<p><strong>沃尔玛</strong>(WMT 2.32%) 可能是美国销售额最大的公司，但它仍在不断扩大其收入。曾几何时，竞争对手 <strong>亚马逊</strong>(AMZN -0.64%) 看起来有望超越它，但沃尔玛实在太大，表现也太好，难以追赶。这是一场真正巨头之间的较量，两家公司在过去四个季度的收入均超过 6000 亿美元。</p>
<p>沃尔玛上周发布了另一份出色的季度报告，推动业绩增长的因素可能会让你感到惊讶。推动其增长的两个因素是电子商务的增长和吸引高收入客户的能力提升——这些领域在历史上并不是其强项。但沃尔玛在其电子商务业务中进行了战略调整，并且正在快速发展。沃尔玛能否翻转其业务，并在电子商务领域挑战亚马逊？</p>
<h2>电子商务的迟到者</h2>
<p>沃尔玛在电子商务热潮中迟到，因此错过了一些早期主导市场的机会。作为美国最大的零售商，它本可以占据优势。然而，过去几年它一直在发展强大的电子商务业务。当疫情爆发、顾客转向在线购物时，它已经做好了良好的准备，尽管仍远远落后于亚马逊，但它仍然位居第二。</p>
<p>在截至 10 月 31 日的 2025 财年第三季度，总销售额同比增长 5.5%，而电子商务销售额增长了 27%。在美国，销售额增长了 5.3%，而电子商务销售额增长了 22%。管理层在报告中指出了几个增长驱动因素：店内订单履行、店内自取、广告和市场。</p>
<p>在其国际业务中，电子商务收入同比增长 43%，主要得益于店内订单履行、店内自取和市场。同时，其山姆会员店子公司——类似于 <strong>好市多</strong> 的仓储会员连锁——电子商务销售额增长了 26%，这一增长显著得益于店内订单履行和自取。</p>
<p>管理层将这一业绩提升的很大一部分归因于其通过扩展吸引高收入客户的产品线而增强的能力。它表示，这部分人群在本季度占沃尔玛市场份额增长的 75%。</p>
<p>沃尔玛的电子商务业务尚未盈利，但它有资金继续扩展，直到盈利为止——管理层对这一目标充满信心。</p>
<h2>与亚马逊的比较</h2>
<p>沃尔玛的电子商务增长可能超过亚马逊。尽管这些指标可能无法直接比较，但亚马逊第三季度来自在线商店的净销售额增长了 7%，而第三方卖家的收入增长了 10%，广告销售增长了 19%。</p>
<p>沃尔玛在在线销售方面不太可能很快追上亚马逊。根据 Statista 的报告，去年亚马逊占美国电子商务销售的 37.6%，而沃尔玛的份额仅为 6.4%。但它可能正在获取更多的市场份额，而在沃尔玛的层面上，金额是巨大的。</p>
<p>凭借在美国超过 4600 家门店的网络，沃尔玛在某些方面优于亚马逊。亚马逊无法提供与沃尔玛等实体零售商相同的店内自取选项和其他全渠道优势。这可能不足以抵消亚马逊在物流网络或 Prime 会员计划中获得的优势，但它确保沃尔玛能够保持一定的电子商务销售份额，吸引那些偏好实体店优势的顾客。</p>
<p>沃尔玛仍然是一家比亚马逊大得多的公司，而不是失去市场份额，反而看起来在增长。我曾假设亚马逊会超越沃尔玛，但尽管差距仍在缩小（主要是由于亚马逊的非电子商务部门），但所需时间比我想象的要长得多。凭借其强大的电子商务业务，沃尔玛可能会更长时间地抵御亚马逊的挑战。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png"/></p>
<p>WMT 收入 (TTM) 数据来自 YCharts</p>
<h2>沃尔玛股票值得买吗？</h2>
<p>沃尔玛的卓越业绩与竞争对手 <strong>塔吉特</strong> 同时发布，而后者在同一时期的经历截然不同。其电子商务部门的增长速度超过了亚马逊、塔吉特和好市多。</p>
<p>但尽管沃尔玛的股票最近看起来更具吸引力，但它并不便宜。其市盈率为 36，高于其五年平均水平 31。</p>
<p>这可能不是最佳的购买时机。然而，沃尔玛是一个长期投资，并且它也支付可靠增长的股息。这只抗跌股票今年的表现超过市场，上涨了 67%。这比许多成长股要好。你可以在任何时候购买它，并在多年内获得稳定的收益。</p>

亚马逊

沃尔玛

<p>沃尔玛正在增强其电子商务战略以与亚马逊竞争，报告称 2025 财年第三季度电子商务销售增长了 27%。尽管落后于亚马逊，沃尔玛的增长得益于店内订单履行和吸引高收入客户。虽然沃尔玛在美国电子商务销售中仅占 6.4%，而亚马逊占 37.6%，但其实体店网络提供了独特的优势。沃尔玛的股票以 36 倍的市盈率交易，尽管并不便宜，但被视为长期投资。该公司今年表现强劲，股价上涨了 67%</p>

<p><strong>Walmart</strong>(WMT 2.32%) may be the largest company in the U.S. by sales, but it keeps making its top line bigger. For a while, it looked like competitor <strong>Amazon</strong>(AMZN -0.64%) was poised to overtake it, but Walmart is just too big and doing too well to catch. It's a battle of true titans, as both companies boast more than $600 billion in revenues over the last four quarters.</p>
<div class="lb-trans"><p><strong>沃尔玛</strong>(WMT 2.32%) 可能是美国销售额最大的公司，但它仍在不断扩大其收入。曾几何时，竞争对手 <strong>亚马逊</strong>(AMZN -0.64%) 看起来有望超越它，但沃尔玛实在太大，表现也太好，难以追赶。这是一场真正巨头之间的较量，两家公司在过去四个季度的收入均超过 6000 亿美元。</p>
</div><p>Walmart delivered another outstanding quarterly report last week, and the growth drivers behind the results might surprise you. Two factors helping it along are e-commerce growth and an improving ability to attract higher-income customers -- areas that have not historically been among its strong points. But Walmart has been making strategic changes in its e-commerce business, and it's taking off. Can Walmart flip its business and challenge Amazon in e-commerce?</p>
<div class="lb-trans"><p>沃尔玛上周发布了另一份出色的季度报告，推动业绩增长的因素可能会让你感到惊讶。推动其增长的两个因素是电子商务的增长和吸引高收入客户的能力提升——这些领域在历史上并不是其强项。但沃尔玛在其电子商务业务中进行了战略调整，并且正在快速发展。沃尔玛能否翻转其业务，并在电子商务领域挑战亚马逊？</p>
</div><h2>Late to the e-commerce party</h2>
<div class="lb-trans"><h2>电子商务的迟到者</h2>
</div><p>Walmart was late to the e-commerce boom, so it missed out on some early opportunities to dominate it. As the largest retailer in the U.S., it could have had an edge. However, it has been developing a strong e-commerce business over the past few years. It was already well positioned when the pandemic struck and customers switched to online shopping, and although it's way behind Amazon, it's still in second place.</p>
<div class="lb-trans"><p>沃尔玛在电子商务热潮中迟到，因此错过了一些早期主导市场的机会。作为美国最大的零售商，它本可以占据优势。然而，过去几年它一直在发展强大的电子商务业务。当疫情爆发、顾客转向在线购物时，它已经做好了良好的准备，尽管仍远远落后于亚马逊，但它仍然位居第二。</p>
</div><p>In its fiscal 2025 third quarter, which ended Oct. 31, total sales were up 5.5% year over year, but e-commerce sales were up 27%. In the U.S., sales were up 5.3% while e-commerce sales were up 22%. Management called out several growth drivers in the report: in-store order fulfillment, in-store pickup, advertising, and marketplace.</p>
<div class="lb-trans"><p>在截至 10 月 31 日的 2025 财年第三季度，总销售额同比增长 5.5%，而电子商务销售额增长了 27%。在美国，销售额增长了 5.3%，而电子商务销售额增长了 22%。管理层在报告中指出了几个增长驱动因素：店内订单履行、店内自取、广告和市场。</p>
</div><p>In its international segment, e-commerce revenues increased 43% year over year, driven by in-store order fulfillment, in-store pickup, and marketplace. Meanwhile, for its Sam's Club subsidiary -- a warehouse membership chain similar to <strong>Costco Wholesale</strong> -- e-commerce sales increased 26%, a gain notably powered by in-store order fulfillment and pickup.</p>
<div class="lb-trans"><p>在其国际业务中，电子商务收入同比增长 43%，主要得益于店内订单履行、店内自取和市场。同时，其山姆会员店子公司——类似于 <strong>好市多</strong> 的仓储会员连锁——电子商务销售额增长了 26%，这一增长显著得益于店内订单履行和自取。</p>
</div><p>Management attributed much of that performance improvement to its growing ability to attract higher-income customers through strategies such as expanding its product lines in areas that appeal to them. It said that population accounted for 75% of Walmart's market share gains in the quarter.</p>
<div class="lb-trans"><p>管理层将这一业绩提升的很大一部分归因于其通过扩展吸引高收入客户的产品线而增强的能力。它表示，这部分人群在本季度占沃尔玛市场份额增长的 75%。</p>
</div><p>Walmart's e-commerce business isn't profitable yet, but it has the money to keep scaling it until it is -- and management is confident that it will get there.</p>
<div class="lb-trans"><p>沃尔玛的电子商务业务尚未盈利，但它有资金继续扩展，直到盈利为止——管理层对这一目标充满信心。</p>
</div><h2>Stacking up against Amazon</h2>
<div class="lb-trans"><h2>与亚马逊的比较</h2>
</div><p>Walmart's e-commerce growth might be outpacing Amazon's. Although the metrics might not be directly comparable, Amazon's net sales from its online stores increased by 7% in the third quarter, while revenues from third-party sellers increased 10% and advertising sales increased by 19%.</p>
<div class="lb-trans"><p>沃尔玛的电子商务增长可能超过亚马逊。尽管这些指标可能无法直接比较，但亚马逊第三季度来自在线商店的净销售额增长了 7%，而第三方卖家的收入增长了 10%，广告销售增长了 19%。</p>
</div><p>Walmart isn't likely to catch up to Amazon in online sales anytime soon. Last year, Amazon was responsible for 37.6% of U.S. e-commerce sales, while Walmart's share was just 6.4%, according to a Statista report. But it could be capturing more market share, and at Walmart's level, the dollar amount is huge.</p>
<div class="lb-trans"><p>沃尔玛在在线销售方面不太可能很快追上亚马逊。根据 Statista 的报告，去年亚马逊占美国电子商务销售的 37.6%，而沃尔玛的份额仅为 6.4%。但它可能正在获取更多的市场份额，而在沃尔玛的层面上，金额是巨大的。</p>
</div><p>With its network of more than 4,600 stores in the U.S., Walmart has some edges over Amazon. Amazon can't offer the same in-store pickup options and other omnichannel benefits that physical retailers like Walmart provide. That may not be enough to outweigh the edges Amazon derives from its logistics network or its Prime membership program, but it ensures that Walmart will keep a certain share of e-commerce sales from shoppers who prefer the benefits of physical stores.</p>
<div class="lb-trans"><p>凭借在美国超过 4600 家门店的网络，沃尔玛在某些方面优于亚马逊。亚马逊无法提供与沃尔玛等实体零售商相同的店内自取选项和其他全渠道优势。这可能不足以抵消亚马逊在物流网络或 Prime 会员计划中获得的优势，但它确保沃尔玛能够保持一定的电子商务销售份额，吸引那些偏好实体店优势的顾客。</p>
</div><p>Walmart is still a much larger company than Amazon, and instead of losing market share, it looks like it's gaining. I have hypothesized for a while that Amazon is going to overtake Walmart, but although the gap is still closing, (mostly due to Amazon's non-e-commerce segments), it's taking a lot longer than I thought it would. With its strong e-commerce business, Walmart might fend off Amazon even longer.</p>
<div class="lb-trans"><p>沃尔玛仍然是一家比亚马逊大得多的公司，而不是失去市场份额，反而看起来在增长。我曾假设亚马逊会超越沃尔玛，但尽管差距仍在缩小（主要是由于亚马逊的非电子商务部门），但所需时间比我想象的要长得多。凭借其强大的电子商务业务，沃尔玛可能会更长时间地抵御亚马逊的挑战。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png" alt="" original-src="https://media.ycharts.com/charts/c3a4e22dbd9c9453962a06aa4dae0082.png"/></p>
<p>WMT Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>WMT 收入 (TTM) 数据来自 YCharts</p>
</div><h2>Is Walmart stock a buy?</h2>
<div class="lb-trans"><h2>沃尔玛股票值得买吗？</h2>
</div><p>Walmart's phenomenal results were reported at the same time as competitor <strong>Target</strong>, which had a completely different experience over the same time period. Its e-commerce division is growing faster than Amazon, Target, and Costco.</p>
<div class="lb-trans"><p>沃尔玛的卓越业绩与竞争对手 <strong>塔吉特</strong> 同时发布，而后者在同一时期的经历截然不同。其电子商务部门的增长速度超过了亚马逊、塔吉特和好市多。</p>
</div><p>But while Walmart stock has been looking more attractive lately, it's not cheap. It trades at a P/E ratio of 36, which is higher than its five-year average of 31.</p>
<div class="lb-trans"><p>但尽管沃尔玛的股票最近看起来更具吸引力，但它并不便宜。其市盈率为 36，高于其五年平均水平 31。</p>
</div><p>This may not be the best time to buy. However, Walmart is a long-term play, and it also pays a reliably growing dividend. This all-weather stock is beating the market this year, up 67%. That's better than many growth stocks. You could buy it at any time and accrue steady gains over many years.</p>
<div class="lb-trans"><p>这可能不是最佳的购买时机。然而，沃尔玛是一个长期投资，并且它也支付可靠增长的股息。这只抗跌股票今年的表现超过市场，上涨了 67%。这比许多成长股要好。你可以在任何时候购买它，并在多年内获得稳定的收益。</p>
</div>

Is Walmart Making a Play to Win Market Share From Amazon? Here's What Investors Need to Know

- 沃尔玛在电商领域增长迅速，第三季度电商销售增长 27%。  
- 管理层指出，吸引高收入客户是业绩提升的关键因素。  
- 尽管与亚马逊差距仍大，沃尔玛在市场份额上有所增加。  

沃尔玛是否在试图从亚马逊手中赢得市场份额？以下是投资者需要知道的内容