<p>好市多（Costco Wholesale Corp.）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>好市多最近的财报电话会议描绘了强劲的财务健康状况，净收入、销售额和数字参与度均实现了令人印象深刻的增长。公司通过新仓库的开设和会员费收入的增加成功扩大了市场份额。然而，续费率下降和医疗成本上升等挑战引发了一些担忧。总体而言，积极的发展掩盖了负面因素，表明公司前景普遍乐观。</p>
<h2>强劲的净收入和销售增长</h2>
<p>好市多报告第一季度净收入显著增长，达到 20.01 亿美元，或每股摊薄收益 4.5 美元，而去年同期为 17.98 亿美元，或每股摊薄收益 4.04 美元。这一增长在净销售额中得到了体现，净销售额同比增长 8.2%，从 609.9 亿美元上升至 659.8 亿美元，突显了公司的强劲财务表现。</p>
<h2>数字销售激增</h2>
<p>公司的数字参与度显著提升，数字化可比销售增长了 20.5%。这得益于网站流量增长 24% 和应用程序流量增长 48%，表明好市多的数字战略与消费者产生了良好的共鸣。</p>
<h2>会员费收入增长</h2>
<p>好市多的会员费收入同比增长 14%，达到 13.29 亿美元。这一增长得益于会员数量的增加和对高级会员的升级，展示了公司提升会员价值主张的能力。</p>
<h2>新仓库开设成功</h2>
<p>公司新开设了八个仓库，使全球总数达到 921 个。这些新开设的仓库预计每个仓库每年将产生 1.92 亿美元的销售额，反映了好市多的战略扩张努力。</p>
<h2>续费率下降</h2>
<p>尽管增长积极，但好市多的续费率略有下降，美国和加拿大的续费率为 92.2%，全球续费率为 89.7%。这一下降归因于新在线会员的续费率较低，给公司的会员保留策略带来了挑战。</p>
<h2>医疗成本上升的影响</h2>
<p>医疗成本的上升成为一个阻力，增长速度超过了销售。这对好市多的成本管理工作构成了挑战，影响了公司的整体财务杠杆。</p>
<h2>西班牙的挑战</h2>
<p>在西班牙，建筑项目的延误导致对 2026 财年计划新开仓库数量的修订，减少至 28 个。这突显了好市多在国际扩张中面临的一些运营挑战。</p>
<h2>前瞻性指导</h2>
<p>展望未来，好市多对其增长轨迹保持乐观。公司计划继续进行国际和国内扩张，每年新开设超过 30 个仓库。此外，技术和数字化的提升，包括在药房和加油站运营中整合人工智能，预计将推动运营效率和销售增长。尽管面临医疗成本上升等挑战，好市多致力于为其会员提供价值，并保持强劲的市场表现。</p>
<p>总之，好市多的财报电话会议反映出普遍积极的情绪，强劲的财务表现和战略增长举措。尽管存在续费率下降和医疗成本等挑战，但公司的数字参与度和会员增长为持续成功提供了坚实的基础。</p>

开市客

<p>Costco 的第一季度财报电话会议强调了强劲的财务表现，净收入上升至 20.01 亿美元，净销售额增长 8.2%，达到 659.8 亿美元。数字销售激增 20.5%，会员费收入增长 14%。公司新开了八个仓库，但面临着续费率下降和医疗成本上升的挑战。尽管如此，Costco 依然保持乐观，计划每年开设超过 30 个新仓库，并提升数字业务。总体而言，财报电话会议反映了 Costco 增长轨迹的积极前景</p>

<p>Costco Wholesale Corp. ((COST)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>好市多（Costco Wholesale Corp.）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更明智、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>Costco’s recent earnings call painted a picture of robust financial health, underscored by impressive growth in net income, sales, and digital engagement. The company has successfully expanded its footprint with new warehouse openings and increased membership fee income. However, challenges such as declining renewal rates and rising healthcare costs posed some concerns. Overall, the positive developments overshadowed the negatives, suggesting a generally favorable outlook for the company.</p>
<div class="lb-trans"><p>好市多最近的财报电话会议描绘了强劲的财务健康状况，净收入、销售额和数字参与度均实现了令人印象深刻的增长。公司通过新仓库的开设和会员费收入的增加成功扩大了市场份额。然而，续费率下降和医疗成本上升等挑战引发了一些担忧。总体而言，积极的发展掩盖了负面因素，表明公司前景普遍乐观。</p>
</div><h2>Strong Net Income and Sales Growth</h2>
<div class="lb-trans"><h2>强劲的净收入和销售增长</h2>
</div><p>Costco reported a significant increase in net income for the first quarter, reaching $2.001 billion or $4.5 per diluted share, compared to $1.798 billion or $4.04 per diluted share in the previous year. This growth was mirrored in net sales, which rose by 8.2% to $65.98 billion from $60.99 billion, highlighting the company’s strong financial performance.</p>
<div class="lb-trans"><p>好市多报告第一季度净收入显著增长，达到 20.01 亿美元，或每股摊薄收益 4.5 美元，而去年同期为 17.98 亿美元，或每股摊薄收益 4.04 美元。这一增长在净销售额中得到了体现，净销售额同比增长 8.2%，从 609.9 亿美元上升至 659.8 亿美元，突显了公司的强劲财务表现。</p>
</div><h2>Digital Sales Surge</h2>
<div class="lb-trans"><h2>数字销售激增</h2>
</div><p>The company’s digital engagement saw a remarkable boost, with digitally enabled comparable sales increasing by 20.5%. This was driven by a 24% rise in site traffic and a 48% increase in app traffic, indicating that Costco’s digital strategy is resonating well with consumers.</p>
<div class="lb-trans"><p>公司的数字参与度显著提升，数字化可比销售增长了 20.5%。这得益于网站流量增长 24% 和应用程序流量增长 48%，表明好市多的数字战略与消费者产生了良好的共鸣。</p>
</div><h2>Membership Fee Income Growth</h2>
<div class="lb-trans"><h2>会员费收入增长</h2>
</div><p>Costco’s membership fee income grew by 14% year over year, reaching $1.329 billion. This increase was fueled by both membership growth and upgrades to executive memberships, showcasing the company’s ability to enhance its value proposition to members.</p>
<div class="lb-trans"><p>好市多的会员费收入同比增长 14%，达到 13.29 亿美元。这一增长得益于会员数量的增加和对高级会员的升级，展示了公司提升会员价值主张的能力。</p>
</div><h2>Successful New Warehouse Openings</h2>
<div class="lb-trans"><h2>新仓库开设成功</h2>
</div><p>The company opened eight new warehouses, bringing its global total to 921. These new openings are expected to generate an annualized $192 million per warehouse in sales, reflecting Costco’s strategic expansion efforts.</p>
<div class="lb-trans"><p>公司新开设了八个仓库，使全球总数达到 921 个。这些新开设的仓库预计每个仓库每年将产生 1.92 亿美元的销售额，反映了好市多的战略扩张努力。</p>
</div><h2>Renewal Rate Decline</h2>
<div class="lb-trans"><h2>续费率下降</h2>
</div><p>Despite the positive growth, Costco faced a slight decline in renewal rates, with US and Canada rates at 92.2% and worldwide rates at 89.7%. This decline was attributed to lower renewal rates among new online members, posing a challenge for the company’s membership retention strategy.</p>
<div class="lb-trans"><p>尽管增长积极，但好市多的续费率略有下降，美国和加拿大的续费率为 92.2%，全球续费率为 89.7%。这一下降归因于新在线会员的续费率较低，给公司的会员保留策略带来了挑战。</p>
</div><h2>Higher Healthcare Costs Impact</h2>
<div class="lb-trans"><h2>医疗成本上升的影响</h2>
</div><p>Higher healthcare costs emerged as a headwind, growing at a faster pace than sales. This posed a challenge to Costco’s cost management efforts, impacting the company’s overall financial leverage.</p>
<div class="lb-trans"><p>医疗成本的上升成为一个阻力，增长速度超过了销售。这对好市多的成本管理工作构成了挑战，影响了公司的整体财务杠杆。</p>
</div><h2>Challenges in Spain</h2>
<div class="lb-trans"><h2>西班牙的挑战</h2>
</div><p>In Spain, delays in building projects led to a revision of planned net new openings for fiscal year 2026, reducing the number to 28. This highlights some of the operational challenges Costco faces in its international expansion.</p>
<div class="lb-trans"><p>在西班牙，建筑项目的延误导致对 2026 财年计划新开仓库数量的修订，减少至 28 个。这突显了好市多在国际扩张中面临的一些运营挑战。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Costco remains optimistic about its growth trajectory. The company plans to continue its international and domestic expansion with over 30 net new warehouse openings annually. Additionally, technology and digital enhancements, including AI integration in pharmacy and gas operations, are expected to drive operational efficiency and sales growth. Despite challenges like rising healthcare costs, Costco is committed to delivering value to its members and maintaining strong market performance.</p>
<div class="lb-trans"><p>展望未来，好市多对其增长轨迹保持乐观。公司计划继续进行国际和国内扩张，每年新开设超过 30 个仓库。此外，技术和数字化的提升，包括在药房和加油站运营中整合人工智能，预计将推动运营效率和销售增长。尽管面临医疗成本上升等挑战，好市多致力于为其会员提供价值，并保持强劲的市场表现。</p>
</div><p>In conclusion, Costco’s earnings call reflects a generally positive sentiment, with strong financial performance and strategic growth initiatives. While challenges such as declining renewal rates and healthcare costs exist, the company’s robust digital engagement and membership growth provide a solid foundation for continued success.</p>
<div class="lb-trans"><p>总之，好市多的财报电话会议反映出普遍积极的情绪，强劲的财务表现和战略增长举措。尽管存在续费率下降和医疗成本等挑战，但公司的数字参与度和会员增长为持续成功提供了坚实的基础。</p>
</div>

开市客的财报电话会议：在挑战中实现强劲增长