财报公布后，沃尔玛(WMT.N)盘前涨2.4%。 ...

沃尔玛仍然预测全年调整后每股收益2.50美元至2.60美元。 沃尔玛预计第二季度营收增长3.5％至4.5％。 第一季度调整后每股收益0.61美元，预估0.58美元。 沃尔玛第一季度营收1,656.1亿美元，预估1,660.2亿美元。 ...

Financial presentation to accompany management commentary FY26 Q1 Guidance The following forward-looking statements reflect the Company's expectations as of May 15, 2025, and are subject to substantial uncertainty. The Company's results may be materially affected by many factors, such as fluctuations in foreign currency exchange rates, changes in global economic and geopolitical conditions, tariff and trade policies, customer demand and spending, inflation, interest rates, world events, and the various othe ...

Revenue and Sales Performance - Revenue of $165.6 billion increased by 2.5%, or 4.0% in constant currency (cc) [6] - Global eCommerce sales grew 22%, driven by store-fulfilled pickup & delivery and marketplace [7] - Walmart U.S. comp sales rose by 4.5%, with strong performance in health & wellness and grocery [14] - Walmart's net sales for the three months ended April 30, 2025, were $163,981 million, representing a 2.5% increase from $159,938 million in the same period of 2024 [34] - Walmart U.S. net sales for the three months ended April 30, 2025, were $112,163 million, a 3.2% increase from $108,670 million in the same period of 2024 [37] - Walmart International net sales decreased by 0.3% to $29,754 million compared to $29,833 million in the prior year [37] - Sam's Club U.S. net sales increased by 2.9% to $22,064 million from $21,435 million year-over-year [37] - Consolidated net sales for Walmart were $163,981 million, reflecting a 2.5% increase from $159,938 million in the previous year [37] - U.S. comparable sales with fuel increased by 4.4% for the 13 weeks ended May 2, 2025, compared to 3.8% in the prior year [38] Operating Income and Profitability - Operating income increased by $0.3 billion, or 4.3%, with adjusted operating income growth of 3.0% (cc) [7] - Operating income increased by 4.3% to $7,135 million for the three months ended April 30, 2025, up from $6,841 million in the prior year [34] - Adjusted operating income for the consolidated segment was $7,135 million, a 4.4% increase from $6,841 million in the same period last year [37] - Operating income for Walmart International was $1,264 million, down 17.5% from $1,533 million in the previous year [37] - Operating income for the trailing twelve months ended April 30, 2025, was $29,642 million, up from $27,613 million in 2024 [65] Cash Flow and Financial Position - Operating cash flow increased by $1.2 billion to $5.4 billion, while free cash flow rose by $0.9 billion to $0.4 billion [12] - Cash flows from operating activities for the three months ended April 30, 2025, were $5,411 million, compared to $4,249 million in 2024, indicating improved cash generation [36] - Free cash flow for the three months ended April 30, 2025, was $425 million, an increase of $852 million compared to a negative $427 million in the prior year [48] - The company experienced a net cash used in investing activities of $5,093 million for the three months ended April 30, 2025, compared to $4,409 million in 2024 [36] Membership and Other Income - Membership income grew by 14.8%, contributing to a 3.7% increase in total membership and other income [7] Inventory and Assets - Inventory increased by 3.8% to $57.5 billion, maintaining healthy in-stock levels [12] - Walmart's inventories increased to $57,467 million as of April 30, 2025, from $56,435 million at the end of January 2025 [35] - Total assets as of April 30, 2025, were $262,372 million, a slight increase from $260,823 million at the end of January 2025 [35] - Average total assets increased to $258,213 million for the trailing twelve months ended April 30, 2025, compared to $249,554 million in 2024 [63] - Total assets as of April 30, 2025, were $262,372 million, an increase from $254,054 million in 2024 [65] Net Income and Earnings Per Share - Consolidated net income attributable to Walmart decreased by 12.1% to $4,487 million for the three months ended April 30, 2025, compared to $5,104 million in 2024 [34] - Consolidated net income for the trailing twelve months ended April 30, 2025, was $19,489 million, down from $19,681 million in 2024 [63] - Reported EPS for the three months ended April 30, 2025, was $0.56, with adjusted EPS at $0.61 after accounting for unrealized and realized gains and losses [56] - For the three months ended April 30, 2024, reported EPS was $0.63, with adjusted EPS at $0.60 after adjustments for unrealized and realized gains and losses and business reorganization charges [57] Tax and Returns - The effective tax rate for the three months ended April 30, 2025, was 22.6%, adjusted to 22.8% after accounting for investment gains and losses [56] - Return on assets (ROA) decreased to 7.5% for the trailing twelve months ended April 30, 2025, down from 7.9% in 2024, primarily due to increased average total assets and a slight decline in net income [60] - Return on investment (ROI) increased to 15.3% for the trailing twelve months ended April 30, 2025, compared to 15.0% in 2024, driven by higher operating income [60] Guidance and Future Expectations - The company expects net sales for Q2 FY26 to increase by 3.5% to 4.5% in constant currency [23] - Fiscal year 2026 guidance remains unchanged, with net sales expected to be between $674.5 billion and $681 billion [27] Debt and Liabilities - The company reported a decrease in interest expense on debt by 13.1%, totaling $519 million for the three months ended April 30, 2025 [34] - Walmart's total current liabilities increased to $102,920 million as of April 30, 2025, compared to $96,584 million at the end of January 2025 [35] - Average invested capital rose to $298,082 million for the trailing twelve months ended April 30, 2025, compared to $284,415 million in 2024 [65]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It clarifies that the information does not constitute any recommendation or advice for investment actions [1]. - The content is not tailored to individual financial situations or needs, highlighting the necessity for users to apply their own discretion [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - Users are encouraged to perform their own research before making investment decisions, especially regarding instruments they do not fully understand [1].

Group 1 - The market has overestimated the impact of tariffs, with predicted severe consequences not materializing in the first quarter of the year [1] Group 2 - The investment strategy involves a combination of macroeconomic analysis and individual company assessment, focusing on strong economies and quality companies [2]

中美关税降级后集运及美线市场展望 20240514 摘要 • 中美达成协议后，美国航线市场迅速变化，125%惩罚性关税被撤销，船 公司立即宣布加价约 500-600 美元，并开始恢复停航运力，各大货代积极 抢占仓位，市场预期乐观。 • 船公司对关税政策变化反应迅速，通过调整运力（撤掉 40%运力后又恢 复）和价格（提前在 FMC 备案）来适应市场需求，确保及时接纳新的流量 并最大化收益。 • 传统大贸客户受关税影响大，货量跌幅显著；电商客户抗打击能力强，占 比提升至 25%-30%；货代积极抢占仓位，直客调整计划需时，但整体逐 步适应新环境。 • 美国零售库销比偏低，四大零售商 CEO 曾表达担忧，若不及时进货，可能 影响圣诞销售季。海关细则未退还已交关税，零售商需尽快决定订单量。 • 美国进口商需在 90 天关税缓期内计算库存容量和资金压力，若中美谈判 失败恢复关税，情况将更复杂。8 月中是发货高峰期，需在 6-7 月中完成 发货。 • 美国大型商超不愿轻易提价，电商平台承受能力较强，关税上涨对零售价 影响有限。预计 6 月份可能出现小幅提价，整体通胀压力可控。 • 头部货代企业在市场订单激增时利润丰厚，通 ...

货运预订和支付公司Freightos表示，航运公司和港口都在努力应对预计会突然增加的货运量，预计"会 有一段运力紧张和设备短缺的时期"。 当地时间5月12日，《中美日内瓦经贸会谈联合声明》发布。接受第一财经记者采访的一位资深美线货 代人士表示，他的第一反应就是"美国零售商的圣诞节有救了！"他表示，未来港口可能会出现爆仓现 象，之前积压的货马上要出了。 他对记者解释道，传统大型商超的物流时间要比电商长，因此通常要在第二季度下单，第三季度出货， 否则圣诞季将面临无货可卖的窘境。他预测，由于多重原因，未来一个月仓位会紧张。 考验港口吞吐能力 此前，由于特朗普政府宣布了所谓"对等关税"，美国港口集装箱船预订量急剧下降。 美国最大集装箱港口之一的加利福尼亚州长滩港首席执行官科尔德罗（Mario Cordero）此前预计，5月4 日-10日到港的船舶数量与去年同期相比下降44%，且今年第二季度和第三季度到港的货物量将锐减。 分析师认为，本周关税下调的影响需要时间才能在数据中显现出来，船只需要大约4-6周时间才能抵达 美国，这意味着未来几周进口货运量将继续下降。 提前囤货 航运数据分析公司Sea-Intelligence的 ...

Core Viewpoint - The Consumer Financial Protection Bureau (CFPB) has dropped its lawsuit against Walmart and Branch, which was initially filed in December 2022, regarding allegations of illegal account openings and misleading practices related to gig economy drivers [1][6]. Group 1: Lawsuit Details - The CFPB's lawsuit alleged that Walmart and Branch opened accounts for gig economy delivery drivers without their consent, required drivers to receive their pay through these accounts, charged junk fees, and failed to provide promised "instant access" to pay [2][3]. - The complaint specifically targeted Walmart's Spark Driver program, which involves gig economy drivers making last-mile deliveries, and Branch's deposit account accessible via a digital app and debit card [3]. Group 2: Company Responses - Walmart expressed its intention to defend itself in court, claiming that the CFPB's lawsuit contained factual errors and misstatements of law [4]. - Branch also criticized the CFPB's lawsuit, stating that it misrepresented the law and facts, and highlighted the quick access to funds it provides to drivers [5]. Group 3: Context of CFPB Actions - The dismissal of this lawsuit is part of a trend where several lawsuits filed under the Biden administration have been dropped during the Trump administration, including a case against Horizon Card Services [6].

Group 1: Earnings Overview - Earnings season is currently active, primarily focused on retailers, with overall positive results from S&P 500 companies despite ongoing uncertainties [1] - Walmart (WMT) is set to report earnings this week, with shares having increased over 60% in the past year, outperforming all but Tesla among the "Magnificent Seven" [2][3] Group 2: Walmart's Earnings Expectations - Analysts have lowered EPS expectations for Walmart's upcoming release to $0.57, a decrease of approximately 12% since mid-February, with anticipated earnings declining 5% year-over-year [4] - Forecasted sales for Walmart are projected at $165.6 billion, indicating a 2.5% growth compared to the previous year, while the downward EPS revisions suggest a profitability challenge [4] Group 3: Key Performance Indicators - Digital sales have shown significant growth, with a 16% year-over-year increase in global eCommerce sales, driven by store-fulfilled pickup and delivery [9] - Same-store sales (excluding fuel) are expected to rise by 4% year-over-year, down from 4.9% and 5.5% in the previous periods [10] Group 4: Valuation and Market Position - Walmart shares are currently trading at a forward 12-month earnings multiple of 36.2X, significantly above the five-year median of 23.9X, reflecting a 75% premium compared to the S&P 500 [11] - The elevated earnings multiple is attributed to Walmart's digital and operational successes, with investors anticipating continued growth trends [11] Group 5: Strategic Insights - Walmart's ability to navigate consumer downturns is a notable strength, as higher-income households tend to shop at Walmart during economic challenges, providing a buffer against affordability issues [14]