<ul>
<li>如何投资顶级超市股票</li>
</ul>
<p>乐购（Tesco）LON: TSCO 管理层表示，客户对持续投资于 “价值、质量和服务” 的反应良好，因为该超市在 19 周的第三季度和圣诞交易期间报告了集团同店销售增长 2.9%，其中英国增长 3.7%。在公司的交易更新电话会议上，首席执行官肯·墨菲（Ken Murphy）表示，英国客户满意度有所提高，市场份额达到了十多年来的最高水平，经过 “32 个连续的增长周期”。</p>
<p>墨菲表示，公司在圣诞交易中 “符合” 其计划，提到在圣诞前的四周内通过收银台销售了 “超过 20 亿件产品”，销售额超过 60 亿英镑。他还强调了为应对高峰需求而采取的人员和运营措施，包括招聘超过 28,000 名额外员工，并在圣诞前一周增加了超过 100,000 个额外的在线配送时段，得益于人工智能驱动的调度工具。</p>
<h2>新鲜食品和新产品推动英国业绩</h2>
<p>在 “竞争激烈的市场” 中，墨菲表示客户专注于让他们的钱花得更远，乐购在新鲜食品方面看到特别强劲的增长。英国新鲜同店销售在此期间增长了 6.6%，管理层将其视为公司核心食品产品强劲的证据。</p>
<p>对于季节性产品，墨菲表示乐购推出了 340 种新改进的自有品牌圣诞产品，其中 180 种在 “最优质”（Finest）标签下。他还强调了针对承受压力家庭的价值倡议，包括为六口之家提供的低于 10 英镑的新鲜圣诞晚餐，他表示这相当于每人 1.59 英镑，“比去年更具性价比”。</p>
<p>墨菲补充说，乐购的通货膨胀率在圣诞期间有所缓解，并且 “明显低于市场”。在问答环节中，管理层表示整体市场在圣诞期间看到通货膨胀缓解和销量下降，尽管乐购表示在销量增长方面表现优于市场，并且看到销量市场份额的增长。</p>
<h2>最优质产品增长、优质需求和消费模式变化</h2>
<p>墨菲表示，客户 “继续青睐最优质产品”，英国销售增长 13%，最优质派对食品系列增长 22%。他提到 “圣诞中心产品”，如火鸡冠和主厨系列牛肉威灵顿，以及策划的礼品系列和获奖产品。在电话会议中提到的季节性销量中，公司销售了约 2100 万件最优质的香肠卷和 250 万瓶最优质的普罗塞克酒。</p>
<p>管理层还指出了酒精和蛋白质偏好的变化。墨菲表示乐购销售了近 250,000 瓶低酒精选项 Nozeco，并指出虽然火鸡仍然受欢迎，但一些客户选择了替代品，牛肉关节的销售增长了 29%，成为最受欢迎的替代品。对此，墨菲在回答分析师提问时表示，“毫无疑问” 低酒精和无酒精饮品的需求在上升，并指出消费者向更健康生活方式的广泛推动，包括 GLP-1 药物的影响，同时强调乐购在新鲜食品和高蛋白产品定位上的优势。</p>
<h2>在线增长、Whoosh 扩展和 Clubcard 参与</h2>
<p>墨菲表示，在线是 “我们增长最快的渠道”，在 19 周内增长了 11%，并且公司迎来了 “最大的在线圣诞”，包括其有史以来最繁忙的两天。在圣诞前一周，乐购平均 “每秒交付两个订单”，墨菲说。</p>
<p>快速配送服务 Whoosh 也在增长，销售额增长了 47%，超过 250,000 名客户首次尝试该服务。墨菲表示 Whoosh 的扩展在爱尔兰继续进行，目前已在都柏林、戈尔韦和科克提供服务。</p>
<p>乐购还依靠 Clubcard 来提供价值和参与。墨菲提到 “每周数千个 Clubcard 价格”，并表示公司提供了更多个性化的奖励，包括通过 Clubcard 挑战提供的 “游戏化体验”。</p>
<h2>定价策略、促销和供应商资金</h2>
<p>在问答环节中，管理层多次提到定价投资和竞争环境。高管们表示乐购的价格定位在 “整体市场中得到了加强”，并且技术投资改善了定价决策的 “复杂性”，专注于对客户最重要的产品线。</p>
<p>在电话会议的前一周，乐购推出了对超过 3,000 种品牌产品的 “日常低价” 新承诺。这与其对 650 多条产品的 Aldi 价格匹配和持续的 Clubcard 价格相辅相成。管理层将此举描述为对客户洞察的回应，购物者希望在如一月和二月这样的紧缩月份获得更可靠、长期的低价。</p>
<p>关于供应商资助的促销，管理层表示参与度仅恢复到疫情前的水平。高管们提供了具体数据，称去年的促销渗透率约为 33%，而今年 19 周期间为 34%，将这一增长描述为 “轻微的上升”。管理层补充说，他们已将大量促销资金再投资于扩展的日常低价活动，同时继续强调 Clubcard 定价作为整体价值主张的一部分。</p>
<h2>前景：运营利润在指导范围的上限，现金流保持不变</h2>
<p>在圣诞表现之后，墨菲表示乐购现在预计集团调整后的运营利润将在其 10 月份发布的 29 亿至 31 亿英镑的指导范围的上限。公司维持其对自由现金流在中期指导范围内的预期，预计为 14 亿至 18 亿英镑。</p>
<p>在问答环节中，管理层将全年的指导描述为 “基本持平”，并表示考虑到全年竞争活动，这一点尤为显著。高管们还强调了在门店更新、与 “节省投资” 计划相关的自动化以及技术创新方面的持续投资，同时描述了资本回报随着时间的推移而改善。</p>
<p>关于现金流和营运资本，首席财务官 Imran Nawaz 表示，乐购在上半年实现了超过 16 亿英镑的 “非常非常强劲” 的自由现金流，并重申现金生成通常偏向于上半年，第二季度的支付反映了圣诞库存流动。他还表示，乐购在这一时期 “非常非常干净” 地结束了库存，管理层认为这支持了 1 月份的势头。</p>
<p>在被问及竞争状况时，Murphy 表示市场竞争 “自去年 2 月以来一直保持强劲”，并且在圣诞节期间没有实质性变化，补充说乐购的反应 “果断且非常迅速”。</p>
<h2>关于乐购 LON: TSCO</h2>
<p>乐购的建立旨在成为客户的冠军，每天为他们提供负担得起的、健康的和可持续的食品。我们对客户的承诺超越了我们的门店，延伸到我们服务的每一个社区——在英国、爱尔兰共和国、斯洛伐克、捷克共和国和匈牙利。我们投资于社区，帮助他们繁荣，通过支持学校和儿童团体、食品银行以及其他公益事业。在挑战时期，我们的使命指导着集团的每一个部分。每天为我们的客户、社区和地球提供更好的服务是我们的工作。</p>
<h2>精选文章</h2>
<ul>
<li>五只我们认为比乐购更好的股票</li>
<li>你还认为白银是个笑话？看看接下来会发生什么。</li>
<li>一项价值数万亿的美国 “出生权” 索赔 - 静悄悄地激活</li>
<li>崩盘前一个月</li>
<li>华尔街的 “沉睡股票” 可能成为 2026 年的第一只股票</li>
<li>YDES 可能是 2026 年的生物技术突破</li>
</ul>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。请将有关此故事的任何问题或评论发送至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1000 美元在乐购吗？</h2>
<p>在考虑乐购之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而乐购并不在名单上。</p>
<p>虽然乐购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购买。</p>
<p>在这里查看这五只股票</p>

乐购(ADR)

<p>乐购 (ADR) 报告第三季度同店销售增长 2.9%，英国市场增长显著，达到 3.7%。首席执行官肯·墨菲强调了客户满意度和市场份额的提升，以及新鲜食品的强劲表现，销售增长达 6.6%。公司推出了 340 种新圣诞产品，并强调了针对注重成本家庭的价值倡议。在线销售增长了 11%，快速配送服务 Whoosh 也显著扩展。乐购的定价策略包括对超过 3,000 种产品实施日常低价，以响应客户在经济紧缩时期对可靠定价的需求</p>

<ul>
<li>How to invest in the top grocery stocks</li>
</ul>
<div class="lb-trans"><ul>
<li>如何投资顶级超市股票</li>
</ul>
</div><p>Tesco LON: TSCO management said customers responded well to continued investment in “value, quality, and service” as the grocer reported group like-for-like sales growth of 2.9% over the 19-week quarter-three and Christmas trading period, including 3.7% growth in the U.K. On the company’s trading update call, CEO Ken Murphy said U.K. customer satisfaction improved and market share reached its highest level in more than a decade after “32 consecutive periods of gains.”</p>
<div class="lb-trans"><p>乐购（Tesco）LON: TSCO 管理层表示，客户对持续投资于 “价值、质量和服务” 的反应良好，因为该超市在 19 周的第三季度和圣诞交易期间报告了集团同店销售增长 2.9%，其中英国增长 3.7%。在公司的交易更新电话会议上，首席执行官肯·墨菲（Ken Murphy）表示，英国客户满意度有所提高，市场份额达到了十多年来的最高水平，经过 “32 个连续的增长周期”。</p>
</div><p>Murphy said the company delivered Christmas trading “in line” with its plan, citing “over 2 billion products” through tills and more than £6 billion of sales in the four weeks to Christmas Eve. He also highlighted staffing and operational steps taken for peak demand, including hiring more than 28,000 additional colleagues and adding more than 100,000 extra online delivery slots in the week before Christmas, supported by AI-powered scheduling tools.</p>
<div class="lb-trans"><p>墨菲表示，公司在圣诞交易中 “符合” 其计划，提到在圣诞前的四周内通过收银台销售了 “超过 20 亿件产品”，销售额超过 60 亿英镑。他还强调了为应对高峰需求而采取的人员和运营措施，包括招聘超过 28,000 名额外员工，并在圣诞前一周增加了超过 100,000 个额外的在线配送时段，得益于人工智能驱动的调度工具。</p>
</div><h2>Fresh food and new products drive U.K. performance</h2>
<div class="lb-trans"><h2>新鲜食品和新产品推动英国业绩</h2>
</div><p>In a “highly competitive market,” Murphy said customers were focused on making their money go further, and Tesco saw particularly strong growth in fresh food. U.K. fresh like-for-like sales rose 6.6% over the period, which management characterized as evidence of the strength of the company’s core food offer.</p>
<div class="lb-trans"><p>在 “竞争激烈的市场” 中，墨菲表示客户专注于让他们的钱花得更远，乐购在新鲜食品方面看到特别强劲的增长。英国新鲜同店销售在此期间增长了 6.6%，管理层将其视为公司核心食品产品强劲的证据。</p>
</div><p>For seasonal ranges, Murphy said Tesco introduced 340 new and improved own-brand Christmas products, including 180 under the Finest label. He also emphasized value initiatives aimed at households under pressure, including a fresh Christmas dinner for a family of six for under £10, which he said worked out to £1.59 per person and was “even better value than last year.”</p>
<div class="lb-trans"><p>对于季节性产品，墨菲表示乐购推出了 340 种新改进的自有品牌圣诞产品，其中 180 种在 “最优质”（Finest）标签下。他还强调了针对承受压力家庭的价值倡议，包括为六口之家提供的低于 10 英镑的新鲜圣诞晚餐，他表示这相当于每人 1.59 英镑，“比去年更具性价比”。</p>
</div><p>Murphy added that Tesco’s rate of inflation eased through the Christmas period and remained “materially behind the market.” In Q&amp;A, management said the overall market saw both easing inflation and a step down in volume over Christmas, though Tesco said it outperformed on volume growth and saw volume market share gains.</p>
<div class="lb-trans"><p>墨菲补充说，乐购的通货膨胀率在圣诞期间有所缓解，并且 “明显低于市场”。在问答环节中，管理层表示整体市场在圣诞期间看到通货膨胀缓解和销量下降，尽管乐购表示在销量增长方面表现优于市场，并且看到销量市场份额的增长。</p>
</div><h2>Finest growth, premium demand, and shifting consumption patterns</h2>
<div class="lb-trans"><h2>最优质产品增长、优质需求和消费模式变化</h2>
</div><p>Customers “continue to embrace Finest,” Murphy said, with U.K. sales growth of 13% and a 22% increase in the Finest party food range. He cited “Christmas centerpieces” such as turkey crowns and Chef’s Collection Beef Wellington, along with curated gifting ranges and award-winning items. Among the seasonal volumes mentioned on the call, the company sold around 21 million Finest pigs in blankets and 2.5 million bottles of Finest Prosecco.</p>
<div class="lb-trans"><p>墨菲表示，客户 “继续青睐最优质产品”，英国销售增长 13%，最优质派对食品系列增长 22%。他提到 “圣诞中心产品”，如火鸡冠和主厨系列牛肉威灵顿，以及策划的礼品系列和获奖产品。在电话会议中提到的季节性销量中，公司销售了约 2100 万件最优质的香肠卷和 250 万瓶最优质的普罗塞克酒。</p>
</div><p>Management also pointed to changing preferences in alcohol and proteins. Murphy said Tesco sold almost 250,000 bottles of the low-alcohol option Nozeco, and noted that while turkey remained popular, some customers opted for alternatives, with sales of beef joints up 29% as the most popular substitute. In response to an analyst question, Murphy said there is “no doubt” low and no alcohol is rising and noted a broader consumer push toward healthier lifestyles, including an impact from GLP-1 drugs, while emphasizing Tesco’s strong fresh food and high-protein product positioning.</p>
<div class="lb-trans"><p>管理层还指出了酒精和蛋白质偏好的变化。墨菲表示乐购销售了近 250,000 瓶低酒精选项 Nozeco，并指出虽然火鸡仍然受欢迎，但一些客户选择了替代品，牛肉关节的销售增长了 29%，成为最受欢迎的替代品。对此，墨菲在回答分析师提问时表示，“毫无疑问” 低酒精和无酒精饮品的需求在上升，并指出消费者向更健康生活方式的广泛推动，包括 GLP-1 药物的影响，同时强调乐购在新鲜食品和高蛋白产品定位上的优势。</p>
</div><h2>Online growth, Whoosh expansion, and Clubcard engagement</h2>
<div class="lb-trans"><h2>在线增长、Whoosh 扩展和 Clubcard 参与</h2>
</div><p>Online was “our fastest-growing channel,” Murphy said, with growth of 11% across the 19 weeks and the company’s “biggest online Christmas,” including its two busiest days ever. During the week leading up to Christmas, Tesco delivered on average “two orders every second,” according to Murphy.</p>
<div class="lb-trans"><p>墨菲表示，在线是 “我们增长最快的渠道”，在 19 周内增长了 11%，并且公司迎来了 “最大的在线圣诞”，包括其有史以来最繁忙的两天。在圣诞前一周，乐购平均 “每秒交付两个订单”，墨菲说。</p>
</div><p>Rapid delivery service Whoosh also grew, with sales up 47% and more than 250,000 customers trying it for the first time. Murphy said Whoosh expansion continued in Ireland, where it is now available in Dublin, Galway, and Cork.</p>
<div class="lb-trans"><p>快速配送服务 Whoosh 也在增长，销售额增长了 47%，超过 250,000 名客户首次尝试该服务。墨菲表示 Whoosh 的扩展在爱尔兰继续进行，目前已在都柏林、戈尔韦和科克提供服务。</p>
</div><p>Tesco also leaned on Clubcard for value delivery and engagement. Murphy cited “thousands of Clubcard prices per week” and said the company offered more personalized rewards, including “gamified experiences” through Clubcard challenges.</p>
<div class="lb-trans"><p>乐购还依靠 Clubcard 来提供价值和参与。墨菲提到 “每周数千个 Clubcard 价格”，并表示公司提供了更多个性化的奖励，包括通过 Clubcard 挑战提供的 “游戏化体验”。</p>
</div><h2>Pricing strategy, promotions, and supplier funding</h2>
<div class="lb-trans"><h2>定价策略、促销和供应商资金</h2>
</div><p>During Q&amp;A, management repeatedly returned to pricing investment and the competitive environment. Executives said Tesco’s price position strengthened “versus the market generally,” and that technology investments have improved the “sophistication” of pricing decisions by focusing on lines that matter most to customers.</p>
<div class="lb-trans"><p>在问答环节中，管理层多次提到定价投资和竞争环境。高管们表示乐购的价格定位在 “整体市场中得到了加强”，并且技术投资改善了定价决策的 “复杂性”，专注于对客户最重要的产品线。</p>
</div><p>Earlier in the week of the call, Tesco launched a new commitment to “everyday low prices” on over 3,000 branded products. This sits alongside its Aldi Price Match on more than 650 lines and ongoing Clubcard prices. Management described the move as a response to customer insight that shoppers wanted more reliable, longer-term low pricing on essentials during tighter months such as January and February.</p>
<div class="lb-trans"><p>在电话会议的前一周，乐购推出了对超过 3,000 种品牌产品的 “日常低价” 新承诺。这与其对 650 多条产品的 Aldi 价格匹配和持续的 Clubcard 价格相辅相成。管理层将此举描述为对客户洞察的回应，购物者希望在如一月和二月这样的紧缩月份获得更可靠、长期的低价。</p>
</div><p>On supplier-funded promotions, management said participation was only returning toward pre-COVID levels. Executives provided specific figures, saying promotional penetration was around 33% last year and 34% during the 19-week period this year, describing the increase as a “slight creep up.” Management added that it has reinvested a lot of promotional funding into the expanded everyday low pricing campaign, while continuing to emphasize Clubcard pricing as part of the overall value proposition.</p>
<div class="lb-trans"><p>关于供应商资助的促销，管理层表示参与度仅恢复到疫情前的水平。高管们提供了具体数据，称去年的促销渗透率约为 33%，而今年 19 周期间为 34%，将这一增长描述为 “轻微的上升”。管理层补充说，他们已将大量促销资金再投资于扩展的日常低价活动，同时继续强调 Clubcard 定价作为整体价值主张的一部分。</p>
</div><h2>Outlook: operating profit at upper end of guidance, cash flow unchanged</h2>
<div class="lb-trans"><h2>前景：运营利润在指导范围的上限，现金流保持不变</h2>
</div><p>Following the Christmas performance, Murphy said Tesco now expects group-adjusted operating profit to be at the upper end of its £2.9 billion to £3.1 billion guidance range issued in October. The company maintained its expectation for free cash flow within its medium-term guidance range of £1.4 billion to £1.8 billion.</p>
<div class="lb-trans"><p>在圣诞表现之后，墨菲表示乐购现在预计集团调整后的运营利润将在其 10 月份发布的 29 亿至 31 亿英镑的指导范围的上限。公司维持其对自由现金流在中期指导范围内的预期，预计为 14 亿至 18 亿英镑。</p>
</div><p>In Q&amp;A, management described full-year guidance as “broadly flat” year on year and said that was notable given competitive activity through the year. Executives also highlighted continued investment across store renewal, automation tied to its “Save to Invest” program, and technology innovation, while describing return on capital employed as improving over time.</p>
<div class="lb-trans"><p>在问答环节中，管理层将全年的指导描述为 “基本持平”，并表示考虑到全年竞争活动，这一点尤为显著。高管们还强调了在门店更新、与 “节省投资” 计划相关的自动化以及技术创新方面的持续投资，同时描述了资本回报随着时间的推移而改善。</p>
</div><p>On cash flow and working capital, CFO Imran Nawaz said Tesco delivered “a very, very strong first half” of over £1.6 billion free cash flow and reiterated that cash generation is typically skewed to the first half, with second-half payments reflecting Christmas inventory flows. He also said Tesco exited the period “very, very cleanly” on stock, which management suggested supports momentum into January.</p>
<div class="lb-trans"><p>关于现金流和营运资本，首席财务官 Imran Nawaz 表示，乐购在上半年实现了超过 16 亿英镑的 “非常非常强劲” 的自由现金流，并重申现金生成通常偏向于上半年，第二季度的支付反映了圣诞库存流动。他还表示，乐购在这一时期 “非常非常干净” 地结束了库存，管理层认为这支持了 1 月份的势头。</p>
</div><p>Asked about competitive conditions, Murphy said market intensity “has remained strong since February last year” and did not materially change over Christmas, adding that Tesco’s response has been “decisive and really quick.”</p>
<div class="lb-trans"><p>在被问及竞争状况时，Murphy 表示市场竞争 “自去年 2 月以来一直保持强劲”，并且在圣诞节期间没有实质性变化，补充说乐购的反应 “果断且非常迅速”。</p>
</div><h2>About Tesco LON: TSCO</h2>
<div class="lb-trans"><h2>关于乐购 LON: TSCO</h2>
</div><p>Tesco was built to be a champion for customers, serving them every day with affordable, healthy and sustainable food. Our commitment to our customers extends beyond our stores, and into every community we serve – in the UK, Republic of Ireland, Slovakia, the Czech Republic and Hungary. We invest in communities to help them thrive, through supporting schools and children's groups, food banks and other good causes. In challenging times, our purpose has guided every part of the Group. Serving our customers, communities and planet a little better every day is what we do.</p>
<div class="lb-trans"><p>乐购的建立旨在成为客户的冠军，每天为他们提供负担得起的、健康的和可持续的食品。我们对客户的承诺超越了我们的门店，延伸到我们服务的每一个社区——在英国、爱尔兰共和国、斯洛伐克、捷克共和国和匈牙利。我们投资于社区，帮助他们繁荣，通过支持学校和儿童团体、食品银行以及其他公益事业。在挑战时期，我们的使命指导着集团的每一个部分。每天为我们的客户、社区和地球提供更好的服务是我们的工作。</p>
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</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。请将有关此故事的任何问题或评论发送至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Tesco Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在乐购吗？</h2>
</div><p>Before you consider Tesco, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑乐购之前，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 Tesco wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而乐购并不在名单上。</p>
</div><p>While Tesco currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然乐购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购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

乐购 (ADR) 第三季度财报电话会议亮点