Note how it lists the intermediary nodes (my people call 'em routers) between you and the destination. There are three sample times for each router that reflect how long the packet took to get from here to there.
To understand how to fully interpret the traceroute output, you need to know a bit about how it works. It uses two concepts I brought up in my earlier article about ping: the Time to Live (TTL) field in the IP packet (which tells us approximately how many router hops the packet can make before it dies or gets returned) and ICMP control messages (which are special IP control messages used to send network information between two hosts).
Traceroute works by addressing a packet to a (hopefully) unlistened-to UDP port on the destination machine (the default is port 33434). For the initial three packets, it sets the TTL to 1 and releases the packet. The packet then gets transferred to the first router (completing the first hop, in networkese), and the TTL gets decremented by the router from 1 to 0. The router then discards the packet and sends off an ICMP notification packet to our host with the message that the TTL expired from this router. This tells traceroute what the first hop is and how long it takes to get there (among other things). It repeats this, gradually incrementing the TTL until a path to the remote host is traced and it gets back an ICMP Port Unreachable message, indicating that the remote host has been reached (that's why an unlistened-to port is used, so that the packet gets responded to instead of eaten by some random service).
