会员店鼻祖Costco为何不惧周期

Core Insights - Costco's 2024 financial report shows impressive performance with total revenue soaring to $254.4 billion, surpassing the combined revenue of Coca-Cola, Procter & Gamble, Netflix, and Johnson & Johnson, and boasting a paid membership count of 137 million [1] - The company has maintained a compound annual growth rate (CAGR) of 8% from 2005 to 2024, significantly outperforming Walmart and Target, which only achieved a 3% growth rate [1][6] - Despite operating under a low gross margin of 15%, Costco has managed to achieve a net profit margin exceeding 2% [1] Group 1: Business Model and Strategy - Costco's business model is characterized by "double stability" (steady growth and expansion) and "double low" (low gross margin and low operating costs), alongside "four highs" (high membership retention, high sales per store, high product turnover, and high net profit) [3][14] - The company has demonstrated resilience through economic cycles, maintaining steady growth despite challenges such as financial crises and shifts in consumer behavior [5][6] - Costco's cautious store expansion strategy contrasts sharply with traditional retail practices, focusing on sustainable growth rather than rapid expansion [8][9] Group 2: Membership and Customer Loyalty - As of 2024, Costco has 76.2 million paid members globally, with a remarkable renewal rate of 90.5%, indicating strong customer loyalty [17] - The average sales per store for Costco are nearly double that of Sam's Club and over three times that of BJ's, showcasing its superior sales efficiency [18] - Costco's private label, Kirkland Signature, has become a significant revenue driver, contributing approximately 23% to total revenue in 2023 [103] Group 3: Financial Performance - In fiscal year 2024, Costco reported a net profit of $7.4 billion, with $4.8 billion coming from membership fees and $2.6 billion from retail profits [21] - The company's operating profit margin reached 3.65% in 2024, the highest level since 2000, reflecting its effective cost management strategies [15] Group 4: Competitive Advantages - Costco's strict self-imposed rule of maintaining a gross margin below 15% creates a competitive barrier, ensuring long-term price advantages [15][57] - The company has achieved a significant reduction in operating expenses, with an operating expense ratio of only 9%, compared to 19% for Walmart and 21% for Target [71] - Costco's unique approach to customer service and employee satisfaction fosters a loyal workforce, which in turn enhances customer experience [110]