沃尔玛正试图讲述山姆之外的新故事。 截至4月30日的最新财季，沃尔玛全球净销售额1656亿美元，同比增长2.5%；营业利润71.4亿美元，同 比增长4.3%。 作为沃尔玛在本土市场外最受关注的高增长区域之一，中国市场一季度实现净销售额67亿美元，同比增 长22.5%。 线下门店可比销售可比销售增长率为16.8%，比去年同期高4.3个百分点。 近年来，沃尔玛在中国的大卖场业务持续收缩，以山姆为核心的会员店和电商业务蒸蒸日上。 一季度末，沃尔玛中国卖场仅余280家，较比五年前萎缩近三成。 不过随着新一代大卖场、社区小店的相继亮相，沃尔玛的新面貌正越来越多出现在人们面前。 在零售变革加速的当下，传统龙头的动作加速正带来更多期待。 山姆向上 山姆会员店支撑着沃尔玛中国的业绩表现。 山姆会员店在华保持着每年5-6家的高速扩张速度，逐步由一线核心城市向张家港、晋江、昆山等经济 发达的"百强县"下沉。 行业推算，山姆中国2024年销售额可能突破1000亿元，达到沃尔玛中国业绩的七成。 即便如此，仍未满足蓬勃的需求，甚至催生出山姆代购这门"月入过万"的好生意。 受益于会员规模逐步扩大，中国山姆会员店一季度会员收入增幅超过40 ...

Group 1 - Walmart's CEO Doug McMillon announced a more than 12% decline in first-quarter profits, stating that the company can no longer absorb the pressure from high tariffs and must raise prices across the board [5][8] - The increase in prices contradicts the long-standing "Everyday Low Prices" slogan of Walmart, indicating a significant shift in their pricing strategy due to external economic pressures [5][9] - The Trump administration's narrative that tariffs are borne by foreign companies is challenged by Walmart's actions, which reveal that the burden of tariffs is ultimately passed on to American consumers [3][9] Group 2 - The consumer confidence index reported by the University of Michigan fell to 50.8 in May, a 2.7% decrease, marking one of the lowest points in history, which raises concerns about potential economic recession [6][9] - Both Democratic and Republican supporters of Trump acknowledge that high tariffs will have a significant impact on the economy, suggesting a bipartisan recognition of the economic risks associated with current trade policies [6][9] - The narrative that tariffs do not affect domestic prices is increasingly being recognized as false, with major retailers like Walmart and Amazon likely to reveal the true economic impact in their upcoming financial reports [9][10]

在中国邮政一处邮件处理中心，工作人员正在智能快递流水线上分拣货物。潘帅摄（C视觉） 在眉山市仁寿县向日葵职业技术培训学校，培训老师正在给学员传授电商运营知识。潘建勇 摄（C视觉） 在成都市武侯区鞋都南三路百丽物流大厦，工人正在仓库发货。记者 李向雨 摄 5月18日，记者从四川省商务厅获悉，第三方大数据统计机构近日公布最新数据：今年前4月，四川网络零售 额（电子商务零售额）实现3350.9亿元，同比增长9.6%，继续跑出良好态势。 平台经济（以电子商务为主）是四川省"15+N"重点产业链之一。四川将以电子商务为着力点，全方位推进产 业链建设。 近年来，四川电子商务保持较快增长，在带动现代产业发展、促进消费提档升级、创造更多就业岗位、推动 对外贸易发展和助力乡村振兴等方面，发挥出"超级链接"的作用。 近日，在泸州时代云谷新经济产业园1楼的泸州老窖直播间，主播周蕊正在进行直播。今年春节期间，她将一 款售价9.9元的白酒卖出了近4000万元的业绩，达到线下门店难以企及的高度，这正是平台经济创造的新价 值。"打造一两款使用场景更多、更有价格竞争力的单品，借助电商平台的强大流量和裂变效应，快速带动酒厂知 名度和效益双提升 ...

Group 1: Tariffs and Consumer Impact - Walmart's CFO indicated that the 30% tariff on China is "still too high," suggesting that price increases are imminent due to the inability of retailers and suppliers to absorb the tariff costs [2][4] - There is concern that consumers will start seeing higher prices, particularly towards the end of May and into June [3][5] - Treasury Secretary Bessent mentioned that Walmart will likely absorb some of the tariffs, similar to their actions in previous years [4] Group 2: Consumer Spending and Economic Sentiment - Despite rising tariffs, consumer spending remains steady, reflecting a resilient economy, although there are signs of consumer anxiety regarding job security [6][5] - The University of Michigan consumer sentiment survey indicated that inflation expectations have risen to 7.3%, the highest since 1981, which may affect consumer spending behavior [7] - Fed Chair Powell noted that the link between consumer sentiment and spending has been weak historically, suggesting that a decline in sentiment may not directly lead to reduced spending [12] Group 3: Federal Reserve and Interest Rates - The Federal Reserve's stance on interest rates has not been as dovish as anticipated, with reduced expectations for rate cuts this year [9][10] - Atlanta Fed President Raphael Bostic indicated that tariffs have been larger than expected, impacting the Fed's projections for rate cuts [11] - The current economic environment suggests that the average consumer may handle limited rate cuts, but the stock market may not be accurately pricing in the impact of tariffs on earnings [13][15] Group 4: Market Valuation and Future Outlook - The S&P 500 is near all-time highs despite the presence of a blanket 10% tariff and a 30% tariff on China, raising questions about market logic [14] - JPMorgan's CEO expressed concerns that stock market values do not adequately reflect the risks of higher inflation and potential stagnation [15] - There is a belief that while short-term prices may decline, long-term prospects for leading AI stocks remain bullish, with expectations of significantly higher profits in the future [22]

Core Viewpoint - Walmart has shifted its stance on the impact of tariffs, indicating that higher import duties will lead to increased prices for consumers, contrasting its previous downplaying of the issue [3][4][6]. Group 1: Walmart's Response to Tariffs - Walmart's CFO stated that the current tariff levels are too high and that the company cannot absorb the magnitude of the increases [3][4]. - The company emphasized its commitment to maintaining low prices but acknowledged that rising costs due to tariffs would necessitate price increases [6][20]. - Walmart's decision to address the potential for higher prices was driven by a sense of obligation to inform customers and investors about the financial realities [6][20]. Group 2: Corporate Engagement and Market Reactions - The corporate response to tariffs has increased significantly, with 139 corporate statements made between April 10 and April 25, compared to 79 prior to that [12][13]. - Other companies, such as Microsoft and Subaru, have also warned of price increases due to tariffs, while Home Depot plans to maintain current pricing levels [8][24]. - Walmart's comments reflect a broader trend among corporations feeling more comfortable speaking out on tariff-related issues, as it directly impacts their business [5][24]. Group 3: Political Dynamics and Market Position - Walmart's relationship with the Trump administration has been complex, as the company has historically contributed to presidential inauguration committees, including $150,000 to Trump's [9][10]. - The company is positioned to withstand political backlash better than many others due to its extensive reach, with 90% of the U.S. population living within 10 miles of a Walmart store [22][23]. - Analysts suggest that Walmart's transparent communication about pricing is aimed at preparing consumers for potential increases while maintaining its reputation for value [20][23].

从一开始，经济学家就纷纷警告称，最终为美国政府关税政策买单的，将是美国企业和消费者。与此同时，美国政府则在极力说服公众，声称外国制 造商将承担关税成本。随着美国商品零售价格上涨，这一说法不攻自破。 为了帮助缓解关税政策对美国消费者的影响，美国零售商究竟要牺牲多少利润？对此，白宫与美国企业之间爆发了口水战。目前，双方尚未达成任何 共识。 5月15日，美国大型零售商沃尔玛首席执行官董明伦（Douglas McMillon）表示，鉴于当前关税规模，即使上周宣布下调关税，沃尔玛也无法"在微薄的 零售利润基础上消化所有压力"，暗示美国沃尔玛的商品价格或将全面上涨。 随后，美国总统在其自创社交媒体平台"真实社交"发帖抨击沃尔玛，称沃尔玛应为政府的经济政策做出利润上的牺牲："去年，沃尔玛赚了几十亿美 元，远远超出预期！根据常理，沃尔玛应该'自行消化关税成本'，而不是向尊贵的消费者收取任何额外费用！"可以看出，美国政府的关税政策遭到各 方压力，却无力自圆其说。 一直以来，沃尔玛向其供应商——尤其是中国供应商——施压，要求降价，但处在价值链下游的他们也无计可施。 4月，董明伦等零售商高管在白宫与美国总统会面，讨论关税的影响。然 ...

Core Viewpoint - Home Depot is committed to maintaining stable prices despite tariff pressures, contrasting with competitors like Walmart who may need to raise prices due to increased costs from tariffs [1][4]. Group 1: Home Depot's Strategy - Home Depot is actively working with suppliers to shift production away from China and is negotiating for price concessions to protect consumers from the trade war's impact [1]. - The company's CFO, Richard McPhail, stated that no single country outside the U.S. will account for more than 10% of their purchases in the next 12 months [2]. - Home Depot has not altered its financial forecast for 2025, reporting a 0.2% increase in U.S. comparable sales and a 2.1% rise in customer transactions to 394.8 million [3]. Group 2: Competitive Landscape - Unlike Home Depot, Walmart has indicated it may need to raise prices to cope with tariff-related costs, with CEO Doug McMillon acknowledging the pressure on their business [4]. - President Trump criticized Walmart for not absorbing tariff costs, suggesting that the company should maintain its profit margins without passing costs to consumers [5][6]. - The White House supports Trump's stance that foreign countries should bear the burden of tariffs, emphasizing that businesses should not pass these costs onto consumers [5][6]. Group 3: Broader Economic Context - Trump's administration has implemented sweeping tariffs, with rates of 10% on most imports and up to 30% on goods from China, which has led to increased scrutiny on how companies manage their pricing strategies [9][10]. - The President's comments reflect a shift in his approach, as he previously criticized price control proposals, now advocating for businesses to absorb tariff costs [9].

Walmart (WMT -0.20%) stock nearly doubled in the last two years while the S&P 500 (^GSPC 0.09%) gained 43.3%. In addition to the impressive gains in the share price, Walmart has been making some monster dividend raises. Its latest boost increased the dividend by 13% -- marking the 52nd consecutive year that Walmart has bumped its payout. That streak makes Walmart one of 55 companies that have raised their payouts for at least 50 consecutive years -- known as Dividend Kings. Let's dive into Walmart's latest ...

本文来自 虎说天下 如今，美国的 "关税战休战期" 悄然过半，然而，这场关税风暴给美国经济带来的负面影响却如影随形，几 天后，一系列关键经济数据的出炉或将让特朗 普直面其关税政策带来的 "残酷现实"。 特别是在美国国内，商业活动和信心调查等 "软数据" 已清晰表明，消费者和企业的信心正急剧恶化。这对誓言通过发动关税战来 "让美国再次伟大" 的特 朗普而言，不啻于一记沉重的打击。消费者作为经济增长的重要驱动力，其信心的下降意味着消费支出可能减少，而企业信心的缺失则会抑制投资和扩 张，两者共同作用，将严重拖累美国经济的前行步伐。 与此同时，法国、德国和欧元区的 5 月采购经理人数据以及德国商业景气指数也将受到密切关注。这些数据将帮助人们评估关税对欧洲经济的影响，而欧 洲作为美国的重要贸易伙伴，其经济状况的变化也将反过来对美国经济产生连锁反应。全球商业关系在特朗普的关税政策下依然动荡不安，仅仅是贸易攻 势的预期，就已对企业造成了严重的扭曲。许多企业不得不重新评估供应链布局，增加了运营成本和不确定性。 面对不断升温的通胀压力和低迷的消费者信心，美联储在 2025 年的货币政策抉择陷入两难。摩根士丹利在报告中指出，尽管 ...

商家如何应对成本压力？ 随着"关税""不确定性"和"衰退"等术语在一季度财报电话会议上越来越频繁地出现，一批美国零售企业 将于本周公布的财报将进一步揭示关税背景变化对经济的影响。 在此之前，中美经贸高层会谈在瑞士日内瓦取得重要成果，外界对美国总统特朗普的关税将使经济陷入 衰退的担忧有所减轻，然而在特朗普与沃尔玛在涨价问题上针锋相对后，零售商的处境受到了更多关 注。 过去一周，沃尔玛的财报引发广泛关注。这家全美最大商超警告，消费者应该为更高的价格做好准备。 随后特朗普在社交媒体平台上发帖称，沃尔玛应该"吃下关税"，而不是转嫁因提高关税而产生的成本。 特朗普政府降低关税的新举措可能会缓解人们的担忧。目前尚不清楚消费者支出是否会改善，尤其是在 商品消费领域。行业统计显示，目前美国的关税仍高于几十年来的水平，更昂贵的进口价格可能会让买 家望而却步。经纪商Global X投资策略主管Scott Helfstein表示："消费者仍在消费，但无法与去年那种 盛宴相比。" 值得注意的是，密歇根大学发布的最新调查显示，美国消费者信心指数从上个月的52.2降至50.8，连续 第五个月下跌。 分项指标显示，由于担心收入下降，个人财 ...