Group 1 - Ross Stores reported quarterly earnings of $1.47 per share, exceeding the Street estimate of $1.44, with quarterly revenue of $4.99 billion, surpassing the consensus estimate of $4.97 billion [1] - The company provided second-quarter GAAP EPS guidance in the range of $1.40 to $1.55, which is below the analyst estimate of $1.65 [1][2] - CEO Jim Conroy noted that despite a slow start to the spring selling season, sales performance improved month over month, with an operating margin of 12.2% remaining flat year-over-year [2] Group 2 - Following the earnings announcement, analysts adjusted their price targets for Ross Stores, with JP Morgan lowering it from $161 to $141 and Evercore ISI Group from $170 to $160 [3][8] - Morgan Stanley reduced its price target from $128 to $126, while Loop Capital lowered it from $175 to $170, and Barclays cut it from $157 to $156 [8]

（原标题：美股前瞻 | 三大股指期货齐跌，美国银行业巨头联手探索稳定币发行，下周一美股休市） 1. 5月23日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.23%，标普500指数期货 跌0.23%，纳指期货跌0.30%。 2. 截至发稿，德国DAX指数跌0.06%，英国富时100指数跌0.04%，法国CAC40指数跌0.63%，欧洲斯托 克50指数涨0.43%。 3. 截至发稿，WTI原油涨0.07%，报61.24美元/桶。布伦特原油涨0.12%，报64.52美元/桶。 市场消息 交易提示：因美国阵亡将士纪念日，下周一美股休市一天。5月26日(周一)为美国阵亡将士纪念日，美 股休市一天，5月27日(周二)恢复正常交易。洲际交易所(ICE)旗下布伦特原油合约交易提前于北京时间 27日01:30结束。芝加哥商品交易所(CME)旗下贵金属、美国原油和外汇合约交易提前于北京时间27日 02:30结束，股指期货合约交易提前于北京时间27日01:00结束。 美国银行业巨头联手探索稳定币发行。据报道，由摩根大通、美国银行、花旗集团、富国银行等华尔街 巨头组成的银行联盟正通过Zelle运营方Early Wa ...

Financial Data and Key Metrics Changes - Total sales increased by 3% to $5 billion, with comparable store sales remaining flat compared to the previous year [4] - Earnings per share rose to $1.47 from $1.46 last year, while net income decreased to $479 million from $488 million [4] - Operating margin was flat year over year at 12.2% [4][10] Business Line Data and Key Metrics Changes - The dd's discount brand continued strong momentum with solid sales and operating profits [5] - Cosmetics emerged as the strongest merchandise area during the quarter [4] - Average store inventories increased by 4%, aligning with company plans, while total consolidated inventories rose by 8% due to opportunistic buys [5] Market Data and Key Metrics Changes - Geographic trends showed broad-based performance, with the Southeast region performing the best [4] - The company opened 16 new Ross and three dd's discount locations in the first quarter, with plans for approximately 90 new stores this year [6] Company Strategy and Development Direction - The company plans to maintain a substantial pricing umbrella below traditional retailers to deliver value to customers [7] - Strategies are in place to gain market share while minimizing margin impact from tariffs [9] - The company is focused on providing high-quality branded merchandise at great value despite inflationary pressures [7] Management's Comments on Operating Environment and Future Outlook - Management expressed limited visibility into the second half of the fiscal year due to prolonged inflation and fluctuating tariff levels [15] - The company remains cautious and has withdrawn its previously provided annual guidance due to uncertainties in the macroeconomic environment [9] - Management highlighted the importance of a flexible off-price business model to navigate through uncertain times [15] Other Important Information - The company repurchased 2 million shares of common stock for $263 million under a $2.1 billion buyback authorization [11] - For the second quarter, comparable store sales are projected to be flat to up 3%, with earnings per share expected in the range of $1.40 to $1.55 [12] Q&A Session Summary Question: Can you elaborate on the cadence of comps and drivers of improvement? - Management noted broad-based sequential improvement across merchandise categories, with April showing strong performance [18][19] Question: What strategies are in place to mitigate tariffs? - Strategies include negotiating better costs with vendors, passing along some price increases cautiously, and utilizing closeouts and packaway merchandise [19][20] Question: How do you expect the tariff impact to change throughout the year? - The second quarter impact includes costs from orders already in transit when tariffs were announced, and future impacts will depend on macroeconomic conditions [25][26] Question: What is the outlook for inventory availability? - Management expects availability of closeouts but acknowledges potential receipt risks due to production halts in China [32] Question: How is the branded strategy performing? - The branded strategy is on track, with no expected margin headwinds going forward, particularly in the ladies' business [55] Question: What are the expectations for pricing elasticity? - Pricing elasticity will depend on the category and is influenced by broader inflationary pressures across the retail sector [60] Question: How is the cosmetics category performing? - The cosmetics category is performing well due to strong execution and a favorable brand mix [102]

Group 1 - The core viewpoint of the articles highlights the rapid expansion of discount snack stores in urban areas, driven by consumer demand for affordable products, with "Mingming Hen Mang" leading the market with 14,394 stores and a projected GMV of 55.5 billion yuan by the end of 2024 [1][3] - The introduction of the "Zhao Yiming Savings Supermarket" 3.0 store format by "Mingming Hen Mang" reflects a strategic shift to include a wider range of products, catering to consumers' desire for both savings and quality, thereby enhancing the one-stop shopping experience [3][5] - The McKinsey 2024 China Consumer Report indicates a shift towards rational consumption, with consumers prioritizing value for money, which has made cost-effectiveness a key competitive advantage in the discount retail sector [5][6] Group 2 - The discount retail model is gaining traction across various sectors, with the apparel industry also adapting to this trend, as evidenced by Vipshop's GMV reaching 52.4 billion yuan in Q1 2025, with a significant portion of sales coming from clothing and accessories [5] - The discount retail market in China reached a scale of 1.62 trillion yuan in 2021, with projections estimating it will grow to 2.28 trillion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 11% from 2022 to 2025 [5][6] - The future of discount retail is expected to become more widespread as consumer rationality deepens and businesses optimize their supply chains and product categories, indicating potential growth in various industries beyond snacks and apparel [6]

Core Viewpoint - TJX is expected to report quarterly earnings of $0.90 per share, a decline of 3.2% year-over-year, with revenues forecasted at $12.97 billion, reflecting a 3.9% increase compared to the previous year [1] Earnings Projections - Analysts have maintained the consensus EPS estimate for the quarter over the last 30 days, indicating a collective reevaluation of initial estimates [1][2] Key Metrics Estimates - Net Sales for Marmaxx are projected at $8.08 billion, a year-over-year increase of 4.3% [4] - Net Sales for TJX International are expected to reach $1.57 billion, reflecting a 2.4% increase from the prior year [4] - Net Sales for TJX Canada are estimated at $1.14 billion, indicating a 2.7% year-over-year change [4] - HomeGoods Net Sales are forecasted at $2.21 billion, representing a 6.3% increase from the previous year [5] Comparable Store Sales - Total Comparable Store Sales are expected to show a year-over-year change of 3.0%, consistent with the previous year's figure [5] - Comparable Store Sales for HomeGoods are projected to reach 4.2%, compared to 4% in the same quarter last year [6] - Comparable Store Sales for TJX Canada are estimated at 4.3%, slightly up from 4% in the prior year [6] Store Metrics - The consensus estimate for new stores stands at 30, up from 18 reported in the same quarter last year [7] - The total number of stores is projected at 5,115, compared to 4,972 in the same quarter of the previous year [7] - The number of T.J. Maxx stores in the U.S. is expected to reach 1,338, slightly up from 1,322 last year [7] Recent Performance - TJX shares have increased by 4.3% over the past month, while the Zacks S&P 500 composite has risen by 9.8% [8] - With a Zacks Rank of 2 (Buy), TJX is anticipated to outperform the overall market in the near term [9]

Core Viewpoint - The future direction of Haotemai will be determined by its ability to maintain its "low-price" advantage while pursuing diversification in its product offerings [4][15][25]. Group 1: Product Expansion - Haotemai has shifted from a focus on soft discounting with a primary emphasis on department stores and snacks to a greater inclusion of beauty products, which now account for 14% of SKUs and 15% of revenue, up from 10% and 11% respectively from 2020 to 2024 [6][9]. - The beauty products offered are often not market bestsellers, with many being lesser-known items that brands are unable to sell through mainstream channels [8][9]. - The company is also exploring new categories such as apparel and anime merchandise, with plans to open a large outlet store in Nanjing selling brands like Adidas and Nike [11][19]. Group 2: Strategic Adjustments - The shift in strategy is driven by the limitations of the expiring product model, which has faced challenges in supply stability and market competition [15][17]. - Haotemai aims to broaden its target audience from just bargain hunters to a wider demographic seeking high cost-performance products [19]. - The company is also looking to improve profitability by introducing new categories with higher margins compared to traditional expiring products [19]. Group 3: Challenges Ahead - The transition to new product categories introduces significant supply chain complexities, which may challenge Haotemai's existing operational capabilities [21][23]. - The risk of diluting brand identity arises from expanding into diverse product lines, potentially confusing consumers about Haotemai's core value proposition [24]. - Increased operational management complexity and inventory risks are anticipated as the company expands its product offerings, which could strain cash flow and operational efficiency [24][25].

Core Insights - The article discusses the transformation of Haotemai, which is shifting from a focus on food and snacks to a broader range of products, particularly in the beauty and fashion sectors [1][8][9] - The beauty segment has seen an increase in SKU share from 10% to 14% and revenue share from 11% to 15% between 2020 and 2024, indicating that beauty products are becoming a new growth engine for the company [3][9] - However, the beauty products offered are often not popular items, as they are typically clearance or less sought-after products, leading to consumer dissatisfaction [3][6][13] Product Strategy - Haotemai's current product selection includes many low-demand beauty items, which are often not the best sellers in the market [3][4] - The company is also expanding into other categories such as anime merchandise and clothing, with plans to open a large outlet store in Nanjing selling brands like Adidas and Nike [8][9] - The core strategy remains focused on low prices, targeting price-sensitive consumers while attempting to diversify product offerings [8][9] Market Dynamics - The shift in strategy is driven by the limitations of the previous clearance model, which has faced challenges in sourcing stable inventory and maintaining growth [9][11] - Increased competition in the discount retail space has pressured Haotemai to differentiate itself by expanding its product categories [13][14] - The company is facing challenges in maintaining its brand identity as it diversifies its offerings, which could dilute its core value proposition [16][18] Operational Challenges - The complexity of supply chains for new product categories like beauty and fashion poses significant challenges for Haotemai, which has historically focused on fast-moving consumer goods [14][16] - The expansion into multiple categories increases operational complexity, requiring more specialized management and marketing strategies [16][18] - There are concerns about inventory risks and cash flow pressures associated with introducing new product lines, which could impact the company's financial stability [18]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Ross Stores (ROST), and emphasizes the importance of using these recommendations in conjunction with other analytical tools like the Zacks Rank to make informed investment decisions [1][5][10]. Brokerage Recommendations - Ross Stores has an average brokerage recommendation (ABR) of 1.52, indicating a consensus between Strong Buy and Buy, based on recommendations from 23 brokerage firms [2]. - Out of the 23 recommendations, 17 are Strong Buy, accounting for 73.9% of all recommendations [2]. Limitations of Brokerage Recommendations - Studies indicate that brokerage recommendations have limited success in guiding investors towards stocks with the highest price increase potential [5]. - The vested interests of brokerage firms often lead to a positive bias in their analysts' ratings, with a ratio of five Strong Buy recommendations for every Strong Sell [6][10]. - This misalignment of interests can mislead retail investors regarding future stock price movements [7]. Zacks Rank as an Alternative - The Zacks Rank is presented as a more reliable indicator of near-term price performance, utilizing earnings estimate revisions rather than solely brokerage recommendations [8][11]. - The Zacks Rank is distinct from ABR, as it is based on a quantitative model and is displayed in whole numbers, while ABR is calculated from brokerage recommendations and shown in decimals [9]. Current Earnings Estimates for Ross Stores - The Zacks Consensus Estimate for Ross Stores has remained unchanged at $6.41 over the past month, indicating a decline in analysts' earnings prospects [13]. - The recent consensus estimate changes have led to a Zacks Rank of 4 (Sell) for Ross Stores, suggesting caution despite the Buy-equivalent ABR [14].

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者：西江月 来源： 华商韬略（ID：hstl8888) 将企业命名为"唐吉诃德"的安田隆夫，有着"堂吉诃德"般的魔幻人生。他打造了日本最会赚钱的零售 企业，创造了连续35年营收、盈利双增长的业界纪录，但却常常被称为： "零售界怪物"。 01 成功史 今年8月，全球最大便利店、日本7-Eleven要被加拿大零售商ACT（Alimentation Couche-Tard）收购的 消息一度传得沸沸扬扬。虽然这场极具"蛇吞象"色彩的戏码最终因为7-Eleven的母公司柒和伊控股 （Seven&i Holdings）认为ACT提出的390亿美元收购报价未能反映其价值戛然而止，但还是让市场看 到7-Eleven正处于业绩颓势的境况。 "超级便宜"。 "小偷市场"最初门可罗雀，但其"商品丛林"中"淘金、寻宝"式的购买体验，却出奇制胜，因为可以满 足消费者的好奇心而逐渐受到追捧。 大家会抱着期待的心情逛店，并寻找物超所值的商品。 "小偷市场"大获成功后，1989年，第一家由它升级而来的大型折扣零售店在东京府中市正式开业。店 名正是来源于西 ...