零售巨头分化加剧!塔吉特(TGT.US)为何业绩失意，沃尔玛(WMT.US)却持续领跑?

智通财经网11-21

塔吉特(TGT.US)与沃尔玛(WMT.US)，这两家美国大型零售商的财报再次凸显出它们之间的业绩差异。塔吉特周三公布了不及预期的三季度业绩报告，导致其股价跌至52周低点。而前一天，沃尔玛的股价则飙升至历史高点。财报显示，塔吉特Q3销售额未达预期，并下调了全年调整后每股收益预期。相比之下，沃尔玛上调了全年业绩预期，显示出更强的销售趋势。具体来说，塔吉特的三季度销售额为252.3亿美元，低于市场预期...

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href=https://finance.sina.com.cn/stock/hkstock/ggscyd/2024-11-21/doc-incwusvs4737873.shtml><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>塔吉特(TGT.US)与沃尔玛(WMT.US)，这两家美国大型零售商的财报再次凸显出它们之间的业绩差异。塔吉特周三公布了不及预期的三季度业绩报告，导致其股价跌至52周低点。而前一天，沃尔玛的股价则飙升至历史高点。财报显示，塔吉特Q3销售额未达预期，并下调了全年调整后每股收益预期。相比之下，沃尔玛上调了全年业绩预期，显示出更强的销售趋势。具体来说，塔吉特的三季度销售额为252.3亿美元，低于市场预期...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/hkstock/ggscyd/2024-11-21/doc-incwusvs4737873.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":"LU1066051225.USD","symbol_name":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) 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Why is Target (TGT.US) frustrated with performance, but Walmart (WMT.US) continues to lead?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WMT":1,"TGT":1},"content_text":"塔吉特(TGT.US)与沃尔玛(WMT.US)，这两家美国大型零售商的财报再次凸显出它们之间的业绩差异。塔吉特周三公布了不及预期的三季度业绩报告，导致其股价跌至52周低点。而前一天，沃尔玛的股价则飙升至历史高点。财报显示，塔吉特Q3销售额未达预期，并下调了全年调整后每股收益预期。相比之下，沃尔玛上调了全年业绩预期，显示出更强的销售趋势。具体来说，塔吉特的三季度销售额为252.3亿美元，低于市场预期的257.4亿美元。公司表示，业绩不佳的原因包括“可自由支配需求减速”以及成本上升，这归咎于10月份港口罢工前匆忙转移库存的影响。在财报电话会议上，塔吉特的首席执行官布莱恩·康奈尔指出，美国消费者正在谨慎购物，努力克服多年价格上涨的累积影响。财报公布后，塔吉特美股盘前跌幅接近20%。另一方面，沃尔玛的业绩则表现出色。该公司沃尔玛上调了全年业绩预期，将全年净销售增长预期从3.75%-4.75%上调至4.8%-5.1%，全年经调整经营利润增速预期由6.5%-8%上调至8.5%-9.25%。沃尔玛表示，尽管消费者更看重性价比，但高收入消费者的消费需求正在增长，杂货部门以外的商品销售趋势也越来越好。尽管两家门店的客流量增长幅度相近，沃尔玛的销售表现却明显优于塔吉特。具体来看，沃尔玛在美国的客流量实现了3.1%的增长，略高于塔吉特的2.4%。在同店销售额方面，沃尔玛取得了5.3%的同比增长，相比之下，塔吉特的增长仅为0.3%。此外，沃尔玛的电子商务销售额同比增长了22%，这一增幅也超过了塔吉特11%的增长率。值得注意的是，本财季其他大型零售商也公布了好于预期的业绩。然而，由于利率和抵押贷款利率较高，消费者对大额支出持观望态度。这两家大型零售商之间的巨大差异表明了消费者在不同领域的消费意愿和开支缩减情况。随着零售商进入一年中最重要的销售季节，行业内部的业绩分化可能会更加明显。DA Davidson零售分析师迈克尔·贝克指出，塔吉特令人失望的业绩反映的是公司业绩而非消费者的健康状况。他认为，塔吉特的市场份额正在下降，落后于沃尔玛、亚马逊和好市多等竞争对手。此外，塔吉特过去一年业绩的不稳定也表明公司执行力存在问题。这种业绩的波动引发了对公司内部是否发生问题的怀疑。多家投行分析师下调塔吉特股票评级，担忧其顾客和销售额流失周三，包括花旗研究、德意志银行和汇丰全球研究在内的多家股票研究分析师下调了塔吉特的股票评级，原因是担心这家总部位于明尼阿波利斯的零售商顾客和销售额被竞争对手抢走。其中，花旗零售分析师保罗·勒朱兹指出，塔吉特糟糕的业绩和疲软的前景表明，该公司“很可能输给沃尔玛”，并可能因缺乏足够的促销力度而进一步失去市场份额。高盛零售分析师凯特·麦克沙恩则认为，塔吉特陷入困境的根源之一在于其商品组合。塔吉特约60%的销售额来自非必需品，如家居用品和服装，而沃尔玛则相反，约60%的销售额来自日常必需品。这种商品组合导致了塔吉特业绩的波动性和不稳定性。尽管沃尔玛和塔吉特都提到了港口罢工带来的负面影响，但塔吉特似乎将其季度业绩疲软的主要原因归咎于罢工。此外，摩根大通分析师马修·博斯强调，塔吉特虽然收缩率和履行成本有所改善，但高库存水平对利润率造成了压力。而Stifel分析师马克·阿斯特拉坎则称业绩令人失望，可比销售额逐年下降，表明塔吉特在关键类别的市场份额正在下降，这可能也影响了毛利率。加拿大皇家银行分析师史蒂文·谢梅什指出，投资者担心如果2025年全年营收仍然处于较低水平，塔吉特将没有足够的利润杠杆可以利用。不过，他也观察到，2025年的同比利润率约为持平至+1%，营业利润率约为持平，将产生约9.50美元的每股收益。然而，花旗分析师保罗·勒胡埃斯表示，第四季度前景不佳表明塔吉特的市场份额可能正在被沃尔玛抢占，并认为塔吉特可能需要加大促销力度来推动客流量和销售，这会让2025财年变得更加不确定。与此同时，摩根士丹利指出，其“零售漏斗”数据显示大公司正在加速扩张，亚马逊、沃尔玛和好市多占据了零售增量的50%和电子商务增量的75%以上，这意味着其余的商场零售商和电子商务公司正在争夺剩余的部分。虽然塔吉特在销售增长方面的表现优于许多零售连锁店，但该公司在过去一年的股价表现却未能赶上这三巨头。塔吉特还面临其他问题，包括未来领导层的不确定性。现任首席执行官康奈尔自2014年以来一直担任该职位，并于2022年9月同意继续领导公司三年。然而，在周三与投资者的电话会议上，康奈尔指出，尽管销售业绩令人失望，但业务仍出现了“复苏迹象”，如客户流量增长、在线销售增长和服装销售相对强劲。尽管如此，几位分析师在会议上对塔吉特的未来计划提出了疑问，询问公司是否需要做出改变或加大业务投资。康奈尔回应称，公司将坚持现有业务战略，包括提供独特的商品和国家品牌、开设新店、扩大广告业务，并为购物者提供更多的网购方式。他强调，塔吉特将继续紧跟消费者的步伐，确保满足全美消费者的期望。\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":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"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":"4.29.2","shortVersion":"4.29.2","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/2485107010"}