<h2>关键点</h2>
<ul>
<li>消费者在支出上变得谨慎，影响了零售商的业绩。</li>
<li>Costco 通过向会员提供价值定价逆势而上。</li>
<li>TJX 在经济困难时期表现出色。</li>
<li>我们更看好的 10 只股票超过 Costco Wholesale ›</li>
</ul>
<p>过去几年，许多零售商面临困难。高价格给消费者带来了压力，而关税和高油价使情况更加严峻。</p>
<p>但并非所有零售股票表现不佳。<strong>Costco Wholesale</strong>（纳斯达克：COST）和 <strong>TJX Companies</strong>（纽约证券交易所：TJX）都发布了令人印象深刻的业绩，并回馈了股东。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p>尽管如此，对于今年购买其股票的长期投资者来说，仍然有很大的上行空间。以下是这两家公司为何仍然是顶尖零售商的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Costco</h2>
<p>当你要求人们支付费用以在你的仓库购物时，你需要让会员满意。Costco 在这方面已经做得非常出色，提供种类繁多的高质量商品和服务，价格具有吸引力。</p>
<p>管理层甚至表现出愿意放弃短期盈利，以便更好地服务客户并培养他们的忠诚度。例如，它在经过比平常更长的七年后，决定在 2024 年 9 月 1 日之前不提高年度费用。</p>
<p>多年来，它在保留会员方面做得很好。其全球续费率通常保持在 90% 左右，包括在截至 5 月 10 日的财政第三季度的 89.7%。</p>
<p>Costco 还持续增长同店销售（comps）。在许多零售商在广泛的通货膨胀压力下挣扎以提高同店销售的情况下，这一点尤其令人印象深刻。在最近的三个月中，剔除外汇转换和油价变化的影响后，同店销售增长了 6.6%，这得益于消费者支出和到店流量的增加。</p>
<p>该公司不仅仅是在牺牲盈利能力的情况下增长销售。第三季度的营业收入同比增长了 11.3%。</p>
<p>Costco 有一个简单的商业计划，管理层执行得非常好。它继续开设新的仓库，幸运的是，它还有更多的扩展空间。年初时，它有 914 个仓库，在前九个月中开设了 14 个。管理层预计本季度将再增加 12 个新仓库。大多数新仓库位于美国和加拿大，但它也将在国际上开设几个。</p>
<p>持续强劲的业绩和扩展机会是一个强大的组合。</p>
<h2>2. TJX Companies</h2>
<p>TJX Companies 通过提供 20% 到 60% 的折扣的服装和家居商品吸引顾客。其受欢迎的零售品牌包括 TJ Maxx、Marshalls 和 HomeGoods。</p>
<p>该公司如何以如此深的折扣提供商品？它从制造商那里购买过剩库存。更好的是，经济形势越困难，TJX 以有吸引力的价格购买商品的机会就越好。</p>
<p>在正常时期，它表现良好，但在困难条件下，它拥有更多高质量、低价格的库存。这是完美的，因为消费者总是寻找便宜货，尤其在这种情况下，他们变得特别敏感于价格。</p>
<p>这些可能是消费者压力重重的时期，但他们在所有零售连锁店中对 TJX 的商品表现出强烈的需求。其财政第一季度的同店销售在恒定货币基础上增长了 8%。这是截至 5 月 2 日的期间。管理层预计全年同店销售将强劲增长 3% 至 4%。</p>
<p>TJX 的库存比一年前增加了 6%，但与一些零售商不同，这在目前并不是负面因素。它发现了大量有吸引力的购买机会，使公司能够为客户提供更多商品。毕竟，该零售商不需要通过折扣商品来清理库存，其毛利率为 31.3%，比去年扩大了 1.8 个百分点。</p>
<p>它的盈利能力也很高。TJX 第一季度的稀释每股收益同比增长 29.3%，达到 1.19 美元。</p>
<p>管理层还看到增长机会，在第一季度增加了 48 个门店。该期间结束时，它拥有 5,262 家门店。</p>
<p>随着销售增长，显然还有更多的门店空间。</p>
<h2>你现在应该购买 Costco Wholesale 的股票吗？</h2>
<p>在你购买 Costco Wholesale 的股票之前，请考虑以下几点：</p>
<p>_Motley Fool Stock Advisor_分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而 Costco Wholesale 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 449,393 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 1,366,006 美元</strong>！*</p>
<p>现在，值得注意的是，_Stock Advisor_的总平均回报率为 983%——相比之下，标准普尔 500 指数的回报率为 212%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 6 月 4 日。</em></p>
<p><em>Lawrence Rothman, CFA 在 Costco Wholesale 持有头寸。Motley Fool 在 Costco Wholesale 和 TJX Companies 持有头寸并推荐这两家公司。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>

TJX零售

开市客

<p>在消费者支出谨慎的背景下，Costco 和 TJX 公司脱颖而出，成为顶级零售股票。Costco 通过价值定价、高会员保留率（约 90%）和持续的同店销售增长（最近为 6.6%）表现出色。TJX 则通过对过剩库存提供深度折扣而蓬勃发展，受益于对价格敏感的消费者；其财年第一季度的同店销售增长了 8%，并且盈利能力强劲，扩张计划良好。尽管面临更广泛的零售挑战，这两家公司仍展现出韧性和增长潜力</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Consumers have been careful about spending, affecting retailers' results.</li>
<li>Costco has bucked the trend by offering value pricing to members.</li>
<li>TJX thrives in challenging economic times.</li>
<li>10 stocks we like better than Costco Wholesale ›</li>
</ul>
<div class="lb-trans"><ul>
<li>消费者在支出上变得谨慎，影响了零售商的业绩。</li>
<li>Costco 通过向会员提供价值定价逆势而上。</li>
<li>TJX 在经济困难时期表现出色。</li>
<li>我们更看好的 10 只股票超过 Costco Wholesale ›</li>
</ul>
</div><p>Many retailers have had a tough time over the last couple of years. High prices are weighing on consumers, and tariffs and high gas prices have only made things more challenging.</p>
<div class="lb-trans"><p>过去几年，许多零售商面临困难。高价格给消费者带来了压力，而关税和高油价使情况更加严峻。</p>
</div><p>But not all retailer stocks have done poorly. <strong>Costco Wholesale</strong>(NASDAQ: COST) and <strong>TJX Companies</strong>(NYSE: TJX) have posted impressive results and rewarded shareholders.</p>
<div class="lb-trans"><p>但并非所有零售股票表现不佳。<strong>Costco Wholesale</strong>（纳斯达克：COST）和 <strong>TJX Companies</strong>（纽约证券交易所：TJX）都发布了令人印象深刻的业绩，并回馈了股东。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>Nonetheless, there's plenty of upside for long-term investors who purchase their shares this year. Here's why these two companies remain top-of-the-class retailers.</p>
<div class="lb-trans"><p>尽管如此，对于今年购买其股票的长期投资者来说，仍然有很大的上行空间。以下是这两家公司为何仍然是顶尖零售商的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2Njk3Mi9nZXR0eWltYWdlcy00NzAyODYyNTAtMTIwMXg4MDEtZDIxYjQ1ZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F866972%2Fgettyimages-470286250-1201x801-d21b45d.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Costco</h2>
<div class="lb-trans"><h2>1. Costco</h2>
</div><p>When you ask people to pay a fee to shop at your warehouses, you need to make members happy. Costco has excelled at doing so for decades by offering a wide range of high-quality goods and services at attractive unit prices.</p>
<div class="lb-trans"><p>当你要求人们支付费用以在你的仓库购物时，你需要让会员满意。Costco 在这方面已经做得非常出色，提供种类繁多的高质量商品和服务，价格具有吸引力。</p>
</div><p>Management has even shown a willingness to forgo short-term profitability in an effort to service customers and engender their loyalty. For instance, it held off on raising its annual fee, increasing it effective Sept. 1, 2024, after a longer-than-usual seven years.</p>
<div class="lb-trans"><p>管理层甚至表现出愿意放弃短期盈利，以便更好地服务客户并培养他们的忠诚度。例如，它在经过比平常更长的七年后，决定在 2024 年 9 月 1 日之前不提高年度费用。</p>
</div><p>And it's done a fine job of retaining members over the years. Its global renewal rate typically hovers around 90%, including 89.7% in the fiscal third quarter, which ended on May 10.</p>
<div class="lb-trans"><p>多年来，它在保留会员方面做得很好。其全球续费率通常保持在 90% 左右，包括在截至 5 月 10 日的财政第三季度的 89.7%。</p>
</div><p>Costco also consistently grows same-store sales (comps). That's particularly impressive during recent times when many retailers have struggled to increase comps in the face of broad-based inflationary pressures. In the most recent three-month period, comps increased 6.6%, after removing foreign-currency translations and the impact of gasoline price changes, driven by increased spending and traffic to its stores.</p>
<div class="lb-trans"><p>Costco 还持续增长同店销售（comps）。在许多零售商在广泛的通货膨胀压力下挣扎以提高同店销售的情况下，这一点尤其令人印象深刻。在最近的三个月中，剔除外汇转换和油价变化的影响后，同店销售增长了 6.6%，这得益于消费者支出和到店流量的增加。</p>
</div><p>The company is not merely growing sales at the expense of profitability, either. Third-quarter operating income increased 11.3% year over year.</p>
<div class="lb-trans"><p>该公司不仅仅是在牺牲盈利能力的情况下增长销售。第三季度的营业收入同比增长了 11.3%。</p>
</div><p>Costco has a simple business plan that management executes very well. It continues to open new warehouses, and fortunately, it has room for more expansion. It started the year with 914 warehouses and opened 14 during the first nine months. Management anticipates adding another 12 this quarter. Most of the new warehouses are located in the U.S. and Canada, but it will also open a couple internationally.</p>
<div class="lb-trans"><p>Costco 有一个简单的商业计划，管理层执行得非常好。它继续开设新的仓库，幸运的是，它还有更多的扩展空间。年初时，它有 914 个仓库，在前九个月中开设了 14 个。管理层预计本季度将再增加 12 个新仓库。大多数新仓库位于美国和加拿大，但它也将在国际上开设几个。</p>
</div><p>Consistently strong results and expansion opportunities are a powerful combination.</p>
<div class="lb-trans"><p>持续强劲的业绩和扩展机会是一个强大的组合。</p>
</div><h2>2. TJX Companies</h2>
<div class="lb-trans"><h2>2. TJX Companies</h2>
</div><p>TJX Companies attracts customers by offering apparel and home goods merchandise at a 20% to 60% discount. Its popular retail banners include TJ Maxx, Marshalls, and HomeGoods.</p>
<div class="lb-trans"><p>TJX Companies 通过提供 20% 到 60% 的折扣的服装和家居商品吸引顾客。其受欢迎的零售品牌包括 TJ Maxx、Marshalls 和 HomeGoods。</p>
</div><p>How can the company offer goods at such deep discounts? It buys excess inventory from manufacturers. Better still, the more challenging the economic times, the better the opportunity for TJX to buy goods at attractive prices.</p>
<div class="lb-trans"><p>该公司如何以如此深的折扣提供商品？它从制造商那里购买过剩库存。更好的是，经济形势越困难，TJX 以有吸引力的价格购买商品的机会就越好。</p>
</div><p>It does well during normal times, but it has more high-quality, low-priced inventory amid challenging conditions. That's perfect, since that's when consumers, who always look for bargains, become particularly price-sensitive.</p>
<div class="lb-trans"><p>在正常时期，它表现良好，但在困难条件下，它拥有更多高质量、低价格的库存。这是完美的，因为消费者总是寻找便宜货，尤其在这种情况下，他们变得特别敏感于价格。</p>
</div><p>These may be stressful times for consumers, but they've clamored for TJX's merchandise across all of its retail chains. Its fiscal first-quarter comps increased 8% on a constant-currency basis. That's for the period that ended on May 2. Management expects a strong 3% to 4% comps growth for the year.</p>
<div class="lb-trans"><p>这些可能是消费者压力重重的时期，但他们在所有零售连锁店中对 TJX 的商品表现出强烈的需求。其财政第一季度的同店销售在恒定货币基础上增长了 8%。这是截至 5 月 2 日的期间。管理层预计全年同店销售将强劲增长 3% 至 4%。</p>
</div><p>TJX has 6% more inventory than a year ago, but unlike some retailers, that's not a negative right now. It has found an abundance of attractive buying opportunities, allowing the company to provide more offerings to customers. After all, the retailer didn't have to discount goods to clear shelves, as seen by its 31.3% gross margin, a 1.8-percentage-point expansion from last year.</p>
<div class="lb-trans"><p>TJX 的库存比一年前增加了 6%，但与一些零售商不同，这在目前并不是负面因素。它发现了大量有吸引力的购买机会，使公司能够为客户提供更多商品。毕竟，该零售商不需要通过折扣商品来清理库存，其毛利率为 31.3%，比去年扩大了 1.8 个百分点。</p>
</div><p>It's also highly profitable. TJX's first-quarter diluted earnings per share grew 29.3% year over year to $1.19.</p>
<div class="lb-trans"><p>它的盈利能力也很高。TJX 第一季度的稀释每股收益同比增长 29.3%，达到 1.19 美元。</p>
</div><p>Management also sees a growth opportunity, adding 48 locations during the first quarter. It finished the period with 5,262 stores.</p>
<div class="lb-trans"><p>管理层还看到增长机会，在第一季度增加了 48 个门店。该期间结束时，它拥有 5,262 家门店。</p>
</div><p>With its sales growth, there's clearly room for more locations.</p>
<div class="lb-trans"><p>随着销售增长，显然还有更多的门店空间。</p>
</div><h2>Should you buy stock in Costco Wholesale right now?</h2>
<div class="lb-trans"><h2>你现在应该购买 Costco Wholesale 的股票吗？</h2>
</div><p>Before you buy stock in Costco Wholesale, consider this:</p>
<div class="lb-trans"><p>在你购买 Costco Wholesale 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Costco Wholesale wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而 Costco Wholesale 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $449,393</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,366,006</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 449,393 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 1,366,006 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 983% — a market-crushing outperformance compared to 212% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在，值得注意的是，_Stock Advisor_的总平均回报率为 983%——相比之下，标准普尔 500 指数的回报率为 212%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 4, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 6 月 4 日。</em></p>
</div><p><em>Lawrence Rothman, CFA has positions in Costco Wholesale. The Motley Fool has positions in and recommends Costco Wholesale and TJX Companies. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Lawrence Rothman, CFA 在 Costco Wholesale 持有头寸。Motley Fool 在 Costco Wholesale 和 TJX Companies 持有头寸并推荐这两家公司。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc.的观点。</p>
</div>

2026 年最值得购买的两只零售股票