美股周五尾盘，李维斯（Levi Strauss，LEVI）股价下跌11.5%，市场担心关税成本将伤及该公司盈利前 景。 来源：环球市场播报 ...

While McCormick & Company Inc (NYSE:MKC) delivered an earnings beat for the third quarter, its 2025 outlook reflects increased tariff-related cost pressures, according to BofA Securities.The McCormick Analyst: Analyst Peter Galbo maintained a Buy rating and price target of $96.The McCormick Thesis: The company reported adjusted earnings of 85 cents per share, beating consensus of 81 cents per share, Galbo said in the note.Check out other analyst stock ratings.The beat was driven by sales and SG&A leverage, ...

Core Viewpoint - Williams-Sonoma reported strong Q2 fiscal 2025 earnings and revenue, exceeding expectations and showing year-over-year growth, leading to an upward revision of fiscal guidance [2][4][9] Earnings and Revenue Performance - The company achieved earnings of $2 per share, surpassing the Zacks Consensus Estimate of $1.79 by 11.7%, and net revenues of $1.84 billion, exceeding the consensus mark of $1.82 billion by 1.1% and growing 2.8% year over year [4] - Comparable sales (comps) increased by 3.7%, a significant improvement from a negative 3.3% in the prior year [4] Segment Performance - Comps at Williams-Sonoma rose by 5.1%, while West Elm saw a 3.3% increase, and Pottery Barn Kids and Teens grew by 5.3%. However, Pottery Barn only inched up by 1.1% [5] Operating Highlights - The gross margin expanded to 47.1%, an increase of 220 basis points year over year, attributed to higher merchandise margins and supply-chain efficiencies [6] - Selling, general and administrative expenses decreased to 29.2% of net revenues, reflecting a decline of 20 basis points year over year [6] - The operating margin improved to 17.9%, up 240 basis points from the previous year [6] Financial Position - As of August 3, 2025, the company reported cash and cash equivalents of $985.8 million, a decrease from $1.21 billion at the end of fiscal 2024 [7] - Net cash from operating activities totaled $401.7 million in the first half of fiscal 2025, down from $473.3 million a year ago, allowing for nearly $280 million returned to shareholders through stock repurchases and dividends [7] Fiscal Guidance - The company raised its fiscal 2025 guidance, projecting annual net revenues to grow between 0.5% and 3.5%, and comparable brand revenue growth expected to be between 2.0% and 5.0% [9] - Operating margin guidance remains between 17.4% and 17.8% [10] Market Outlook - Despite a strong performance, there has been a downward trend in estimates revisions for the stock, indicating a potential shift in market sentiment [11][13] - The company holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [13]

来源：滚动播报 美联储巴尔金：消费者承担了少量关税成本。 ...

美国劳工统计局周三公布数据显示，美国8月PPI同比2.6%，预期 3.3%，前值 3.3%；美国8月PPI环比 -0.1%，预期 0.3%，前值下修至0.9%。PPI环比四个月来首次转负，显示企业在面临关税成本上升压力 下仍保持价格克制。同环比数据同步走弱，为美联储下周降息决定增添新的支撑因素，数据公布后，美 股三大股指期货短线拉升，美债收益率普跌，美元指数短线走低。黄金走势继续受到提振，但考虑到今 日CPI数据，市场交投偏谨慎，上冲幅度有限。重点关注今日CPI数据能否令市场延续此前的降息判 断。 摘要9月11日，国内贵金属期货全线飘红，截止目前，沪金主力报价为833.14元/克，涨幅0.18%，沪银 主力报价为9816.00元/千克，跌幅0.52%；国际贵金属期涨跌不一，COMEX黄金报价3682.10元/盎司， 涨幅0.50%，COMEX... 9月11日，国内贵金属期货涨跌不一，截止目前，沪金主力报价为831.04元/克，跌幅0.28%，沪银主力 报价为8798.00元/千克，涨幅0.28%；国际贵金属期全线飘绿，COMEX黄金报价3671.10元/盎司，跌幅 0.25%，COMEX白银报价41.56美 ...

Core Viewpoint - American Eagle Outfitters (AEO.US) reported strong Q2 2025 results, significantly exceeding market expectations, with earnings per share of $0.45 compared to the expected $0.20, and revenue of $1.28 billion versus the anticipated $1.23 billion [1] Group 1: Financial Performance - The company revised its full-year guidance, expecting comparable sales to remain flat, better than the analyst forecast of a 0.2% decline, but lowered its revenue forecast from $360 million to $375 million down to $255 million to $265 million due to tariff costs [1] - The company anticipates a comparable sales growth of approximately 10% in Q3, exceeding the analyst expectation of 0.9%, with a similar growth trend expected in Q4 [2] Group 2: Marketing and Collaborations - The strong quarterly performance was attributed to celebrity collaborations, particularly the "Great Jeans" campaign with Sydney Sweeney, which, despite controversy, became a highly successful marketing case, leading to sold-out sales of jeans and jackets [1] - The collaboration with Travis Kelce launched the day after his engagement to Taylor Swift, achieving sales three times higher than previous collaborations within a single day [2] Group 3: Market Challenges - The company faces challenges including tariff impacts, increased advertising spending, and heightened competition from peers like Abercrombie & Fitch and Levi's, which are also launching aggressive marketing campaigns [3] - The company is reducing its reliance on Chinese manufacturing to below 10%, but factories in Vietnam and India are still affected by reciprocal tariffs [3] Group 4: Consumer Behavior and Trends - The company is strategically targeting Gen Z consumers amid economic uncertainty, which has led to a significant decline in holiday spending, particularly among this demographic [2] - Despite some criticism regarding marketing campaigns, the company has successfully attracted 700,000 new customers, with positive growth in overall channel traffic in August [3]

格隆汇8月25日丨华利集团(300979.SZ)于近期投资者关系活动表示，美国是运动鞋重要的消费市场，预 估美国市场约占公司销售收入的4成左右。美国进口关税税率上调，会增加客户销往美国市场的关税成 本，但是客户销往非美国地区的关税不会有影响。目前有部分客户在与公司商讨关税带来的成本问题， 部分客户还没有与公司讨论关税带来的成本问题。 ...

Core Viewpoint - The Pacific Investment Management Company's public policy head, Libby Cantrill, believes that consumers will ultimately bear some of the costs of Trump's tariffs, which may suppress consumption and potentially drag down economic growth in an economy where consumption accounts for 70% [1] Group 1 - Consumers are expected to absorb part of the costs associated with Trump's tariffs [1] - The impact of tariffs on consumer spending could lead to a slowdown in economic growth [1] - Consumption constitutes a significant portion (70%) of the economy, indicating a strong correlation between consumer behavior and overall economic performance [1]

Core Viewpoint - The tariffs imposed by President Trump on various trade partners have significantly increased cost pressures and operational challenges for metal and mining companies, particularly affecting copper and aluminum producers while benefiting steel manufacturers [1][5]. Group 1: Impact of Tariffs on Companies - North American aluminum producers, including Alcoa and Rio Tinto, reported millions in tariff costs due to the doubling of aluminum import tariffs from 25% to 50% [2]. - Alcoa incurred $115 million in tariff costs in Q2, as 70% of its Canadian production is sold to the U.S. [3]. - Rio Tinto faced a total cost of $321 million for its Canadian aluminum exports due to U.S. tariffs [3]. - Freeport-McMoRan, the largest copper producer in the U.S., indicated that tariffs would increase costs by 5% [3]. - Caterpillar estimated the tariff impact in Q2 to be between $250 million and $350 million, leading to a 22% decline in adjusted operating profit [3]. Group 2: Steel Industry Perspective - The U.S. steel industry supports the increase in steel import tariffs from 25% to 50%, viewing it as a means to boost domestic demand and stabilize prices [5][6]. - Executives from Cleveland-Cliffs emphasized the necessity of strict enforcement of tariffs to maintain a strong domestic steel industry [7]. - Despite rising raw material costs, steel companies believe they can adjust their supply chains to cope with the changes [7]. - Steel companies expect improved operating conditions and profitability by the second half of 2025 due to stable demand [8]. Group 3: Operational Adjustments and Future Planning - Companies are reassessing their operational decisions in light of the tariff policies [9]. - Teck Resources reported an increase in capital requirements for its Highland Valley copper mine expansion project, raising its budget from CAD 2.1 billion to CAD 2.4 billion, reflecting a 14.3%-16.7% increase due to inflation and rising input costs [10]. - Grupo Mexico is evaluating U.S. investment opportunities, focusing on increasing smelting and refining capacity in response to tariff policies over the next 3-5 years [12].

Group 1 - The Atlanta Fed President Raphael Bostic highlighted that consumers are under increasing pressure due to tariffs impacting costs, which are affecting both corporate profits and housing affordability for families [1][4] - Many businesses are struggling with labor shortages and are trying to retain existing employees, with concerns that a surge in job applicants or layoffs could signal economic distress [3][4] - The RV manufacturer Tiffin has seen a 60% drop in sales compared to its 2022 peak, largely due to demand suppression from Fed rate hikes and increased costs from tariffs [3][4] Group 2 - Bostic expressed concerns that if tariff-induced price increases become a long-term phenomenon, it could elevate inflation expectations and lead to sustained price pressures [4] - Bankers reported that homeowners are facing difficulties affording mortgages, with an increase in late payments observed among consumers [4] - Some companies are finding opportunities amidst consumer caution, such as Sunshine Mills, which is benefiting from demand for lower-priced pet food products [4] Group 3 - The Fed's internal discussions show a divide among officials regarding the timing and necessity of interest rate cuts, with some advocating for immediate action while others remain cautious [2] - Bostic noted that he is closely monitoring labor market trends, including unemployment rates and wage growth, to inform future policy decisions [2][5] - The overall economic outlook remains uncertain, with Bostic emphasizing the need for flexibility in policy adjustments based on evolving data [5]