巨大。
Ron Vachris 罗恩·瓦克里斯
So the grocery delivery in China, we're up and going on six buildings we all just opened our seventh warehouse this week. That will start up this weekend. It's been a big win for our members. Its delivery within two hours is what is able to be done. And so we're seeing some good incremental shops initially out of that program, and we look forward to good things in the future on that.
所以在中国的杂货配送,我们已经在六栋楼上运作,这周我们刚刚开设了第七个仓库。这个仓库将在这个周末开始运作。这对我们的会员来说是一个很大的胜利。配送时间在两小时内可以完成。因此,我们看到这个项目最初带来了不错的增量购物,我们期待未来会有更好的发展。
Oliver Chen 奥利弗·陈
Thank you. Best regards. 谢谢。最好的祝福。
Ron Vachris 罗恩·瓦克里斯
Thank you. 谢谢。
Gary Millerchip 加里·米勒奇普
Thanks. 谢谢。
Operator 操作员
Our final question comes from Joe Feldman with Telsey Advisory Group. Please go ahead.
我们最后一个问题来自 Telsey 咨询集团的乔·费尔德曼。请继续。
Joe Feldman 乔·费尔德曼
Great. Hey, guys. Thanks for taking questions. A lot have been asked, but I do want to ask with Costco Logistics, what was driving that 28% increase, which is very strong? Was it new relationships with some of the other retailers or partnerships or just anything you could share on that would be helpful.
很好。嘿,大家。感谢你们回答问题。已经问了很多,但我想问一下关于好市多物流的事情,是什么推动了 28%的增长,这个增长非常强劲?是与其他零售商的新关系或合作伙伴关系,还是你能分享的其他信息,这些都将很有帮助。
Ron Vachris 罗恩·瓦克里斯
Yes, that is other -- that is only -- we only deliver Costco members' orders through Costco Logistics. There are no partnerships going through those numbers that you see. We do a trace amount of series numbers, but that's not in any of the numbers that we report the growth in. That is just part of the past relationship that's there as well. And it is appliances, furnishings and outdoor were the three big drivers. Appliances were almost 30% growth for us in the period. And again, to Gary's point, it's that member value of the all in, what you see is what you pay price for delivery, installation, haul-away, everything you need done at one time that has really resonated with our members and has been a great driver of sales force.
是的,那是其他——那只是——我们只通过好市多物流交付好市多会员的订单。您看到的那些数字没有任何合作关系。我们确实有少量的系列号码,但那不在我们报告增长的任何数字中。这只是过去关系的一部分。家电、家具和户外产品是三个主要驱动因素。在这一期间,家电的增长几乎达到了 30%。再次回应加里的观点,会员的价值在于“一价全包”,您所看到的就是您为交付、安装、搬走以及一次性完成所需的一切所支付的价格,这确实与我们的会员产生了共鸣,并成为销售的一个重要推动力。
Gary Millerchip 加里·米勒奇普
Joe, I'll give you the practical example as a new entrant to the Seattle market. I just had Costco Logistics deliver two mattresses, three TVs and a couple of chairs as well for me. So that's the kind of stuff I think that we're seeing really resonate with members.
乔,我给你一个作为新进入西雅图市场的实际例子。我刚刚让好市多物流给我送了两张床垫、三台电视和几把椅子。所以我认为这就是我们看到的真正与会员产生共鸣的东西。
Joe Feldman 乔·费尔德曼
Got it. That's great. That's great. Thanks, guys. And then just one other question. I know it's still relatively small, I think, but the Costco Next, is that sort of -- it seems like it's ramping nicely. I guess how will that continue to ramp in the future? Like where do you see that going and how important is that a driver? Like is that sort of the basis for this marketplace that Oliver was just asking about?
明白了。太好了。太好了。谢谢你们。然后还有一个问题。我知道它仍然相对较小,但 Costco Next 似乎正在稳步增长。我想知道未来它将如何继续增长?你们认为它会走向哪里,它的重要性如何?这是否是奥利弗刚才提到的市场的基础?
Ron Vachris 罗恩·瓦克里斯
As Gary mentioned earlier, Costco Next is a bit unique, but is it a fully curated marketplace. As there's many other marketplaces out there that are just for somebody to go on and sell goods on this marketplace. These are relationships that our buyers have with our suppliers and we're creating new suppliers as well. This has not only been a new way to sell goods, we've also found that we can find some really neat items that are selling through Costco Next that we in turn then bring into our warehouse. So it is a great testing ground for newness -- new items, a way to expand categories of accessories for certain categories that you have swing sets that we sell online, but you have additional swings and slides and other activities that you sell that we normally wouldn't be able to fit into a warehouse. So it really complements the core warehouse business, but gives us an opportunity to expand member value to these other partners as well. So we see a lot of upside there.
正如加里之前提到的,Costco Next 有些独特,但它是一个完全策划的市场。因为还有许多其他市场只是供人们在上面销售商品。这些是我们的买家与供应商之间的关系,我们也在创造新的供应商。这不仅是一种新的销售商品的方式,我们还发现可以找到一些通过 Costco Next 销售的非常不错的商品,然后我们再将这些商品引入我们的仓库。因此,这为新产品提供了一个很好的测试平台——新商品,扩展某些类别的配件的方式,比如我们在线销售的秋千架,但你还有额外的秋千、滑梯和其他活动,这些通常无法放入仓库。因此,它真正补充了核心仓库业务,同时也为我们提供了向其他合作伙伴扩展会员价值的机会。因此,我们看到这里有很大的潜力。
Joe Feldman 乔·费尔德曼
Got it. That's great. Thanks, guys. Good luck with the fourth quarter.
明白了。太好了。谢谢你们。祝你们第四季度好运。
Gary Millerchip 加里·米勒奇普
Thank you. 谢谢。
Ron Vachris 罗恩·瓦克里斯
Thank you. 谢谢。
Operator 操作员
We have no further questions in our queue. And with that, this does conclude today's conference call. Thank you for your participation and you may now disconnect.
我们队列中没有其他问题。至此,今天的电话会议结束。感谢您的参与,您现在可以挂断电话。