此外，该公司正推进50亿美元加速股票回购计划，预计第三季度完成，后续将根据剩余25亿美元授权恢 复公开市场回购。尽管市场对关税压力下的消费者需求存在担忧，克罗格仍上调年度核心销售额预测， 认为其低价产品需求将保持强劲。 在当前消费者(尤其是低收入群体)转向性价比必需品的趋势下，克罗格、艾伯森和沃尔玛等零售商得以 抵御行业整体放缓压力，展现出较强的市场韧性。 截至发稿，克罗格盘前股价上涨约超2%。 克罗格公司(KR.US)发布2025年第二季度财报显示，期内每股收益达0.91美元，较上年同期0.64美元显 著增长，并因业绩超预期上调全年业绩预期。截至2025年8月16日的季度，公司不含燃油销售额同比增 长3.4%，增速较上年同期的1.2%明显提升;总销售额则持平于339亿美元。 营业利润从去年同期的8.15亿美元增至8.63亿美元，经调整后每股收益达1.04美元，高于2024年第二季 度的0.93美元。本季度电商销售额增长16%，毛利率从22.1%提升至22.5%，主要得益于专业药房出售、 供应链成本降低及损耗减少带来的利润率改善。 基于强劲表现，克罗格更新2025年业绩指引：不含燃油的同店销售额增长预期从2. ...

Core Viewpoint - DBS has released a report stating that Li Ning (02331) is a leading domestic sportswear brand in China, with a market share of 10.3% as of 2024 [1] Group 1: Company Performance - Li Ning has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - The company has improved retail discount rates in both offline and e-commerce channels [1] Group 2: Market Outlook - Despite intense market competition, growth is recovering, prompting DBS to raise the target price from HKD 17.4 to HKD 19.5 per share, based on a rolling 12-month P/E ratio of 16 times [1] - Sales for Li Ning are expected to grow modestly by 1% and 6% in the fiscal years 2025 and 2026, driven by stable growth in running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing [1] Group 3: Comparative Valuation - The revised target P/E ratio of Li Ning is compared to global peers, which are forecasted to have P/E ratios of 24 times and 19.9 times for the fiscal years 2025 and 2026, respectively [1] - The rating for Li Ning is set at "Buy" [1]

Group 1 - The company expects a sales growth of approximately 15% year-on-year by 2025 [1]