Investor Presentaiton
Gross profit rate
+135 bps, without fuel +143 bps
Rate increase primarily due to lapping elevated markdowns last year
•
LIFO expense $48M
Operating expenses as a percentage of net sales
+107 bps, without fuel +64 bps
⚫ Lower fuel sales negatively affected expense leverage
• Without fuel, deleverage primarily due to higher facilities costs and technology investments
Membership income
+7.0%
⚫ Continued strength primarily due to Plus membership growth and renewals
•
• Member count strong with Plus penetration +130bps y/y
Operating income
$521M, +22.0%, without fuel $392M, +76.6%
• Lower LIFO charge this year ($48M) vs. last year ($123M) benefited operating income
Inventory
•
-9.5%
Lapping supply chain challenges and reduced general merchandise demand last year as well as
an elevated LIFO reserve adjustment
Pleased with flow of inventory as merchandise is closer to customers, in Clubs and DCs
Sam's Club U.S.
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