需求持续增长，好市多稳坐“主场”

美股研究社06-13

作者 | Matteo Sada,CFA编译 | 华尔街大事件好市多(NASDAQ：COST)在其第三财季表现强劲，收入和收益均超出分析师预期。这家仓储巨头公布的净销售额为585.2亿美元，超过预期的579.8亿美元。这相当于同比增长9.1%，表明客户对好市多的散装产品的需求持续增长。强劲表现不仅限于整体销售。同店销售额增长了6%。这种增长在国际市场尤为令人印象深刻，销售额增长了8.5%，而美国...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2443350650?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-06-13 18:41","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2443350650","market":"sg","top_or_hot":-1,"title":"需求持续增长，好市多稳坐“主场”","media":"美股研究社","content":"<div>\n<p>作者 | Matteo Sada,CFA编译 | 华尔街大事件好市多(NASDAQ：COST)在其第三财季表现强劲，收入和收益均超出分析师预期。这家仓储巨头公布的净销售额为585.2亿美元，超过预期的579.8亿美元。这相当于同比增长9.1%，表明客户对好市多的散装产品的需求持续增长。强劲表现不仅限于整体销售。同店销售额增长了6%。这种增长在国际市场尤为令人印象深刻，销售额增长了8.5%，而美国...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2024-06-13/doc-inayqwpx6527342.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>需求持续增长，好市多稳坐“主场”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n需求持续增长，好市多稳坐“主场”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-13 18:41 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/usstock/c/2024-06-13/doc-inayqwpx6527342.shtml><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者 | Matteo Sada,CFA编译 | 华尔街大事件好市多(NASDAQ：COST)在其第三财季表现强劲，收入和收益均超出分析师预期。这家仓储巨头公布的净销售额为585.2亿美元，超过预期的579.8亿美元。这相当于同比增长9.1%，表明客户对好市多的散装产品的需求持续增长。强劲表现不仅限于整体销售。同店销售额增长了6%。这种增长在国际市场尤为令人印象深刻，销售额增长了8.5%，而美国...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2024-06-13/doc-inayqwpx6527342.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1066053197.SGD","symbol_name":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","start_time":0,"source_url":"https://finance.sina.com.cn/stock/usstock/c/2024-06-13/doc-inayqwpx6527342.shtml","article_id":"2443350650","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/stock/usstock/c/2024-06-13/doc-inayqwpx6527342.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, .action","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2443350650","pubTimestamp":1718275260,"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"然而，尽管收益报告表现良好，但不确定的阴影笼罩着好市多的股价。好市多最近的财报电话会议强调了其持续的市场份额增长、强劲的财务状况和忠诚的客户群，尽管该股的历史高点可能表明情况并非如此。好市多的独特战略优先考虑会员价值，从而巩固了其市场份额。虽然存在来自竞争对手的挑战，但好市多对质量、会员忠诚度和效率的关注使其能够保持主导地位。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","BK4550":"红杉资本持仓","BK4588":"碎股","COST":"好市多","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4581":"高盛持仓","BK4155":"大卖场与超市","BK4504":"桥水持仓","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0079474960.USD":"联博美国增长基金A","LU0385154629.USD":"贝莱德营养科学基金A2","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0471298777.SGD":"Blackrock Nutrition A2 SGD-H","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","BK4585":"ETF&股票定投概念","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)"},"translate_title":"Demand continues to grow, Costco sits firmly on the \"home field\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COST":1},"content_text":"作者 | Matteo Sada,CFA编译 | 华尔街大事件好市多(NASDAQ：COST)在其第三财季表现强劲，收入和收益均超出分析师预期。这家仓储巨头公布的净销售额为585.2亿美元，超过预期的579.8亿美元。这相当于同比增长9.1%，表明客户对好市多的散装产品的需求持续增长。强劲表现不仅限于整体销售。同店销售额增长了6%。这种增长在国际市场尤为令人印象深刻，销售额增长了8.5%，而美国增长了6%。甚至电子商务也超出了预期，增长了20.7%，这得益于对黄金和白银金条的需求意外激增。然而，尽管收益报告表现良好，但不确定的阴影笼罩着好市多的股价。收益电话会议后，投资者的反应是股价小幅下跌，这可能是由于没有预期中的会员费上涨，这可能是在通胀担忧和潜在经济衰退逆风中谨慎行事的迹象。然而，好市多的新任首席财务官Gary Millerchip试图安抚投资者，表示费用上涨的可能性仍然存在，但该公司正在仔细考虑实施该措施的“正确时机”：我们过去一直考虑每五年左右增加一次会员费。显然，就典型的周期而言，我们现在已经超过了这个时间段。我们所看到的业务表现并没有改变我们对此的看法。我们对会员续订率感到非常满意。我们对测试结果感到非常满意，即我们是否为会员提供了比上次增加会员费时或之后更多的价值。这表明好市多正在仔细权衡增加收入的潜在利益与在潜在不稳定的美国经济环境中疏远忠实客户群的风险。好市多最近的财报电话会议强调了其持续的市场份额增长、强劲的财务状况和忠诚的客户群，尽管该股的历史高点可能表明情况并非如此。好市多未来的长期增长潜力仍然具有吸引力。好市多的新任首席执行官Ron Vachris为公司带来了近40年的经验。他曾在运营、销售和房地产等多个部门担任过领导职务，对好市多的内部运作有着深刻的了解。他与公司的长期目标“高度一致”，他的薪酬方案进一步证实了这一点，其中约85%的权重是股票奖励。Vachris接任之际，员工满意度很高，Glassdoor的评价超过了行业平均水平。保持这种积极势头对他的成功至关重要。取代好市多长期担任首席财务官的理查德的是加里·米勒奇普(Gary Millerchip)。加里是一位经验丰富的财务专业人士，拥有丰富的零售经验，曾在Kroger(KR)任职超过15年，最近担任首席财务官，并在英国银行业工作超过20年。加里的挑战在于平衡好市多雄心勃勃的增长计划与保持健康的财务状况。虽然理查德留下了强劲的财务业绩，包括平均ROE增长9.73%（但目前预计会下降）。但加里需要控制债务以推动好市多的扩张，同时应对可能更加棘手的经济形势。理查德明年将继续担任顾问，这有助于确保平稳过渡和知识转移。好市多的领导层变动带来了新面孔：首席执行官Vachris拥有40年的公司经验，并且与公司未来的成功紧密相关。他需要保持较高的员工满意度。新任首席财务官Millerchip拥有丰富的零售和银行业经验，他继承了强大的财务遗产，但面临着管理潜在衰退和控制债务以实现增长的问题。好市多的独特战略优先考虑会员价值，从而巩固了其市场份额。通过年度会员资格培养的忠诚客户群，解锁了优质产品的独家优惠，从而带来回头客和更高的消费。好市多高效的供应链和强大的Kirkland Signature自有品牌进一步增强了对价值的关注。尽管采用批量方式，但质量仍然是首要任务，从而增强了客户信任。虽然竞争对手提供更广泛的选择，但好市多会战略性地策划产品，就像它对金银条所做的那样，谈判更好的交易并精简运营以降低会员价格。好市多的优势来自三重优势：会员模式带来的强大会员忠诚度、最小化成本的高效供应链以及Kirkland Signature等强大的自有品牌。虽然存在来自竞争对手的挑战，但好市多对质量、会员忠诚度和效率的关注使其能够保持主导地位。好市多近期的盈利巩固了其潜在增长。尽管股票反应平淡，但忠诚的客户、强劲的财务状况和市场份额的增长描绘出一幅积极的图景。他们以会员为中心的战略，加上独家优惠、高品质的精选产品和高效的供应链，使其拥有竞争优势，而强大的自有品牌则为其提供了支持。新领导层带来了深厚的公司知识，首席执行官的任期和股票挂钩薪酬表明与公司的长期目标“高度一致”。虽然好市多的估值反映了较高的市场预期，但分析师对管理层执行其战略的能力充满信心。\n\nMACD金叉信号形成，这些股涨势不错！\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2443350650"}