<p>多年来，Costco Wholesale Corporation（纳斯达克代码：COST）始终坚持其竞争定价策略，即使在面临宏观经济挑战和不利市场条件的情况下。尽管不断变化的关税形势给公司带来了挑战，但它已采取措施应对这一情况——例如将货物从高关税国家重新分配到其非美国市场。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg?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://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg"/></p>
<h2>估计</h2>
<p>根据分析师的积极展望，该公司似乎在 2025 财年以积极的态势结束，预计净销售额同比增长 8%，达到 861.3 亿美元。第四季度的每股收益共识估计为 5.81 美元，而 2024 财年相应三个月的每股收益为 5.29 美元。<strong>财报预计将于 9 月 25 日星期四东部时间下午 4:15 发布。</strong></p>
<p>在经历了 2025 年消费者趋势变化和宏观逆风的波动后，这家仓储巨头的股票在最新交易中略高于 1 月份的水平——这突显了投资者对其长期基本面的信心。然而，COST 似乎在下周的财报发布前失去了一些动能——自上个月以来下降了约 2%。</p>
<h2>强劲的销售</h2>
<p>最近几个季度，可比店销售以强劲的速度增长，电子商务销售持续以两位数增长。在第三季度，可比销售增长了 5.7%，所有运营部门的销售均有所增长。<strong>第三季度收入为 632 亿美元，同比增长 8%。</strong> 因此，净收入同比增长 13%，达到 19 亿美元，或每股 4.28 美元。盈利超出华尔街的预期，而销售未能达到预期。</p>
<p><strong><em>另请阅读：</em> Costco 2025 年第三季度财报超出预期</strong></p>
<p><strong>来自 Costco 2025 年第三季度财报电话会议：</strong></p>
<p><em>“展望财年的剩余时间，尽管关税的影响和整体经济前景仍然未知，但我们对运营商和商人应对挑战的能力充满信心，并继续为我们的会员提供优质服务和持续的价值。我们最近几个季度的业绩强化了我们的信念，在不确定的时期，我们的价值观与会员的共鸣依然强烈。”</em></p>
<h2>扩张</h2>
<p>管理层的目标是在 2025 年开设 27 家新仓库，使全球仓库总数达到 914 家。<strong>随着消费者保持谨慎，Costco 继续通过降低家庭必需品价格和延长加油站营业时间等措施来增加客户价值。</strong> 该公司的低价自有品牌 Kirkland Signature 表现良好，销售额在最近一个季度超过了整体销售增长。Costco 是消费者行为向价值导向转变的受益者之一。</p>
<p>曾被视为电子商务的落后者，该公司在采用数字技术方面取得了显著进展。电子商务销售在最近几个季度以加速的速度增长，受益于推出 “先买后付” 计划等创新。同时，与新进口关税相关的更高投入成本可能会对盈利能力造成压力，尽管管理层已采取措施减轻影响。由于其大部分商品的价格相对较低，该公司运营的利润率非常小。</p>
<p>Costco 的股票在最近几周大多横盘交易。周三，股票开盘价为 954 美元，略低于其 52 周平均水平 962.34 美元。</p>
<p>财报预览：Costco 有望以强劲的利润增长结束 2025 财年首次出现在 AlphaStreet 上。</p>

开市客

<p>好市多公司（NASDAQ: COST）预计在 2025 财年将报告强劲的利润增长，净销售额预计同比增长 8%，达到 861.3 亿美元。分析师预测第四季度每股收益为 5.81 美元，高于 2024 财年的 5.29 美元。尽管面临关税和市场波动的挑战，好市多的同店销售和电子商务表现出强劲的增长。公司计划在 2025 年开设 27 家新仓库，通过具有竞争力的定价提升客户价值，并扩展其 Kirkland Signature 品牌。然而，投入成本可能会影响盈利能力</p>

<p>Over the years, Costco Wholesale Corporation (NASDAQ: COST) has consistently upheld its competitive pricing strategy, even while facing macroeconomic challenges and unfavorable market conditions. While the evolving tariff scenario poses challenges for the company, it has taken measures to deal with the situation — such as rerouting goods from high-tariff countries to its non-U.S. markets.</p>
<div class="lb-trans"><p>多年来，Costco Wholesale Corporation（纳斯达克代码：COST）始终坚持其竞争定价策略，即使在面临宏观经济挑战和不利市场条件的情况下。尽管不断变化的关税形势给公司带来了挑战，但它已采取措施应对这一情况——例如将货物从高关税国家重新分配到其非美国市场。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg" alt="" original-src="https://cdn.news.alphastreet.com/wp-content/uploads/2025/05/Costco-Q3-2025-earnings-infographic.jpg"/></p>
<h2>Estimates</h2>
<div class="lb-trans"><h2>估计</h2>
</div><p>Going by analysts’ positive outlook, the company appears to have ended fiscal 2025 on a positive note, with an estimated 8% YoY increase in net sales to $86.13 billion. The consensus earnings per share estimate is $5.81 for Q4, vs. $5.29 in the corresponding three-month period of FY24. <strong>The earnings report is slated for publication on Thursday, September 25, at 4:15 pm ET.</strong></p>
<div class="lb-trans"><p>根据分析师的积极展望，该公司似乎在 2025 财年以积极的态势结束，预计净销售额同比增长 8%，达到 861.3 亿美元。第四季度的每股收益共识估计为 5.81 美元，而 2024 财年相应三个月的每股收益为 5.29 美元。<strong>财报预计将于 9 月 25 日星期四东部时间下午 4:15 发布。</strong></p>
</div><p>After navigating a volatile 2025 marked by shifting consumer trends and macro headwinds, the warehouse giant’s shares closed the latest session modestly higher than their January levels – underscoring investor confidence in its long-term fundamentals. However, COST appears to be losing some momentum ahead of next week’s earnings — declining about 2% since last month.</p>
<div class="lb-trans"><p>在经历了 2025 年消费者趋势变化和宏观逆风的波动后，这家仓储巨头的股票在最新交易中略高于 1 月份的水平——这突显了投资者对其长期基本面的信心。然而，COST 似乎在下周的财报发布前失去了一些动能——自上个月以来下降了约 2%。</p>
</div><h2>Strong Sales</h2>
<div class="lb-trans"><h2>强劲的销售</h2>
</div><p>Comparable store sales grew at a strong pace in recent quarters, with e-commerce sales consistently rising in double-digits. In the third quarter, comparable sales increased 5.7%, with sales growing across all operating segments. <strong>At $63.2 billion, Q3 revenue was up 8% year-over-year.</strong> Consequently, net income grew 13% YoY to $1.90 billion or $4.28 per share in the May quarter. Earnings exceeded Wall Street’s expectations, while sales missed.</p>
<div class="lb-trans"><p>最近几个季度，可比店销售以强劲的速度增长，电子商务销售持续以两位数增长。在第三季度，可比销售增长了 5.7%，所有运营部门的销售均有所增长。<strong>第三季度收入为 632 亿美元，同比增长 8%。</strong> 因此，净收入同比增长 13%，达到 19 亿美元，或每股 4.28 美元。盈利超出华尔街的预期，而销售未能达到预期。</p>
</div><p><strong><em>Also Read:</em> Costco Q3 2025 earnings beat estimates</strong></p>
<div class="lb-trans"><p><strong><em>另请阅读：</em> Costco 2025 年第三季度财报超出预期</strong></p>
</div><p><strong>From Costco’s Q3 2025 Earnings Call:</strong></p>
<div class="lb-trans"><p><strong>来自 Costco 2025 年第三季度财报电话会议：</strong></p>
</div><p><em>“As we look ahead to the remainder of the fiscal year, while the impacts of tariffs and the outlook for the economy in general remain unknown, we are confident in the ability of our operators and merchants to rise to the challenges and continue to offer great service and find consistent values for our members. Our results in recent quarters have reinforced for us that in uncertain times, our values resonate with members as strongly as ever.”</em></p>
<div class="lb-trans"><p><em>“展望财年的剩余时间，尽管关税的影响和整体经济前景仍然未知，但我们对运营商和商人应对挑战的能力充满信心，并继续为我们的会员提供优质服务和持续的价值。我们最近几个季度的业绩强化了我们的信念，在不确定的时期，我们的价值观与会员的共鸣依然强烈。”</em></p>
</div><h2>Expansion</h2>
<div class="lb-trans"><h2>扩张</h2>
</div><p>The management’s target is to open 27 new warehouses in 2025, bringing its total warehouse count to 914 worldwide. <strong>As consumers remain cautious, Costco continues to increase customer value through measures like lowering prices of household essentials and expanding gas station hours.</strong> The company’s low-priced private label Kirkland Signature brand is doing well, with sales outpacing its overall sales growth in the most recent quarter. Costco is one of the beneficiaries of the value-oriented shift in consumer behavior.</p>
<div class="lb-trans"><p>管理层的目标是在 2025 年开设 27 家新仓库，使全球仓库总数达到 914 家。<strong>随着消费者保持谨慎，Costco 继续通过降低家庭必需品价格和延长加油站营业时间等措施来增加客户价值。</strong> 该公司的低价自有品牌 Kirkland Signature 表现良好，销售额在最近一个季度超过了整体销售增长。Costco 是消费者行为向价值导向转变的受益者之一。</p>
</div><p>Once considered a laggard in e-commerce, the company has made significant progress in adopting digital technology. E-commerce sales grew at accelerated pace in recent quarters, benefitting from innovations like the launch of the Buy Now Pay Later scheme. Meanwhile, higher input costs related to new import tariffs could weigh on profitability, though the management has taken steps to mitigate the impact. The company operates on very small margins, due to relatively low prices on a large chunk of its merchandise.</p>
<div class="lb-trans"><p>曾被视为电子商务的落后者，该公司在采用数字技术方面取得了显著进展。电子商务销售在最近几个季度以加速的速度增长，受益于推出 “先买后付” 计划等创新。同时，与新进口关税相关的更高投入成本可能会对盈利能力造成压力，尽管管理层已采取措施减轻影响。由于其大部分商品的价格相对较低，该公司运营的利润率非常小。</p>
</div><p>Costco’s shares have mostly traded sideways in recent weeks. On Wednesday, the stock opened at $954, which is slightly below its 52-week average of $ 962.34.</p>
<div class="lb-trans"><p>Costco 的股票在最近几周大多横盘交易。周三，股票开盘价为 954 美元，略低于其 52 周平均水平 962.34 美元。</p>
</div><p>The post Earnings Preview: Costco poised to cap fiscal 2025 with strong profit Growth first appeared on AlphaStreet.</p>
<div class="lb-trans"><p>财报预览：Costco 有望以强劲的利润增长结束 2025 财年首次出现在 AlphaStreet 上。</p>
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财报预览：开市客预计将以强劲的利润增长结束 2025 财年