<p>比尔·彼得斯</p>
<p>收益观察：伯灵顿、科尔士、百思买及其他连锁店本周发布财报</p>
<p>科尔士将在本周发布季度财报。</p>
<p>当沃尔玛、Gap、TJX 和罗斯百货上周发布季度业绩时，他们都表示看到了同样的现象：各收入水平的消费者支出强劲。尤其是对于低收入消费者，他们试图缓解华尔街的担忧。</p>
<p>高管们在发言时提到，在关税和顽固的通货膨胀时代，价值依然占据主导地位，而低收入购物者则更加深切地感受到这一十年来的可负担性危机。政府停摆后，低收入消费者的状况也受到更为密切的关注，这次停摆影响了数百万美国人的食品援助。</p>
<p>沃尔玛（WMT）即将离任的首席执行官道格·麦克米伦在该连锁店的财报电话会议上表示，中高收入家庭在第三季度推动了美国的增长。他提到 “低收入家庭最近承受了额外的压力。”</p>
<p>该零售商的首席财务官约翰·大卫·雷尼表示，低收入消费者的支出有所 “适度减缓”。但他表示对关键的假日季节仍然持乐观态度。</p>
<p>“当我们按收入层次查看时，确实存在一些适度减缓的现象，我不想在这里发出警报，因为总体而言，业务非常稳定，这也是我们对第四季度的展望，” 他说。</p>
<p>沃尔玛及其他零售商的高管们在发言时提到，越来越多的分析师看到经济中存在更大的分化，富裕的购物者和资产拥有者继续轻松消费，而其他人则在价格不断上涨的情况下苦苦挣扎。</p>
<p>尽管如此，Coresight Research 的分析师苏杰特·奈克表示，这家大卖场连锁的业绩表明 “即使是更富裕的消费者也感受到通货膨胀的压力，并积极寻求通过转向沃尔玛来获得更低的价格。”</p>
<p>但他表示，低收入和高收入消费者之间的差距正在扩大。</p>
<p>“消费者支出之间确实存在一种分化，” 奈克说。“高收入水平的消费者相对坚韧。但低收入水平的消费者则因 SNAP 削减以及我所说的持续通货膨胀和更高的生活成本而减少了购买。”</p>
<p>在服装零售商 Gap（GAP）那里，这种分化在一定程度上得到了体现。富裕的购物者在第三季度涌向其品牌店，而更多的低收入消费者则前往其 Old Navy 店。</p>
<p>Gap 首席执行官理查德·迪克森在 Gap 的财报电话会议上表示，尽管低收入消费者面临广泛报道的宏观经济压力，但 Old Navy 的趋势 “令人鼓舞”。</p>
<p>“当然，有外部数据指向低收入消费者面临的宏观压力，” 他在电话会议上稍后表示。“但我们的客户发现了我们的价格价值、我们的产品和风格。这在竞争环境中脱颖而出，我们正在获胜。”</p>
<p>在其他地方，罗斯百货（ROST）的首席运营官迈克尔·哈特肖恩表示，该公司在第三季度实现的 7% 的同店销售增长 “在所有收入水平上都非常广泛”。</p>
<p>“我们没有看到低收入和高收入客户之间的区别，” 他说。</p>
<p>罗斯和 TJX（TJX）都提高了全年财务预测。TJX 的首席财务官约翰·克林格表示，低收入消费者在大多数地区推动了其同店销售增长。</p>
<p>这些零售商在黑色星期五之前发布了业绩，而第三季度财报季也接近尾声。</p>
<p>但即使经济担忧依然存在，标准普尔 500 指数的公司整体在第三季度有望实现 8.4% 的销售增长，这将是三年来的最高增长，周五的 FactSet 报告称。同时，推动该指数增长的大型科技公司 “七巨头” 报告称其自 2023 年第一季度以来的最低盈利增长。</p>
<p>在接下来的一周，另一家折扣连锁店伯灵顿百货（BURL）将发布业绩。百货连锁店科尔士（KSS）也将发布业绩，其 Sephora 商店和自有品牌已显示出吸引谨慎消费者的迹象，试图扭转业务。运动装备连锁店迪克体育用品（DKS）也将在收购 Foot Locker 后发布业绩。</p>
<p>百思买（BBY）、Abercrombie &amp; Fitch（ANF）、Petco Health and Wellness Company（WOOF）和 Urban Outfitters（URBN）也将在本周发布业绩。</p>
<p>-比尔·彼得斯</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-23-25 1000ET</p>

伯灵顿百货

TJX零售

罗斯百货

沃尔玛

<p>零售商如沃尔玛、Gap、TJX 和罗斯百货报告称，各收入水平的消费支出强劲，但由于通货膨胀和经济因素，低收入消费者面临压力。尽管面临这些挑战，管理层对假日季节仍持乐观态度。分析师观察到消费者支出习惯的日益分化。即将发布的伯灵顿百货、Kohl's 等公司的财报将提供更多见解</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比尔·彼得斯</p>
</div><p>Earnings Watch: Burlington, Kohl's, Best Buy and other chains report this week</p>
<div class="lb-trans"><p>收益观察：伯灵顿、科尔士、百思买及其他连锁店本周发布财报</p>
</div><p>Kohl's reports quarterly earnings during the week.</p>
<div class="lb-trans"><p>科尔士将在本周发布季度财报。</p>
</div><p>When Walmart Inc., Gap. Inc., TJX Cos. and Ross Stores Inc. reported quarterly results last week, they all said they saw the same thing: Strong spending across all income levels. And when it came to lower-income consumers in particular, they tried to tamp down Wall Street's concerns.</p>
<div class="lb-trans"><p>当沃尔玛、Gap、TJX 和罗斯百货上周发布季度业绩时，他们都表示看到了同样的现象：各收入水平的消费者支出强劲。尤其是对于低收入消费者，他们试图缓解华尔街的担忧。</p>
</div><p>The executives made the remarks as value continues to reign supreme in an era of tariffs and unbudging inflation, and as lower-income shoppers feel the pain of the decade's affordability crunch more deeply. The state of lower-income consumers has also been in sharper focus following the government shutdown, which disrupted food assistance for millions of Americans.</p>
<div class="lb-trans"><p>高管们在发言时提到，在关税和顽固的通货膨胀时代，价值依然占据主导地位，而低收入购物者则更加深切地感受到这一十年来的可负担性危机。政府停摆后，低收入消费者的状况也受到更为密切的关注，这次停摆影响了数百万美国人的食品援助。</p>
</div><p>Doug McMillon, Walmart's (WMT) outgoing chief executive, said on the chain's earnings call that middle- and and upper-income households drove growth in the U.S. during the third quarter. He said that &#34;lower-income families have been under additional pressure of late.&#34;</p>
<div class="lb-trans"><p>沃尔玛（WMT）即将离任的首席执行官道格·麦克米伦在该连锁店的财报电话会议上表示，中高收入家庭在第三季度推动了美国的增长。他提到 “低收入家庭最近承受了额外的压力。”</p>
</div><p>The retailer's chief financial officer, John David Rainey, said there had been &#34;some moderation in spending&#34; among low-income consumers. But he said he was still upbeat on the key holiday season.</p>
<div class="lb-trans"><p>该零售商的首席财务官约翰·大卫·雷尼表示，低收入消费者的支出有所 “适度减缓”。但他表示对关键的假日季节仍然持乐观态度。</p>
</div><p>&#34;There are pockets of moderation when we look by income cohort, and I don't want to sound alarmist in any way here, because again, overall, the business is very consistent, and that's our outlook into the fourth quarter,&#34; he said.</p>
<div class="lb-trans"><p>“当我们按收入层次查看时，确实存在一些适度减缓的现象，我不想在这里发出警报，因为总体而言，业务非常稳定，这也是我们对第四季度的展望，” 他说。</p>
</div><p>Executives at Walmart and the other retailers made their remarks as more analysts see a bigger divide in the economy, where wealthier shoppers and asset owners continue to spend with ease, while everyone else treads water as prices keep rising.</p>
<div class="lb-trans"><p>沃尔玛及其他零售商的高管们在发言时提到，越来越多的分析师看到经济中存在更大的分化，富裕的购物者和资产拥有者继续轻松消费，而其他人则在价格不断上涨的情况下苦苦挣扎。</p>
</div><p>Still, Sujeet Naik, an analyst at Coresight Research, said that the big-box chain's results indicated that &#34;even the more affluent consumers are feeling the pinch of inflation and actively seeking lower prices by migrating to Walmart.&#34;</p>
<div class="lb-trans"><p>尽管如此，Coresight Research 的分析师苏杰特·奈克表示，这家大卖场连锁的业绩表明 “即使是更富裕的消费者也感受到通货膨胀的压力，并积极寻求通过转向沃尔玛来获得更低的价格。”</p>
</div><p>But he said the gap between lower and higher-income spenders had widened.</p>
<div class="lb-trans"><p>但他表示，低收入和高收入消费者之间的差距正在扩大。</p>
</div><p>&#34;There is kind of a bifurcation between the consumer spending,&#34; Naik said. &#34;Those at a higher-income level have been kind of resilient. But those that are at a lower income level, they have been pulling back their purchases, because of SNAP cuts and what I would say are persistent inflation and higher costs of living. &#34;</p>
<div class="lb-trans"><p>“消费者支出之间确实存在一种分化，” 奈克说。“高收入水平的消费者相对坚韧。但低收入水平的消费者则因 SNAP 削减以及我所说的持续通货膨胀和更高的生活成本而减少了购买。”</p>
</div><p>At clothing retailer Gap, (GAP) some of that bifurcation was, to a degree, on display. Wealthier shoppers flocked to its namesake stores during the third quarter, while more lower-income ones went to its Old Navy locations.</p>
<div class="lb-trans"><p>在服装零售商 Gap（GAP）那里，这种分化在一定程度上得到了体现。富裕的购物者在第三季度涌向其品牌店，而更多的低收入消费者则前往其 Old Navy 店。</p>
</div><p>Chief Executive Richard Dickson, during Gap's earnings call, said the trends at Old Navy were &#34;encouraging despite widely reported macroeconomic pressure on the low-income consumer.&#34;</p>
<div class="lb-trans"><p>Gap 首席执行官理查德·迪克森在 Gap 的财报电话会议上表示，尽管低收入消费者面临广泛报道的宏观经济压力，但 Old Navy 的趋势 “令人鼓舞”。</p>
</div><p>&#34;There is external data that points to, of course, the macro pressure on the low-income consumer,&#34; he said later in the call. &#34;But our customers are finding our price value, our product, our styles. It's breaking through the competitive landscape and we're winning.&#34;</p>
<div class="lb-trans"><p>“当然，有外部数据指向低收入消费者面临的宏观压力，” 他在电话会议上稍后表示。“但我们的客户发现了我们的价格价值、我们的产品和风格。这在竞争环境中脱颖而出，我们正在获胜。”</p>
</div><p>Elsewhere, Michael Hartshorn, chief operating officer at Ross Stores (ROST), said the 7% same-store sales gain it notched during the third quarter was &#34;very broad-based across all income levels.&#34;</p>
<div class="lb-trans"><p>在其他地方，罗斯百货（ROST）的首席运营官迈克尔·哈特肖恩表示，该公司在第三季度实现的 7% 的同店销售增长 “在所有收入水平上都非常广泛”。</p>
</div><p>&#34;We didn't see any distinction between the lower [or] higher income customers,&#34; he said.</p>
<div class="lb-trans"><p>“我们没有看到低收入和高收入客户之间的区别，” 他说。</p>
</div><p>Both Ross and TJX (TJX), which runs TJ Maxx and Marshalls, raised their financial forecasts for the full year. John Klinger, TJX's chief financial officer, said lower-income consumers drove its same-store sales growth in most areas.</p>
<div class="lb-trans"><p>罗斯和 TJX（TJX）都提高了全年财务预测。TJX 的首席财务官约翰·克林格表示，低收入消费者在大多数地区推动了其同店销售增长。</p>
</div><p>The retailers reported the results ahead of Black Friday, and as third-quarter earnings season winds down.</p>
<div class="lb-trans"><p>这些零售商在黑色星期五之前发布了业绩，而第三季度财报季也接近尾声。</p>
</div><p>But even as worries about the economy linger, S&amp;P 500 companies collectively are on track to put up sales gains of 8.4% for the third quarter, which would mark the highest growth in three years, according to a FactSet report on Friday. Meanwhile, the big-tech Magnificent Seven companies, who have driven much of the growth for the index, reported their lowest earnings growth since the first quarter of 2023, that report said.</p>
<div class="lb-trans"><p>但即使经济担忧依然存在，标准普尔 500 指数的公司整体在第三季度有望实现 8.4% 的销售增长，这将是三年来的最高增长，周五的 FactSet 报告称。同时，推动该指数增长的大型科技公司 “七巨头” 报告称其自 2023 年第一季度以来的最低盈利增长。</p>
</div><p>During the week ahead, another off-price chain, Burlington Stores Inc. (BURL), reports results. So does department-store chain Kohl's Corp. (KSS), whose Sephora shops and private brands have shown signs of attracting cautious consumers as it tries to turn its business around. Athletic-gear chain Dick's Sporting Goods Inc. (DKS) also reports, following its purchase of Foot Locker.</p>
<div class="lb-trans"><p>在接下来的一周，另一家折扣连锁店伯灵顿百货（BURL）将发布业绩。百货连锁店科尔士（KSS）也将发布业绩，其 Sephora 商店和自有品牌已显示出吸引谨慎消费者的迹象，试图扭转业务。运动装备连锁店迪克体育用品（DKS）也将在收购 Foot Locker 后发布业绩。</p>
</div><p>Best Buy Co. Inc. (BBY), Abercrombie &amp; Fitch Co. (ANF), Petco Health and Wellness Company Inc. (WOOF) and Urban Outfitters Inc. (URBN) also report during the week.</p>
<div class="lb-trans"><p>百思买（BBY）、Abercrombie &amp; Fitch（ANF）、Petco Health and Wellness Company（WOOF）和 Urban Outfitters（URBN）也将在本周发布业绩。</p>
</div><p>-Bill Peters</p>
<div class="lb-trans"><p>-比尔·彼得斯</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-23-25 1000ET</p>
<div class="lb-trans"><p>11-23-25 1000ET</p>
</div>

Retailers try to downplay worries about lower-income shoppers, as bargains reign supreme

- 多家零售商如 Walmart 和 Gap 报告显示，低收入消费者面临压力。  
- 高收入家庭推动了美国经济增长，但低收入家庭支出有所减少。  
- S&P 500 公司第三季度销售增长预计达 8.4%，为三年来最高。  

零售商试图淡化对低收入购物者的担忧，因为折扣仍然是主导因素