关税，新变数！ 据央视新闻报道，当地时间5月29日，美国联邦巡回上诉法院批准特朗普政府的请求，暂时搁置美国国际贸易 法院此前做出的禁止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施的行政令的裁决。 美国联邦巡回上诉法院还命令双方就阻止征收关税问题提交书面辩论，相关文件须于下月初提交。之后法院将 决定下一步措施。 此外，美国白宫经济顾问凯文·哈塞特当地时间29日表示，已有三项贸易协议接近达成，等待特朗普做出决 定。哈塞特表示，预计未来几周将有更多贸易协议达成。 此前一天，印度政府一名官员表示，美国贸易团队将于6月5日至6日访问印度，继续进行贸易谈判。哈塞特日 前表示，印度接近与美国达成一项具有里程碑意义的贸易协议。 值得关注的是，受关税影响，多家美企已发出涨价预警。美国梅西百货计划涨价，并可能停售一些商品。此 前，美国玩具制造巨头美泰玩具公司表示，将提高玩具售价。宝洁公司也表示，将考虑提高部分品类的价格。 阿迪达斯近日指出，美国提高关税导致的成本增加，最终会导致其产品售价的上涨。 美国上诉法院批准 据央视新闻报道，当地时间5月29日，美国联邦巡回上诉法院批准特朗普政府的请求，暂时搁置美国国际贸易 法 ...

以下文章来源于财经杂志 ，作者金焱 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 本文来自微信公众号： 财经杂志 ，作者：金焱（发自华盛顿），编辑：王延春，责编：杨明慧，题 图来自：AI生成 对特朗普而言，关税可以重塑全球贸易秩序，他也寄希望于用关税来推动美国再工业化，使美国获得 新的收入来源。特朗普花了大约40天的时间对中国进口商品进行高强度征税，取消低价值电子商务 的最低限度豁免，几乎所有行业都感受到涟漪效应。 特朗普越来越确信应该对所有外国商品征收最低10%的基准关税。他的愿景之一是用关税来持续压低 物价，推动美联储降息以降低美元汇率和借贷成本，再配合关税，以达到制造业回流美国和"化债"的 目的。 美国政府推行的关税政策持续构成全球经济和市场的最主要焦点问题。尽管市场对特朗普政府关税政 策已有一定预期，但其上台后的政策节奏和强度超出市场预期。体现在政策不确定性上，美国贸易政 策不确定性指数创1985年有统计以来最高值，远超其他类型政策，带动 ...

Core Insights - The article discusses the investment positions of Parkev Tatevosian, CFA, and mentions that The Motley Fool has positions in and recommends Walmart [1] Company Insights - Parkev Tatevosian has no position in any of the stocks mentioned [1] - The Motley Fool has a disclosure policy regarding its investment positions [1] - The Motley Fool may compensate affiliates like Parkev Tatevosian for promoting its services [1]

Core Insights - Amazon and Walmart experienced their weakest quarterly sales growth since before the pandemic in Q1 2025, with Amazon at 3.7% and Walmart at 3.2%, indicating a return to normalized demand that is growing near the rate of inflation [1][5][8] - Both companies are losing ground in total consumer spending as consumers shift their spending from goods to services, housing, and healthcare [2][11][13] Sales Growth - In Q1 2025, Amazon's year-over-year growth was 3.7%, while Walmart's was 3.2%, both barely outpacing inflation [5][8] - Amazon's growth has typically hovered around 10% since 2022, making the recent 3.7% particularly disappointing [6] - Walmart's growth, usually around 5%, also contracted to historic lows [6] Market Share Dynamics - Amazon captured 8.6% of total retail spending in Q1 2025, its highest first-quarter share to date, while Walmart held steady at 7.7% [10] - However, when considering total consumer spending, Amazon's share declined to 3.3% from 3.4% and Walmart's to 2.6% from 2.8% year-over-year [12][13] Discretionary Spending Trends - Amazon's share of discretionary spending fell to 23% in Q1 2025 from 26% in Q4 2024, marking one of its lower Q1 discretionary shares since 2022 [14] - Conversely, Walmart's share of discretionary spending increased to 6.4% in Q1 2025, its strongest seasonal performance in two years [15] Consumer Behavior Shifts - The shift in consumer spending patterns indicates a focus on price and perceived value, particularly for Walmart, which may benefit from its historical price leadership and expanded eCommerce efforts [16][17] - Both companies face challenges in maintaining their share in discretionary spending, with Amazon needing to focus on pricing competitiveness and Walmart potentially reshaping its position in higher-margin segments [17]

至此，山姆已在武汉布局4家门店，过去5年内连开3店，速度、数量均居全国城市前列。山姆加码武汉，也是其在中国市场突飞猛进 的缩影。数据显示，2016年到2024年，山姆中国门店从15家增长到53家，销售额飙升至千亿规模。 "我们家是山姆的忠实用户，以前都是在线上下单，这家店离得不远，决定实地逛一逛。"28日，王阿姨特地和女儿驱车赶来，精挑细 选近2000元的商品，从米、油到蛋糕、水果，购物车塞得满满当当。"线下购物更有体验感，找东西的过程很有趣味，就像在寻宝一样。" 山姆江岸店开业，为后湖片区数十万居民带来全新的消费购物体验，还能辐射金银湖、黄陂等周边驾车半小时内的家庭客群，有效激 发汉口主城区北部的消费活力。 山姆在过去30年里不断优化本土化供应链，一批湖北企业获得更大发展空间，近50款湖北商品进入山姆供应链。 长江日报记者观察到，过去一段时间以来，以山姆、Olé为代表的品质零售品牌在武汉强势崛起，推动零售行业从"大卖场时代"转向更 注重个性化、体验式和高品质的新发展模式。武汉，也成为零售业竞相角逐的重要市场。比如，这个月，华润万家旗下高端超市品牌"Olé 精品超市"在恒隆广场亮相，成为其在武汉3年内连续开设 ...

Group 1 - Walmart has introduced digital tools on its website and app to assist select customers in identifying over-the-counter (OTC), food, and wellness products eligible for purchase with Medicare Advantage supplemental benefits [1][2] - The new features include a "benefits program eligible" badge, filtering options for benefits-eligible items, and a benefits tracker to monitor spending [1] - Customers can scan items in-store using the Walmart app to check for the benefits-eligible badge, and they can unlock this experience by adding benefit cards to their Walmart account [2] Group 2 - Ralph Clare, senior vice president of health and wellness merchandising at Walmart U.S., stated that the initiative aims to streamline the health benefits shopping journey and provide convenient options for customers [3] - Walmart has also launched a digital platform called Everyday Health Signals, which offers AI-driven insights for healthier eating based on customers' retail history [3][4] - These digital tools are initially available to Medicare Advantage members with NationsBenefits, complementing other health-related programs offered by Walmart [4] Group 3 - Walmart has opened its largest centralized prescription fulfillment facility and plans to add two more, utilizing automation to enhance prescription fulfillment efficiency [5] - The company also conducts Wellness Days, providing free health screenings, which have benefited over 5 million individuals since their launch in 2014, particularly in rural and underserved communities [6]

Company Overview - Walmart International is the second largest segment of Walmart, generating over $120 billion in net sales and $5.5 billion in EBIT, indicating its significant scale compared to publicly traded companies [4]. Leadership Insights - Kath McLay, President and CEO of Walmart International, has been in her role for two years and has traveled extensively to understand the complexities of the business [5]. - McLay describes the international portfolio not as complex but as vibrant, highlighting commonalities across the 18 markets in which Walmart operates [5].

Financial Data and Key Metrics Changes - Walmart International generates over $120 billion in net sales with $5.5 billion in EBIT, making it a significant segment for the company [3] - The company aims to reach a $200 billion GMV segment by 2028 and double its profit while increasing e-commerce penetration [14][15] Business Line Data and Key Metrics Changes - E-commerce accounts for nearly 25% of international net sales, with over 50% of sales in China being online [20] - The international segment is positioned as a growth driver for the enterprise, contributing positively to both top and bottom lines [12] Market Data and Key Metrics Changes - High growth markets identified include India, Mexico, and China, with a focus on unlocking omnichannel retail opportunities [8] - In India, e-commerce penetration is only about 9%, indicating significant growth potential [26] Company Strategy and Development Direction - The long-term goal for the international business includes entering new markets and growing profitability in existing ones [7] - The company is exploring marketplace entry strategies rather than traditional brick-and-mortar approaches [9] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of learning from past divestitures to strengthen the current portfolio [11] - The company is adapting its supply chain to build resiliency and diversify manufacturing bases in response to global challenges [18] Other Important Information - Walmart is focusing on digital inclusion in Mexico through initiatives like the Byte business, which offers digital connectivity at a discount [57] - The company is leveraging learnings from international markets to enhance its offerings and operational strategies [64] Q&A Session Summary Question: What are Walmart's long-term goals for the international business? - The company aims to curate high-growth markets and unlock omnichannel retail opportunities while remaining open to new market entries [8][9] Question: How does Walmart plan to improve profitability in international markets? - Management highlighted ambitions to double profits and increase e-commerce penetration while maintaining a focus on growth [14][15] Question: What challenges is Walmart facing in Mexico? - The company is addressing digital inclusion and competition while focusing on building a rich ecosystem for customer engagement [60][59] Question: How is Walmart adapting its supply chain in the current environment? - The company is building resiliency in its supply chain and diversifying manufacturing locations to mitigate risks [18][66] Question: What can be learned from the success of e-commerce in China? - Management noted the importance of quick delivery models and adapting successful strategies from China to other markets like India [44][45]

Core Insights - Walmart has shown significant stock performance, surging 75% last year and adding another 7% in 2025, positioning itself prominently in the S&P 500 [1] - The company's growth is driven by strong in-store execution, thriving e-commerce, and efficient Walmart+ delivery services [1] Valuation Concerns - Walmart is trading at 41 times earnings and 21 times free cash flow, resulting in a low cash flow yield of 4.7% [2] - Compared to Amazon, which has a lower multiple and faster revenue growth, Walmart's high valuation raises concerns about its growth narrative [2] Growth Drivers - Management is focusing on high-growth areas such as e-commerce, advertising, memberships, and marketplace growth, with global e-commerce sales increasing by 22% and ad revenues growing by 31% in Q1 [3] - Walmart reported a profit in e-commerce for Q1'26, marking a significant achievement [3] Slowing Momentum - Despite a 1.6% increase in customer transactions in Q1, this marks the fourth consecutive quarter of slowing momentum [4] - Gross margins improved only slightly by 12 basis points, indicating limited improvement in profitability [4] Future Projections - For FY 2026, management projects only 4% revenue growth, 4.5% operating income growth, and under 2% EPS growth, which is modest for a company with a high valuation [5] Tariff Risks - New U.S. tariffs on imports from several countries could lead to higher prices, with Walmart reducing purchase quantities on sensitive products [6] - With one-third of its U.S. merchandise sourced from imports, the company faces significant exposure to tariff risks [6] Competitive Advantages - Walmart's leadership in groceries ensures steady customer traffic, contributing to a 4.5% increase in U.S. same-store sales in Q1 [7] - The company continues to expand in high-margin sectors, positioning itself for long-term resilience despite valuation pressures [8]

Trade and Tariffs - The Trump administration has reached a short-term trade agreement with China, reducing tariffs on Chinese imports from 145% to approximately 30% and on US goods from 125% to 10% [4][6][10] - The market reacted positively to the news, with a notable rally in tech stocks, which rose by 8% in the week following the announcement [4][6] - Companies are facing increased costs due to tariffs, and there is uncertainty about whether they can pass these costs onto consumers or if margins will contract [7][10] Walmart's Pricing Strategy - Walmart has indicated that it will raise prices on some goods due to tariff impacts, which is significant given its position as a low-cost provider [9][10] - The company expects prices to increase this summer, reflecting the cost pressures from tariffs that began in late April and accelerated into May [10][11] - Despite the anticipated price increases, Walmart has reiterated its guidance for 3%-4% net sales growth, indicating confidence in its overall business performance [11][12] CAVA's Performance - CAVA reported a 10.8% increase in same-store sales, driven by a 7.5% increase in customer visits, contrasting with declines seen in other restaurant chains [16][17] - The company has reached the billion-dollar sales mark over the past 12 months, showcasing strong growth in a challenging market [17] - CAVA's food and beverage costs increased to 29.3% of sales, but the company maintains a strong store margin around 25% [18] Dick's Sporting Goods Acquisition - Dick's Sporting Goods announced a $2.4 billion acquisition of Foot Locker, which was met with skepticism from the market, resulting in a 10% drop in Dick's shares [22][23] - The acquisition aims to turn around Foot Locker, which has been struggling with declining sales and changing consumer buying patterns [22][23] - Foot Locker's international presence may provide Dick's with new growth opportunities, although concerns remain about the viability of the acquisition [24][25] On Holdings' Growth - On Holdings reported a 43% increase in revenues, with direct-to-consumer sales up 45%, indicating strong demand for its products [27][28] - The company raised its sales guidance for the year to 28%, reflecting confidence in its growth trajectory [27] - On Holdings benefits from sourcing 90% of its shoes from Vietnam and Indonesia, which mitigates the impact of tariffs on its business [28][29] Evolv Technology and Booz Allen Hamilton - Evolv Technology is focused on transforming security management in public and private buildings, with a strong customer base in sports venues [57][58] - Booz Allen Hamilton, a consultant primarily serving the federal government, faces challenges due to potential cutbacks in defense spending but maintains a significant backlog of $39 billion [59][60]