<p>美国制造的巨头沃尔玛（Walmart，纽约证券交易所代码：WMT）无疑已成为全球消费品行业中最有价值的股票。截至 8 月 21 日收盘，沃尔玛的股票在过去五年中总回报约为 141%，市值接近 7820 亿美元。</p>
<p>然而，亚马逊（Amazon.com，纳斯达克代码：AMZN）正在加大对沃尔玛的竞争，这使得沃尔玛的市场主导地位面临挑战。沃尔玛的盈利也刚刚未达预期。接下来，我们将深入分析沃尔玛在 8 月 21 日发布的最新财务结果，并分析这两家公司之间的竞争。最终，沃尔玛是否仍然是消费品领域的最佳选择之一？</p>
<h2>沃尔玛每股收益 “未达预期” 的原因被夸大</h2>
<p>在 2026 财年第二季度，沃尔玛的收入约为 1770 亿美元，增长率为 4.8%。由于沃尔玛的国际业务，这一数字受到 15 亿美元汇率逆风的负面影响。沃尔玛将其恒定货币增长率定为 5.6%。总体而言，这些数字超出了华尔街的预期。</p>
<p>然而，该公司调整后的每股收益（EPS）为 68 美分，低于预期约 6 美分。财报发布后，股价下跌了 4.5%。</p>
<p>不过，这一每股收益的未达预期几乎完全是由于公司预计的普通责任和工伤赔偿索赔成本增加了 4.5 亿美元。尽管索赔数量在减少，但解决每个索赔的成本在增加。因此，公司现在需要预留更多资金来支付这些索赔。虽然这显然不是一个积极的信号，但不太可能成为一个反复出现的问题。这使得公司的盈利 “未达预期” 并不令人过于担忧。沃尔玛在多个方面提高了指引，给投资者带来了积极的信号。</p>
<p>该公司现在预计全财年的恒定货币净销售增长将在 3.75% 到 4.75% 之间，显著高于之前的 3% 到 4% 的范围。沃尔玛还将全财年调整后的每股收益指引的中位数提高至 2.57 美元，之前为 2.55 美元。</p>
<p>公司的全财年每股收益指引的提升表明，它预计在 2026 财年的某个时点会有应计费用。尽管第二季度未达预期，但提高这一指引表明公司在逆风中仍然对未来的预期在上升。</p>
<h2>基本指标和增长驱动因素表现良好</h2>
<p>沃尔玛最重要的基本指标之一是美国可比销售增长。这一数字为 4.6%，较一年前的 4.2% 有了显著加速。此外，该公司美国的电子商务销售增长了 26%，较上季度的 22% 有了显著加速。沃尔玛的全球广告业务增长了 46%，较上季度的 50% 有所放缓。最后，该公司的会员费用增长保持在 15%。</p>
<p>这些费用是指沃尔玛的 Walmart+ 服务的订阅费用，该服务包括当天送达和燃料折扣等优惠。Walmart+ 是沃尔玛对亚马逊 Prime 的回应。该公司的广告和会员业务对投资者考虑这只股票的未来尤为重要。</p>
<p>这些都是高利润的收入来源，使沃尔玛能够随着这些业务成为更大组成部分而提高整体业务的盈利能力。</p>
<p>尽管如此，亚马逊无疑是沃尔玛的强劲竞争对手。在第一季度，亚马逊表示其在美国的杂货销售超过了 1000 亿美元，这一数字显著不包括其 Whole Foods 和 Amazon Fresh 业务。</p>
<p>该公司正在进一步加大努力，最近增加了易腐烂杂货的当天送达服务。不过，行业专家指出，消费者在亚马逊购买新鲜杂货时存在显著的 “信任鸿沟”。</p>
<p>总体而言，投资者将不得不拭目以待这一服务是否真正受到欢迎。与此同时，沃尔玛继续扩大市场份额。</p>
<h2>沃尔玛强劲的第二季度保持乐观前景</h2>
<p>沃尔玛的前瞻市盈率（P/E）已飙升至约 37 倍。然而，其新兴高利润收入驱动因素的强劲增长在其中发挥了重要作用。</p>
<p>总体而言，随着公司不断寻找新的增长方式，这只股票仍然看起来是消费品领域的最佳选择之一。然而，亚马逊新服务的进展需要密切关注。如果有迹象表明其对沃尔玛的市场份额造成了显著冲击，那将令人担忧。</p>
<h2>你现在应该投资 1000 美元在沃尔玛吗？</h2>
<p>在考虑沃尔玛之前，你需要听听这个。</p>
<p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师及其每天推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐，现在就买入，以便在更广泛的市场注意到之前……而沃尔玛并不在名单上。</p>
<p>虽然沃尔玛目前在分析师中获得了买入评级，但顶级分析师认为这五只股票更值得投资。</p>
<p>查看这五只股票的详情</p>

沃尔玛

塔吉特

开市客

克罗格

<p>沃尔玛的股票在未能达到盈利预期后下跌，但公司的整体表现显示出强劲。尽管预计成本增加了 4.5 亿美元，沃尔玛的收入仍增长了 4.8%，并将全年每股收益指引上调至 2.57 美元。美国可比销售增长了 4.6%，电子商务销售激增了 26%。尽管来自亚马逊的竞争加剧，沃尔玛在高利润收入来源的增长使其在消费品领域保持强劲的竞争力。投资者应关注亚马逊对沃尔玛市场份额的影响</p>

<p>American-made goliath Walmart NYSE: WMT has indisputably become the world’s most valuable stock in the consumer staples sector. As of the August 21 close, Walmart shares have delivered a total return of approximately 141% over the last five years, achieving a market capitalization of nearly $782 billion.</p>
<div class="lb-trans"><p>美国制造的巨头沃尔玛（Walmart，纽约证券交易所代码：WMT）无疑已成为全球消费品行业中最有价值的股票。截至 8 月 21 日收盘，沃尔玛的股票在过去五年中总回报约为 141%，市值接近 7820 亿美元。</p>
</div><p>However, Amazon.com NASDAQ: AMZN is ramping up its competition against Walmart, putting the continuation of the company’s dominance in question. Walmart also just missed on earnings. Below, we’ll dive into Walmart's latest financial results released on August 21 and analyze the competition between these two firms. Ultimately, is Walmart still one of the best plays in consumer staples?</p>
<div class="lb-trans"><p>然而，亚马逊（Amazon.com，纳斯达克代码：AMZN）正在加大对沃尔玛的竞争，这使得沃尔玛的市场主导地位面临挑战。沃尔玛的盈利也刚刚未达预期。接下来，我们将深入分析沃尔玛在 8 月 21 日发布的最新财务结果，并分析这两家公司之间的竞争。最终，沃尔玛是否仍然是消费品领域的最佳选择之一？</p>
</div><h2>Why Walmart’s EPS “Miss” Is Overblown</h2>
<div class="lb-trans"><h2>沃尔玛每股收益 “未达预期” 的原因被夸大</h2>
</div><p>In its fiscal 2026 Q2, Walmart delivered revenues of around $177 billion, equating to a growth rate of 4.8%. Due to Walmart’s international footprint, this figure was negatively impacted by $1.5 billion in currency headwinds. Walmart puts its constant currency growth rate at 5.6%. Overall, these figures beat Wall Street estimates.</p>
<div class="lb-trans"><p>在 2026 财年第二季度，沃尔玛的收入约为 1770 亿美元，增长率为 4.8%。由于沃尔玛的国际业务，这一数字受到 15 亿美元汇率逆风的负面影响。沃尔玛将其恒定货币增长率定为 5.6%。总体而言，这些数字超出了华尔街的预期。</p>
</div><p>However, the company missed adjusted earnings per share (EPS), which came in at 68 cents. This was approximately 6 cents lower than expected. Shares fell by 4.5% after the earnings release.</p>
<div class="lb-trans"><p>然而，该公司调整后的每股收益（EPS）为 68 美分，低于预期约 6 美分。财报发布后，股价下跌了 4.5%。</p>
</div><p>However, this EPS miss was almost fully accounted for by a $450 million increase in the company’s expected costs for general liability and workers' compensation claims. Although the number of claims is falling, the cost to resolve each one is increasing. As a result, the company is now setting aside more money to pay these claims going forward. Although this is certainly not a positive, it is not likely to be a recurring issue. This makes the company’s earnings “miss” not overly concerning. Walmart boosted its guidance on multiple fronts as a positive sign for investors.</p>
<div class="lb-trans"><p>不过，这一每股收益的未达预期几乎完全是由于公司预计的普通责任和工伤赔偿索赔成本增加了 4.5 亿美元。尽管索赔数量在减少，但解决每个索赔的成本在增加。因此，公司现在需要预留更多资金来支付这些索赔。虽然这显然不是一个积极的信号，但不太可能成为一个反复出现的问题。这使得公司的盈利 “未达预期” 并不令人过于担忧。沃尔玛在多个方面提高了指引，给投资者带来了积极的信号。</p>
</div><p>The firm now expects constant currency net sales growth of between 3.75% and 4.75% for the full fiscal year, up substantially from a range of 3% to 4% previously. Walmart also increased the midpoint of its full fiscal year adjusted EPS guidance to $2.57, up from $2.55 before.</p>
<div class="lb-trans"><p>该公司现在预计全财年的恒定货币净销售增长将在 3.75% 到 4.75% 之间，显著高于之前的 3% 到 4% 的范围。沃尔玛还将全财年调整后的每股收益指引的中位数提高至 2.57 美元，之前为 2.55 美元。</p>
</div><p>The company's boost in full-year EPS guidance signals that it expected the accrual charge at some point during fiscal 2026. Raising this guidance despite the Q2 miss suggests that the company’s expectations are rising even in the face of headwinds.</p>
<div class="lb-trans"><p>公司的全财年每股收益指引的提升表明，它预计在 2026 财年的某个时点会有应计费用。尽管第二季度未达预期，但提高这一指引表明公司在逆风中仍然对未来的预期在上升。</p>
</div><h2>Underlying Metrics and Growth Drivers Deliver</h2>
<div class="lb-trans"><h2>基本指标和增长驱动因素表现良好</h2>
</div><p>One of Walmart’s most important underlying metrics is U.S. comparable sales growth. This figure came in at 4.6%, a solid acceleration from 4.2% a year ago. Additionally, the firm’s U.S. eCommerce sales increased by 26%, a solid acceleration from 22% a quarter ago. Walmart’s global advertising business grew impressively by 46%, a moderate deceleration from 50% last quarter. Lastly, the company’s membership fees growth held steady at 15%.</p>
<div class="lb-trans"><p>沃尔玛最重要的基本指标之一是美国可比销售增长。这一数字为 4.6%，较一年前的 4.2% 有了显著加速。此外，该公司美国的电子商务销售增长了 26%，较上季度的 22% 有了显著加速。沃尔玛的全球广告业务增长了 46%，较上季度的 50% 有所放缓。最后，该公司的会员费用增长保持在 15%。</p>
</div><p>These fees refer to subscriptions to Walmart’s Walmart+ service, which includes perks like same-day delivery and fuel discounts. Walmart+ is Walmart’s answer to Amazon Prime. The firm’s advertising and membership businesses are particularly important as investors consider this stock's future.</p>
<div class="lb-trans"><p>这些费用是指沃尔玛的 Walmart+ 服务的订阅费用，该服务包括当天送达和燃料折扣等优惠。Walmart+ 是沃尔玛对亚马逊 Prime 的回应。该公司的广告和会员业务对投资者考虑这只股票的未来尤为重要。</p>
</div><p>They are higher-margin revenue sources, allowing Walmart to increase the profitability of the overall business as they become larger components.</p>
<div class="lb-trans"><p>这些都是高利润的收入来源，使沃尔玛能够随着这些业务成为更大组成部分而提高整体业务的盈利能力。</p>
</div><p>Still, Amazon is certainly fierce competition for Walmart. In Q1, Amazon said it achieved more than $100 billion in U.S. grocery sales in the prior year. That figure notably excludes its Whole Foods and Amazon Fresh businesses.</p>
<div class="lb-trans"><p>尽管如此，亚马逊无疑是沃尔玛的强劲竞争对手。在第一季度，亚马逊表示其在美国的杂货销售超过了 1000 亿美元，这一数字显著不包括其 Whole Foods 和 Amazon Fresh 业务。</p>
</div><p>The firm is ramping up its efforts even more, recently adding a same-day delivery service for perishable groceries. Still, industry experts note that there is a significant “trust chasm” when it comes to consumers buying fresh groceries from Amazon.</p>
<div class="lb-trans"><p>该公司正在进一步加大努力，最近增加了易腐烂杂货的当天送达服务。不过，行业专家指出，消费者在亚马逊购买新鲜杂货时存在显著的 “信任鸿沟”。</p>
</div><p>Overall, investors will have to wait and see if this offering truly catches on. In the meantime, Walmart continues to take market share.</p>
<div class="lb-trans"><p>总体而言，投资者将不得不拭目以待这一服务是否真正受到欢迎。与此同时，沃尔玛继续扩大市场份额。</p>
</div><h2>Walmart Strong Q2 Keeps Bullish Outlook Alive</h2>
<div class="lb-trans"><h2>沃尔玛强劲的第二季度保持乐观前景</h2>
</div><p>Walmart’s forward price-to-earnings (P/E) ratio has ballooned to around 37x. However, the strong growth of its emerging higher-margin revenue drivers plays a huge role in this.</p>
<div class="lb-trans"><p>沃尔玛的前瞻市盈率（P/E）已飙升至约 37 倍。然而，其新兴高利润收入驱动因素的强劲增长在其中发挥了重要作用。</p>
</div><p>Overall, with the company’s ability to keep finding new ways to grow, the stock continues to look like one of the best plays in consumer staples. However, the progress of Amazon’s new offering does need to be closely monitored. Signs that it is putting significant dents in Walmart’s market share would be worrisome.</p>
<div class="lb-trans"><p>总体而言，随着公司不断寻找新的增长方式，这只股票仍然看起来是消费品领域的最佳选择之一。然而，亚马逊新服务的进展需要密切关注。如果有迹象表明其对沃尔玛的市场份额造成了显著冲击，那将令人担忧。</p>
</div><h2>Should You Invest $1,000 in Walmart Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在沃尔玛吗？</h2>
</div><p>Before you consider Walmart, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑沃尔玛之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Walmart wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师及其每天推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐，现在就买入，以便在更广泛的市场注意到之前……而沃尔玛并不在名单上。</p>
</div><p>While Walmart currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然沃尔玛目前在分析师中获得了买入评级，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票的详情</p>
</div>

After Earnings Miss, Walmart Is Still a Top Consumer Staples Play

- 沃尔玛的市值接近 7820 亿美元，过去五年总回报约 141%。  
- 第二季度营收约 1770 亿美元，调整后每股收益为 68 美分，低于预期。  
- 尽管面临亚马逊竞争，沃尔玛仍提升全年销售和每股收益指引。  

尽管收益未达预期，沃尔玛仍然是消费必需品领域的首选