Management remarks
Call period: 2026 Q4 · 2026-09-24
Guidance: Gary Millerchip: For fiscal year 2027, we are planning approximately $7.5 billion in capital expenditure.Demand and orders: Gary Millerchip: Our approach is resonating well with members, leading to triple-digit growth in sales from personalized initiatives in Q4 and 10% of all costco.com orders now include a personalized item.Margins: Gary Millerchip: Our reported gross margin rate was lower year-over-year by 11 basis points, coming in at 11.02% compared to 11.13% last year. Excluding gas inflation, the gross margin rate was higher by 20 basis points.Analyst Q&A
Analyst Rupesh Parikh asked: So on the agentic commerce front, clearly an evolving backdrop. Just overall, just how do you feel Costco is positioned as the backdrop continues to evolve? Management Gary Millerchip answered: So it's early days in our mind. The traffic is growing significantly, but it's still a very low base. When we look at the volume that we see, we're seeing triple-digit growth in terms of the sales that we're seeing originate from that search activity on the different large language models, the AI tools that are out there for members. So think of that being Gemini, Anthropic and OpenAI. And we're seeing encouraging growth in those areas.管理层陈述
电话会期间：2026 Q4 · 2026-09-24
指引：加里·米勒奇普：我们计划在2027财年投入约75亿美元的资本支出。需求与订单：加里·米勒奇普：我们的策略深受会员认可，第四季度个性化举措带来的销售额实现三位数增长，目前Costco.com订单中有10%包含个性化商品。利润率：加里·米勒奇普：我们报告的毛利率同比下降11个基点，为11.02%，去年为11.13%。扣除天然气通胀因素后，毛利率上升20个基点。分析师问答
分析师鲁佩什·帕里克提问：在智能体商务背景持续演变的情况下，好市多的定位如何？ 管理层加里·米勒奇普回应：该领域尚处于早期阶段，流量大幅增长但基数仍很低，会员通过Gemini、Anthropic、OpenAI等大型语言模型和AI工具开展搜索活动带来的销售额实现了三位数增长，我们在该领域看到了令人鼓舞的增长。
