“We estimate CapEx for the full year will be approximately $6.5 billion as we continue to invest in building a larger pipeline of new warehouses, remodeling our existing warehouses to drive continued growth in high volume buildings, expanding our depot network to support operational efficiency, and in enhancing the member digital experience.”

In context

“is points and lower by 1 basis point excluding the impact of gas inflation. Equity compensation was flat and higher or worse by 1 basis point excluding gas. This quarter, SG&A also benefited 5 basis points lapping the catch up accrual in Q3 last year for higher vacation days in our 2025 employee agreement. Below the operating income line, interest expense was $32 million compared to $35 million last year, interest income was $130 million versus $95 million last year, driven by higher cash balances and FX and other was a $25 million benefit versus a $10 million loss last year largely due to changes in FX. In terms of income taxes, our tax rate in Q3 was 25.4% compared to 26.2% in Q3 last year. Turning now to some key items of note in the quarter. Capital expenditure in Q3 was $1.41 billion We estimate CapEx for the full year will be approximately $6.5 billion as we continue to invest in building a larger pipeline of new warehouses, remodeling our existing warehouses to drive continued growth in high volume buildings, expanding our depot network to support operational efficiency, and in enhancing the member digital experience. In terms of merchandising highlights, as Ron mentioned in his opening comments, gas prices had a major impact on the quarter, with our members allocating a greater proportion of their total spend to gas. At the same time, we saw very robust comp sales results excluding gas. As our combination of merchandising quality, value and newness continues to resonate with members. Fresh comparable sales were up in the high single digits in the quarter, led by meat and bakery. In meat, we saw strength in both premium cuts of beef and lower cost proteins such as ground beef and poultry. In bakery, we continue to see success with the launch of exciting new items including a variety of seasonal pastries and cookies. Non-foods comp sales were up in the high single digits in Q3, Top performing department”