<p>在当前的经济环境中，许多零售商正面临困境。尽管失业率保持在低位，国内生产总值（GDP）的增长也相对稳健，但过去几年的高通胀已侵蚀了消费者的预算。</p>
<p>这导致许多股票面临逆风，从餐饮业到零售业。</p>
<p>然而，在这种不利的消费环境中，大型折扣零售商 <strong>开市客</strong>(COST -0.08%) 刚刚发布了令人印象深刻的增长，甚至实现了利润率扩张。投资者可以感谢公司的主要竞争优势，使得开市客在艰难时期能够获利。</p>
<h2>零售商面临的问题</h2>
<p>严峻的环境影响了许多主要零售商，尤其是 “快餐休闲” 品牌。以 <strong>星巴克</strong>(SBUX -0.89%) 为例；尽管由于布莱恩·尼科尔的任命为首席执行官，股票表现尚可，但公司的近期业绩却惨淡。消费者似乎对 6 美元的咖啡失去了兴趣，开始寻求更便宜的替代品，比如在家自制咖啡。</p>
<p>与此同时，零售巨头 <strong>塔吉特</strong>(TGT 0.80%) 在发布财报后，股价也出现了下跌；其财报显示，由于高折扣和飙升的供应链成本，利润率受到挤压。塔吉特似乎正面临来自折扣零售商的激烈竞争，尽管顾客仍在消费，但更加注重价格。</p>
<p>但不仅仅是面向中产阶级的零售商感受到寻求折扣的消费者的压力。即使是折扣零售商 <strong>美元通</strong>(DG 3.40%) 也因其经济压力较大的核心消费者而面临利润率下降，以及最近经历的 “缩水”（主要是盗窃）问题。</p>
<h2>但开市客却在蓬勃发展</h2>
<p>然而，开市客成功避免了这些陷阱。上个季度，收入增长了 7.5%，而稀释每股收益增长了 12.8%，这两个数字均超出预期。尽管开市客的同店销售增长 7.1% 令人印象深刻，但在这个竞争激烈的环境中，其利润率扩张更是引人注目。</p>
<p>开市客是如何做到的呢？不仅仅是因为该公司是一家折扣零售商。否则，像美元通这样的低价零售商也会获得类似的好处。</p>
<p>区别在于开市客的成功商业模式，使其在零售界的高端和低端之间脱颖而出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>会员制的好处</h2>
<p>这一商业模式以会员制为核心。作为一个 “俱乐部”，开市客收取年费以允许顾客进入其商店。尽管会员价格在 9 月 1 日刚刚上涨，但基本的金星会员年费仍然仅为 65 美元。这对于一年内能够享受开市客提供的各种深度折扣商品来说，并不算太多。</p>
<p>从财务角度来看，开市客的会员收入占公司运营收入的一半以上，假设会员费是纯利润。在最近结束的财政第一季度（截至 11 月 24 日），会员费占开市客整体运营收入的 53%。</p>
<p>这部分会员订阅收入使得开市客能够以极薄的利润率销售商品。剔除会员订阅收入后，开市客的产品运营利润率仅为 1.7%。这_真的_很难与之竞争。</p>
<p>开市客运营的薄利润率当然是由于低价格，但也得益于其在安全和更好客户体验上的投资。例如，该公司以支付员工的工资远高于其他低价零售商而闻名，并在 7 月实际提高了工资。这反过来使得开市客不仅能够提供难以匹敌的价格，还能避免美元通所经历的盗窃问题。即使在员工工资上涨的情况下，整体利润率仍然上升，因为公司继续吸引越来越多的会员。</p>
<p>更好的客户体验也意味着开市客不仅仅是面向经济拮据的低收入消费者。事实上，它还吸引了仍然欣赏好交易的富裕消费者。这就是为什么它能够吸引那些通常不会与 “折扣” 零售商联系在一起的商家，包括珠宝商和邮轮公司，以及像 <strong>Peloton Interactive</strong> 这样的 “高端” 品牌——它们刚刚签约成为供应商。</p>
<h2>这就是为什么开市客最近达到了 1000 美元</h2>
<p>一些人可能会对开市客的高估值感到震惊，市盈率为 58 倍，股价最近达到了 1000 美元的高点。然而，最近的经济挑战期表明，当经济形势严峻时，它仍然能够通过吸引价格敏感的消费者并从其他零售商那里抢占市场份额而继续蓬勃发展。例如，尽管许多人因餐厅价格大幅上涨而减少外出就餐，但开市客管理层在最近的电话会议上指出，随着消费者越来越多地在家用餐，对优质肉类和农产品的需求激增。</p>
<p>这只是一个产品线的例子，但广泛的通货膨胀无疑使开市客在其整个产品组合中受益。凭借其 “粘性” 会员模式将客户与其令人难以置信的优惠紧密联系在一起，开市客的成功商业模式几乎无法被击败。</p>

开市客

<p>开市客在当前的通货膨胀环境中蓬勃发展，收入增长了 7.5%，稀释每股收益增长了 12.8%。其竞争优势在于会员模式，这种模式产生了可观的运营收入，使得产品利润率较低。与其他面临挑战的零售商不同，开市客通过提供具有竞争力价格的优质产品，吸引了包括富裕消费者在内的多样化客户群。公司对员工工资和客户体验的关注进一步增强了其吸引力，使其能够从陷入困境的竞争对手那里抢占市场份额</p>

<p>In the current economic environment, many retailers are struggling. While unemployment remains low and growth in gross domestic product (GDP) has been solid, the past few years of high inflation have eaten into consumers' budgets.</p>
<div class="lb-trans"><p>在当前的经济环境中，许多零售商正面临困境。尽管失业率保持在低位，国内生产总值（GDP）的增长也相对稳健，但过去几年的高通胀已侵蚀了消费者的预算。</p>
</div><p>This has resulted in headwinds for many stocks, from restaurants to retailers.</p>
<div class="lb-trans"><p>这导致许多股票面临逆风，从餐饮业到零售业。</p>
</div><p>However, in this adverse spending climate, big-box discount retailer <strong>Costco Wholesale</strong>(COST -0.08%) just posted impressive growth and even margin expansion. Investors can thank the company's major competitive advantage, which allows Costco to capitalize when the going gets tough.</p>
<div class="lb-trans"><p>然而，在这种不利的消费环境中，大型折扣零售商 <strong>开市客</strong>(COST -0.08%) 刚刚发布了令人印象深刻的增长，甚至实现了利润率扩张。投资者可以感谢公司的主要竞争优势，使得开市客在艰难时期能够获利。</p>
</div><h2>Retailer problems</h2>
<div class="lb-trans"><h2>零售商面临的问题</h2>
</div><p>The tough environment has affected many major retailers, especially &#34;fast casual&#34; brands. Take <strong>Starbucks</strong>(SBUX -0.89%), for instance; although the stock has done OK thanks to the appointment of Brian Niccol as CEO, the company's recent results were dismal. Consumers appear to have soured on $6 cups of coffee and are seeking lower-cost alternatives, such as making coffee at home.</p>
<div class="lb-trans"><p>严峻的环境影响了许多主要零售商，尤其是 “快餐休闲” 品牌。以 <strong>星巴克</strong>(SBUX -0.89%) 为例；尽管由于布莱恩·尼科尔的任命为首席执行官，股票表现尚可，但公司的近期业绩却惨淡。消费者似乎对 6 美元的咖啡失去了兴趣，开始寻求更便宜的替代品，比如在家自制咖啡。</p>
</div><p>Meanwhile, retail giant <strong>Target</strong>(TGT 0.80%) saw its stock sell off recently following an earnings report; its earnings showed margins getting squeezed by high discounting and soaring supply chain costs. Target appears to be seeing heightened competition from discount retailers, as customers are still spending, but in a much more price-sensitive manner.</p>
<div class="lb-trans"><p>与此同时，零售巨头 <strong>塔吉特</strong>(TGT 0.80%) 在发布财报后，股价也出现了下跌；其财报显示，由于高折扣和飙升的供应链成本，利润率受到挤压。塔吉特似乎正面临来自折扣零售商的激烈竞争，尽管顾客仍在消费，但更加注重价格。</p>
</div><p>But it isn't just middle-class-oriented retailers that felt the pinch of discount-seeking consumers. Even discount retailer <strong>Dollar General</strong>(DG 3.40%) has struggled with lower margins due to its economically pressured core consumer, and the heightened &#34;shrink&#34; (largely theft) it's experienced recently.</p>
<div class="lb-trans"><p>但不仅仅是面向中产阶级的零售商感受到寻求折扣的消费者的压力。即使是折扣零售商 <strong>美元通</strong>(DG 3.40%) 也因其经济压力较大的核心消费者而面临利润率下降，以及最近经历的 “缩水”（主要是盗窃）问题。</p>
</div><h2>But Costco is thriving</h2>
<div class="lb-trans"><h2>但开市客却在蓬勃发展</h2>
</div><p>Costco, however, has managed to avoid these pitfalls. Last quarter, revenue grew a solid 7.5%, while diluted earnings per share grew 12.8%, with both figures beating expectations. While Costco's comparable-store sales growth of 7.1% was impressive, its margin expansion in this cutthroat environment was even more so.</p>
<div class="lb-trans"><p>然而，开市客成功避免了这些陷阱。上个季度，收入增长了 7.5%，而稀释每股收益增长了 12.8%，这两个数字均超出预期。尽管开市客的同店销售增长 7.1% 令人印象深刻，但在这个竞争激烈的环境中，其利润率扩张更是引人注目。</p>
</div><p>How has Costco done it? It's not just that the company is a discount retailer. Otherwise, low-priced retailers like Dollar General would have seen a similar benefit.</p>
<div class="lb-trans"><p>开市客是如何做到的呢？不仅仅是因为该公司是一家折扣零售商。否则，像美元通这样的低价零售商也会获得类似的好处。</p>
</div><p>The difference lies in Costco's winning business model, which separates it from peers -- on both the high and low ends of the retail world.</p>
<div class="lb-trans"><p>区别在于开市客的成功商业模式，使其在零售界的高端和低端之间脱颖而出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTQvd2FyZWhvdXNlLXdob2xlc2FsZXItc2hvcHBpbmctY29zdGNvLXNhbV9zLWNsdWIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801114%2Fwarehouse-wholesaler-shopping-costco-sam_s-club.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Membership has its benefits</h2>
<div class="lb-trans"><h2>会员制的好处</h2>
</div><p>That business model is centered around membership. As a &#34;club,&#34; Costco charges an annual membership fee for access to its stores. But although the membership price just went up as of Sept. 1, a basic Gold Star membership is still just $65 annually. That isn't very much money for an entire year of access to the wide variety of deeply discounted items that Costco sells.</p>
<div class="lb-trans"><p>这一商业模式以会员制为核心。作为一个 “俱乐部”，开市客收取年费以允许顾客进入其商店。尽管会员价格在 9 月 1 日刚刚上涨，但基本的金星会员年费仍然仅为 65 美元。这对于一年内能够享受开市客提供的各种深度折扣商品来说，并不算太多。</p>
</div><p>From a financial perspective, Costco's membership revenue accounts for just over half the company's operating income, assuming membership fees are pure profit. In the recently completed fiscal first quarter, which ended Nov. 24, membership fees amounted to 53% of Costco's overall operating income.</p>
<div class="lb-trans"><p>从财务角度来看，开市客的会员收入占公司运营收入的一半以上，假设会员费是纯利润。在最近结束的财政第一季度（截至 11 月 24 日），会员费占开市客整体运营收入的 53%。</p>
</div><p>That membership subscription revenue in turn allows Costco to sell its goods at razor-thin margins. Stripping out membership subscription revenue as part of operating profits, Costco's product-only operating margins were a mere 1.7%. That's <em>really</em> hard to compete against.</p>
<div class="lb-trans"><p>这部分会员订阅收入使得开市客能够以极薄的利润率销售商品。剔除会员订阅收入后，开市客的产品运营利润率仅为 1.7%。这_真的_很难与之竞争。</p>
</div><p>The thin margins at which Costco operates are of course a result of low prices, but they're also due to its investments in security and in a better customer experience. For instance, the company is known for paying its employees far better than other low-priced retailers, and actually raised wages in July. That in turn enables Costco not only to offer hard-to-beat prices, but also to avoid the theft that Dollar General is experiencing. Even with increased employee wages, overall margins went up as the company continued to attract more and more members.</p>
<div class="lb-trans"><p>开市客运营的薄利润率当然是由于低价格，但也得益于其在安全和更好客户体验上的投资。例如，该公司以支付员工的工资远高于其他低价零售商而闻名，并在 7 月实际提高了工资。这反过来使得开市客不仅能够提供难以匹敌的价格，还能避免美元通所经历的盗窃问题。即使在员工工资上涨的情况下，整体利润率仍然上升，因为公司继续吸引越来越多的会员。</p>
</div><p>The better customer experience also means Costco isn't just for cash-strapped, lower-income consumers. In fact, it also attracts well-to-do consumers who still appreciate a good deal. This is why it's been able to attract merchants one wouldn't normally associate with a &#34;discount&#34; retailer, including jewelers and cruise lines, and &#34;premium&#34; brands like <strong>Peloton Interactive</strong> -- which just signed up as a vendor.</p>
<div class="lb-trans"><p>更好的客户体验也意味着开市客不仅仅是面向经济拮据的低收入消费者。事实上，它还吸引了仍然欣赏好交易的富裕消费者。这就是为什么它能够吸引那些通常不会与 “折扣” 零售商联系在一起的商家，包括珠宝商和邮轮公司，以及像 <strong>Peloton Interactive</strong> 这样的 “高端” 品牌——它们刚刚签约成为供应商。</p>
</div><h2>This is why Costco recently hit $1,000</h2>
<div class="lb-trans"><h2>这就是为什么开市客最近达到了 1000 美元</h2>
</div><p>Some might balk at Costco's sky-high valuation, trading at 58 times earnings, with its share price recently hitting the $1,000 mark. However, the recent challenging economic period has shown that when times get tough, it can continue to thrive by picking off price-sensitive consumers and stealing market share from other retailers. For instance, while many people have pulled back from eating out due to much higher restaurant prices, Costco management noted on its recent conference call that it's seen a surge in demand for premium meats and produce as consumers increasingly eat at home.</p>
<div class="lb-trans"><p>一些人可能会对开市客的高估值感到震惊，市盈率为 58 倍，股价最近达到了 1000 美元的高点。然而，最近的经济挑战期表明，当经济形势严峻时，它仍然能够通过吸引价格敏感的消费者并从其他零售商那里抢占市场份额而继续蓬勃发展。例如，尽管许多人因餐厅价格大幅上涨而减少外出就餐，但开市客管理层在最近的电话会议上指出，随着消费者越来越多地在家用餐，对优质肉类和农产品的需求激增。</p>
</div><p>That's just one example from one product line, but wide-reaching inflation is no doubt benefiting Costco across its entire product portfolio. With its &#34;sticky&#34; membership model tying customers to its incredible bargains, Costco's winning business model is nearly impossible to beat.</p>
<div class="lb-trans"><p>这只是一个产品线的例子，但广泛的通货膨胀无疑使开市客在其整个产品组合中受益。凭借其 “粘性” 会员模式将客户与其令人难以置信的优惠紧密联系在一起，开市客的成功商业模式几乎无法被击败。</p>
</div>

这是 Costco Wholesale 对抗通货膨胀的秘密武器