Sales Performance - Net sales reached $66.0 billion, reflecting an 8.2% growth[4] - Comparable sales increased by 6.4%[4] - Adjusted comparable sales also grew by 6.4%[4] - Digitally-enabled comparable sales surged by 20.5%[4, 16] - Adjusted digitally-enabled comparable sales also increased by 20.5%[4, 16] - US comparable sales increased by 5.9%, Canada by 6.5%, and Other International by 8.8%[8] Financial Highlights - Gross margin was 11.32%, a 4 bps increase compared to Q1 FY'25[9] - SG&A was 9.60%, a 1 bp decrease compared to Q1 FY'25[9] - The company reported a tax benefit of $72 million, or $0.16 per diluted share, related to stock-based compensation[9] Membership Metrics - Membership income grew by 14.0%[11] - The worldwide membership renewal rate was 89.7%, with the US/CN renewal rate at 92.2%[11] - Paid memberships reached 81.4 million, a 5.2% increase[14] - Total cardholders amounted to 145.9 million, a 5.1% increase[14] - Executive memberships totaled 39.7 million, representing 74.3% penetration of sales to executive members[14] Digital Performance - Ecommerce site traffic increased by 24%[18] - Ecommerce average order value grew by 13%[18] Warehouse Expansion - The company plans to increase its total warehouses from 914 to an estimated 942 by the end of FY'26[19]

Group 1: Retail Sales Performance - In Q3 2025, Macau's retail sales reached MOP 16.96 billion, marking a year-on-year increase of 2.2% and a 5.8% growth compared to Q2 2025 [1] - Sales of cosmetics and hygiene products, watches and jewelry, and pharmacies saw significant year-on-year increases of 22.0%, 14.5%, and 11.0% respectively, contributing to the overall retail sales growth [1] - Conversely, automotive sales experienced a decline of 28.4% [1] Group 2: Year-to-Date Performance - For the first three quarters of 2025, Macau's retail sales totaled MOP 50.56 billion, reflecting a year-on-year decrease of 5.4% [1] - Sales of automotive fuel and leather goods dropped by 11.6% and 11.1% respectively, while pharmacy sales increased by 7.8% [1] - The average sales volume index for the first three quarters fell by 7.5%, with watches and jewelry down by 19.6%, while pharmacies recorded an 8.2% increase [1] Group 3: Merchant Expectations for Q4 - Approximately 46.8% of retailers expect Q4 sales volume to be similar to the same period last year, while 43.5% anticipate a decrease [2] - 77.7% of merchants predict that Q4 sales prices will remain at last year's levels, with 11.6% expecting a decline and 10.7% anticipating an increase [2] - Compared to Q3, about 47.1% of merchants expect stable operating conditions in Q4, while 33.9% foresee a deterioration [2]