2025-05-29 Costco Wholesale Corporation (COST) Q3 2025 Earnings Call Transcript
Costco Wholesale Corporation (NASDAQ:COST) Q3 2025 Earnings Conference Call May 29, 2025 5:00 PM ET
Company Participants
Gary Millerchip - Chief Financial Officer
Ron Vachris - President & Chief Executive Officer
Conference Call Participants
Simeon Gutman - Morgan Stanley
Christopher Horvers - JPMorgan
Michael Lasser - UBS
Scot Ciccarelli - Truist
Zhihan Ma - Bernstein
Greg Melich - Evercore ISI
Chuck Grom - Gordon Haskett
John Heinbockel - Guggenheim Securities
Rupesh Parikh - Oppenheimer
Kelly Bania - BMO Capital Markets
Kate McShane - Goldman Sachs
Peter Benedict - Baird
Operator
Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation Third Quarter 2025 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.
女士们、先生们，感谢各位耐心等待。我叫 Abby，将担任今天的会议主持人。现在，我谨代表大家欢迎各位参加 Costco Wholesale Corporation 2025 财年第三季度电话会议。为避免背景噪音，所有线路已被设为静音。在发言人结束讲话后，将进行问答环节。\[操作说明] 谢谢。
And I would now like to turn the conference over to Gary Millerchip, Chief Financial Officer. You may begin.
现在我将会议交给首席财务官 Gary Millerchip。请开始。
Gary Millerchip
Good afternoon, everyone, and thank you for joining Costco's third quarter 2025 earnings call.
大家下午好，感谢各位参加 Costco 2025 财年第三季度财报电话会议。
I'd like to start by reminding you 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.
首先，我想提醒大家，本次讨论将包含 1995 年《私人证券诉讼改革法案》所定义的前瞻性声明。这些声明涉及的风险和不确定性可能导致实际事件、结果和/或表现与此类声明所述存在重大差异。这些风险和不确定性包括但不限于本次电话会议中提及的内容，以及公司不时在公开声明和向美国证券交易委员会提交的报告中披露的其他风险。前瞻性声明仅反映其发表日期的情况，公司除法律要求外不承担更新这些声明的义务。
Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not intended as a substitute for net sales presented in accordance with GAAP.
可比销售额及扣除汽油价格和外汇变动影响后的可比销售额仅作为补充信息，并非旨在替代按照美国通用会计准则（GAAP）披露的净销售额。
Before we dive into our financial results, I'm delighted to say that Ron Vachris is joining us again for today's call. I'll now hand over to Ron for some opening comments.
在我们深入讨论财务业绩之前，很高兴告诉大家，Ron Vachris 今天再次参加我们的电话会议。现在我把时间交给 Ron，请他做开场发言。
Ron Vachris
Thank you, Gary, and good afternoon, everyone, and thank you for joining us today.
感谢您，加里，下午好，各位，感谢大家今天加入我们。
As we wrap up the third quarter of fiscal 2025, let me make a few brief comments on some of the highlights.
随着我们结束2025财年第三季度，让我就一些亮点进行简要评论。
Since our last earnings call, we've opened nine warehouses, including relocation in Melbourne, Australia, our 37th warehouse in Japan and seven net new U.S. locations. We plan to open another 10 warehouses during the fourth fiscal quarter, which will include our second warehouse in Sweden, our 20th warehouse in Korea and our 110th warehouse in Canada. For this fiscal year, we expect to open 27 new warehouses, including three relocations for a total of 24 net new buildings. This will bring our total warehouse count to 914 worldwide.
自上次财报电话会议以来，我们已开设了九个仓库，包括澳大利亚墨尔本的搬迁仓库、日本第37个仓库以及美国七个净新增地点。我们计划在第四财季再开设10个仓库，其中包括瑞典第二个仓库、韩国第20个仓库以及加拿大第110个仓库。本财年我们预计开设27个新仓库，其中包含三个搬迁项目，净新增建筑总数为24个。这将使我们全球仓库总数达到914个。
Our merchandising and operations team did a fantastic job in the quarter, delivering some strong financial results, while also maintaining our competitive price position despite a challenging macroeconomic backdrop. Capitalizing on the focus and scale we are able to achieve through our limited SKU count and global footprint, we continue to increase the overall value of our membership, including extended gas station opening hours and lowering prices on some key items such as eggs, butter and olive oil. The combination of expanded gas station hours, new gas station openings and lower prices at the pump have led us to having two of our all-time highest gallon weeks in the U.S. during the last month.
我们的商品运营和团队在本季度表现出色，在宏观经济环境充满挑战的背景下，实现了强劲的财务成果，同时保持了我们的价格竞争力。通过有限的SKU数量和全球布局带来的专注度与规模效应，我们持续提升会员整体价值，包括延长加油站营业时间，并降低鸡蛋、黄油和橄榄油等关键商品的价格。加油站营业时间延长、新站点开业与油价下调的组合效应，使我们在过去一个月内创下了美国市场历史上汽油销售量最高的两周记录。
In times of the consumer uncertainty, our Kirkland Signature brand is uniquely positioned to provide our members with great quality and great values. And during the third quarter, sales of Kirkland Signature items again outpaced our overall sales growth, with our KS sales penetration up approximately 50 basis points year-over-year. We continue to move more Kirkland Signature product sourcing into the countries or regions where the items are sold, and this has helped bring us to lower cost and mitigate some of the potential impacts of tariffs.
在消费者信心不足的时期，我们的Kirkland Signature品牌凭借独特定位为会员提供优质与高性价比商品。第三季度，Kirkland Signature商品的销售增速再次超过公司整体增长，KS系列销售额占比同比提升约50个基点。我们持续将更多Kirkland Signature产品采购转移至商品销售所在国家或地区，此举帮助我们降低成本，并缓解了部分潜在关税影响。
We're remaining agile as a situation with tariffs evolves, while also supporting the commitments we've made with our long-term suppliers. As an example of this, during the third quarter, we rerouted many goods sourced from countries with large tariff exposure to our non-U.S. markets. In the U.S., we pulled forward some items that we had planned for the summer and sourced additional locally produced goods to reduce tariff impacts and ensure that we were in stock. Actions such as these are allowing us to continue to provide great values for our members, while also delivering value to our shareholders.
面对关税政策的变化，我们始终保持灵活应对，同时履行对长期供应商的承诺。作为例证，在第三季度，我们将许多来自高关税风险国家的商品重新调配至美国以外市场。在美国市场，我们提前采购了部分原计划夏季上架的商品，并增加本地生产商品采购，以降低关税影响并确保库存充足。此类举措使我们能够持续为会员提供高性价比商品，同时为股东创造价值。
Digital and technology are important parts of our future growth, and we are investing to improve the member experience. A recent example in e-commerce is the launch of Buy Now Pay Later offering through our partnership with the firm. This new program allows our members greater access to the Costco values on big ticket items, such as appliances, furniture, consumer electronics and much more at exclusive rates for the Costco members. While still early days, we've been pleased with the initial sales results.
数字化与技术是我们未来增长的重要支柱，我们正加大投入以提升会员体验。近期电商业务的一个案例是，通过与企业合作推出"先买后付"服务。这项新计划让会员能以专属费率，更便捷地通过分期支付购买包括家电、家具、消费电子产品等在内的高单价商品。尽管仍处于早期阶段，但初期销售成果令我们感到满意。
And in our warehouses, we continue to work on opportunities to further improve the member experience. Please be on the lookout for several new technology pilots we are focusing on to help our members check out through our front end at a faster pace.
在实体仓库，我们也在持续探索改进会员体验的机会。请大家关注我们正在试点的新技术项目，这些技术将帮助会员通过我们的前端系统实现更快速结账。
As we look ahead to the remainder of the fiscal year, while the impacts of tariffs and the outlook for the economy in general remain unknown, we are confident in the ability of our operators and merchants to rise to the challenges and continue to offer great service and find consistent values for our members. Our results in recent quarters have reinforced for us that in uncertain times, our values resonate with members as strongly as ever.
展望本财年剩余时间，尽管关税影响与宏观经济前景仍存在不确定性，但我们对运营团队和采购人员应对挑战的能力充满信心，他们将持续提供卓越服务，并为会员创造稳定的价值。近期季度的成果进一步印证，在不确定时期，我们的价值主张与会员的共鸣比以往任何时候都更加强烈。
With that, I'll turn it back over to Gary to discuss the results for the quarter, and I'll jump back on during Q&A to field some questions.
以上就是我的分享。接下来我将把时间交还给加里讨论季度财报结果，并在问答环节回来解答大家的问题。
Gary Millerchip
Thanks, Ron.
谢谢你，罗恩。
In today's press release, we reported operating results for the third quarter of fiscal 2025, the 12 weeks ended on May 11. We have, once again, published a slide deck on our investor site under Events & Presentations with supplemental information to support today's press release. You might find it helpful to have this presentation in front of you as I walk through our results.
在今天的新闻稿中，我们报告了2025财年第三季度的经营业绩，涵盖截至5月11日的12周。我们再次在投资者网站的“活动与演示”栏目下发布了一份幻灯片资料，提供了补充信息以支持今天的新闻稿。在我讲解业绩时，您可能会发现这份演示文稿很有帮助。
Net income for the third quarter came in at $1.9 billion or $4.28 per diluted share, up more than 13% from $1.68 billion or $3.78 per diluted share in the third quarter last year. These results were driven by strong sales and margin performance, despite the headwind of a $130 million LIFO charge in the quarter and operating income being negatively impacted by a catch-up accrual of $40 million for the increase in employee vacation days included in our March 2025 employee agreement. As in Q2, foreign exchange rates also negatively impacted the translation of international net income to U.S. dollars. In Q3, the impact was $35 million or $0.08 per diluted share.
第三季度的净利润为19亿美元，合每股摊薄收益4.28美元，较去年同期的16.8亿美元或每股3.78美元增长超过13%。尽管本季度有1.3亿美元的后进先出（LIFO）费用，以及因2025年3月员工协议中假期天数增加而导致的4000万美元一次性费用对营业利润产生了负面影响，但强劲的销售和利润率表现推动了本季度业绩的增长。与第二季度一样，汇率变动也对国际净利润折算为美元产生了不利影响，第三季度的影响为3500万美元，合每股摊薄收益减少0.08美元。
Net sales for the third quarter were $61.96 billion, an increase of 8% from $57.39 billion in the third quarter last year. U.S. comparable sales were up 6.6% or 7.9%, excluding gas deflation. Canada comp sales were up 2.9% or 7.8% adjusted for gas deflation and FX. Other international comp sales were up 3.2% or 8.5% adjusted. And this all led to total company comp sales of 5.7% or 8% adjusted. Finally, e-commerce comp sales were up 14.8% or 15.7% adjusted for FX. In terms of Q3 comp sales metrics, foreign currencies relative to the U.S. dollar negatively impacted sales by approximately 1.2%, while gas price deflation negatively impacted sales by approximately 1.1%.
第三季度的净销售额为619.6亿美元，同比增长8%，去年同期为573.9亿美元。美国的可比销售增长6.6%，若不计汽油价格下跌因素，则增长7.9%。加拿大的可比销售增长2.9%，若剔除汽油价格和汇率影响，增长为7.8%。其他国际市场的可比销售增长3.2%，经调整后为8.5%。整体公司可比销售增长5.7%，调整后为8%。电商渠道的可比销售增长14.8%，若调整汇率影响，则为15.7%。就第三季度可比销售指标而言，外币兑美元的汇率变化约造成1.2%的负面影响，汽油价格下跌则造成约1.1%的负面影响。
Traffic or shopping frequency increased 5.2% worldwide and 5.5% in the U.S. Our average transaction or ticket was up 0.4% worldwide and up 1.1% in the U.S. This includes the headwinds from gas deflation and FX. Adjusted for those items, tickets would have been up 2.7% worldwide and 2.3% in the U.S.
全球范围内的客流量或购物频次增长了5.2%，其中美国增长了5.5%。全球平均交易额或客单价上涨0.4%，美国则上涨1.1%。这些数据已包含了汽油价格下跌和汇率变化的影响。若剔除这些因素，全球平均交易额应上涨2.7%，美国上涨2.3%。
Moving down the income statement to membership fee income. We reported membership fee income of $1.24 billion, an increase of $117 million or 10.4% year-over-year. Membership fee income growth was 11.4%, excluding FX and the recent membership fee increase represented approximately 4.6% of fee income in the quarter.
再来看利润表中的会员费收入。本季度会员费收入为12.4亿美元，同比增长1.17亿美元，增幅为10.4%。若不计汇率影响，增长率为11.4%；近期的会员费上调约占本季度会员费收入的4.6%。
In terms of renewal rates at Q3-end, our U.S. and Canada renewal rate was 92.7% and the worldwide rate came in at 90.2%. As cohorts of new members from digital acquisition campaigns and warehouse openings in Asia move in and out of the calculation, there will continue to be some volatility in this number quarter-to-quarter. The decreases in the renewal rates in Q3 versus Q2 were primarily attributable to sign-ups from a Groupon promotion in the fall of 2023, entering the renewal rate calculation for the first time this quarter.
截至第三季度末，美国和加拿大的会员续约率为92.7%，全球续约率为90.2%。由于亚洲地区数字推广活动和新仓库开业带来的新会员批次在计算中不断变动，该数据每季度会存在一定波动。与第二季度相比，第三季度的续约率下降，主要是因为2023年秋季一项Groupon促销活动带来的新会员首次被纳入续约率计算。
Higher penetration of online sign-ups entering the renewal rate calculation also contributed to the lower renewal rate. These new digital memberships are a net positive as they grow the overall membership base and are generally younger members, but they also renew at a slightly lower rate. We ended Q3 with 79.6 million paid household members, up 6.8% versus last year, and 142.8 million cardholders, up 6.6% year-over-year. At Q3-end, we had 37.6 million paid executive memberships, up 9% versus last year. Executive members represented 47.3% of paid members and 73.1% of worldwide sales.
更多线上会员注册被纳入续约率计算，也对续约率的下降产生了影响。这些新增的数字会员整体是正面因素，因为它们扩大了会员基础，且通常是更年轻的群体，但其续约率略低于平均水平。截至第三季度末，我们共有7,960万付费家庭会员，同比增长6.8%；持卡人数为1.428亿，同比增长6.6%。其中，付费高端会员为3,760万，同比增长9%。高端会员占付费会员的47.3%，贡献了全球销售额的73.1%。
Turning now to gross margin. Our reported rate in the third quarter was higher year-over-year by 41 basis points, coming in at 11.25% compared to 10.84% last year and up 29 basis points excluding gas deflation. Core was higher by 36 basis points and higher by 27 basis points without gas deflation.
接下来谈毛利率。我们报告的第三季度毛利率为11.25%，较去年同期的10.84%上升了41个基点；剔除汽油价格下跌影响后，上升了29个基点。核心业务毛利率上升了36个基点，若不计汽油因素，上升27个基点。
In terms of core margins on their own sales, our core-on-core margins were higher by 36 basis points. A significant part of the increase was driven by our fresh departments, where strong sales leverage benefited our payroll costs and spoilage results. Additionally, the decrease in some key commodity and ingredient costs such as dairy, butter, eggs and olive oil were a tailwind in fresh and food and sundries.
就核心业务自身的销售毛利来看，核心对核心的毛利率上升了36个基点。这一增幅很大一部分来自生鲜部门，销售杠杆效应帮助分摊了人工成本，同时减少了损耗。此外，部分关键商品和原料价格下降，如乳制品、黄油、鸡蛋和橄榄油，也对生鲜及食品杂货业务形成了有利推动。
In general, we feel margin pressure during times of inflation on these types of ingredients as we keep prices low for our members. And the opposite is often true when prices fall, as we feel the margin relief faster while also being able to lower prices more quickly than our competitors. An example of this during the quarter is our croissant program, where we held prices lower when butter costs were elevated and are now seeing margin relief as those costs have come down.
通常，在通胀期间，为了保持对会员的低价承诺，我们会在这些原材料上感受到毛利率的压力；而当价格回落时，情况正好相反——我们能更快感受到毛利率的缓解，同时也能比竞争对手更快地下调售价。本季度的一个例子是我们的可颂面包项目，在黄油价格高企时我们保持低价销售，如今随着原材料价格下滑，毛利率得到改善。
Food and sundries margin also increased during the quarter. In this case, we were able to lower egg prices by approximately 10% and butter by $1 per cell unit or approximately 7%, while also returning margins to more normal levels. Lastly, in core-on-core, non-food margins were up slightly worldwide, but down slightly in the U.S.
本季度食品与杂货类的毛利率也有所提升。在这一领域，我们将鸡蛋价格下调了约10%，黄油每销售单元下降1美元，降幅约为7%，同时毛利率也回升到较为正常的水平。最后，在核心对核心业务中，非食品类毛利率在全球范围略有上升，但在美国略有下降。
Ancillary and other businesses gross margin was higher by 30 basis points and 27 basis points without gas deflation. Improved margins in gas and e-commerce were the main drivers of the increase.
辅助及其他业务的毛利率上升了30个基点，剔除汽油价格因素后上升27个基点。汽油和电商业务毛利率的提升是此次增长的主要推动因素。
LIFO negatively impacted the gross margin rate by 23 basis points, both with and without gas deflation. We had a $130 million LIFO charge in Q3 this year compared to an $11 million credit in Q3 last year. I'll share more color on LIFO and inflation a little later in the call.
LIFO（后进先出）对毛利率造成了23个基点的负面影响，无论是否考虑汽油价格因素。2025年第三季度我们确认了1.3亿美元的LIFO费用，而2024年同期为1100万美元的收益。稍后我会就LIFO和通胀情况做进一步说明。
Other was lower by 2 basis points, both with and without gas deflation. This relates to the catch-up accrual for the increased employee vacation days included in our March 2025 employee agreement. This change impacts gross margin for the employees who work in our supply chain and/or manufacturing departments.
“其他”项目的毛利率下降了2个基点，同样无论是否剔除汽油因素。这与我们2025年3月员工协议中增加员工假期所产生的一次性计提有关，主要影响了供应链和/或生产部门员工的毛利率表现。
Moving now to SG&A. Our reported SG&A rate in the third quarter was higher or worse year-over-year by 20 basis points, coming in at 9.16% compared to last year's 8.96%. SG&A was higher or worse by 11 basis points adjusted for gas deflation. The operations component of SG&A was higher or worse 13 basis points and 5 basis points without gas deflation. This increase was due to our investment in employee wages, partially offset by sales leverage and productivity improvements. The incremental year-over-year impact from this year's March employee agreement was mid-single-digit basis points on top of the low-double-digit basis point impact from our July 2024 wage increase. We will lap the July increase 10 weeks into the 16-week fiscal fourth quarter.
接下来来看销售、总务及行政费用（SG&A）。我们报告的第三季度SG&A费用率为9.16%，较去年同期的8.96%上升了20个基点。若剔除汽油价格因素，上升为11个基点。SG&A中的运营费用部分上升了13个基点，剔除汽油影响后为5个基点。此增长主要来自于我们对员工工资的投入，部分被销售杠杆和生产效率提升所抵消。2025年3月员工协议的增量影响为中单位数基点，在此基础上还叠加了2024年7月薪资上涨带来的低双位数基点影响。我们将在第四财季16周中的第10周“对比基数消化”掉7月加薪的影响。
Central was higher or worse 2 basis points and 1 basis point without gas deflation. Stock compensation was lower or better by 1 basis point, both with and without gas deflation. Preopening was higher or worse by 1 basis point, both with and without gas deflation, driven by more new warehouse openings in the quarter this year. Other was higher or worse by 5 basis points, both with and without gas deflation, reflecting the catch-up accrual for higher vacation days in our 2025 employee agreement.
中央管理费用上升了2个基点，剔除汽油因素后为1个基点。股票薪酬费用下降了1个基点，无论是否考虑汽油影响。开店前支出上升了1个基点，与新开仓库数量增加有关，无论是否剔除汽油因素。其他费用上升了5个基点，主要反映出我们2025年员工协议中因增加假期天数而产生的补提费用，无论是否考虑汽油价格因素。
Below the operating income line, net interest and other was $50 million this year versus $87 million last year. The difference year-over-year was largely attributable to foreign exchange. And in terms of our income taxes, our tax rate in Q3 was 26.2% compared to 26.4% in Q3 last year.
在营业利润以下的项目中，本年度的净利息及其他收入为5,000万美元，去年同期为8,700万美元，同比下降主要归因于汇率波动。至于所得税方面，第三季度的税率为26.2%，略低于去年同期的26.4%。
Turning now to some key items of note in the quarter. Capital expenditure in Q3 was approximately $1.13 billion, and we estimate CapEx for the full year will be a little over $5 billion. Taking a deeper look into core merchandising sales, fresh category comparable sales were up high-single-digits. This was led by double-digit growth in meat with produce also performing very well in the quarter.
接下来来看本季度的一些重点事项。第三季度资本支出约为11.3亿美元，我们预计全年资本支出将略高于50亿美元。深入来看核心商品销售，生鲜品类的可比销售增长为高单位数，其中肉类实现了两位数增长，蔬果类表现同样强劲。
净现金流少的可怜。
Non-food also had comp sales in the high-single-digits. Our buyers continue to do an excellent job finding new and exciting items at great values, which are resonating well with our members even as they remain very choiceful in their spending on discretionary items. In the quarter, gold and jewelry, majors, toys, housewares and home furnishings were all up double-digits. While we continue to grow share in most non-food departments, we are seeing some deceleration in year-over-year growth as we start to lap tougher compares in volume and gift card sales from a year ago.
非食品品类的可比销售同样实现了高单位数增长。我们的采购团队持续发掘具有价值感的新颖商品，即便会员在非必需品上仍保持谨慎支出，也得到了良好回应。本季度，黄金与珠宝、大件商品、玩具、家居用品及家居装饰等品类均实现了两位数增长。虽然我们在大多数非食品品类的市场份额持续上升，但也开始看到同比增长有所放缓，原因是开始进入去年高基数的对比周期，尤其是在销售量和礼品卡方面。
Food and sundries had mid- to high-single-digit comps with cola and frozen foods showing the strongest results. In addition to lowering prices on butter and eggs, a few other examples where we were able to lower prices in the quarter to provide greater value to our members included 2-liter Kirkland Signature Organic Extra Virgin Olive Oil from $24.99 to $18.39, Kirkland Signature Chocolate Macadamia Clusters from $17.99 to $14.69, and Kirkland Signature Organic Mixed Nut Butter from $8.69 to $7.59.
食品与杂货品类实现了中到高单位数的可比增长，可乐和冷冻食品表现最为突出。除了此前提到的黄油和鸡蛋降价，本季度我们还在多个商品上进行降价，以为会员提供更高性价比。例如，2升装Kirkland Signature有机特级初榨橄榄油从24.99美元降至18.39美元，Kirkland Signature巧克力夏威夷果仁从17.99美元降至14.69美元，Kirkland Signature有机混合坚果酱从8.69美元降至7.59美元。
As Ron mentioned earlier, we are continuing to move more items to locally-sourced production, which is allowing us to lower prices in those markets. A notable example in the quarter was our Kirkland Signature Ultra Clean Laundry products. These SKUs are now sourced in Asia for our APAC warehouses, allowing us to significantly lower transportation costs and reduce member prices in the region by approximately 40%. In the U.S., we are sourcing more American-made goods where available, including items such as mattresses, pillows and plastic resin goods.
正如罗恩早前提到的，我们正在持续推动更多商品转向本地采购，这使我们能够在相关市场降低价格。本季度一个显著的例子是Kirkland Signature超洁净洗衣产品，这些SKU现已为亚太地区的仓库从亚洲本地采购，从而显著降低了运输成本，并使该地区的会员价格下降约40%。在美国，我们也在尽可能多地采购美国产品，包括床垫、枕头和塑料树脂制品等。
New KS offerings are another way we are delivering more value to members. These items typically offer members 15% to 20% value compared to the national brand alternative with equal or better quality. In Q3, we launched over 40 new KS items ranging from mini muffin bites to smoked pork ribs and various new apparel items. Within ancillary businesses, pharmacy and optical departments led the way. We are able to bring significant value to our members in optical through the combination of our labs, which manufacture our own high-quality lenses coupled with great prices on a wide range of frames, including luxury brands. Gas comps were negative low-double-digits during the quarter, driven by a lower average price per gallon.
我们通过推出更多Kirkland Signature（KS）自有品牌产品，为会员提供更高价值。这些商品通常在保持或优于国家品牌质量的前提下，为会员节省15%至20%的成本。在第三季度，我们推出了超过40款新KS产品，涵盖迷你松饼、熏猪肋排及多种新款服饰。在辅助业务中，药房和眼镜部门表现突出。通过自营镜片加工实验室，我们能够为会员提供高品质镜片，并以极具吸引力的价格销售涵盖奢侈品牌在内的各类镜框，从而在眼镜业务中提供极大的价值。本季度汽油业务的可比销售下降了低双位数，主要因每加仑平均价格下降所致。
独立品牌如果连大卖场的自有品牌都搞不过只能说明差异化不够。
I'll now share some additional color on inflation and tariffs. Fresh and Food and Sundries inflation remained relatively similar to last quarter. In non-food, we saw low-single-digit inflation return for the first time in a number of quarters. This was driven primarily by imported items. As a reminder, about a third of our sales in the U.S. are imported and about two-thirds of those sales are in non-foods. Items imported from China represent about 8% of total U.S. sales.
接下来我将补充说明关于通胀和关税的情况。生鲜和食品杂货的通胀情况与上季度基本持平。在非食品类中，经历了多个季度之后，低单位数的通胀首次重新出现，主要由进口商品所推动。提醒大家，美国市场大约三分之一的销售额来自进口商品，而这些进口商品中大约三分之二是非食品类。从中国进口的商品约占美国销售总额的8%。
The inflation experience in non-foods was the primary driver of the $130 million LIFO charge for the quarter, which is calculated comparing the net landed cost of inventory at the beginning of the fiscal year with a net landed cost of inventory on hand at the end of the current quarter. Based on our LIFO accounting methodology, if the current rate of inflation is maintained until our fiscal year-end, we would have an additional $40 million to $50 million LIFO charge in the fourth quarter. Any change in the level of inflation in the fourth quarter could increase or decrease the size of that charge.
非食品类商品的通胀是本季度1.3亿美元LIFO费用的主要原因。该费用是通过比较本财年初库存商品的到岸净成本与本季度末库存商品的到岸净成本来计算的。根据我们的LIFO会计方法，如果当前通胀率维持至本财年末，我们将在第四季度产生额外4,000万至5,000万美元的LIFO费用。第四季度通胀水平的任何变化都可能增加或减少这一费用的规模。
As we navigate an evolving environment with tariffs, we are working closely with our suppliers to find ways to mitigate the impact on cost, including moving production and sourcing to other countries where it makes sense to do so. As Ron mentioned earlier, we are leveraging our scale and global operations to help inform this approach.
在当前不断变化的关税环境中，我们正与供应商密切合作，寻找缓解成本影响的方法，包括在合理的情况下将生产和采购转移至其他国家。正如罗恩之前提到的，我们正在利用自身规模和全球运营能力来推动这一战略。
At Costco, we remain committed to providing quality items at the lowest possible prices and raising prices is always seen as a last resort. The evolving landscape with tariffs is adding complexity and challenges for how we operate our business, but we believe our expertise in buying and limited SKU count model give us greater agility to navigate the environment and ultimately increase our member values compared to the market.
在Costco，我们始终致力于以尽可能低的价格提供高质量商品，提价始终是最后的选择。不断变化的关税环境为我们的运营带来了更多复杂性和挑战，但我们相信，凭借在采购方面的专业能力以及有限SKU模式，我们具备更强的应对灵活性，能够更好地应对外部环境变化，并最终为会员提供超越市场的价值。
The global supply chain remains relatively stable, although as previously shared, shipping delivery dates are generally less predictable than they were pre-COVID. While the spot rate for shipping containers has increased recently in response to a short-term increase in demand during the window that reciprocal tariffs have been paused, our shipping is generally covered by contracts, and so we have not seen any material impact.
全球供应链依然相对稳定，尽管如先前所述，当前的货运交付时间仍不如疫情前那么可预测。近期，由于互征关税暂停期间需求短期上升，集装箱即期运价有所上涨，但我们的运输多数通过长期合同锁定，因此尚未受到实质性影响。
Turning now to digital and e-commerce. We continue to make progress with technology. As shared on last quarter's call, one of our key focus areas is building capabilities to deliver more personal, relevant experiences for our members, helping them save time and money.
接下来谈谈数字化和电商业务。我们在技术方面持续取得进展。正如上季度电话会议所述，我们的重点之一是构建能力，为会员提供更加个性化和相关性的体验，帮助他们节省时间和金钱。
In the third quarter, successes included a targeted Mother's Day campaign to members who had purchased traditional Mother's Day gift last year and the launch of our personalized product recommendation hub for members, showcasing items based on previous browsing history, new items they might find relevant and best-selling items in their geographical area. Gold and jewelry, toys, health and beauty, majors, housewares, small electrics and apparel, all grew double-digits year-over-year.
在第三季度，我们取得的成果包括：针对去年购买过母亲节传统礼品的会员开展了定向母亲节营销活动；推出了个性化商品推荐中心，根据会员的浏览记录、相关新品及其所在地区的热销产品进行展示。黄金与珠宝、玩具、健康美容、大件商品、家居用品、小型电器以及服饰等品类均实现了同比两位数增长。
We continue to grow share in big and bulky items sold online, powered by our investment in Costco Logistics. The combination of great values and the delivery experience that includes installation and haul away of old items is resonating extremely well with our members and resulted in a 31% increase in items delivered in the quarter.
得益于我们对Costco物流的持续投入，我们在线上大件商品领域的市场份额持续增长。优质价格与包含安装服务和旧件回收的配送体验组合，深受会员欢迎，使得本季度大件商品配送量同比增长31%。
Costco Next, our curated marketplace, also continues to show healthy year-over-year growth. In Q3 fiscal year 2025, our sales on Costco Next equaled our total sales for all of fiscal year 2022, and we are excited about the pipeline of new vendors and development for future rollout.
我们精选平台Costco Next也持续实现强劲的同比增长。2025财年第三季度，Costco Next的销售额已与2022财年全年销售额持平，我们对未来将引入的新供应商和即将推出的发展计划感到非常期待。
Finally, in terms of upcoming releases, we will announce our May sales results for the four weeks ended Sunday, June 1, on Wednesday, June 4, after market close.
最后，关于即将发布的信息，我们将于6月4日（星期三）美股收盘后，公布截至6月1日（星期日）的4周五月销售数据。
That concludes our prepared remarks, and we'll now open the line up for questions.
我们的发言就到这里，接下来我们将开放提问环节。
Question-and-Answer Session
Operator
Thank you. And we'll now begin the question-and-answer session. [Operator Instructions] And our first question comes from the line of Simeon Gutman with Morgan Stanley. Your line is open.
谢谢。现在我们将进入问答环节。[操作指示] 首个问题来自摩根士丹利的西米恩·古特曼。请提问。
Simeon Gutman
Hey, everyone. I wanted to ask Ron since he's in the room, so Costco has continually invested in price, and the nice thing is that you don't really have to catch up over time. Curious what you're telling the merchants right now given this moment in time. Do you put the pedal to the metal and anything different about the posture? And are you seeing -- in places where price you're holding relative to the market, are you seeing tonnage and unit volume actually change meaningfully? Thanks.
大家好。我想问问罗恩，因为他今天在场。Costco一直致力于价格投资，令人欣慰的是，随着时间推移并不需要“追赶”市场。我想了解在当前这个时间点，你对商品采购团队是如何指导的？你们是否在“踩油门”、加大力度？在那些你们价格相较市场更具优势的领域，是否真的看到销量和件数发生了有意义的变化？谢谢。
Ron Vachris
Very good question, Simeon. It's quite complicated, as Gary said now, as we're dealing with the moving tariff scenes as things continue to change each day. We have been very fortunate with some of the key commodities coming down, and then our buyers are immediately the first ones down in those goods. So, we take every advantage of every opportunity that we can lower prices and we've seen our competitive landscape improve slightly at the latter part of the quarter, which is very good for us.
非常好的问题，西米恩。正如加里所说，现在的情况相当复杂，我们正面临着关税政策不断变化的挑战，每天都有新变化。幸运的是，一些关键大宗商品的价格已经回落，而我们的采购人员总是最快反应、最先下调这些商品的价格。我们抓住一切可以降价的机会，并且在本季度后期看到我们的竞争格局有所改善，这对我们来说是件好事。
So, it means that we're doing the right thing, but we're going to continue to invest in price. It's what we do. It's how we grow our business, and we're going to continue to try and mitigate as much of this impact on tariffs as we can for our members. So, it's -- as we've always done, it's full force ahead on lowering prices where we can.
这表明我们做对了事情，我们会继续在价格上投入，这是我们的核心所在，也是我们业务增长的方式。我们将继续尽可能地为会员缓解关税带来的影响。因此，正如我们一贯的做法，我们会在任何可以降价的地方全力以赴地降低价格。
Simeon Gutman
Okay. Thank you. Good luck.
好的，谢谢，祝你们好运。
Operator
And our next question comes from the line of Christopher Horvers with JPMorgan. Your line is open.
下一个问题来自摩根大通的克里斯托弗·霍弗斯，请提问。
Christopher Horvers
Thanks. Good evening, guys. So, a quick follow-up on that last question and then an add-on. So, when, Ron, you mentioned that it improved in the latter half of the -- latter part of the quarter, is that because your peers are raising prices? So, how are price gaps changing given the inflation that's going on out there?
谢谢，大家晚上好。想就上一个问题做个快速跟进，再补充一个问题。罗恩，你提到本季度后期表现有所改善，是因为竞争对手提价了吗？在当前通胀环境下，你们与市场的价格差距发生了什么变化？
And secondly, as you think about the March-April period, that was -- you did extremely well in the non-foods category. Clearly, a lot of that is share. To what extent could you quantify pull-forward in some of these tariff items that you saw in like the end of March, beginning of April? Thanks very much.
其次，在3月到4月期间，你们在非食品类表现非常出色，显然有不少是市场份额的提升。你能在多大程度上量化这个时间段里某些关税相关商品的“提前消费”现象，比如3月底、4月初出现的那种？非常感谢。
Ron Vachris
You're welcome. I think that the delta improvement has really been a very hard focus on movement and trying to work with our suppliers and lowering price wherever we can. I truly believe that we are the first one down whenever we have those opportunities, and that does create that improved delta for us.
不客气。我认为价格差的改善，主要归功于我们一直以来对商品流转的高度关注，以及与供应商密切合作，尽可能降低价格。我真心相信每当有降价机会时，我们总是最快采取行动的，这也帮助我们扩大了与竞争对手的差距。
So, we're watching pricing daily and if not hourly, on every key commodity. And you have commodities like butter and eggs come down. There's quite a halo effect to many different items. So, our buyers are on top of that, talking to all the suppliers that would benefit from those reductions in costs and trying to really move that -- those products into lower costs as soon as we can. So, I can't speak for the others, but I can speak for us. It's about lowering the price as soon as we can and take advantage of those opportunities.
我们每天、甚至每小时都在关注关键大宗商品的价格，比如黄油和鸡蛋价格的下跌，会对许多相关商品形成联动效应。我们的采购团队紧密跟进这些动态，与能受益于成本下降的供应商积极沟通，力争尽早把降价反映在商品上。我无法替其他公司发言，但对我们来说，就是尽早降价、抓住每一个机会。
As far as non-foods, yeah, we did -- as we saw things starting to build on this tariff front, our buyers were very proactive, and they pulled a lot forward a lot of our summer goods. Most of our patio program, our sporting goods program got in early this year, got it in ahead of the tariff impacts. And that allowed us to hold prices or come just slightly up on prices when we need it to be. So that has really helped. And then, some key categories that we have had good healthy inventory on such as furniture. Appliances are not so much impacted, which has been a big driver for us in non-foods as well.
至于非食品类商品，是的，我们确实提前行动了——当我们看到关税风险开始浮现时，我们的采购团队非常积极，将许多夏季商品提前采购入库。今年我们的户外庭院系列和运动用品大多都提前到货，赶在关税影响生效前完成采购。这使我们能够维持原价，或者在必要时仅小幅提价，这对我们非常有利。此外，我们在某些重点品类上维持了良好的库存，比如家具类。而家电则相对不受关税影响，这也是我们非食品类增长的重要驱动因素。
So, it has been strategic movement of goods, and like I spoke about, things that were hit with a higher tariff, we partnered with our other regions around the world where non-U.S. tariff impacts.
因此，这是一个有策略性的商品调配过程。正如我之前提到的，对于受到更高关税影响的商品，我们也与全球其他地区的团队合作，那些地区不受美国关税限制的影响。
Christopher Horvers
And then anything in terms of how much demand may be pulled forward?
那么，对于需求“提前释放”的程度，有什么具体的观察吗？
Ron Vachris
I think that there was slight -- we saw a slight impact on it. To quantify it, it was very tough to do. It was very tough to quantify that we saw any certain percent of a pull-forward of the fear of tariffs.
我认为确实存在轻微的影响——我们看到了一些“提前购买”的现象。但要对其进行量化是非常困难的，我们难以具体测算有多少百分比的消费是因为对关税的担忧而被提前释放的。
Christopher Horvers
Got it. Thanks very much.
明白了，非常感谢。
Ron Vachris
You're welcome.
不客气。
Operator
And our next question comes from the line of Michael Lasser with UBS. Your line is open.
下一个问题来自瑞银的迈克尔·拉瑟，请提问。
Michael Lasser
Good evening. Thank you so much for taking my question. Gary, it seemed like you were setting a reminder that you will soon lap this outsized growth from precious metals and gift cards. So, to what extent should we recalibrate our expectations as Costco laps some of those outsized gains? If you could quantify that, that would be super helpful.
晚上好，非常感谢你们回答我的问题。加里，你刚才似乎在提醒大家，Costco即将面临去年贵金属和礼品卡业务带来的高增长基数。那么，在这种基数效应之下，我们在展望业绩时应该做出多大程度的调整？如果你能具体量化一下，那将非常有帮助。
And then, as part of that, at what point does Costco just reach a limitation to its rate of growth in the United States? The company has got to be mindful of depleting the overall membership experience as these clubs get so busy, and it's difficult to find parking. It's difficult to navigate through the store. It takes a little longer to get in and out. What percentage of your clubs in the United States would you say are currently at that level or approaching that level? Thank you very much.
此外，作为这一讨论的延伸，Costco在美国市场的增长是否会达到某种极限？因为门店越来越繁忙，整体会员体验可能会受到影响——比如停车难、门店拥挤、进出耗时变长。你认为目前美国有多少比例的门店已处于或接近这种状况？非常感谢。
Gary Millerchip
Hi, Michael. Yeah, thanks for the questions. So, just to cover the first part, I think Ron will jump in on the second part of the question. Yeah, we were sharing on the call. You may recall we've been sharing on previous quarters that we were up double-digits in non-foods, and we were high-single-digits this quarter. So, part of the commentary that I shared was to remind you that some of that would be a reflection of the fact that we are cycling volume starting to flow through on a year-over-year basis, particularly online. And then, also gift cards. We had a particularly strong program of gift cards last year. So, as we cycle those, you saw still very strong non-food sales and strong market share gains, but the number would decelerate into that high-single-digit range.
你好，迈克尔，谢谢你的提问。我先回答第一个问题，第二部分我相信罗恩会接着补充。在电话会上我们提到，你可能还记得，过去几个季度我们在非食品类业务上实现了两位数增长，而本季度是高单位数增长。所以我强调的一个重点是，我们现在开始“对比基数走高”了，尤其是在电商渠道方面。此外，礼品卡去年表现特别强劲，因此随着去年强基数的消化，即便本季度非食品类销售依旧非常强劲、市场份额依然在提升，增幅却会自然放缓至高单位数范围。
I think it's kind of difficult to predict, obviously, where the consumer behavior goes in the future because of some of the things that Ron mentioned around the uncertainty. And also, when you look at our individual month-to-month data, we obviously are sharing very transparently every month what our sales results are and there are going to be periods where like we shared earlier in April, where there's probably, if you look at individual item, categories like consumer electronics and even in paper products, there were -- it looked like a higher level of sales in April because of that. So, you'll probably see a little bit of relief in some of those areas flowing through in the next couple of months.
我认为，显然很难准确预测未来消费者行为的走向，因为正如罗恩提到的，现在存在很多不确定性。同时，如果你观察我们逐月的数据，我们每个月都会非常透明地披露销售结果，也会有一些月份出现类似4月那样的情况——某些品类如消费电子、甚至纸制品，单月销售数据看起来非常高。因此在接下来的几个月，这些品类可能会出现一些“回落”或“缓解”的迹象。
But I wouldn't really say we have anything other than confidence in what our buyers are doing in finding great quality items at great value and newness in terms of new and exciting items for the member. Everything we're still seeing right now would be that -- sort of the state of the consumer is that they're very focused on those three things, but where you can meet those three things really well with value and quality and newness, our members are still spending and buying non-foods items. So, we think that the teams are doing a great job, and we continue to see opportunity to grow in that space.
不过我必须强调，我们对采购团队的信心是坚定不移的，他们始终能找到既有品质、又有价值、同时又新颖的商品，这是吸引会员消费的关键。从目前我们看到的情况来看，消费者仍然非常关注这三大要素——价格、质量与新意。当这三者能够被很好地满足时，会员仍愿意购买非食品类商品。因此我们认为团队做得很好，这一领域未来仍有增长空间。
Ron Vachris
And on the operation side, it is a strategic priority for all of us in the company right now is to continue to how we improve the member experience in our high-volume warehouses. As we speak about the fourth quarter openings, about 80% of those warehouses we're opening are going to cannibalize some high-volume locations for us that's going to take some relief off. So, we strategically look at new markets for openings, but with the real importance on strategically cannibalizing those warehouses where we can make that improvement of member experience in there as well.
在运营方面，目前公司整体的战略重点之一就是持续提升我们高客流量门店的会员体验。就像我们提到第四季度的开店计划，其中大约80%的新仓库将有意“分流”现有高流量门店的客流，这有助于缓解门店压力。因此，我们在选址时不仅战略性地开拓新市场，也特别重视通过“战略性自我蚕食”的方式，优化现有高流量门店的体验。
The recent expansion of gasoline hours was a great indicator that the throughput for our members improved nicely, and we saw that immediately in gallon increases. And on the technology front, we've realized with some of these pilots as we are working through these different systems to speed up the front-end experience and get that moving -- flowing quickly, the backside of that is it turns over parking spaces quicker. And when you turn over parking spaces quicker, it makes the whole experience better.
我们最近扩大了加油站营业时间，这是一个很好的例子，说明会员的通行效率有明显提升，我们也立刻从汽油销量的增长中看到了这一点。在技术方面，我们通过一些试点项目正在测试不同系统来加快前端结账流程，这样做的一个间接好处是可以加快停车位的流转。当停车位流转更快时，整体会员体验也会随之改善。
So, we are very mindful of the high-volume warehouses we have, and we're strategically working on many different fronts to how do we continue to grow the volume in those existing buildings and continue to infill and look for new markets in the U.S. as we do in all the regions around the world.
因此，我们对那些高流量门店保持高度关注，并在多个层面上采取战略举措，一方面在现有门店持续推动客流增长，另一方面也不断在美国及全球各地寻找新的市场机会。
Gary Millerchip
I guess maybe just one thing to add to Ron's comment, Michael, as well, I think you see in our 10-K each year, we show the year-by-year sort of vintage of our warehouses. And I think the ones that Ron's particularly talking about where we have that over $400 million of sales, which is, I think, what, 40 or so warehouses where we're in that sort of category. So, they're the highest priority there.
迈克尔，我想补充一点，回应罗恩刚才的说法。你应该注意到我们每年在10-K文件中都有列出各年份门店的开设情况。罗恩特别提到的是那些年销售额超过4亿美元的门店，大约有40家左右。这类门店是我们当前优化工作的最高优先级。
I think as we do that, there's still tremendous growth in the less mature warehouses, and we see year-over-year continued growth. So, I think that gives us a lot of confidence that while we make those enhancements that Ron mentioned, we still have significant opportunity with the vast majority of our warehouses to continue to grow and to -- for them to look and to mature like higher sales warehouses today.
同时，那些较新的门店仍有巨大的成长潜力，我们在这些门店上也持续看到同比增长的趋势。这也增强了我们的信心——在推进罗恩提到的优化措施的同时，我们绝大多数门店还有广阔的增长空间，并有望逐步成长为今天这些高销售额门店的水平。
Michael Lasser
Thank you very much, and good luck.
非常感谢，祝你们好运。
Ron Vachris
Thank you.
谢谢。
Operator
And our next question comes from the line of Scot Ciccarelli with Truist. Your line is open.
下一个问题来自Truist的斯科特·奇卡雷利，请提问。
Scot Ciccarelli
Good afternoon, guys. Appreciate the time. I think you guys have increased your EBIT margin on a year-over-year basis now by eight or maybe nine quarters in a row, however, slight, even though we've had a pretty funky macro environment, tariffs obviously being the latest piece of that. Is there any reason we would see that trend change over the next few quarters? Because it does seem like it's a bit of a conscious decision, not just randomness. Thanks.
大家下午好，感谢你们的时间。我注意到你们的EBIT利润率已经连续8或9个季度同比提升，虽然幅度不大，但考虑到当前宏观环境复杂多变，尤其是最近的关税影响，这种持续性表现还是很不容易的。请问你们是否认为这种趋势在接下来几个季度可能发生改变？因为这似乎不是偶然的结果，更像是一种有意识的决策。谢谢。
Gary Millerchip
Hi, Scot. Yeah, thanks for the question. I would say, overall, I know I mentioned this last quarter as well when we talked about the gross margin rate that we really are probably less focused than you might think on the individual quarters. We're more really focused on how we manage the business for the long term. And so, you are going to see, I think, individual fluctuations quarter-by-quarter as we make decisions to invest in the business at certain times to grow the company. And certainly at other times, like we saw in this quarter, of course, with gross margin rate in particular, we saw some real benefits in fresh productivity and lower spoilage and also some of the benefits of deflation in certain commodities.
你好，斯科特，谢谢你的提问。总体来说，我在上个季度也提到过，我们其实并不像大家想象的那样关注单个季度的表现，我们更专注于从长期视角管理公司。因此，季度之间会出现一些波动，这是因为我们会根据公司发展节奏，在某些时点做出投资决策。比如在本季度，毛利率的改善就是一个例子，我们在生鲜品类上实现了更高的运营效率、降低了损耗，同时也受益于某些大宗商品价格的下跌。
I think it's fair to look at our model over the longer term. I wouldn't particularly pick a number of quarters, but I think over the longer term, looking at generally how we've been able to grow the business and grow profitability. And I think our philosophy overall is, as -- I know you've heard probably my predecessor, Richard, say this many times, is that our goal is to continue finding ways to drive value for our members, lowering our prices consistently and doing that through our global buying, doing that for in-country production, Kirkland Signature growth, as Ron mentioned earlier, and even some of the newer opportunities like e-commerce growth and getting more profitable in e-commerce and building the retail media business.
我认为应该从长期角度来看待我们的经营模式。我不会特别强调连续多少个季度的表现，但长期来看，我们在业务增长和盈利能力方面确实实现了持续提升。我们的总体理念是——正如我的前任理查德多次强调的那样——我们始终致力于为会员创造价值，通过持续降价来实现。这其中包括全球采购、本地化生产、Kirkland Signature的扩展（如罗恩前面提到的），甚至包括一些新兴领域，比如电商业务增长、电商盈利能力提升，以及零售媒体业务的建设。
But in all cases, our philosophy is how do we take 90% of that value and give it back to the member to drive top line. And we do think over time, we can still be increasing our margin all bit as part of that plan. But that's our overall philosophy. So, we wouldn't particularly guide to -- well, we don't guide at all as you know, we wouldn't guide to thinking about an individual quarterly cadence, but that's more philosophically how we think about growing the company.
但无论在哪个领域，我们的核心理念是：将90%的价值回馈给会员，以推动营收增长。同时我们也相信，在这个过程中，毛利率仍然可以实现适度增长。总之，这就是我们的整体经营哲学。所以我们不会，也从未提供季度层面的具体业绩指引，因为我们始终是从战略角度看待公司增长的。
Scot Ciccarelli
Understood. Thanks for the time.
明白了，谢谢你们的时间。
Operator
And our next question comes from the line of Zhihan Ma with Bernstein. Your line is open.
下一个问题来自伯恩斯坦的马稚涵，请提问。
Zhihan Ma
Great. Thank you for taking my question. Gary, I wanted to follow up on your LIFO comment. Clearly, a lot of your peers use RIM inventory accounting, which is likely going to drive margins maybe in the opposite direction in the next quarter with you. For your LIFO estimate about the other kind of $40 million, $50 million of LIFO charge in Q4, am I reading that correctly, you're suggesting a moderation in the LIFO impact in Q4 and in the coming quarters? How should we compare that to in the 2022 period where you had more of a full 12-months impact of LIFO headwind? And how does today's environment differ from then? Thank you.
非常感谢你们回答我的问题。加里，我想进一步请教你关于LIFO的评论。显然，你们的许多同行采用的是RIM（零售存货法）会计，这可能会在下个季度对利润率产生与你们相反的影响。你提到第四季度还有大约4,000万至5,000万美元的LIFO费用，我理解是否正确：你是在暗示LIFO对第四季度及未来几个季度的影响会有所缓和？那么，我们应该如何将这一趋势与2022年相比？当时你们经历了LIFO带来的一整年压力。当前的环境与当时又有哪些不同？谢谢。
Gary Millerchip
Sure. I'll maybe break the question into a couple of parts, because I think it's probably helpful just to explain how -- I hate to get sort of too technical on the accounting side, but just at least give a brief explanation of how we follow rules in calculating our LIFO charge.
好的。我可以把这个问题分几个部分来回答，因为我觉得有必要稍微解释一下我们是如何按规则计算LIFO费用的——虽然我不想在会计技术细节上过于深入，但还是简要说一下。
So, essentially, and you may recall, the first two quarters of this year, we were seeing slight deflation in non-food. So, we actually had a credit to our LIFO charge for the first two quarters, largely because foods and sundries and fresh were generally sort of fairly stable and sort of low inflation, which continues to be true, and non-foods being deflationary.
基本上，你可能还记得，今年前两个季度我们在非食品类商品中出现了轻微的通缩。因此在这两个季度里，我们的LIFO项目实际上是有抵减收益的。这主要是因为食品杂货和生鲜类整体价格相对稳定，通胀水平较低，而非食品类商品则出现通缩。
In the third quarter, we saw non-food start to become slightly inflationary. And so, because of the way our LIFO calculation works, we're essentially estimating for the full year, what the LIFO charge will be. So, we're saying, what will our inventory net landing cost of an item times the number of items that we have in inventory at the end of the year, how will that cost compare to the cost at the start of the year.
到了第三季度，非食品类开始出现轻微通胀。根据我们LIFO的计算方法，我们实际上是在为全年估算一笔LIFO费用。也就是说，我们要比较年末库存商品的净到岸成本（单位成本乘以库存量）与年初成本之间的差异。
And what we do is we sort of calculate what we estimate that will be for the end of the year, and then we take the proportionate amount of the number of quarters. So, if you think about the third quarter, we saw higher inflation and as we were calculating out our point estimate for the end of the year based on that calculation, it's about $145 million, call it, for the full year based on the current inflation rate that we're seeing.
我们会先估算年末的总LIFO费用，然后按照当年季度的比例进行分摊。比如说，在第三季度我们观察到更高的通胀率，并据此对全年LIFO费用做了预估，目前来看大约是1.45亿美元，按当前观察到的通胀率推算得出。
So, we have to take three quarters -- not quite three quarters, nine, 13, so nine periods out of 13 periods in the year-to-date catch-up in the quarter alone. So, the $130 million charge isn't a charge for the quarter, it's really a true-up for the whole of the year for our estimate of inflation. And because we'll have full 13 of that charge in the fourth quarter if inflation stays the same, that's where the $40 million to $50 million incremental charge comes in the fourth quarter.
所以我们在第三季度实际上要确认三分之二左右，也就是13个会计期间中的9个期间的年内累计费用。因此，这1.3亿美元的LIFO费用并不是仅针对第三季度，而是一次性“追补”了前九个期间的全年通胀预估。若通胀率保持不变，到第四季度就需确认剩余4个期间所对应的费用，也就是4,000万到5,000万美元。
So, really, all of that is getting us to the same data that we're looking at today, which is saying we believe there is inflation in our system because of the higher cost in non-foods. The inflation rate has turned slightly positive on non-foods. We're estimating based on current inflation rates that we see, the charge for the year will be $145 million. We've had to catch that up in the first three quarters. So, it's a $130 million charge in the first three quarters that we show in Q3, and then there'll be an incremental $40 million to $50 million charge in Q4.
所以这些说明我们今天看到的数据是：由于非食品类成本上升，我们系统中确实存在一定的通胀压力。非食品类的通胀率已经由负转正。根据我们当前观察到的通胀水平，预计全年将产生1.45亿美元的LIFO费用。我们已在前三个季度中追补了其中的1.3亿美元，并在第三季度反映，而剩余的4,000万至5,000万美元将在第四季度确认。
That $40 million to $50 million estimate is really just based on what our current inflation rate is. So, if that inflation rate stays the same, if the tariff situation doesn't really change materially, that's our best estimate of what that outcome would be for the year. If we were to see higher tariffs, which led to higher cost of goods or lower tariffs and lower cost of goods, that could move that number up or down, and we'd have to true it up for the whole year in the fourth quarter, because it's an estimate of the inventory value at the end of the year.
这4,000万至5,000万美元的预估完全是基于当前的通胀率计算的。因此，如果通胀维持不变、关税政策没有实质性变动，这是我们对全年LIFO费用的最佳估算。如果关税上升，商品成本上涨，或关税下降、成本降低，这个数字都有可能上调或下调；我们将在第四季度根据年末的库存价值进行最终确认调整。
So, I'm sorry if that was a bit long-winded, but I was trying to make sure I'm giving you kind of how the math works because it could feel a bit misleading that we're saying there was $130 million of inflation during the quarter, but it's really a true-up for the first three quarters of the year.
不好意思我讲得比较详细，但我想确保大家理解这个计算逻辑——可能会让人误以为第三季度就产生了1.3亿美元的通胀费用，但实际上那是对前三个季度全年通胀预估的追补。
And then, I would say, in general, that still means that inflation is below where it would have been back in the post-COVID period. Our inventory levels are anywhere between $12 billion, $13 billion. And so, if you think of a charge of $145 million of LIFO charge, that's really only 1% to 1.5% of inflation overall within our LIFO calculation. So, it's still relatively low overall inflation, but it certainly is a change in trajectory from what we were seeing in the first two quarters.
此外，总体来看，目前的通胀仍低于疫情后那段时期。我们目前的库存水平在120亿到130亿美元之间，所以如果全年确认1.45亿美元的LIFO费用，相当于整体LIFO通胀比例仅为1%到1.5%。因此通胀仍然算是温和的，但的确与前两个季度的趋势相比出现了转变。
Zhihan Ma
That's very helpful. Thank you. Just a quick follow-up. Does that -- some of that bleed into the first half of next year as well?
非常有帮助，谢谢。我补充一个小问题：这些费用会不会“延续”到明年上半年？
Gary Millerchip
It really depends on what happens with inflation going forward. So, it wouldn't -- we take the new level of inflation at the end of the fiscal year, and then our LIFO forecast for 2026 would be based on whether we think inventory -- the amount of inventory and the net landed cost of the product will increase in that year. So, it really depends on -- there wouldn't be a carryover from current inflation into 2026, but if inflation was to rise again, that could create a higher LIFO charge in '26 or a lower LIFO charge if tariffs were reduced.
这其实取决于接下来通胀走势如何。我们会在财年末以当时的通胀水平作为2026年的LIFO计算基准。如果预计商品库存量或净到岸成本在2026年会上升，那就会带来更高的LIFO费用。因此不存在从当前“延续”到2026年的说法，但如果未来通胀再次上升，2026年LIFO费用就会相应提高；如果关税降低，费用则可能减少。
Zhihan Ma
Okay. Very helpful. Thank you.
明白了，非常有帮助，谢谢。
Gary Millerchip
So, just to clarify, the LIFO charge, the $12 billion to $13 billion is for U.S. inventory, because we're still on the retail method for our -- most of our international countries. So, it's really based on our U.S. business that the LIFO charge is incurred.
补充说明一下：我们提到的120亿至130亿美元库存，是美国业务的库存，因为我们在大多数国际市场仍采用的是零售存货法（RIM）。所以LIFO费用的确认主要基于美国业务。
Zhihan Ma
Okay. Thank you.
明白了，谢谢你。
Operator
And our next question comes from the line of Greg Melich with Evercore ISI. Your line is open.
下一个问题来自Evercore ISI的格雷格·梅里奇，请提问。
Greg Melich
Hi, thanks. Just one quick clarification and then a follow-up on digital. On the inflation in grocery last quarter, you said it was slightly positive. Was that around 0%, 1%? Is that the sort of range we're talking about?
你好，谢谢。我想先澄清一个小问题，然后再问一个关于数字业务的后续问题。关于上个季度食品杂货类的通胀，你们说是“略微正增长”，是不是指大约在0%到1%这个范围？
Gary Millerchip
Yes, it would be in that range, maybe slight -- just slightly higher than that, Greg, but you're in the right ballpark, low-single-digits, for sure. And again, very similar to last quarter. In grocery, it's a bit like it's been, for the year-to-date, there are some items that are inflationary within grocery. So, while egg prices have come down, as we mentioned earlier on within the year, they're still inflationary compared to what we would have seen in eggs last year. Things like pulp are still inflationary as well within grocery, but then you've got butter, flour and cheese and some of the dairy items that have turned deflationary. So, there's quite a bit of moving parts in there, but it really hasn't changed that materially since the earlier part of the year overall.
是的，大致就在这个范围内，可能稍微高一点点，但你说得差不多，确实是低单位数的通胀。总体上和上个季度差不多。就年初至今来看，杂货类商品的情况也是类似，有一些品类依然存在通胀，比如鸡蛋价格虽然今年下降了，但跟去年同期相比仍然是偏高的；还有纸浆类也是处于通胀状态。但另一方面，黄油、面粉、奶酪和部分乳制品已经转为通缩。所以这个类目内部的变动因素比较多，但整体来看从年初以来并没有发生实质性变化。
Greg Melich
And what I'd love to do is a little deeper on digital, just given the double mid-teens growth. Could you just level set us now on what percentage of the business is digital? And particularly that Costco Logistics, up 31%. And what percentage of e-commerce is now done through Costco Logistics?
那我想深入了解一下数字业务，特别是考虑到你们实现了中双位数增长。你们现在的数字业务大概占整体业务的多少？尤其是Costco Logistics，交付量增长了31%，那现在有多少比例的电商订单是通过Costco Logistics完成的？
Gary Millerchip
Yeah. On the first part of the question, it depends on the definition you use. So, if you just do the sort of math on our business and how we define digital, which, as a reminder, doesn't include the delivery solutions that we offer through Instacart. It doesn't include our travel business where most of it would be online. So, there's a number of elements that I think others might include in the sort of e-commerce business that we wouldn't.
关于你问的第一个问题，其实取决于你用什么标准来定义“数字业务”。按我们的定义，数字销售不包括通过Instacart提供的配送服务，也不包括我们的旅游业务（虽然那部分大多也是在线进行的）。所以有一些部分可能会被其他公司纳入电商业务统计范围，但我们没有纳入。
So, on the straight math on how we define it, it would be about 8% of our business. If we included some of the components that others would include, it probably takes it to slightly north of 10%. And then, if you would take gas out of our total sales, which I know, obviously, there isn't any commerce element to gas, it's around the 12% of total sales that we generate today, Greg.
如果按我们自己的计算方法，目前数字业务大约占总业务的8%。如果你把其他人可能纳入的部分也算进来，那可能会超过10%。如果再剔除掉汽油销售额（因为汽油显然不是电商相关业务），那么数字业务大概就占我们总销售额的12%左右。
And then, in terms of...
接下来关于……
Greg Melich
And then, for Costco Logistics?
那Costco Logistics的占比呢？
Ron Vachris
Costco Logistics...
Ron Vachris
This is Ron. It's about 20% to 25% of our total deliveries for Costco Logistics, but it is about 80% to 85% of our big and bulky. We don't run -- we make our buyers make decisions of what to put through that network and what not to put through it. And so, they look for the best cost delivery source. And so, we know that big and bulky patio furniture, television, safe, those kind of things, all but the super specialty stuff we run through Costco Logistics. So, a big chunk of that business is going through the network of big and bulky.
我是罗恩。Costco Logistics大约占我们总配送量的20%到25%，但在大件商品方面则占了80%到85%。我们不会强制要求所有商品都走这个配送网络，而是让采购人员根据具体情况来决定是否通过Costco Logistics配送。他们会寻找最具性价比的配送方案。所以像大件商品——比如户外家具、电视、保险柜等，除了极少数特别特殊的商品外，我们几乎都通过Costco Logistics来配送。所以，大件商品业务的很大一部分是通过这个网络来完成的。
Greg Melich
And is there any members that haven't used your digital yet in some way, shape or form, or is it still only half the people that really use it?
还有会员完全没有以任何方式使用过你们的数字服务吗？还是说目前大概只有一半左右的会员真正使用了数字功能？
Gary Millerchip
Yeah. It's over half has downloaded the app for sure, but there's still plenty of opportunity for growth in our mind. We still see it as an area where we'd expect to outpace our overall growth. And as we continue to improve the member experience with enhancements every quarter, Greg around, whether it's the inventory available on the app or improving the search functionality, improving the way in which we communicate with members, as I talked about earlier on the call, we believe all of those things are going to drive more digital engagement.
是的，目前已经有超过一半的会员下载了我们的App，但在我们看来，数字业务仍有很大的增长空间。我们仍然认为这是一个能够实现超越整体业务增速的领域。随着我们每个季度不断优化会员体验，比如改进App中的库存显示、增强搜索功能、改善与会员的沟通方式（我在前面电话会上也提到过），我们相信这些举措都会推动数字化互动的提升。
软件是现代企业的重要特征。
We think tied to even some of the comments that Ron was making about speed of checkout, where members use their digital wallet and have their payment card integrated within the wallet, it significantly increases the speed of checkout through the check lane in the warehouse as well. So, we still think there's plenty of opportunity to keep driving higher penetration of digital engagement with our members and we think it's got a runway to continue to grow in the future.
我们还注意到，与罗恩提到的结账效率有关的数字功能，比如会员使用数字钱包并将支付卡绑定进去，这大大加快了仓库内的结账速度。因此我们仍然认为，在推动会员数字互动的渗透率方面还有很大的潜力，未来的发展前景也非常可观。
Greg Melich
Great quarter, and thanks for the details.
本季度表现很棒，感谢你们的详细解答。
Gary Millerchip
Sure. Thank you.
不客气，谢谢你。
Ron Vachris
Thank you.
谢谢。
Operator
And our next question comes from the line of Chuck Grom with Gordon Haskett. Your line is open.
下一个问题来自Gordon Haskett的查克·格罗姆，请提问。
Chuck Grom
Thanks. Good afternoon. Ron, you called out some technology efforts at the front-end as an opportunity. Could we double-click on that a little bit?
谢谢，下午好。罗恩，你提到前端的一些技术举措是一个机会点，能否请你进一步展开谈谈？
And then, with regards to the extended hours of operation at the gas stations themselves, have you thought about testing that within the clubs? Thanks.
另外，对于加油站营业时间的延长，你们有没有考虑过在Costco仓库内也进行类似的营业时间测试？谢谢。
Ron Vachris
Sure. The first question, yeah, as Gary said, we found that digital really enhances the speed of checkout. And so, we are really working hard on the digital membership card usage as well. We've also engaged in some "Scan & Go done by Costco" kind of tests that we're doing out there that have been extremely successful of moving people through the lines and expediting the transactions. We've seen some very, very early results have been very positive and great adoption from our members seeing that as well.
当然。关于第一个问题，正如加里所说，我们发现数字化手段确实提升了结账效率。所以我们正在大力推进数字会员卡的使用。同时，我们还在进行一些类似“由Costco完成的扫码购（Scan & Go）”的测试，这类试点取得了非常成功的初步结果，能够显著加快排队流程、提升交易速度。会员对这些测试的接受度也很高，反馈非常积极。
So, we're just looking at the whole overall -- our operations team is really focused on the front-end, and we know there's many benefits to that part of the Costco experience of moving people through much better. So, it really is using the digital enhancements that we have available today, and we think we'll see some good things going through there.
因此，我们正在从整体上考察这个问题，我们的运营团队目前非常专注于前端流程。我们知道，让会员更顺畅地完成购物流程对于Costco的整体体验至关重要。而我们正在充分利用现有的数字技术来实现这一点，我们相信在这方面会持续取得良好的进展。
And yeah, we continue to look at the hours of the operation as well. Gas has been very accretive to gallon growth in our sales in the gas business. So, we continue to look at the operations side of things as well, the warehouse hours.
至于营业时间方面，我们也在持续评估。加油业务营业时间的延长对油品销量增长非常有帮助。因此，我们也在考虑运营层面上的其他方面，比如仓库营业时间的调整。
Chuck Grom
Great. Thank you.
太好了，谢谢。
Operator
And our next question comes from the line of John Heinbockel with Guggenheim Securities. Your line is open.
下一个问题来自Guggenheim Securities的约翰·海因博克尔，请提问。
John Heinbockel
Hey. A quick one for Gary, one for Ron. For Gary, I know you got a depot opening in Florida soon. Can you remind us on the supply chain side, distribution, transportation, what's the opportunity there to continue to lower cost from where we are now?
你好，我各问一个问题：一个给加里，一个给罗恩。加里，我知道你们即将在佛罗里达开设一个配送中心。你能否谈谈在供应链、配送和运输方面，我们还有哪些机会可以进一步降低成本？
And then, Ron, have you made any changes with regard to tariffs on how you think about receipts demand planning over the next, I don't know, six months and how you flow that in how -- it's harder maybe for you to chase inventory, but how do you attack that, if at all?
罗恩，你这边关于关税，有没有对接下来大约六个月的采购与需求规划做出调整？你们在库存补货方面可能不像其他企业那样灵活，那你们是如何应对这种挑战的？你们有采取什么策略吗？
Gary Millerchip
Thanks, John. On the depot, I think that it's certainly interesting being relatively new to the company to see really how efficiently we operate our depot network because I think you may be familiar with, we generally are not really holding inventory in any of the depots, we're moving products straight through.
谢谢你，约翰。关于配送中心，我刚加入公司不久，这一点对我来说也很有意思——Costco的配送网络运作效率确实很高。你可能也了解，我们的配送中心通常并不储存库存，而是采用“直通式”作业模式，商品快速流转，不做中转堆积。
So, I think it ties a little bit to your point of as we grow in scale, how do we make sure we optimize the network to be even more efficient just because of the scale of operations that we have now. And we know that when we look at our most productive warehouses and highest volume areas, we see incremental leverage that's created in our overall financial model. So, I don't think there'll be anything we call out as being a change in strategy, but certainly continuing to invest capital in places where it makes sense to optimize the network for depots, we think can help continue to improve our efficiency.
所以，这也正好回应了你的问题：在业务规模持续扩张的情况下，我们如何进一步优化网络，提升效率。我们知道在一些最具生产力、流量最大的地区，能够带来显著的财务杠杆效应。所以我们不会说有任何重大战略变化，但我们确实会继续在那些能够优化配送网络的关键地区投入资本，以此持续推动效率提升。
And then, I think the second part of it would probably be more in e-commerce. As we're growing that business, we have built out the Costco Logistics network and invested in especially on the west side of the country. I would say, when we acquired Innovel, there was a strong presence in the East, less presence in the West. And so, we built out that network. And I think it's part of how we keep showing improvement quarter-over-quarter in the other gross margin line, where e-commerce continues to improve. Part of that is really leveraging those investments to drive more scale and more efficiency in our e-commerce operations. That's probably the bigger area where you see it in our results quarter-to-quarter.
另外一个方面就是电商业务。随着电商的增长，我们也在持续扩建Costco Logistics网络，尤其是在美国西部的投资。我们收购Innovel时，它在东部的物流网络较强，但在西部则相对薄弱，因此我们专门加大了西部布局。这也是我们季度毛利率中“其他”项持续改善的一个重要原因——电商业务在持续盈利改善，而这些提升正是来自于我们对物流网络的投资带来的规模效应与效率提升。从季度财报来看，这是最明显体现的领域之一。
Ron Vachris
And the question on strategic planning of future buying, yes, we -- our buyers are extensively going through short-term, mid-term and long-term strategies as far as buying goes. As you know, the continuous changing environment out there has presented a lot of opportunities for that group to stay on top of this.
关于你提到的未来采购的战略规划，答案是肯定的——我们的采购团队正密集制定短期、中期和长期采购策略。正如你所知道的，当前外部环境持续变化，为采购团队带来了很多保持前瞻性的机会。
And we're having to make some decisions based on the current information that we know today. As you can imagine, with our volume and the size of our company, our commitments are six to eight months out for supply with a lot of our suppliers. And in doing that, we're empowering our buyers to make decisions now based on the importance of the item. And is it something that we can replace with something domestically here, or is it something that we need to go ahead and move on quickly and bring in prior to any future tariff increases?
我们必须根据目前掌握的信息做出采购决策。你可以想象，考虑到我们的体量和采购规模，我们与许多供应商的采购承诺周期长达六到八个月。因此我们授权采购人员现在就根据商品的重要性做出决策——这类商品是否可以用本地产品替代？如果不行，那就需要迅速行动，赶在未来潜在关税上调前将其进口到位。
So, they have a strategic plan out there. They're looking at different areas. We went through a lot of this exercise during the COVID days when you couldn't get goods out of China for a different reason, that's the shipping backups that we have there. And I think our -- and I know our buying team executed great results during those periods of being very nimble and going out and finding new places to bring value and quality to our members.
我们的采购团队已经制定出清晰的战略计划，并正专注于多个区域。其实在疫情期间我们也经历过类似的状况——当时并不是因为关税，而是因为中国港口严重拥堵导致供货受限。在那段时期，我们的采购团队展现了极强的应变能力，迅速找到替代产地，在保证商品价值和质量的前提下继续为会员提供服务。
So, we're going to remain nimble. We're going to make good decisions. And the nice part is we do have some non-U.S. business that we can work closely with if we do get caught with something at a higher tariff rate that we don't feel would be something good for our members here in the U.S., we can work with the other regions to move goods out there as well.
所以我们将继续保持灵活，做出正确的判断。更好的一点是，我们在美国以外的地区也有业务网络。如果遇到某些商品因高关税不再适合美国市场，我们可以与其他地区协同，将这些商品调配至非美市场。
John Heinbockel
Thank you.
谢谢。
Ron Vachris
You're welcome.
不客气。
Operator
And our next question comes from the line of Rupesh Parikh with Oppenheimer. Your line is open.
下一个问题来自Oppenheimer的鲁佩什·帕里克，请提问。
Rupesh Parikh
Good afternoon. Thanks for taking my questions. So, two quick ones for me. So, just going back to the core-on-core margin improvement, Gary, do you expect some of the positive drivers you saw during the quarter to continue near term?
下午好，感谢你们回答我的问题。我有两个简短的问题。第一个，关于核心对核心毛利率的改善，加里，请问你认为本季度看到的一些正面因素在短期内是否还能延续？
And then, second, just on tariffs, just given maybe there's some hope out there, some of these tariffs will be rolled back. If we do see that, would you expect your vendors to reduce some of the tariff-induced price increases?
第二个问题是关于关税——目前市场上有一些对关税取消的预期，如果真的有部分关税被取消，你是否预期供应商会相应下调之前因关税上涨而调高的价格？
Gary Millerchip
Yeah. Thanks, Rupesh. On the core gross margin, I would say some of those were fairly unique to the quarter in the sense that the adjustment that we saw around some of the deflation in some of the ingredients that I talked around, around butter and eggs and dairy. And I think as you know, we continue to look for ways to invest in the member to drive top-line growth in our sales. So, I think again versus sort of maybe talking about what might happen in the next few quarters, I think of it really sort of reflecting what I shared earlier in the call, where how can we continue to invest those dollars to drive more value for the member, drive top-line growth in the company.
谢谢你，鲁佩什。关于核心毛利率，我认为我们在本季度看到的一些积极因素是阶段性的，比如黄油、鸡蛋和乳制品等原材料的价格出现了通缩。我也强调过，我们会持续寻找机会，将资金重新投入到会员体验中，从而推动销售增长。所以与其去预测未来几个季度会发生什么，不如说我们更专注于如何将资源持续地投入给会员，提升他们的价值感，并以此拉动公司的营收增长。
I do think that we've been able to be somewhat nimble in that -- if there are continued impacts on inflation in non-foods, obviously, we could see some impact there that where we're giving back to the member essentially to try and hold on some of the increases there and the benefit that we've had on things like fresh in particular, where you look at the productivity improvements and spoilage improvements. Obviously, those are the things that can potentially fund our investments in other areas to ensure that we're delivering for value -- more value for the member. So, I think we look at it more on the longer-term versus the short-term benefits, but we'll continue to look for ways to invest to drive top-line growth in the business.
我们确实表现出了一定的灵活性——如果非食品类商品继续面临通胀压力，我们可能会选择通过补贴或价格控制的方式将这部分压力缓解给会员。另一方面，生鲜品类中我们通过提升生产效率和减少损耗获得了改善，这些节省下来的资源也能用于其他方面的投入，从而确保我们持续为会员带来价值。因此，我们更倾向于从长期视角思考毛利率的表现，而不是聚焦于短期波动，并始终在寻求机会推动业务的营收增长。
And then, I think from a tariff rollback, it's kind of really difficult to predict. Obviously, we're operating in really a dynamic environment, and we're staying agile. I think all of our suppliers are staying agile. And really, the focus is on how do we react to the moment and make sure that we're there for our members in managing price of the products and continuing to find the most relevant items to the members. So, it's a little bit difficult to predict what might happen around the corner. But I think, as Ron mentioned earlier, we believe we're -- because of our limited SKU counts and the expertise of our buyers and that long-term commitment to our suppliers that we have, we believe there's opportunity for us to continue to widen our value versus the market as we adapt to the changing environment.
至于关税是否会取消，这确实难以预测。我们目前面临的是一个高度动态的环境，我们自身也在保持灵活应变。我认为我们的供应商同样如此。我们真正关注的是如何根据现状快速反应，继续帮助会员管理好商品价格，同时确保提供他们最需要的商品。因此，很难预测短期会发生什么。但正如罗恩此前提到的，得益于我们SKU品类精简、采购团队的专业能力，以及我们与供应商之间长期稳定的合作关系，我们认为有机会在当前变化的市场环境中，进一步扩大我们相对于市场的价值优势。
Rupesh Parikh
Great. Thank you.
太好了，谢谢。
Operator
And our next question comes from the line of Kelly Bania with BMO Capital Markets. Your line is open.
下一位提问者是来自BMO资本市场的凯莉·巴尼娅，请提问。
Kelly Bania
Hi, good evening. Thanks for taking our questions. Just wanted to try and see if we can understand your stance on inventory planning here. You made the comment that raising prices is the last resort, which is clearly consistent with Costco's pricing philosophy, but as we look out into the back half of this year, can you give us a sense of how much price that might not be able to mitigate that might end up having to be passed on and how that could impact your units, particularly on the discretionary side of the business, how you might be planning those?
你好，晚上好，感谢你们回答我的问题。我想进一步了解你们当前的库存规划策略。你们曾提到涨价是最后的手段，这与Costco一贯的定价理念是一致的。但展望今年下半年，是否可以告诉我们，在你们无法缓解的成本上升部分中，有多少可能最终会转嫁给消费者？这又将如何影响你们的销量，特别是非必需品类？你们是如何规划这些品类的？
And then, I guess, also with respect to inventory, are you seeing an environment that is supporting an elevated level of opportunistic buys in this dynamic environment?
另外，就库存方面而言，在当前这种高度动态的市场环境下，你们是否看到更多机会型采购的可能性？
Gary Millerchip
Sure. Thanks, Kelly. I think as I mentioned a moment ago, it's just such a dynamic environment right now that really the focus that we've had in our buying teams is really staying agile to manage the situation. I think I mentioned on the prepared comments, a lot of the focus the team has right now is as we look at the impact of tariffs, where are the places we can work with our suppliers to find ways to be offsetting some of the impact of those, where are places where we could potentially be sourcing with them from different countries, if that's practical to minimize the impact. And in some cases, we're also looking at, I think, a benefit of being a limited SKU count model is we can look at rotating into different items and finding different assortment that makes more sense for the members.
当然可以，谢谢你，凯莉。正如我刚才提到的，目前的市场环境非常动态，我们的采购团队重点是保持敏捷，以应对各种变化。在我的开场陈述中也提到，我们现在的工作重心之一是评估关税的影响，寻找与供应商合作的方式来对冲这些影响。我们也在评估是否有可能从其他国家采购商品以减少关税的冲击。此外，我们SKU种类有限的业务模式也带来了优势，使我们可以快速调整商品组合，为会员提供更具吸引力的替代产品。
So, I think to answer your question, it's probably -- it's difficult to say in general terms, because it really depends on the individual items and looking at how do we make sure we're delivering the best value for the member and delivering the right items that will really resonate with them and drive the volume that we allow us to keep those prices very low and really kind of doing it item by item.
因此，回答你的问题，我们很难做出统一的判断，因为具体要看每个品类的情况。我们的核心是确保为会员提供最佳价值，并挑选出最适合他们、最具吸引力的商品，从而实现规模增长并保持低价。所以我们是逐项进行评估和决策的。
I'll give you a couple of examples that might be helpful. As we looked at what happened with fresh, for example, during the last quarter, we saw inflation as a result of tariffs because we import certain fresh items from Central and South America. So, on pineapples and bananas, for example, because they are key staple items to the member, and we felt it was important to really eliminate the impact there for the member by working with our suppliers and by us finding efficiencies and accepting that there may be a margin impact, we essentially held the price on those to make sure that we're protecting the member.
我举几个例子可能会帮助你理解。比如，在上个季度，一些生鲜商品由于从中南美洲进口，受到关税影响出现了通胀。对于像菠萝和香蕉这类核心日常消费品，我们认为必须为会员消除这种影响。所以我们与供应商合作，内部优化效率，并接受可能带来的利润率下降，从而保持了价格稳定，以保护会员的利益。
When we looked at -- we also source flowers from Central and South America. We looked at that item and decided that while we were able to offset some of the tariffs through similar activity that we did increase some price there because we felt that, that was something that the member would be able to absorb and it was more of a discretionary item there.
我们也从中南美洲采购鲜花。对于这一品类，我们虽然能通过类似方式缓解部分关税冲击，但我们最终还是对价格做了一定上调，因为鲜花属于非必需品，我们认为会员在这个品类上的接受度更高。
If I look at the non-food examples, we're starting to look now because of the potential impact of tariffs is where are there places where there are items that are produced in the U.S. where we might have opportunities to lean in more to some of those items to deliver great value. It might be live goods, mattresses and pillows I mentioned, I think, in the prepared comments on the call, even U.S. outdoor furniture. Some of these areas where we think there could be opportunities to really deliver value for the member when there are maybe some places where that value might not be there because of the impact of tariffs.
在非食品类方面，由于潜在的关税影响，我们正在关注那些产自美国本土的商品，是否可以借此强化我们的采购。例如在通话开场时提到的园艺产品、床垫、枕头，甚至美国产的户外家具等，我们认为这些领域有机会为会员带来更高性价比，尤其是在其他品类因关税导致价值受损的情况下。
Health and beauty would be another good example, I think, in nutritional items that have grown really strongly for us, and we see strong continued appetite for those items for member, so looking to really see whether opportunities to buy great items at great quality and value for our members there as well.
健康和美容类产品是另一个很好的例子，尤其是营养补充品。这一品类的增长势头非常强劲，我们也观察到会员对此的持续需求。因此我们正在寻找机会，以极具吸引力的质量和价格，为会员提供优质商品。
Kelly Bania
Thank you. I was curious if I could just follow up with a question on Affirm partnership and the thought process there. Clearly, Costco has maybe a more defined set of payment options for members than typical retailers. So, just curious if you tested this and how -- what you expect to get out of this? Is it just more support for kind of the big and bulky purchases? Just any thoughts there?
谢谢。我想就你们与Affirm的合作再追问一个问题，以及你们对此的思考过程。显然，Costco比一般零售商对会员的支付选项设定得更加明确。所以我好奇你们是否做过测试？你们希望通过这项合作实现什么？这是否主要是为了支持大件商品的购买？能否分享一些想法？
Gary Millerchip
Yeah, it's very much as you described, Kelly. We saw that -- actually, we saw partly because with -- Affirm has a white label product, if you like, where it's offering service to members that there were some Costco members that were already using Affirm as a solution for a part of purchasing certain products at Costco, while not coming through our ecosystem and not getting the full value from Costco with the exclusive pricing that we can offer to members on the Affirm product when it's -- through our website and through our digital solutions.
是的，凯莉，正如你所描述的。我们发现，实际上有部分Costco会员已经在使用Affirm的白标产品来购买某些商品，但这些交易并没有通过我们的系统完成，因此他们无法享受到Costco通过官网或数字平台为会员提供的Affirm独家优惠价格。
And as we looked at the growth that we're seeing, which has been very strong in many of those big and bulky and large purchase items, we recognize there are some members that want to be able to structure those payments over a period of time. And we believe it's an opportunity for us to be able to deliver more value for the member by having exclusive pricing there while also giving them more options in the way in which they can buy the product.
同时我们也观察到，大件商品和高单价商品的销售增长非常强劲，我们意识到有一部分会员希望能够分期付款。因此我们认为，这是一个很好的机会，不仅能通过独家定价为会员创造更多价值，也能为他们提供更多支付方式的选择。
Kelly Bania
Thank you.
谢谢。
Operator
And our next question comes from the line of Kate McShane with Goldman Sachs. Your line is open.
接下来提问的是高盛的凯特·麦克谢恩，你的线路已打开。
Kate McShane
Hi. Good afternoon. Thanks for taking our question. The numbers really do speak for themselves when it comes to membership growth, but we wondered if there was anything to note just given that it's been several months since the price increase in terms of any kind of member response. And internationally, have you seen any kind of impact from Costco being a U.S. brand?
你好，下午好。感谢你们接受我们的提问。会员增长的数据确实说明了一切，但我们想了解一下，自从几个月前会员费上涨后，会员有无什么反馈？另外，在国际市场方面，Costco作为一个美国品牌，有没有受到什么影响？
Gary Millerchip
Yeah. Thanks, Kate. Overall, on membership, I'd say we're very pleased with the metrics. We tend to look at it across renewal rates, continued sign-up activity overall and then is the membership count and the income growing. And when we look at those three metrics, we're pleased with the overall direction that we're seeing in all of those metrics.
谢谢，凯特。总体来看，我们对会员相关的指标非常满意。我们通常会关注三个方面：续订率、持续的会员注册活跃度，以及会员总数和相关收入是否在增长。从这三项指标来看，目前整体的趋势都非常令人满意。
It's a little bit early in the renewal calculation still to have a really good feel for any impact from the membership fee increase that we'd just be starting to see some of that into the number now, but nothing that we'd flag as material in the numbers that we're seeing in renewal rate.
现在在续订数据方面还稍微有点早，还不能完全评估会员费上涨是否有影响，目前这些变化才刚刚开始体现在数据中。但就我们目前所观察到的续订率而言，没有什么特别值得警示的情况。
I think as we shared before, we really haven't heard a lot of member feedback. I think the fact we waited seven years to increase the fee when we typically would do it in five. And so, there was a level of understanding it may be coming and then also holding on many prices around the hot dog and the rotisserie chicken at times when inflation was higher as well. So, nothing in general, I would call out there.
正如我们之前所说的，我们并没有收到太多会员的负面反馈。我们通常每五年会调一次价，而这次我们等了七年才调价，会员对此有一定的心理预期。另外，在通胀较高的时候，我们仍维持了热狗和烤鸡等产品的价格稳定，这些因素都有助于缓解价格上涨带来的反应。因此整体而言，我们并没有看到什么特别值得关注的异常情况。
And overall, then in terms of the international business, to your question, I would say that we -- our members are very vocal in sharing feedback, and I think there is -- we certainly hear some feedback from members that they wish the relationship was better today between the countries. But in terms of sales growth, as you saw in our published numbers, we continue to have really strong sales growth in Canada and international. In fact, I was just looking this morning, all of our international countries had positive comp growth during the quarter as well. So, there's really nothing that we call out other than I think there's definitely a recognition that there's tension at the moment between the relationships.
至于你提到的国际业务，我们的会员向来很乐于反馈意见。确实有部分会员表示希望当前国家之间的关系能更好一些。但从销售增长的角度来看，正如你在我们公开数据中看到的，加拿大和其他国际市场的销售增长依然非常强劲。实际上，我今天早上才查看了数据，我们所有的国际市场本季度都实现了同比正增长。所以除了会员对于国际关系紧张有所感知外，我们并没有看到其他明显影响。
Kate McShane
Thank you.
谢谢。
Operator
And our final question comes from the line of Peter Benedict with Baird. Your line is open.
最后一个问题来自Baird的彼得·本尼迪克特，你的线路已打开。
Peter Benedict
Hi, guys. Thanks for sneaking me in. I guess, a question on the renewal rates, and I know you flagged that they would be coming in a little bit because of the nature of the past sign-up. How long do you think this persists? When do you think it may stabilize? And then, any theories as to why these digital members renew at a lower rate? Do you have any strategies to address that? Is it just the nature of the member or the new customers that are signing up? Just curious your thoughts on that. Thank you.
你好，谢谢你们让我插进来问最后一个问题。我想问一下关于会员续订率的问题。我知道你们之前提到，受过去某些注册方式的影响，续订率可能会略有下降。你们认为这种情况会持续多久？什么时候可能趋于稳定？另外，为什么数字会员的续订率相对较低？你们有没有什么应对策略？这是因为这类会员本身的属性，还是因为新注册会员的结构变化？我对此很感兴趣，谢谢。
Gary Millerchip
Yeah. Thanks, Peter. I'd say overall, we expect it's likely to continue for a while. You may recall, last quarter, it bumped up by 20 basis points. This quarter, it bumped down by 30 basis points. And so, you kind of have this lag of periods of time where we've got these digital promotions that we're doing that are coming into the calculation. And there are some members that are taking advantage of a unique promotion there, and there are also a younger -- an average younger age of member in that group as well. So, we tend to see they renew at a slightly lower rate overall within digital. So, I think this is something that we'd expect to see a period of time to come because of those factors.
谢谢，彼得。总体而言，我们认为这种情况还会持续一段时间。你可能记得，上个季度我们的续订率上升了20个基点，而本季度则下降了30个基点。这主要是因为我们在某些时期开展了数字渠道的促销活动，这些正在逐步体现在续订率的计算中。有一部分会员是通过这些独特促销活动注册的，同时这一群体的平均年龄也更年轻。在数字会员群体中，我们确实观察到他们的整体续订率略低。因此，基于这些因素，我们预计续订率的波动还会持续一段时间。
And then, you add to that, that there wasn't really any impact from this in this quarter, but we do have Asian warehouses that open that have a large number of members per warehouse can be four to five times the average that we see in the U.S. per warehouse and some of that is really in the first year just traveling long distances to come and see the warehouse for the first time. And then, we do see a lower renewal rate on those warehouses and the denominator is big. So, it does have an impact there as well. So, I do think you should expect that to continue for the foreseeable future.
此外，虽然这个季度还没有显著体现，但我们在亚洲新开的门店也会带来一定影响。这些门店的会员人数往往是美国门店的四到五倍，而在开业的第一年，很多人是长途跋涉来体验门店的。因此，这类门店的续订率通常会偏低，而由于母体数量很大，所以对整体续订率的统计也会带来影响。所以我认为，在可预见的未来，这种趋势仍会持续。
I think to the second part of your question that we do see it as an opportunity, especially with the digital members that -- as we see more members start to sign up digitally, getting them into the warehouse, engaging with them more through more relevant and personalized communication, there's an opportunity to move those members of the loyalty curve and renewal rates more significantly.
关于你第二个问题，我们确实认为这是一个机遇。尤其是针对越来越多通过数字渠道注册的会员，我们认为通过引导他们到门店体验、并通过更加个性化和相关性强的沟通方式与他们建立联系，是有机会让他们在会员忠诚度曲线上进一步提升，并提高他们的续订率的。
Part of that in truth is also just a maturity in general. When we look at our younger members, they generally renew at a slightly lower rate. And so, it's not a surprise to us that that's the case, but we think there's an opportunity for us to improve that renewal rate by continuing to engage with them more effectively digitally and making sure we bring them into the warehouse.
其实这也和会员的成熟度有关。当我们分析较年轻的会员群体时，他们的续订率本身就偏低，这并不让我们感到意外。但我们认为，只要我们能更有效地通过数字方式与他们互动，并引导他们进入门店体验，就有机会提升这部分群体的续订率。
Peter Benedict
That's helpful color. Thanks, Gary. Good luck.
这些解释很有帮助，谢谢你，加里。祝你们好运。
Gary Millerchip
Thanks.
谢谢。
Operator
And ladies and gentlemen, this will conclude our question-and-answer session and today's call. We thank you for your participation, and you may now disconnect.
女士们，先生们，问答环节和今天的电话会议到此结束。感谢大家的参与，现在您可以断开连接。
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