Core Insights - Costco Wholesale Corporation (COST) demonstrated consistent growth in comparable sales for November, despite external challenges such as consumer spending concerns, a government shutdown, and reduced SNAP payments [2] Financial Performance - Net sales for November reached $23.64 billion, reflecting an 8.1% increase year over year [2] - Comparable sales increased by 6.9%, indicating strong performance in the retail sector [2]

Group 1 - Canadian financial institutions, including Toronto Dominion Bank, Bank of Montreal, and Canadian Imperial Bank of Commerce, are highlighted in the reports released on Thursday morning [1] - Next Wednesday, technology giant Adobe Inc. is scheduled to report its financial results [1] - The week will conclude with significant market players Broadcom Inc. and Costco Wholesale Corporation reporting after market close next Thursday [1]

Fuel Economy Regulations - Former President Trump announced plans to roll back Biden-era fuel efficiency standards from approximately 50 miles per gallon (mpg) to 34.5 mpg by 2031, along with the elimination of the Corporate Average Fuel Economy (CAFE) credit trading program by 2028 [2][3] - The rationale for this rollback is centered around "affordability" and "consumer choice," with claims that it will save American families an average of $1,000 on car prices and a total of $109 billion over the next five years [3] Automotive Industry Reaction - The automotive industry, particularly the Detroit Three (Ford, General Motors, and Stellantis), expressed strong support for the rollback, viewing it as a victory for common sense and market alignment [4] - Following the announcement, traditional automakers saw stock price increases, with Stellantis surging 7.64%, Ford and General Motors both gaining less than 2% [5] Impact on Electric Vehicle Manufacturers - The elimination of the CAFE credit trading program is expected to create a regulatory advantage for traditional automakers while potentially harming electric vehicle manufacturers like Tesla and Rivian [6] - Despite this, Tesla's stock rose by 4.08% following the announcement, indicating that market reactions can be unpredictable [6] Trade and Tariff Developments - President Trump has renewed threats of tariffs on China, which has historically affected the soybean market, with soybean futures showing slight increases amid ongoing trade tensions [8] - Costco is suing the U.S. government for refunds on tariffs, with $90 billion in tariffs collected, reflecting broader concerns about tariff legality and market implications [9] Market Volatility and Reactions - The market has shown predictable volatility in response to Trump's tariff announcements, with significant drops in major indices following threats of increased tariffs [10] - The "Trump effect" on stock markets illustrates a cycle of immediate reactions to policy changes and trade rhetoric, with markets adapting to this volatility [14]

此前特朗普曾罕见承认关税政策导致美国消费者购买商品时的花费增加，尽管他坚称政策总体有益。路透社报道指出，特朗普承认"由于他的关税政策，美 国消费者正在承受更高的商品价格"。这种政策立场的反复折射出通胀压力对行政决策的实质性约束。 科技愿景与商业落地的温差 在传统制造业面临关税与成本双重挤压之际，政府试图通过押注新兴科技寻找新的增长叙事。特朗普政府正计划加速推动机器人产业发展，商务部长霍华德 ·卢特尼克近期多次会见机器人行业的公司高管。知情人士透露，政府正考虑在明年发布一项关于机器人的行政命令，试图在AI等关键领域构建竞争优势。 中小企业在当前的经济环境下承受了主要的冲击，裁员潮在这一领域尤为集中。员工数少于50人的小型企业合计减少了12万个岗位，其中20至49人规模的企 业裁员人数达到7.4万人。相比之下，大型企业仍保持了净增态势，劳动力市场的分化格局愈发显著。ADP首席经济学家Nela Richardson指出，"雇主正在应 对谨慎的消费者和不确定的宏观经济环境，招聘活动近期波动明显"。 关税承诺与通胀现实的博弈 然而科技巨头在人工智能商业化落地方面正遭遇现实阻力，市场预期开始出现修正。微软内部多个业务部门 ...

Group 1 - Investors are currently analyzing retailers to identify potential beneficiaries of seasonal consumer spending trends [1] Group 2 - The focus is on U.S. and European equities, particularly undervalued growth stocks and high-quality dividend growers [2] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is emphasized as a more reliable driver of returns than valuation alone [2] - The investment strategy aims to balance asset management to ensure financial freedom while maintaining the ability to work in fulfilling environments [2]

Core Viewpoint - Costco has filed a lawsuit against the U.S. federal government, claiming that the imposition of tariffs under the International Emergency Economic Powers Act is illegal and is seeking a full refund of the tariffs paid [1][3]. Group 1: Company Actions - Costco's Chief Financial Officer, Gary Millerchip, revealed that approximately one-third of the products sold in the U.S. are imported, with about two-thirds being non-food items, and around 8% of total sales coming from products imported from China [3]. - Prior to Costco's lawsuit, several companies, including Kawasaki and Bumble Bee Foods, had already initiated similar legal actions against the government, indicating a growing trend among businesses to challenge tariffs [3][4]. - The lawsuit by Costco is particularly notable as it marks the first time a major corporation has publicly taken such action, contrasting with smaller companies that have previously filed lawsuits [4][5]. Group 2: Impact of Tariffs - In response to tariff impacts, Costco has adjusted its pricing strategies, with some non-essential imported items, like flowers, experiencing price increases, while essential items, such as fresh fruits, have not seen price hikes [5]. - Kawasaki's CEO acknowledged that tariffs might necessitate a price increase of approximately 17% on high-end motorcycles sold in the U.S. [5]. Group 3: Legal Context - The U.S. Supreme Court is currently reviewing the legality of the federal government's authority to impose tariffs on multiple goods, with both liberal and conservative justices questioning the president's power to levy tariffs without congressional approval [6]. - Even if the Supreme Court rules against the tariffs, companies like Costco and Kawasaki have expressed that this may not guarantee the return of previously paid tariffs, necessitating legal action against the government [6]. Group 4: Government's Position - The U.S. government maintains that tariffs are essential for addressing long-term economic and national security challenges, despite the negative impact on small businesses [7]. - The Supreme Court has not yet announced when it will rule on the legality of the tariffs, but if deemed illegal, the government could face significant financial repercussions [7][8].

Costco Wholesale (NasdaqGS:COST) December 2025 Update Summary Industry and Company Overview - The conference call pertains to Costco Wholesale, a leading retail company known for its membership-based warehouse club model Core Points and Arguments - **Sales Performance**: - Net sales for November reached $23.64 billion, marking an increase of 8.1% from $21.87 billion in the same month last year [2] - Comparable sales for the month were reported as follows: - US: 6.0% - Canada: 6.9% - Other international: 11.4% - Total company: 6.9% - Digitally enabled sales: 16.6% [2] - **Comparable Sales Excluding Gas and FX**: - Total company comparable sales, excluding gas sales and foreign exchange impacts, were 7.0% [3] - Comparable sales excluding gasoline price impacts were: - US: 5.8% - Canada: 8.3% - Other international: 8.0% - Total company: 6.4% - Digitally enabled: 16.3% [2] - **Traffic and Transaction Trends**: - Comp traffic increased by 3.8% worldwide and 3.0% in the US [3] - Average transaction value increased by 3.0%, with a 2.5% increase when excluding gas inflation and foreign exchange impacts [3] - **Regional Performance**: - Strongest comparable sales in the US were observed in the Northeast, Midwest, and Southeast regions [4] - Internationally, Australia, Taiwan, and the UK showed the strongest results [4] - **Merchandising Highlights**: - Foods and sundries experienced positive mid to high single-digit growth, with strong performance in candy, food, and sundries [4] - Fresh foods also saw mid to high single-digit growth, particularly in meat and bakery departments [4] - Non-foods grew in the mid-single digits, with jewelry, tires, and health and beauty performing well [4] - Ancillary business sales increased by high single digits, with pharmacy, food court, and optical being top performers [4] - **Gas Sales**: - Gas sales increased in the low to mid-single digits, driven by an increase in gallons sold year over year [5] Additional Important Information - The call included forward-looking statements that involve risks and uncertainties, which may cause actual results to differ from those projected [1] - The next reporting period will cover five weeks from December 1, 2025, to January 4, 2026 [5]

Core Insights - 2025 has been a challenging year for consumer staples in retail, with Target experiencing a YTD loss of over 34%, while Walmart has gained nearly 25% due to its adaptability to tariffs and consumer sentiment shifts [3] - Costco Wholesale has had a modest YTD gain of 1.34%, facing corrections of more than 17%, 12%, and 8% throughout the year [4] - Looking ahead to 2026, investors are optimistic about Costco's potential for recovery, driven by loyal membership, strong fundamentals, and positive analyst forecasts [5][6] Company Performance - Costco has faced headwinds such as tariffs and negative consumer sentiment, resulting in a YTD gain of just 1.34%, but has outperformed earnings expectations in nine of the last ten quarters [6] - The company is currently involved in litigation against the Trump administration regarding "illegal" import taxes, which underscores the challenges it has navigated [7] Strategic Initiatives - A significant response to market challenges has been the expansion of Costco's private label brand, Kirkland Signature, which has seen increased sales penetration and aims to provide high-quality alternatives to tariff-impacted goods [8] - Kirkland Signature products typically offer members a 15% to 20% value advantage compared to national brand alternatives, enhancing customer value amidst inflationary pressures [8]

Core Insights - Over the past decade, Walmart and Costco stocks have surged more than 460%, demonstrating their resilience in challenging economic conditions [1] - Both companies have more than doubled in value over the past five years, but this has made them more expensive investments [2] Company Performance - Costco has experienced solid growth, benefiting significantly during periods of strong consumer spending, but its growth rate has recently fallen to single digits, aligning more closely with Walmart's growth [2] - Walmart is planning to expand domestically by opening or expanding up to 150 stores in the U.S. over the next five years and has completed the acquisition of TV-maker Vizio, which may enhance its advertising business [5] Market Valuation - Walmart's current market cap is $896 billion, with a gross margin of 25.87% and a dividend yield of 0.81% [6][7] - Costco's market cap stands at $409 billion, with a gross margin of 12.84% and a dividend yield of 0.55% [10][11] - Historically, Costco has traded at a higher price-to-earnings multiple than Walmart, and this gap has widened recently, raising questions about the justification for its premium valuation [9] Investment Considerations - Despite Costco's strong brand and growth opportunities, its high valuation at around 50 times earnings may pose risks for investors, especially with its growth rate now in single digits [11][13] - Walmart, while not cheap, offers a more reasonable valuation compared to Costco, providing a better margin of safety for investors [12][14]

美国联邦最高法院正在审理特朗普政府的对等关税的合宪性。各企业发起诉讼的目的是，若最高法院作 出违宪判决，企业可获得已缴纳的关税的返还…… 日本经济新闻（中文版：日经中文网）12月2日获悉，美国零售大企业Costco Wholesale (开市客)、住友化学、理光和丰田通商等日美企业已分别起诉美国政府，要求返还特朗普政府 加征的关税。 截至12月2日，至少有9家日资企业和2家美国企业向位于美国东部纽约、专门处理贸易案件 的美国国际贸易法院提起诉讼。 在美国，联邦最高法院正在审理特朗普政府的对等关税的合宪性。各企业发起诉讼的目的 是，若联邦最高法院作出违宪判决，企业可获得已缴纳的关税的返还。 美国总统特朗普以紧急情况下限制经济交易的《国际紧急经济权力法》（IEEPA）为依据，在 没有得到美国国会批准的情况下，对各国征收了"对等关税"和"芬太尼关税"等额外关税。 联邦法院的下级法院认为，征收关税属于超越总统权限，作出了违宪裁定。最高法院于11月 开始审理，最快可能在年内作出判决。 特朗普政府一直在有关外交和财政的协调中利用关税政策。在最高法院的审理过程中，保守 派法官也接连对特朗普政府的做法提出质疑。如果作出违宪判 ...