沃尔玛Q1财报发布：高管回应美国关税带来成本压力，称超出承受能力

Core Insights - Walmart reported a total revenue of $165.6 billion for Q1 2025, a year-over-year increase of 2.5%, with a 4.0% increase when excluding currency fluctuations [2] - The company's adjusted operating income for the quarter was $7.3 billion, reflecting a 3.0% year-over-year growth, while the overall gross margin improved by 12 basis points [2] - Walmart's international business generated $29.8 billion in sales, with a 7.8% increase at constant currency, although operating profit declined by 17.5% to $1.26 billion [4] Revenue Breakdown - Walmart U.S. achieved sales of $112.2 billion, a 3.2% increase, with same-store sales rising by 4.5%, driven by a 21% growth in e-commerce [3] - Sam's Club in the U.S. saw a same-store sales increase of 6.7%, with e-commerce sales growing by 27% [3] - In China, Walmart's net sales reached $6.7 billion, marking a 22.5% year-over-year increase, with comparable sales up 16.8% and e-commerce sales up 34% [2][4] Strategic Initiatives - Walmart is focusing on maintaining low prices for food and consumables while managing cost pressures from tariffs, particularly on imports from countries like Costa Rica and Peru [7] - The company is diversifying its profit sources through e-commerce, advertising, and membership services, with advertising revenue growing by 50% across markets [5] - Walmart plans to cover 95% of the U.S. population with three-hour delivery options, reflecting a 91% increase in orders delivered within three hours [3] Membership Growth - Membership revenue for Sam's Club in China grew over 40%, with a 35% increase during the Chinese New Year sales season [5] - The number of members and renewal rates for Sam's Club in the U.S. continue to rise, contributing to a 9.6% increase in membership revenue [3] Future Outlook - Walmart has maintained its guidance for fiscal year 2026, expecting Q2 net sales growth of 3.5% to 4.5% at constant currency [6] - The company is cautious about providing specific guidance for Q2 operating income and earnings per share due to the dynamic nature of the current environment [6][8]