Key Takeaways COST delivered 7.1% year-over-year total comparable sales growth for the four weeks ending Feb. 1, 2026.COST saw digitally enabled comparable sales surge 34.4% in January, following strong gains in December.COST reported January net sales up 9.3% to $21.33B, extending the sales momentum seen in December.Costco Wholesale Corporation (COST) kicked off calendar year 2026 on a solid note, delivering stellar comparable sales growth in January, which highlights its appeal to value-conscious consumer ...

最近这几年走在街道上，你是不是也有这样的感受？那些曾经生意火爆的实体店，一家家关门了。店铺玻璃上贴着"租赁"的红字，里面空荡荡的，有时候还 有"大甩卖"的横幅飘在风中。有意思的是，很多店主干脆就把租金降了下来，甚至有的商铺月租只要几百块钱，结果还是没人接盘。这看起来简直不合常 理。便宜的铺面为什么还没人要呢？这背后到底发生了什么？ 咱们都看得见一个现象，那就是做实体生意越来越难了。走进商场，很多店铺冷冷清清的，店员比顾客还多。有人在那儿坐了一整天，可能就来两三个顾 客。而同样的商品，消费者在手机上一搜，可能就找到了更便宜的。这种对比太让人无奈了。但这还不是问题的全部，关键在于整个商业逻辑都变了。 先从房租这块儿说起。咱们都知道，实体店的成本里房租占了大头。以前一个黄金地段的商铺，月租可能要8000块到15000块，好地方甚至更高。店主们那 时候还咬咬牙能接受，因为来店里的人多，转化率也不错。但现在不一样了，线上购物已经成为了大多数人的习惯。有数据显示，中国电商交易额在2024年 就已经占到社会零售总额的40%以上，到了2026年这个比例还在上升。这意味着什么呢？意味着每当一个消费者选择在线上买东西的时候，就有 ...

Amazon - Amazon is a dominant player in e-commerce and cloud computing, benefiting long-term shareholders through innovation and multiple revenue streams [3][8] - The company's online retail business has a competitive advantage due to its extensive infrastructure and same-day delivery capabilities, with its AI-powered shopping assistant reaching 250 million active users and projected to generate $10 billion in incremental annualized sales by 2025 [4][6] - Amazon's advertising revenue has an annual run rate of $85 billion, with a 22% year-over-year increase in the fourth quarter, positioning the company to benefit from the shift of ad spending to digital platforms [6] - Amazon Web Services (AWS) is a key growth driver, with a 24% year-over-year revenue increase in the fourth quarter, contributing to approximately half of Amazon's profits [7] - Analysts project Amazon's earnings per share to grow at an annualized rate of 17% in the coming years, indicating strong prospects for the business [8] Booking Holdings - Booking Holdings operates several well-known travel platforms, including Booking.com and Priceline, and has built a competitive advantage through loyalty rewards and its Connected Trips initiative [9] - The company reported 323 million room nights in the third quarter, an 8% year-over-year increase, leading to a 13% rise in revenue and a 19% increase in adjusted earnings per share [11] - Management targets 8% annual growth in gross bookings and revenue, aiming for a 15% rise in adjusted earnings, while investing in AI capabilities for personalized recommendations [12] - With a consistent operating history and prospects for double-digit earnings growth, Booking Holdings is positioned as a strong investment in the growing travel industry [13]

Financial Data and Key Metrics Changes - The company reported a loss before income taxes of $1.3 million for the first quarter, significantly improved from a pretax loss of $18.9 million in the same quarter last year, driven by revenue growth and improving margins [8] - Gross margin improved to 36.6%, up 6.7 percentage points from the prior year, primarily due to overhead absorption from higher volumes and price increases offsetting material cost increases [8] - Operating expenses increased by $2.1 million compared to the previous year, mainly due to increased sales volume-related expenses, partially offset by decreased warranty expenses [8] Business Line Data and Key Metrics Changes - The fishing segment, particularly the Minn Kota and Humminbird brands, showed solid performance with strong demand for new products like the XPLORE Series and MEGA Live 2 fish finders [4] - In the camping and watercraft segment, investments in digital and e-commerce have paid off, with Jetboil and Old Town seeing growth driven by online sales [4][5] - The diving segment experienced increased sales due to improved global market conditions and successful product innovations, particularly the SCUBAPRO's new HYDROS PRO 2 [5][6] Market Data and Key Metrics Changes - The company noted that markets have stabilized, contributing to double-digit growth in the first quarter, which is typically a slower period [3] - Trade inventory levels were reported to be in a healthy position, allowing for good sell-in during the first quarter [17] Company Strategy and Development Direction - The company aims to maintain a strong innovation pipeline, grow digital and e-commerce momentum, and improve product costs and operating efficiency through cost-saving initiatives [7] - The focus on innovation is seen as critical for maintaining market leadership amid strong competition [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of fiscal 2026, highlighting improved profitability and execution of growth plans despite uncertainties in the broader environment [4][6] - The company remains confident in its ability to create long-term value for shareholders, with a debt-free balance sheet and ongoing dividend payments [9] Other Important Information - The inventory balance at the end of the first quarter was $183.9 million, down about $17.7 million from the previous year [9] Q&A Session Summary Question: Pricing versus unit volumes - Management indicated that most of the revenue increase was driven by unit volume, although pricing adjustments were made in response to cost increases [12] Question: Contribution of new products to sales - Management confirmed that innovation remains critical, with improvements in new product success rates observed over the last couple of years [15] Question: E-commerce revenue percentage and growth goals - E-commerce is the fastest-growing channel for the company, with goals to continue expanding it at a faster pace than overall business growth [16] Question: Current trade inventory levels - Management reported that trade inventory levels are healthy, allowing for good sell-in during the first quarter [17] Question: Future cost savings initiatives - Management emphasized that cost savings initiatives will continue to be a key strategy, especially in volatile supply chain conditions [18] Question: Warranty expense impact on operating expenses - Warranty expenses were noted to have decreased, contributing to a slight reduction in operating expense percentage [19] Question: Future tax rate expectations - Management indicated that the tax rate may fluctuate based on profits in various geographies, particularly due to a valuation allowance in the U.S. [21]

Global retail e-commerce sales hit an estimated $6 trillion in 2024 and are expected to rise to nearly $8 trillion by 2028, a 31% increase over the next few years. In this market, U.S. retailers led by Amazon (AMZN) and Walmart (WMT) still lead the pack across both in-store and online shopping. Online shopping is also taking a bigger share of the total, making up over 23% of all retail purchases in 2025, and that share is expected to keep rising through the decade. ​ Walmart has been one of the clearest ...

Walmart associates celebrate during the opening bell ceremony at the Nasdaq Market to celebrate the company’s listing transfer, in New York City, U.S., December 9, 2025.Walmart crossed the $1 trillion market cap threshold on Tuesday after a dizzying stock climb fueled by the growth of digital businesses and the acquisition of new customers. In hitting the benchmark, the largest U.S. retailer and grocer joins an exclusive club made up almost entirely of technology companies. Walmart's stock has climbed more ...

Core Viewpoint - Allbirds is shifting its focus from physical retail to online sales to enhance profitability, closing its remaining full-price stores in the U.S. by the end of February [1][2]. Group 1: Company Strategy - The CEO of Allbirds stated that the closure of unprofitable stores is a crucial step towards achieving profitable growth under a turnaround strategy [2]. - The company has been reducing its brick-and-mortar presence over the past two years to cut costs and support long-term business health [2]. - Allbirds will maintain two outlet stores in the U.S. and two full-price stores in London, indicating a strategic pivot rather than a complete exit from physical retail [2]. Group 2: Market Context - Allbirds originated in Silicon Valley and gained traction during the direct-to-consumer boom, going public in 2021 [3]. - The rise in rents and the declining appeal of physical retail have prompted Allbirds and other direct-to-consumer companies to prioritize digital sales [4]. Group 3: Financial Performance - In its third-quarter earnings report, Allbirds reported a 23.3% decline in net revenue compared to the same period the previous year, largely due to changes in international distribution and store closures [5]. - Net revenue from U.S. stores decreased by approximately 20% year-over-year [5]. - The company has a market cap of $32 million but has experienced a stock decline of over 80% in the past two years [5].

E-commerce Impact on Retail - E-commerce sales increased by 5.1% in Q3 2025 compared to Q3 2024, while total retail sales rose by 4.1% in the same period, with e-commerce accounting for 16.4% of total sales [1] Home Shopping Networks Struggles - HSN and QVC, the two largest home-shopping networks, have faced significant challenges due to the rise of the internet and changing consumer behavior [2][3] - HSN relocated its headquarters to QVC's campus in Philadelphia in 2025 to reduce costs [2] - Primetime Shopping Network declared Chapter 7 bankruptcy and ceased operations, highlighting the difficulties smaller players face in the market [2][6] Shift in Consumer Behavior - Younger consumers are increasingly spending time on social media, leading QVC to shift its focus from traditional TV to social and streaming platforms [4] - The decline in traditional TV viewership is evident, with QVC's main channel reaching 44% fewer homes and HSN 47% fewer homes in 2024 compared to 2018 [7] - TV viewing minutes for QVC and HSN dropped by 4%, while news and information programming gained viewership, indicating a shift in consumer attention away from shopping channels [7]

Industry Overview - The Zacks Transportation-Air Freight and Cargo industry is facing ongoing supply-chain disruptions and a challenging macroeconomic environment characterized by high inflation and interest rates, leading to a decline in package volumes [1][6] - Companies in this industry provide air delivery and freight services, with many offering specialized transportation and logistics solutions, directly correlating their performance with the overall health of the economy [3] Key Trends - Despite challenges, there are growth opportunities for companies focusing on operational efficiency and cost-cutting measures, with firms like UPS, FedEx, and GXO Logistics capitalizing on these trends [2] - The industry is prioritizing shareholder returns, with companies increasing dividends and buybacks to enhance shareholder value; FedEx announced a 5.1% increase in its quarterly dividend for 2025 [4] - Cost-cutting initiatives are crucial as the industry faces elevated inflation levels, particularly in labor, freight, and fuel costs; FedEx reported better-than-expected results in Q2 of fiscal 2026 due to these efforts [5] Demand and E-commerce - A slowdown in shipping demand, especially in Asia and Europe, is a significant concern, with geopolitical uncertainty and high inflation negatively impacting consumer sentiment [6] - E-commerce continues to be a strong growth driver, supported by the convenience of online shopping and the ongoing digital transformation, despite a slowdown from pandemic peak levels [7] Industry Performance and Valuation - The Zacks Air Freight and Cargo industry holds a Zacks Industry Rank of 97, placing it in the top 40% of 244 Zacks industries, indicating positive near-term prospects [8] - The industry's earnings estimate for 2026 has increased by 1.5% since November 2025, reflecting growing analyst confidence in earnings growth potential [9] - Over the past year, the industry has underperformed the S&P 500, declining by 6.3% compared to the S&P 500's growth of 14.9% [11] - The industry is currently trading at a trailing 12-month EV/EBITDA of 9.8X, lower than the S&P 500's 18.8X and the sector's 10.79X [14] Company Highlights - UPS is recognized for its shareholder-friendly activities, including dividends and buybacks, and has shown strong free cash flow generation, supporting its bottom line and e-commerce demand [17][18] - FedEx is noted for its solid liquidity position and cost-cutting measures, with earnings surpassing consensus estimates in three of the last four quarters [21] - GXO Logistics has consistently exceeded earnings estimates, benefiting from increased e-commerce and logistics capabilities, with shares rising by 26% over the past year [23][26]

Core Insights - Walmart has appointed David Guggina, previously the U.S. e-commerce chief, as CEO of its nearly $500 billion U.S. division, marking a shift towards a tech-oriented leadership approach [1][2] - Guggina's background in e-commerce, automation, and supply chain positions Walmart to enhance its digital capabilities, as the division generates 69% of the company's revenue [2] - Walmart's U.S. e-commerce sales have reached nearly $100 billion annually, with a 27% increase in the most recent quarter, reflecting significant investments in integrating e-commerce with physical stores [2][4] Leadership Changes - David Guggina's promotion highlights Walmart's strategy to prioritize technology in retail, contrasting with previous CEOs who had extensive store management experience [1][2] - Seth Dallaire has been appointed as chief growth officer for Walmart U.S., focusing on expanding into tech-heavy business areas, including advertising and online marketplaces [3] Technological Advancements - Walmart is recognized as a leader in AI-assisted shopping, having partnered with OpenAI to enable product browsing and purchasing through ChatGPT [4] - The company has also introduced a shopping tool in collaboration with Google and is exploring auto-ordering for staple replenishment [4] Stock Performance - Walmart's focus on technology and AI has positively impacted its stock performance, with shares rising 27% over the past year, significantly outperforming the S&P 500 and Amazon [5]