沃尔玛于6月5日和6日举办了其2025年"员工周"活动，其中包括店铺参观和管理层会议。对此，高盛发布研报， 给予沃尔玛(WMT.US)"买入"评级，目标价101美元。 | WMT | 12m Price Target: $101.00 | Price: $97.47 | | Upside: 3.6% | | | --- | --- | --- | --- | --- | --- | | RIIV | GS Forecast | | | | | | | | 1/25 | 1/26E | 1/27E | 1/28E | | Market cap: $780.4bn | Revenue ($ mn) | 680,985.0 | 706, 103.4 | 735,970.8 | 767,736.4 | | Enterprise value: $816.2bn | EBITDA ($ mn) | 42,477.0 | 44,787.6 | 49,070.0 | 53,827.8 | | 3m ADTV: $2.0bn | EBIT ($ mn) | 29,504.0 | 30,712.1 | 34,494.6 | 38 ...

这些年，伴随着海淘经济的全面发展，代购已经是非常常见的现象，几乎每个人都有或多或少接触过代购的经历，然而就在最近实体店代购却成为了潮流， 让人不禁想问这到底是怎么回事？为啥实体店还要弄代购？ 一、山姆代购成潮流？ 据自媒体惊蛰研究所的报道，2023年以来，小红书、抖音等社交平台上，大量山姆代购创业者通过图文、视频记录并分享他们的开店经历。小红书上，还形 成了#山姆代购实体店、#山姆代购店的话题。 综合来看，当前市场上的代购实体店主要分为三种类型：专营山姆等单一品牌商品的专卖店，集合多个品牌商品的综合店（如山姆、胖东来、盒马等）以及 水果店等传统店铺兼营的代购业务（有的仅对分装产品收取服务费）。此外还有不设货架、只做自提的提货点。 据每日人物社的报道，截至目前，湖北省开了三家山姆会员商店，全部位于省会武汉市。但打开地图搜索"山姆"，还会发现非常多"山姆甄选小时达""山姆 严选""山姆集合店"，星星点点地分布在不少湖北县城。以京山为例，这个由湖北荆门代管的县级市人口不足60万，却在短短两月内开出了至少5家"县城山 姆"。 它们又被称作山姆"分姆"。像季唯这样的商家，往返于武汉、许昌和京山之间，将山姆、胖东来的网红 ...

Core Insights - Walmart is shifting its focus towards attracting new and younger shoppers to mitigate the effects of tariffs and rising retail prices [2][3][4] Group 1: Strategic Initiatives - Walmart has launched a new advertising campaign, introduced a clothing brand for tweens, and expanded drone delivery services to appeal to younger consumers [2] - The company aims to target value-conscious shoppers amidst a backdrop of reduced consumer spending [2][3] Group 2: Consumer Behavior - Walmart's CFO noted that while tariffs have not changed overall consumer spending patterns, shoppers are spending more on groceries, leaving less for discretionary items [3][4] - There is evidence that consumers are still feeling financial pressure, as indicated by ongoing high prices despite lower year-over-year inflation rates [4] Group 3: Competitive Landscape - Other retailers, such as Dollar General, are also seeing an increase in affluent shoppers seeking value, indicating a broader trend in the retail sector [5] - Costco's finance chief reported that affluent members are trading down to lower-cost items, reflecting a shift in consumer spending behavior across income levels [6][7]

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 289 篇报道。 整理丨赵晓晓 本周（ 202 4 . 06 . 01 - 2025.06.08 ）出海大事件包括 ：特朗普或为贸易谈判第三次延期 TikTok 禁令；首家 TikTok 线下选品中心在越南开放； TikTok 的电商新市场扩张任务已经完成， 但在德国还不怎么受欢迎； Temu 在第二季度全球化战略提速， 9 成用户来自亚非拉； Labubu 已 经成为速卖通 Top1 的搜索词；小红书在香港设立首个境外办公室，有望今年启动上市；快手的 Kling AI 单月营收破 1 亿元，成为全球收入最高的视频生成产品之一 等。 出海四小龙 特朗普或为贸易谈判第三次延期 TikTok 禁令 随着 6 月 19 日最后期限临近，特朗普预计将签署行政令，暂缓执行封禁或强制出售 TikTok 的法 律，以避免 TikTok 在美国的业务被全面封禁。 这将是特朗普 1 月就任美国总统以来第三次给予 TikTok 宽限期，此前两次分别为 4 月和 6 月的 75 ...

观察者网消息，在美国总统特朗普的关税压力下，沃尔玛等美国零售巨头一度要求中方承担关税成本， 在被中国商务部等有关部门约谈后才同意由美方承担全部关税。但上个月中美同意90天内暂停实施关税 后，美国零售巨头又被曝出尔反尔，不仅想让中国供应商分摊关税成本，还想转嫁货运成本。 近期，许多美国进口商抓住关税暂停的窗口期大量进货，导致航运价格飙升。据香港《南华早报》6月7 日报道，中国出口公司的消息人士透露，随着货运成本增加，美国零售巨头正试图对中企施加压力，要 求中国供应商分摊货运成本。美国零售商想要让中企吸收更多额外成本，以应对美国国内要求保持价格 的压力。 来自浙江出口商的消息人士称，过去美国主要零售商会负担货物从中国运到美国的全部费用，因为这些 公司可以利用其与航运公司的长期合作关系来控制成本。但现在情况正发生改变，美国零售巨头要求中 企吸收贸易争端带来的额外成本，一些为美国零售商供货的浙江工厂不得不承担部分甚至全部的货运成 本。 浙江新德集团的一名销售代表告诉《南华早报》，自5月底以来，该公司一直在支付其输美货物60%的 物流费用。 其他行业消息人士此前披露，美国零售商正试图向中国供应商施加压力，要求中企承担高 ...

Core Insights - Walmart is adapting its strategies to attract younger shoppers through new advertising campaigns, a clothing brand for tweens, and expanded drone delivery services [1][2][4] Company Initiatives - Walmart hosted its Associates Week event, emphasizing employee recognition and shareholder engagement, featuring performances from celebrities [3] - The company plans to expand drone deliveries to 100 stores across three states, enhancing convenience for customers [9] - A new private clothing brand, Weekend Academy, will launch with 65 items priced under $15, targeting tween consumers [9][10] Market Context - The retail environment is challenging due to tariffs leading to price increases, yet Walmart sees opportunities to capture market share from value-conscious consumers [4][5] - Despite economic pressures, consumer spending patterns remain stable, with increased spending on groceries impacting discretionary purchases [5][6] - Walmart's strategy includes focusing on higher-margin categories like apparel and home decor to offset cost pressures from tariffs [8] Advertising Strategy - Walmart's new advertising campaign features actors from popular shows and aims to surprise consumers with its merchandise and delivery options, using the tagline "Who knew?" [10][11]

Sales Performance - Comparable sales in the U.S. increased by 3.0% for the three months ended April 30, 2025, compared to the same period in the previous fiscal year[77] - Walmart U.S. segment had comparable sales growth of 3.1% driven by strong sales in health and wellness and grocery, with eCommerce net sales contributing approximately 3.4% to comparable sales[77] - Total revenues increased by $4.1 billion or 2.5% for the three months ended April 30, 2025, driven by strong comparable sales in U.S. segments and international markets[95] - Walmart U.S. segment net sales increased by $3.5 billion or 3.2% for the three months ended April 30, 2025, with eCommerce sales contributing approximately 3.4% to comparable sales[101] - Sam's Club U.S. segment net sales increased by $0.6 billion or 2.9% for the three months ended April 30, 2025, driven by growth in club and digital transactions[110] - Walmart International segment net sales decreased by $0.1 billion or 0.3% for the three months ended April 30, 2025, primarily due to negative currency exchange rate fluctuations[106] Financial Performance - Net sales for the three months ended April 30, 2025, were $163,981 million, reflecting a 2.5% increase from $159,938 million in the same period of 2024[81] - Operating income for the same period was $7,135 million, a 4.3% increase from $6,841 million in the previous year[81] - Consolidated net income decreased by $0.7 billion for the three months ended April 30, 2025, resulting in diluted net income per share of $0.56, a decrease of $0.07 compared to the previous year[100] - Gross profit rate increased by 12 basis points for the three months ended April 30, 2025, primarily due to disciplined inventory management in the Walmart U.S. segment[96] - Operating expenses as a percentage of net sales increased by 6 basis points for the three months ended April 30, 2025, primarily due to increased depreciation and amortization[97] Cash Flow and Investments - Net cash provided by operating activities was $5.4 billion for the three months ended April 30, 2025, an increase of $1.2 billion compared to the same period in 2024[93] - Net cash provided by operating activities increased to $5.4 billion for the three months ended April 30, 2025, compared to $4.2 billion in the same period of 2024, reflecting a growth of approximately 27%[114] - Net cash used in investing activities rose to $5.1 billion for the three months ended April 30, 2025, up from $4.4 billion in 2024, primarily due to increased payments for property and equipment[117] - Net cash provided by financing activities improved to $0.3 billion for the three months ended April 30, 2025, compared to a net cash used of $0.3 billion in the same period of 2024[118] Capital Expenditures and Debt - Total capital expenditures for the three months ended April 30, 2025, were $4,986 million, up from $4,676 million in the same period of 2024[88] - Total outstanding long-term debt increased by $4.6 billion to $40.6 billion as of April 30, 2025, primarily due to new long-term debt issuance[120] Shareholder Returns - The company approved a fiscal 2026 annual dividend of $0.94 per share, representing a 13% increase from the fiscal 2025 dividend of $0.83 per share[121] - During the three months ended April 30, 2025, the company repurchased $4.6 billion in shares, an increase of $3.5 billion compared to the same period in 2024, with an average price of $90.35 per share[123] Economic Outlook - The company anticipates continued uncertainty in the global economy due to various macroeconomic factors, which may impact future results[74] - The company aims to improve operating income margin through productivity initiatives and a focus on higher-margin business areas[78] - The company anticipates that cash flows from operations will be sufficient to meet its material cash requirements, including funding for capital expenditures and share repurchases[125] Credit Ratings - As of April 30, 2025, the company maintained strong credit ratings, with Standard & Poor's rating its commercial paper at A-1+ and long-term debt at AA[126] Return Metrics - Return on Assets (ROA) decreased to 7.5% for the trailing twelve months ended April 30, 2025, down from 7.9% in 2024[87] - Return on Investment (ROI) increased to 15.3% for the trailing twelve months ended April 30, 2025, compared to 15.0% in 2024[87] Taxation - The effective income tax rate was 22.6% for the three months ended April 30, 2025, compared to 24.6% for the same period in the previous fiscal year[99] Cash Position - Cash and cash equivalents were $9.3 billion as of April 30, 2025, slightly down from $9.4 billion in 2024, while the working capital deficit increased to $22.7 billion from $18.9 billion[115]

沃尔玛百货(WMT.N)CFO：消费者支出基本保持稳定。 ...

智通财经6月7日电，沃尔玛首席财务官表示，消费者支出基本保持稳定。 ...

沃尔玛CFO：消费者开支很大程度上保持一致性。 ...