Costco(US:COST) 美股IPO·2025-12-12 07:34Core Viewpoint - Costco's Q1 performance exceeded Wall Street expectations, driven by strong e-commerce growth and new store openings, with revenue increasing by 8.2% to $67.31 billion and EPS at $4.50, while net profit rose 11.1% to $2 billion [1][6][4]. Financial Performance - Q1 revenue reached $67.31 billion, marking an 8.2% year-over-year increase, with EPS of $4.50, both surpassing Wall Street forecasts; net profit increased from $1.8 billion to $2 billion, reflecting an 11% growth [1][6][4]. - Comparable sales growth was 6.4%, with the U.S. market at 5.9%, indicating a focus on value rather than a significant increase in consumer spending power [14]. E-commerce Transformation - E-commerce sales surged by 20.5%, with website traffic up 24% and app traffic soaring by 48%; Black Friday saw a record non-food order exceeding $250 million [7][15][17]. - The company is enhancing its online business through partnerships with delivery services like Instacart, Uber, and DoorDash, indicating a shift towards immediate delivery services [18]. Membership Expansion - Paid membership reached 81.4 million, a 5.2% increase year-over-year, with a renewal rate of 92.2% in the U.S. and Canada [8][15]. - The increase in membership fees, effective from September, has started to contribute to profits [15]. Store Expansion Plans - Eight new warehouse stores were opened in Q1, bringing the global total to 921, with plans to open over 30 new stores annually [10][23]. - This aggressive expansion strategy is seen as essential for maintaining growth in a cautious retail environment [23]. Challenges and Cost Management - Approximately one-third of U.S. sales come from imported goods, and the company is facing challenges due to rising tariffs; it has filed a lawsuit against the Trump administration regarding tariff refunds [11][22]. - The company is actively seeking ways to mitigate tariff impacts, including increasing domestic sourcing and adjusting product categories [19][20].