开市客(COST.US)Q1业绩超预期但市场反应平淡会员续费率持续放缓及估值高企惹担忧

智通财经2025-12-12

智通财经APP获悉，开市客(COST.US)公布的2026财年第一季度业绩好于市场预期。财报显示，开市客Q1营收为673.1亿美元，同比增长6.4%，好于市场预期的671.4亿美元。其中，净销售额为659.8亿美元，同比增长8.2%;会员费用为13.3亿美元，同比增长14.0%。净利润为20.0亿美元，同比增长11.3%;摊薄后的每股收益为4.50美元，好于市场预期的4.27美元。Q1同店销售额...

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Membership renewal rates continued to slow down and high valuations raised concerns","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COST":1.98},"content_text":"智通财经APP获悉，开市客(COST.US)公布的2026财年第一季度业绩好于市场预期。财报显示，开市客Q1营收为673.1亿美元，同比增长6.4%，好于市场预期的671.4亿美元。其中，净销售额为659.8亿美元，同比增长8.2%;会员费用为13.3亿美元，同比增长14.0%。净利润为20.0亿美元，同比增长11.3%;摊薄后的每股收益为4.50美元，好于市场预期的4.27美元。Q1同店销售额增长6.4%，好于市场预期。其中美国同店销售额增长5.9%。电子商务销售额则增长20.5%。这份业绩反映出开市客持续强劲的销售增长，该公司通过不断更新的优惠活动、更大包装规格和广受欢迎的Kirkland品牌吸引购物者。尽管面临通胀和就业市场困境，今年许多美国消费者的支出习惯仍保持稳定。其客户群体通常更能抵御经济波动的影响，因为他们相对富裕且需要支付会员费才能购物。开市客首席财务官加里·米勒奇普(Gary Millerchip)表示，秋季假日对该公司销售有所帮助——其美国美食广场在万圣节当天创下日销售记录，售出35.8万张整张披萨。在感恩节周末前的三天里，开市客售出了450万个派。开市客的电子商务业务(偏向于可选消费品)在消费者囤积礼品和装饰品期间也表现良好。黑色星期五是美国电商业务创纪录的一天。整个季度，黄金、珠宝、小型电子产品和服装的销售额均实现两位数同比增长。杰富瑞分析师科里·塔洛(Corey Tarlowe)表示：“展望未来，我们对开市客正经历的广泛销售势头感到鼓舞，并持续认为开市客提供了巨大价值，这应会推动未来健康的同店销售增长。”开市客一直在扩展其电子商务业务，并尝试提升门店体验，例如加快结账速度和为部分客户延长营业时间。该公司还通过调整商品运输路线、提前订购更多库存以及彻底改变商品组合来缓解关税影响。尽管业绩超预期，但截至发稿，开市客周四美股盘后跌近1%。该股今年迄今已累计跌约4%。对于这家长期跑赢市场的公司来说，这是一个令人惊讶的逆转。过去五年，该股累计上涨135%，超过了标普500指数同期88%的涨幅。开市客股价今年的平淡表现表明，华尔街开始怀疑该股跑赢市场的能力——尽管其估值仍然昂贵。该股目前的预期市盈率约为43倍，低于近期57倍的高点，但仍显著高于标普500指数22.5倍的市盈率。从表面上看，开市客的业绩似乎并无明显问题。这家零售商继续以健康的步伐实现利润和营收增长，保持着其作为消费领域少数几家能持续交出稳健业绩的公司之一的声誉。事实上，开市客近期的月度销售报告显示，整个秋季其整体同店销售额增长略高于6%。这一结果表明需求依然健康，且该公司持续获得市场份额。但一些分析师担心，开市客的会员续费率也已开始放缓。在2025年第四财季，续费率从第三财季的90.2%微降至89.8%。瑞银分析师迈克尔·拉瑟(Michael Lasser)表示，这是至少15年来最大的季度环比降幅。最新业绩显示，2026年第一财季的续费率为89.7%。开市客高管将会员续费率下降归因于更多人通过线上渠道注册会员，并指出线上会员的平均续费率略低。高管们补充说，他们预计续费率将继续小幅下降，直到这些趋势稳定下来，并表示由于针对即将到期会员进行了定向营销，本季度的降幅小于预期。拉瑟补充称，投资者还担心关税将如何影响开市客的运营成本和利润率。开市客上月成为就关税问题起诉特朗普政府的最大企业之一。大型零售商此前已对成本上升发出警告，但多数并未提起诉讼——这使得该公司成为个例。开市客这一举措旨在确保若最高法院裁定新进口关税无效，使其能获得关税退款。令人鼓舞的是，开市客Q1毛利率与上年同期基本持平，为11.32%。米勒奇普表示，通过一系列缓解措施的组合，例如加大自有品牌推广力度，以及从美国和其他关税税率较低的国家增加采购，正帮助公司降低关税对其顾客的影响。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590258547","isCrawlerRequest":true}

开市客(COST.US)Q1业绩超预期但市场反应平淡 会员续费率持续放缓及估值高企惹担忧

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开市客(COST.US)Q1业绩超预期但市场反应平淡会员续费率持续放缓及估值高企惹担忧