从库存角度，此次业绩期凸显出的高库存特别是高价库存的问题，可能也会逐步拖累后续企业的利润空间。此前缺口最为明显的零售端库存已经修复至接近疫情前水平，而渠道库存更是进一步走高。微观来看，标普 500 指数非金融一季度原材料、半成品及产成品库存继续抬升，同比增速亦是如此。近期包括沃尔玛、塔吉特在内的美国零售龙头一季度业绩明显偏弱，主要由于过高的成本（包括劳动力、运费和商品价格）对利润率的侵蚀。
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