中产也 “萎” 了，Costco 也遇迎头风？

Core Insights - Costco's overall same-store sales growth remains stable at 5.7%, but the growth in customer traffic has significantly declined to 3.7%, the lowest level in three years, indicating a reliance on price increases for nominal growth [1][10][12] - The company has experienced a notable increase in e-commerce sales, with a 13.6% year-over-year growth, driven by a 27% increase in online site traffic [2][15] - Membership fee revenue has accelerated, reaching approximately $1.7 billion, a 14% increase year-over-year, although the membership renewal rate has declined for three consecutive quarters [3][19] Financial Performance - Total revenue for the quarter was $86.2 billion, reflecting an 8.1% year-over-year growth, which aligns with market expectations [23] - The gross profit margin increased to 11.13%, up 13 basis points year-over-year, primarily due to a decrease in oil prices [24][26] - Operating profit was $3.34 billion, slightly below the expected $3.38 billion, with a year-over-year growth rate of 9.8%, indicating a slowdown in profit growth compared to revenue growth [30] Cost and Expense Analysis - The selling and administrative expense ratio increased to 9.21%, up 17 basis points year-over-year, which is higher than the gross margin expansion [27][30] - The increase in expenses is attributed to factors such as store expansion, rising labor costs, and extended operating hours, which have a more sustained impact on profitability [28][30] - Despite the increase in gross margin, the overall profit margin has been pressured due to the faster growth of expenses compared to gross profit [30]