Shares ripping to another all-time high today.

今日股價再創歷史新高。

So for Wal-Mart, the wealthy consumer is where they've been gaining the majority of shares.

是以，對於沃爾瑪來說，富裕消費者是他們獲得大部分份額的來源。

In recent quarters, in particular, a lot of analysts have been asking, what's going on with Wal-Mart?

特別是最近幾個季度，很多分析師都在問：沃爾瑪到底怎麼了？

Why is it having so much success with these higher income households that are generally defined as having an income of $100,000 or more per year?

為什麼它在這些高收入家庭（一般定義為年收入 10 萬美元或以上的家庭）中取得了如此大的成功？

I'm Melissa Repco, and I'm a retail reporter for CNBC.

我是 Melissa Repco，是 CNBC 的零售記者。

For the past few weeks, I've been hearing a lot about Wal-Mart's gains with upper income consumers.

在過去的幾周裡，我聽到了很多關於沃爾瑪在高收入消費者中的收益的消息。

Those shoppers contributed again to the company's results in the most recent quarter.

這些購物者再次為公司最近一個季度的業績做出了貢獻。

U.S. e-commerce sales grew 20 percent in the quarter, and home delivery, popular with those wealthier shoppers, is getting Wal-Mart's online business closer to profitability, too.

本季度美國電子商務銷售額增長了 20%，而深受富裕購物者歡迎的送貨上門服務，也讓沃爾瑪的在線業務更接近盈利。

Wal-Mart's stock has been up, even hitting record and 52-week highs, because of the gains it's putting up with shoppers.

沃爾瑪的股價一直在上漲，甚至創下了 52 周以來的新高，因為它在購物者中獲得了收益。

We're seeing higher engagement across income cohorts, with upper income households continuing to account for the majority of share gains.

我們看到各收入組群的參與度都在提高，高收入家庭繼續佔份額增長的大部分。

Higher income shoppers are a huge opportunity.

高收入購物者是一個巨大的機會。

It is known as the nation's largest grocer, but where it makes more money is selling things like throw pillows, clothing, makeup, items that are higher margin.

眾所周知，它是全美最大的雜貨商，但它更賺錢的地方是銷售枕頭、服裝、化妝品等利潤率較高的商品。

And those are often the tougher ones to sell.

而這些往往是比較難銷售的。

If you sell to a higher income customer, they have more dollars in their pocket to spend, and they're more willing to spend more money all around.

如果你的銷售對象是收入較高的客戶，他們口袋裡就會有更多的錢可花，也就更願意花更多的錢。

So it tends to be a shopper that can endure the ups and downs in the economy.

是以，購物者往往能夠承受經濟的起伏。

It can also sell things like more ads.

它還能賣出更多廣告等東西。

That's been another growth business for the company, as has its third-party marketplace, where it's selling a broader assortment to these new and more frequenting customers.

這是該公司的另一項增長業務，其第三方市場也是如此，它向這些新客戶和更頻繁的客戶銷售更廣泛的產品。

And it really boils down to three factors, according to the reporting.

根據報道，這其實可以歸結為三個因素。

Walmart for a long time has focused on everyday low price, but it's been talking more about ways to make shopping easier for all of its customers.

長期以來，沃爾瑪一直專注於日常低價，但它一直在討論如何讓所有顧客更輕鬆地購物。

Things like dropping off purchases at people's doors.

比如送貨上門。

And one way it's done that is it launched Walmart Plus, its answer to Amazon's Prime program, and a way to get people to sign up and stick with its online shopping business.

其中一個方法就是推出 Walmart Plus，這是沃爾瑪對亞馬遜 Prime 計劃的迴應，也是讓人們註冊並堅持在線購物業務的一種方式。

As it's attracting more of these households, they're buying things like gluten-free items, organic items, the types of items that Walmart has added to its assortment.

由於沃爾瑪吸引了更多這樣的家庭，他們會購買無麩質商品、有機商品，沃爾瑪在其商品種類中增加了這些類型的商品。

It's also redone stores and redone its website to make it a little bit fresher looking, a little bit more modern and up-to-date.

它還重新裝修了商店和網站，使其看起來更清新、更現代、更與時俱進。

So if you go into a remodeled Walmart, you'll see a lot of brands that you may not know Walmart sells.

是以，如果你走進改造後的沃爾瑪，你會看到很多你可能不知道沃爾瑪銷售的品牌。

Things like Reebok.

比如銳步。

Walmart's also launched fashion brands called Scoop and Free Assembly, and they have a lot of pieces that are lower cost but a little bit more fashion-forward.

沃爾瑪還推出了名為 "Scoop "和 "Free Assembly "的時尚品牌，它們有很多成本較低但更時尚前衛的產品。

Things that you might find at a specialty retailer, a cute sundress, a blazer, more color pops or earrings.

你可能會在專賣店找到的東西，一件可愛的太陽裙、一件西裝外套、更多的流行色或耳環。

Again, a way to kind of get away from Walmart's reputation as being more of a grocer and more of a place to get things like paper towels.

同樣，這也是一種擺脫沃爾瑪 "更像雜貨店，更像買紙巾的地方 "這一名聲的方式。

What was, you know, interesting was the continued gains in the higher income household.

有趣的是，高收入家庭的收入持續增長。

I remember you saying way back when that those gains might be difficult to hold on to as the economy improves, as shoppers return to their normal habits.

我記得你以前曾說過，隨著經濟好轉，購物者恢復正常習慣，這些收益可能難以維持。

The fact that they're sticking now sort of suggests one of two things.

他們現在還在堅持，這說明了兩件事中的一件。

One, that they're not ready to move back yet.

第一，他們還沒準備好搬回來。

Or two, that Walmart got a good shot at them and kept them happy.

其二，沃爾瑪在他們身上打了一槍，讓他們很高興。

The big question here is, can Walmart maintain these shoppers?

現在最大的問題是，沃爾瑪能否留住這些購物者？

I recently spoke to John Furner, who's Walmart's U.S.

我最近採訪了沃爾瑪美國公司的 John Furner。

CEO, and he said that they're aware that in the past they've gained these shoppers and lost them.

首席執行官，他說他們意識到，過去他們得到過這些購物者，也失去過他們。

For example, during the Great Recession, a lot of people traded down to Walmart because they could stretch their dollar.

例如，在經濟大衰退期間，很多人都去沃爾瑪買東西，因為這樣可以節省開支。

This time, he argues it's a different thing, that people are not only coming to Walmart because of inflation, but they're also coming because of the investments that Walmart's made into its store and its website and having a broader product offering.

他認為，這次情況不同，人們來沃爾瑪不僅是因為通貨膨脹，還因為沃爾瑪對商店和網站進行了投資，並提供了更廣泛的產品。

And so he thinks this time it has more staying power.

是以，他認為這次更有持久力。

One of the challenges, too, is that Walmart is known for having kind of a no-frills attitude when it comes to its stores.

挑戰之一還在於，沃爾瑪以不惜工本的態度經營商店而聞名。

And so as it adds brighter lighting, mannequins, more fashion-forward pieces and really promotes those, could it risk alienating lower-income shoppers?

是以，當它增加更明亮的燈光、更多的模特、更多的時尚前衛產品，並真正推廣這些產品時，它是否會有疏遠低收入購物者的風險？

So it's been careful to add some of these higher-priced items to its website rather than in the store.

是以，它很謹慎地將一些價格較高的商品放在網站上，而不是商店裡。

And in some parts of its store locations, you won't see as many of the fashion-forward brands.

而在其部分店面，你看不到那麼多時尚前衛的品牌。

You'll see more of the staples.

你會看到更多的主食。

Walmart's market share gains are coming from somewhere else, and that may mean that Target and Amazon in particular are at risk because those are two of the biggest competitors.

沃爾瑪的市場份額增長來自其他地方，這可能意味著塔吉特和亞馬遜尤其面臨風險，因為它們是最大的兩個競爭對手。

The other companies that are at risk are regional grocers or supermarket chains owned by Kroger or Albertsons.

其他面臨風險的公司是地區性雜貨商或 Kroger 或 Albertsons 旗下的連鎖超市。

I spoke to shoppers that have been going more to Walmart and where they're going less to is actually one of Kroger's supermarket chains because they realized they could save 20 percent in their weekly grocery bill.

我和一些購物者聊過，他們去沃爾瑪的次數多了，而去克羅格（Kroger）旗下的一家連鎖超市的次數少了，因為他們意識到每週可以節省 20% 的雜貨開支。

Despite those gains, Walmart is taking a conservative approach.

儘管取得了這些成績，沃爾瑪還是採取了保守的態度。

We have to acknowledge that we are in an uncertain time and we don't want to get out over our skis here.

我們必須承認，我們正處在一個不確定的時代，我們不想在這裡裹足不前。

There's a lot of the year to play out.

今年還有很多事情要做。

Again, we feel good about our ability to navigate the environment, whether it's tariffs or other macro uncertainty.

同樣，無論是關稅還是其他宏觀不確定性，我們對自己駕馭環境的能力都感覺良好。