Core Insights - The ongoing competition between Amazon and Walmart has intensified, with both companies launching significant promotional events to attract consumers [2][3] - Amazon's Prime Day is set to take place from July 8 to July 11, 2023, with an expected transaction volume of $23 billion, while Walmart will launch its "Walmart Deals" on the same day, extending its promotional period to July 13 [3][4] - The retail landscape is shifting as consumers prioritize lower prices due to economic pressures, leading to a "loyalty crisis" where price becomes the primary concern for shoppers [6][9] Amazon's Performance - In Q1 2025, Amazon's North American net sales reached $92.89 billion, a year-on-year increase of approximately 7.6%, but the operating profit growth slowed significantly [5] - The operating profit margin for Amazon in North America was only 6.3%, below market expectations, indicating a challenging environment for the company [5] Walmart's Growth - Walmart's e-commerce sales in the same quarter grew by 21% to $112.2 billion, achieving profitability for the first time in its e-commerce segment [5] - Walmart's market penetration in e-commerce has surged to 43%, making it the second-largest e-commerce platform in the U.S. after Amazon [5] Consumer Behavior Trends - A significant portion of American consumers are experiencing financial strain, with over half reporting their financial situation as "average" or "poor," leading to a decline in discretionary spending [6] - The trend of consumers seeking lower-priced goods has been noted, with discount retailers like Dollar General reporting a shift towards essential purchases [6] Retail Strategy Shifts - Retailers are increasingly focusing on online sales, with many closing underperforming physical stores to concentrate on profitable areas [7][8] - Companies like Kohl's have closed multiple stores as part of a strategy to enhance efficiency and profitability, despite ongoing sales declines [8] Future Outlook - The retail industry is expected to undergo significant changes, with a focus on fewer, higher-quality stores rather than a larger number of mediocre ones [9] - Retailers must adapt to evolving consumer preferences and economic conditions to remain competitive in the market [9]

智通财经APP获悉，美国零售商克罗格(KR.US)最新季度销售额超预期，显示即便在经济动荡时期，消 费者仍在持续购买食品杂货等生活必需品。这家零售巨头表示，剔除燃油因素后的同店销售额增长 3.2%，优于华尔街分析师预期。公司同时将全年销售额预期上调至2.25%-3.25%区间，但维持其他财务 指引不变。 不过该零售商仍面临多重挑战：消费者愈发注重性价比，倾向购买促销商品或低价产品，部分消费信心 指标持续疲软；特朗普总统的关税政策令通胀问题重获关注；在与艾伯森合并失败及长期任职CEO离职 后，公司亟需寻找新增长点。 克罗格首席财务官戴维·肯纳利在声明中称："虽然第一季度销售和利润表现超预期，但宏观经济环境仍 存在不确定性，因此我们维持其他业绩指引不变。" 该公司披露，由于计划在未来18个月内关闭约60家门店，将计提1亿美元减值损失。 截至周三，克罗格年内股价累计上涨7.2%，跑赢标普500指数。 与其他食品零售商类似，克罗格对宏观经济波动的抵御能力较强，因其主营生活必需品——消费者通常 最后才会削减食品开支。该公司还表示，由于绝大部分商品采购自国内，预计关税政策不会造成重大影 响。 其他零售企业同样指出当前经济 ...

沃尔玛于6月5日和6日举办了其2025年"员工周"活动，其中包括店铺参观和管理层会议。对此，高盛发布研报， 给予沃尔玛(WMT.US)"买入"评级，目标价101美元。 | WMT | 12m Price Target: $101.00 | Price: $97.47 | | Upside: 3.6% | | | --- | --- | --- | --- | --- | --- | | RIIV | GS Forecast | | | | | | | | 1/25 | 1/26E | 1/27E | 1/28E | | Market cap: $780.4bn | Revenue ($ mn) | 680,985.0 | 706, 103.4 | 735,970.8 | 767,736.4 | | Enterprise value: $816.2bn | EBITDA ($ mn) | 42,477.0 | 44,787.6 | 49,070.0 | 53,827.8 | | 3m ADTV: $2.0bn | EBIT ($ mn) | 29,504.0 | 30,712.1 | 34,494.6 | 38 ...

在市场表现上，Costco本季度运营现金流达32亿美元，同比增长15%，为债务偿还和股东回报奠定坚实 基础。公司通过股票回购和分红向股东回馈24亿美元，是自2023财年资本配置计划以来季度平均水平的 2倍以上，彰显了管理层对业务稳定性的信心。此外，Costco在全球多个区域市场均有出色表现，国际 市场(排除燃料与汇率)同店销售增长9.9%。尽管面临税及竞争加剧等潜在风险，但Costco凭借其独特的 商业模式和运营策略，在零售行业持续保持领先地位。 当地时间5月29日，全球零售巨头Costco开市客公布2025财年第三季度财报。数据显示，公司当季实现 营收632.1亿美元(约合人民币4545亿元)，同比增长8%，略高于市场预期的631.9亿美元；每股收益达 4.28美元(约合人民币30.8元)，同比增长13.2%，超出分析师此前预期的4.24美元；净利润表现尤为亮 眼，达到19亿美元(约合人民币136.6亿元)，同比增长13.1%。 从营收构成来看，Costco会员费收入在本季度达12.4亿美元，同比增长10.7%，这一数据进一步凸显 其"付费会员制"商业模式的韧性。目前，Costco在全球范围内拥有庞大的会员 ...