<p><strong>开市客</strong>(COST -0.66%) 再次交出了一份强劲的季度业绩，但其股价却未能获得任何 traction。过去五年，该股上涨约 165%，但年初至今基本持平。</p>
<p>尽管这家零售商在运营上取得了很大的势头，但其股价现在似乎陷入了停滞。让我们仔细看看开市客的最新业绩，以判断现在是否是购买该股票的好时机，或者它可能会继续在区间内波动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>又一个强劲的季度</h2>
<p>与大多数零售商一样，开市客今年也不得不应对关税。它主要试图将价格上涨降到最低，而是努力利用其采购能力和采购策略。它还更加依赖其 Kirkland Signature 自有品牌，提供比国家品牌更低的价格。</p>
<p>该公司在吸引年轻会员方面做得很好，尤其是通过其数字渠道。现在，它正在努力提高这些会员的参与度和续费率。本季度，该公司表示改善了搜索功能，并在其移动应用中增加了无密码登录。</p>
<p>总体而言，开市客继续稳步前行。2023 财年第四季度收入增长 8%，达到 861.6 亿美元，调整后的每股收益 (EPS) 增长 11%，达到 5.87 美元。这略高于分析师对每股收益 5.80 美元和收入 860.6 亿美元的共识，数据由 <strong>LSEG</strong> 汇编。</p>
<p>在调整汽油价格和外汇变动后，同店销售增长了 6.3%。美国同店销售增长 6%（调整后），而加拿大可比店销售增长 8.3%（调整后）。其他国际同店销售增长 7.2%（调整后）。电子商务收入在调整后激增 13.5%。</p>
<p>不包括汽油和货币影响，全球平均交易额增长 2.6%，美国增长 2.4%。全球流量增长 3.7%，美国增长 3.5%。肉类销售持续强劲，而黄金和珠宝、礼品卡、大型家电（家电和电子产品）、玩具和男装的销售均增长了两位数百分比。</p>
<p>本季度会员费收入同比增长 14%，达到 17.2 亿美元，因为公司继续受益于去年九月生效的费用上涨。与此同时，会员数量增长 6.3%，达到 8100 万个付费家庭。高价的执行会员增长 9.3%，达到 3870 万个。这些客户仅占总付费会员的 48%，但占开市客全球销售的 74.2%。</p>
<p>北美的会员续费率为 92.3%，全球为 89.8%。续费率继续受到通过数字渠道注册的年轻消费者较低续费率的影响，开市客正专注于改善其数字沟通并实施自动续费，以帮助提高这些客户的续费率。</p>
<p>开市客在本季度开设了 10 个新店，在其财年内开设了 27 个新店，其中三个是迁址。年末时，开市客拥有 914 家仓储商店。它计划在 2026 财年加快步伐，计划开设 35 个新店，其中五个将是迁址。</p>
<h2>开市客的股票值得买吗？</h2>
<p>开市客继续超越其实体一般商品零售同行。其同店销售轻松超过了 <strong>沃尔玛</strong> 的 4.6% 美国可比店销售和 <strong>塔吉特</strong> 的 1.9% 同店销售下降。该公司提供良好的价值，并继续吸引新客户。</p>
<p>与此同时，过去一年它受益于会员价格的上涨。这是纯粹的毛利，直接影响底线，但未来不会再有这样的机会。</p>
<p>开市客的股票为何未能对其强劲的运营表现作出反应，可能与估值有关。该公司一直以溢价交易，但在过去几年中膨胀得很厉害。其前瞻性市盈率 (P/E) 目前为 47 倍。虽然低于今年早些时候的交易水平，但仍处于较高水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.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/22cae6a15603807e0bb34de0ccda3f4a.png"/></p>
<p>数据来源：YCharts。</p>
<p>虽然开市客的势头可能会继续，但我认为由于其高估值，该股可能会继续停滞不前。我不会感到惊讶，如果该股在未来几年内保持相对区间波动，直到其收益赶上其估值。</p>

开市客

<p>开市客报告了强劲的 2023 财年第四季度业绩，收入增长 8% 至 861.6 亿美元，调整后每股收益增长 11% 至 5.87 美元。尽管运营势头强劲，且五年来股价上涨 165%，但截至目前股价仍持平，这归因于高估值，前瞻市盈率为 47。会员人数增长 6.3% 至 8100 万，会员费收入增长 14%。分析师建议，由于盈利尚未追赶上其高估值，开市客的股票可能会维持在一个区间内</p>

<p><strong>Costco Wholesale</strong>(COST -0.66%) once again turned in another strong quarter, but its stock wasn't able to gain any traction. The stock is up about 165% over the past five years, but is flattish year to date.</p>
<div class="lb-trans"><p><strong>开市客</strong>(COST -0.66%) 再次交出了一份强劲的季度业绩，但其股价却未能获得任何 traction。过去五年，该股上涨约 165%，但年初至今基本持平。</p>
</div><p>While the retailer has seen a lot of operational momentum, its stock now appears stuck in the mud. Let's take a closer look at Costco's latest results to see if now is a good time to buy the stock or if it may remain rangebound.</p>
<div class="lb-trans"><p>尽管这家零售商在运营上取得了很大的势头，但其股价现在似乎陷入了停滞。让我们仔细看看开市客的最新业绩，以判断现在是否是购买该股票的好时机，或者它可能会继续在区间内波动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUzMDEvZ2V0dHlpbWFnZXMtMTQ0MDE0NDc3MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835301%2Fgettyimages-1440144771.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>Another strong quarter</h2>
<div class="lb-trans"><h2>又一个强劲的季度</h2>
</div><p>Like most retailers, Costco has had to navigate tariffs this year. It has largely tried to minimize price increases, instead working to leverage its buying power and sourcing strategies. It's also leaned more into its Kirkland Signature private-label brand, where it offers lower prices than national brands.</p>
<div class="lb-trans"><p>与大多数零售商一样，开市客今年也不得不应对关税。它主要试图将价格上涨降到最低，而是努力利用其采购能力和采购策略。它还更加依赖其 Kirkland Signature 自有品牌，提供比国家品牌更低的价格。</p>
</div><p>The company has been doing a nice job of bringing in younger members, especially through its digital channels. Now it is working hard to improve engagement and renewal rates with these members. This quarter, the company said it improved its search functionality and added a password-less sign-in to its mobile app.</p>
<div class="lb-trans"><p>该公司在吸引年轻会员方面做得很好，尤其是通过其数字渠道。现在，它正在努力提高这些会员的参与度和续费率。本季度，该公司表示改善了搜索功能，并在其移动应用中增加了无密码登录。</p>
</div><p>Overall, Costco continues to roll along. Fiscal Q4 revenue climbed 8% to $86.16 billion, and adjusted earnings per share (EPS) increased 11% to $5.87. That was just above the analyst consensus for EPS of $5.80 on revenue of $86.06 billion, as compiled by <strong>LSEG</strong>.</p>
<div class="lb-trans"><p>总体而言，开市客继续稳步前行。2023 财年第四季度收入增长 8%，达到 861.6 亿美元，调整后的每股收益 (EPS) 增长 11%，达到 5.87 美元。这略高于分析师对每股收益 5.80 美元和收入 860.6 亿美元的共识，数据由 <strong>LSEG</strong> 汇编。</p>
</div><p>Same-store sales rose by 6.3% when adjusting for changes in gasoline prices and foreign currency. U.S. same-store sales climbed 6% (adjusted), while Canadian comparable-store sales jumped 8.3% (adjusted). Other international same-store sales increased 7.2% (adjusted). E-commerce revenue surged 13.5% on an adjusted basis.</p>
<div class="lb-trans"><p>在调整汽油价格和外汇变动后，同店销售增长了 6.3%。美国同店销售增长 6%（调整后），而加拿大可比店销售增长 8.3%（调整后）。其他国际同店销售增长 7.2%（调整后）。电子商务收入在调整后激增 13.5%。</p>
</div><p>Excluding gasoline and currency effects, the average transaction was up 2.6% worldwide and 2.4% in the U.S. Traffic rose by 3.7% worldwide and 3.5% in the U.S. Meat sales continue to be strong, while gold and jewelry, gift cards, majors (appliances and electronics), toys, and men's apparel sales all rose by double-digit percentages.</p>
<div class="lb-trans"><p>不包括汽油和货币影响，全球平均交易额增长 2.6%，美国增长 2.4%。全球流量增长 3.7%，美国增长 3.5%。肉类销售持续强劲，而黄金和珠宝、礼品卡、大型家电（家电和电子产品）、玩具和男装的销售均增长了两位数百分比。</p>
</div><p>Membership-fee revenue climbed 14% year over year in the quarter to $1.72 billion, as the company continued to benefit from the fee hike that went into effect last September. Memberships, meanwhile, rose by 6.3% to 81 million paid households. Higher-cost executive memberships climbed 9.3% to 38.7 million. These customers are only 48% of total paid memberships, but accounted for 74.2% of Costco's worldwide sales.</p>
<div class="lb-trans"><p>本季度会员费收入同比增长 14%，达到 17.2 亿美元，因为公司继续受益于去年九月生效的费用上涨。与此同时，会员数量增长 6.3%，达到 8100 万个付费家庭。高价的执行会员增长 9.3%，达到 3870 万个。这些客户仅占总付费会员的 48%，但占开市客全球销售的 74.2%。</p>
</div><p>The membership renewal rate was 92.3% in North America and 89.8% worldwide. Renewals continue to be affected by lower rates from younger consumers who sign up through its digital channels, and Costco is focusing on improving its digital communication and enacting auto-renewals to help increase renewals by these customers.</p>
<div class="lb-trans"><p>北美的会员续费率为 92.3%，全球为 89.8%。续费率继续受到通过数字渠道注册的年轻消费者较低续费率的影响，开市客正专注于改善其数字沟通并实施自动续费，以帮助提高这些客户的续费率。</p>
</div><p>Costco opened 10 new locations in the quarter and 27 during its fiscal year, of which three were relocations. It ended the year with 914 warehouse stores. It is looking to pick up the pace in fiscal 2026, with plans to open 35 new locations, of which five will be relocations.</p>
<div class="lb-trans"><p>开市客在本季度开设了 10 个新店，在其财年内开设了 27 个新店，其中三个是迁址。年末时，开市客拥有 914 家仓储商店。它计划在 2026 财年加快步伐，计划开设 35 个新店，其中五个将是迁址。</p>
</div><h2>Is Costco's stock a buy?</h2>
<div class="lb-trans"><h2>开市客的股票值得买吗？</h2>
</div><p>Costco continues to outpace its brick-and-mortar general merchandise retail peers. Its same-store sales have easily outpaced those of others in the space like <strong>Walmart</strong>, which saw 4.6% U.S. comps, and <strong>Target</strong>, whose same-store sales fell 1.9%. The company provides good value, and it continues to bring in new customers.</p>
<div class="lb-trans"><p>开市客继续超越其实体一般商品零售同行。其同店销售轻松超过了 <strong>沃尔玛</strong> 的 4.6% 美国可比店销售和 <strong>塔吉特</strong> 的 1.9% 同店销售下降。该公司提供良好的价值，并继续吸引新客户。</p>
</div><p>At the same time, it got a lift this past year from a membership price increase. That's pure gross margin and drops right to the bottom line, but it will not lap that going forward.</p>
<div class="lb-trans"><p>与此同时，过去一年它受益于会员价格的上涨。这是纯粹的毛利，直接影响底线，但未来不会再有这样的机会。</p>
</div><p>Why Costco's stock hasn't responded to its strong operational performance this year likely has to do with valuation. The company has always traded at a premium, but it's ballooned in the past few years. Its forward price-to-earnings (P/E) ratio now sits at 47 times. That's below where it traded at earlier this year, but it's still at an elevated level.</p>
<div class="lb-trans"><p>开市客的股票为何未能对其强劲的运营表现作出反应，可能与估值有关。该公司一直以溢价交易，但在过去几年中膨胀得很厉害。其前瞻性市盈率 (P/E) 目前为 47 倍。虽然低于今年早些时候的交易水平，但仍处于较高水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.png" alt="" original-src="https://media.ycharts.com/charts/22cae6a15603807e0bb34de0ccda3f4a.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>While Costco's momentum is likely to continue, I think the stock will likely remain stuck in the mud given its high valuation. I wouldn't be surprised to see the stock be pretty rangebound over the next couple of years until its earnings catch back up with its valuation.</p>
<div class="lb-trans"><p>虽然开市客的势头可能会继续，但我认为由于其高估值，该股可能会继续停滞不前。我不会感到惊讶，如果该股在未来几年内保持相对区间波动，直到其收益赶上其估值。</p>
</div>

开市客的增长势头持续，但这只股票是否值得购买？